Mortgage Brain has introduced a new lender service report for advisers.
The report collates information from multiple lenders and provides a single source for advisers detailing how long various lender processes are likely to take.
As the housing market is currently seeing raised activity levels, with many lenders receiving record volumes of applications, this is having a knock-on effect on lender service levels and how quickly they are able to respond to applications as they continue to respond to the operational challenges brought by the pandemic.
In order to support advisers and lenders, Mortgage Brain has introduced a report that aggregates information made available directly on lender’s websites to help keep advisers updated, covering aspects such as average wait times to speak to different departments and typical application processing times.
The information, displayed within the Covid-19 support hub on Mortgage Brain’s Criteria Hub website, will be updated every working day, automatically, while those lenders without the technology or capacity to display service standards will have the option of providing daily updates if they wish.
Neil Wyatt, sales and marketing director at Mortgage Brain, said: “With the unprecedented levels of applications and requests, lenders are doing their utmost to cope with the demand on their operations. It is apparent through conversations with intermediaries and lenders that transparency with regards to expected service levels is vitally important to all parties.”