Smart Money People’s Mortgage Lender Benchmark has returned to establish which lenders are providing the best service to mortgage brokers and their customers.
This is the eighth edition of the Mortgage Lender Benchmark, a bi-annual independent research study run by Smart Money People, that helps lenders to understand what brokers really think about them, and how they compare with other lenders.
Brokers are asked about lenders’ criteria, speed, eligibility, communication, and relationship managers. They are also asked to share what they like about each lender and what could be better. The Benchmark offers lenders actionable insight and feedback from brokers to enable them to understand and develop their proposition.
Jacqueline Dewey, CEO of Smart Money People, said: “Our last report in December 2021 showed that broker satisfaction was almost back to pre-pandemic levels. As mortgage customers now face challenges with the rising cost of living and record inflation, we’re keen to see how brokers feel lenders are managing, and how much of an impact brokers think these economic factors will have on their clients.”
From now until the end of April, mortgage brokers will be able to share their feedback about the last five lenders they’ve done business with, be it banks, building societies, specialist or lifetime lenders. This research will also ask brokers to rate the technology they use, including criteria and sourcing systems.
In its last Mortgage Lending Benchmark, released in December 2021, over 770 brokers gave Smart Money People their feedback on over 100 lenders. Alongside league table data, the benchmark contained detailed analysis on over 45 individual lenders, providing a unique broker insight on banks, building societies, specialist and lifetime lenders.
The December 2021 Benchmark found overall satisfaction with lenders was 81.3%, an increase of 1% from H1 2021, and up 3.5% from the lowest recorded score in H2 2020 of 77.8%. The average Net Promoter Score (NPS) for all lenders within the benchmark increased by 2.4 to 27.1 in H2 2021, with specialist lenders seeing the biggest improvement in the NPS, registering an increase of 15.8 from -3.5 in H1 2021 to 12.3 in H2 2021.