Broker satisfaction with mortgage lenders up by 2.5% since 2020
Overall broker satisfaction with mortgage lenders has improved by 2.5% since 2020, according to Smart Money People’s Mortgage Lender Benchmark.
The increase saw the rating increase from 77.8% to 80.3% over the past six months, although overall satisfaction has not yet recovered to the peak seen in the first half 2020 of 82.70%.
The research found that over half of mortgage lenders saw an increase in their overall rating.
Compared to results in H2 2020, lenders who improved often achieved greater broker satisfaction due to the speed and ease of the application process. Lenders have seen a decline in their overall rating in H1 2021 due to poorer customer service and underwriting.
The Mortgage Lender Benchmark also asked brokers how likely they are to recommend a lender, based on the Net Promoter Score, a measure of loyalty. Scores in H1 2021 range from +70.8 to -50.0, with the average across all lenders increasing by 11.9 points to +24.7, from +12.8.
Jacqueline Dewey, CEO of Smart Money People said: “The improvements in overall satisfaction in H1 2021 represent an increase up to an industry average of 80.3%, having dropped by 4.9%, an all-time low, from our last report in H2 2020.
“This 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.
“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.”
Halifax came out as top bank in the survey with Skipton scooping the top building society position. Top buy-to-let, specialist and lifetime lender were taken by Godiva, Pepper Money and Canada Life respectively.