Smart Money People, the financial services review site, has opened its doors for intermediary feedback to be compiled for its H2 2023 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. The results of the H2 survey are planned for release in November 2023.
This marks the eleventh 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.
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 they could do better.
From now until 15 October, mortgage brokers can 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 2023, over 770 brokers gave Smart Money People their feedback on 113 lenders. Alongside league table data, the benchmark contained detailed analysis on 53 individual lenders, providing a unique broker insight on banks, building societies, specialist and lifetime lenders.
The June 2023 Benchmark found overall satisfaction with lenders was up by 4.0% on the H2 2022 report, to 83.4%, the highest average rating recorded by Smart Money People’s Mortgage Lender Benchmark report. The average Net Promoter Score (NPS) for all lenders within the benchmark was up by 12.9 points on the H2 2022 figure at +34.0. Scores ranged from -46.6 and +68.4 for the lenders in the report.
Jacqueline Dewey (pictured), CEO of Smart Money People, said: “The mortgage market has been in considerable change for over 12 months now and so intermediary advice remains as important as ever. Brokers need to know that lenders will deliver on their promises, which is why our Benchmark research examines which lenders are currently providing the best service levels to mortgage brokers and their customers.
“It’ll be extremely interesting to see if brokers remain as satisfied as they were with lenders six months ago, especially after the introduction of the Consumer Duty regime at the end of July.”
