Smart Money People: Broker satisfaction with offer times up 6.5%
Broker satisfaction with how quickly lenders are processing applications through to offer has increased by 6.5% since H2 2020, according to Smart Money People.
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 lenders’ speed increase by 9.9%.
Broker satisfaction with the speed lenders are processing first-time buyer applications through to offer has also increased up 8.9%.
Satisfaction with speed for home moving cases saw a similar increase of 8.8%, while remortgage cases saw a 5% increase.
Smart Money People has been tracking brokers’ satisfaction lender speed since H2 2018.
Combined scores for all lenders have ranged from 75.8% in both H2 2018 and H1 2020, down to 67.2% in H2 2020.
Jacqueline Dewey, chief executive 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.”