Advisor satisfaction levels rise for application processing

May 28, 2021 by Heidi

Mortgage Advisors

New research from Smart Money People indicates that levels of satisfaction among mortgage advisors regarding the speed of application processing by lenders have gone up.

This research compares advisor satisfaction levels for this year with the same time in 2020, and it shows that they have risen by 6.5% when it comes to how quickly mortgage lenders process applications. Furthermore, the improvement in the levels of speed and efficiency is an across-the-board one for the industry, according to the study.

Building societies were the part of the industry where advisors showed the most marked increase in satisfaction when it comes to efficient processing of client applications. Advisors were 9.9% happier with their speed at dealing with applications in the second quarter of 2021, compared with last year.

Their satisfaction ratings for the speed of first-time homebuyer applications also went up significantly, by 8.9%. For home moving applications, there was an 8.8% rise, while for remortgaging ones, it was 5%.

Smart Money People’s Chief Executive, Jacqueline Dewey, told Mortgage Introducer that late 2020 represented a difficult time for lenders due to stamp duty uncertainty, rising demand and changed working operations, adding:

“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.”

CeMAP training enables advisors to handle applications efficiently, but they need lenders to do the same, so these results are positive news.