Satisfaction among mortgage brokers in terms of how quickly lenders are processing applications through to offer has increased by 6.5% since H2 2020, according to new research from Smart Money People.
The financial services customer review and insight website reported that all sectors of the mortgage industry have increased their satisfaction scores for speed.
The biggest improvement was seen in the building society sector, where broker satisfaction with a lender’s speed increased by 9.9%.
Broker satisfaction with the speed that lenders are processing first-time buyer applications through to offer has also increased considerably according to the findings, with Smart Money people reporting that this case type increased by 8.9%. Satisfaction with speed for moving home cases saw a similar increase of 8.8%, and remortgage cases saw a 5% increase.
Smart Money People has been tracking brokers’ satisfaction with a lender’s speed since H2 2018 and the latest findings formed part of its bi-annual Mortgage Lender Benchmark report.
“The end of last year was a perfect storm for mortgage lenders; combining the uncertainty around whether the stamp duty holiday would be extended, incredibly high levels of demand, and lenders still adapting to ways of working not even predicted in the worst-case disaster recovery scenarios,” Smart Money People CEO, Jacqueline Dewey, commented.
“Fast forward to now and brokers seem to be satisfied with how lenders have resolved some of the issues faced last year, and the extension to the stamp duty holiday seems to have given lenders some breathing space to catch up on their pipeline.”
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