Smart Money People, the leading customer review and insight website, has opened its doors for intermediary feedback to be compiled for its H2 2022 Mortgage Lender Benchmark.
The bi-annual independent research study, run by Smart Money People, is aimed at highlighting which lenders are currently providing the best service levels to mortgage brokers and their customers. Results of which are planned for release in December 2022.
This marks the ninth edition of the Mortgage Lender Benchmark which also focuses on helping lenders understand what brokers really think about them and how they compare with other lenders. The Mortgage Lender Benchmark will deliver actionable insight and direct feedback to enable lenders to evaluate and develop their proposition.
Within the study, 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.
From today – Wednesday 5th October – until the end of October, 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 the most recent Mortgage Lender Benchmark, released in June 2022, over 650 brokers gave Smart Money People their feedback on 99 lenders. Alongside league table data, the benchmark contained detailed analysis on 50 individual lenders, providing a unique broker insight on banks, building societies, specialist and lifetime lenders.
The June 2022 Benchmark found overall satisfaction with lenders was 81.2%, a change of only 0.1% from H2 2021, but still 1.5% lower than the results seen at its peak in H1 2020. The average Net Promoter Score (NPS) for all lenders within the benchmark had decreased by 0.3 points to +26.8 in H1 2022, with specialist lenders once again seeing the biggest growth in broker sentiment, with a fourth consecutive edition of improvements.
Jacqueline Dewey, CEO of Smart Money People, commented: “As complexity increases across the mortgage market for a variety of reasons, the value of the advice process continues to escalate. However, so too does the pressure on intermediaries to secure the right products for their clients from the lenders who can best facilitate them. As such, it will be fascinating to see which lenders are meeting expectations, who are exceeding them and who may be dipping below them.
“It’s certainly a challenging time for everyone concerned in the mortgage journey and this only emphasises the importance of understanding current market conditions from a broker perspective and for lenders to get to grips with what they need to do to better serve their ever-changing needs and those of their clients.”