There has been a recent increase in broker satisfaction with lenders across the mortgage market, new research from Smart Money People has indicated.
Overall satisfaction with mortgage lenders is up by 4.0% to 83.4% since the last study in H2 2022, the highest average rating recorded for Smart Money People’s Mortgage Lender Benchmark report.
While the industry was already seeing growth pushing towards this level pre-pandemic and before the cost of living crisis, these ratings benefit from brokers seeing noticeable improvements when comparing current performance to previous poorer performance.
Smart Money People reported that its net promoter score (NPS), a key measure of loyalty, saw lenders range between -46.6 and +68.4. The average for all lenders was +34.0, an increase of 12.9 points on the previous report.
The bi-annual independent research study – the latest of which was conducted in April 2023 before the most recent turmoil surrounding interest rates – is aimed at highlighting which lenders are currently providing the best service levels to mortgage brokers and their customers.
More than 770 brokers provided Smart Money People with feedback on 113 lenders for the H1 2023, resulting in 3,724 individual reviews. Alongside league table data, the latest benchmark contains detailed analysis of 53 individual lenders, providing broker insight on banks, building societies, specialist, and lifetime lenders. Within the study, brokers are asked about lenders’ criteria, speed, eligibility, communication, and relationship managers.
CEO of Smart Money People, Jacqueline Dewey, commented: “Despite the almost constant volatility and pressures across all aspects of the mortgage process, I find the results in our tenth edition of the Mortgage Lender Benchmark encouraging. They show a commitment by lenders, whatever the market conditions, to deliver a great service and experience to brokers and their customers.
“Since our H1 2023 survey was conducted, we’ve seen yet another state of flux with questions raised about how lenders interact and communicate with brokers around rate changes. It will be interesting to see how that’s reflected in our H2 2023 study, with the results announced late Q4 2023.”
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