The Mortgage Lender Benchmark, a twice yearly independent research study of the views of brokers on mortgage lenders, has returned this week.
The Benchmark aims to find out which lenders are providing the best service to mortgage brokers and their customers. It is conducted by Smart Money People, the financial services review website and research company.
Mike Fotis, founder of Smart Money People, said: “With so many lenders reliant on brokers to deliver mortgage volume, the Mortgage Lender Benchmark sets out to help lenders better understand what they need to do to deliver products and services that make happy customers.
“This research also helps lenders enhance their intermediary proposition and gain an advantage in an increasingly competitive marketplace.”
Brokers are asked about lenders’ criteria, speed, eligibility, communication and the performance of relationship managers, when dealing with mortgage applications. They are also asked to share what they like about each lender and what could be done better.
Smart Money People uses its proprietary machine learning algorithms to analyse free text commentary left by brokers, giving feedback on the last four lenders they’ve done business with.
Mortgage networks and clubs will also be able to better understand how the feedback left by their brokers compares against that left by brokers across rival networks and clubs.
Brokers will receive a £10 Amazon voucher in return for sharing their views. The data collection period runs until 12 May. A report will be available from 3 June 2019.
Last autumn, some 400 brokers gave their opinion on 79 lenders as part of the first Mortgage Lender Benchmark report which was released in December 2018.
Alongside league table data, the study produced 32 pages of SWOT, strength, weaknesses, opportunities and threats, analysis on individual lenders, providing a broker insight of banks, building societies, specialist and lifetime lenders.