Shawbrook Bank has said it kept its service levels agreements high in December, despite holidays for valuers, brokers and staff alike.
With customers pushing for completion prior to Christmas, in the three working weeks of December, Shawbrook saw the same volume of post worked across short-term and term loans as in October – 3,677 items for term loans and 1,269 for short term. The turnaround times for this post remained high, with improvements in the 48-hour turnaround time on new applications for term loans up 10% to 67.3%, and the four-hour turnaround timeframe for short-term loan applications increasing slightly to 97.2%.
Service levels on post worked was consistent from October to December on both term and short-term loans, and valuation times held steady across the quarter, including in December.
Meanwhile, feedback on the non-rep legal service and client solicitor panel was positive in the last Broker Barometer and service levels remained consistent.
Valuations – Q4 average:
- Business Valuations: 14.4 days
- Commercial Valuations: 11.26 days
- Residential Valuations: 5.64 days
- STL Commercial Valuations: 8.59 days
- STL Residential Valuations: 3.76 days
- STL Refurbishment Valuations: 4.68 days
Karen Bennett (pictured), sales and marketing director of commercial mortgages at Shawbrook Bank, said: “Keeping service levels consistent overall for the whole quarter, including the December holiday period, is a testament to the hard work of the lending team as a whole and our broker partners. With the New Year off to a flying start, we hope for continued improvement and look forward to January’s results.”