Rise in broker satisfaction among mortgage lenders, study finds

Broker satisfaction with mortgage lenders has seen a 2.5% increase from 77.8% to 80.3% in the last six months, according to new research from Smart Money People.

However, the findings revealed that overall broker satisfaction has not yet recovered to the peak of 82.70% recorded in H1 2020.

The Mortgage Lender Benchmark from Smart Money People, which comprised feedback from over 590 mortgage brokers on 44 mortgage lenders, found that over half of mortgage lenders saw an increase in their overall rating. Compared to results in H2 2020, the lenders which improved often achieved greater broker satisfaction around the speed and ease of the application process.

Smart Money People suggested the lenders who have seen a decline in their overall rating in H1 2021 often did poorer around customer service, speed and underwriting.

“The improvements in overall satisfaction in H1 2021 represent an increase to an industry average of 80.3%, having dropped by 4.9%, an all-time low, from our last report in H2 2020,” Smart Money People CEO, Jacqueline Dewey, commented.

Dewey suggested the increase is “encouraging” and shows that the mortgage industry is now recovering from the effects of the pandemic.

“Lenders now seem to be comfortable with new working patterns and are better placed to cope with the incredibly high demand we’ve seen during the pandemic,” she added.

“However, broker sentiment is not yet back to pre-pandemic levels, and the results show that there is still more work that lenders can do to improve the broker experience. The next six months will be interesting to watch and see what happens to broker satisfaction, as we see lenders return to offices and adapt to a more permanent state of hybrid working.”

    Share Story:

Recent Stories


Will open banking revolutionise the lending industry
Adam Cadle speaks to Jack Tenwick, Head of UK Sales, Yolt Technology Services, about how to get the most out of your lending business and the role of open banking

Mortgage Insider Series 2 Episode 7: Diversity: Pride Month
Listen to our latest episode where we discuss the importance of diversity and Pride month.



Why is it good for business to have a diverse and inclusive workforce? Nancy Kelley, CEO of Stonewall, and Hannah Bernard, Head of Business Banking at Barclays, tell us what it means to be allies to the LGBT+ community and how to challenge assumptions that create communication barriers.



Make Money Work For You.

FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.