2020 was a year when every sector needed to learn how to adapt to challenging circumstances and the mortgage industry seems to have done just that. According to new research from Smart Money People, broker satisfaction with how quickly lenders are processing applications through to offer has increased by 6.5% since the second half of 2020.
Satisfaction scores for speed have gone up across all sectors of the mortgage industry. In particular, the biggest improvement for broker satisfaction was in the building property sector, with satisfaction with a lender’s speed up by 9.9%.
Broker satisfaction increase for first-time buyers
Across different cases, for first-time buyers (FTBs) broker satisfaction has increased. Broker satisfaction with the speed that lenders are processing FTB applications through offer has risen by 8.9%. Satisfaction with speed for moving cases increased by 8.8% and remortgage cases grew by a 5% increase according to Smart Money People’s research.
What the findings of broker satisfaction show
Commenting on the findings, Jacqueline Dewey, chief executive officer of Smart Money People, said: “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."
"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.”
What feedback did brokers give lenders?
The report obtained feedback from 597 mortgage brokers. Feedback was left by mortgage brokers on the last five lenders they’ve attempted to place a case with recently as well as other providers they used.
Approximately 15% of all feedback received referred positively to how quickly lenders processed applications. Some of the feedback from brokers on the lenders they used included:
“They were fantastic, processing times were great, never had to chase, clear concise request from underwriter, after sending dealt with quickly and offer issued within a week.”
And: “Application submitted, documents confirmed over the phone and offer issued within 48 hours.”