Rise in lender satisfaction levels among advisors

June 18, 2021 by Alan

Mortgage Advisors

The newest Mortgage Lender Benchmark published by Smart Money People shows that there has been a 2.5% rise in the levels of satisfaction with lenders among mortgage advisors.

This took the overall advisor satisfaction rating to 80.3%, from its previous level of 77.8%, with this rise having happened during the past half year. Although it is undoubtedly positive news, the increase still does not quite take levels of satisfaction back to the heights they were at in the earlier part of 2020, when they hit 82.70%.

The report also saw more than 50% of individual lenders improve their ratings among advisors since the last one was published. The primary reasons for the better ratings were changes made to the process of completing mortgage applications to make it faster and simpler for advisors.

By contrast, for those lenders that have seen their satisfaction rating drop during the six-month period covered, this was primarily due to a drop in their underwriting and customer service standards.

Advisors were also asked how willing they would be to recommend lenders, and the results were a rise of 11.9 points in the average of all the UK mortgage lenders.

Smart Money People CEO Jacqueline Dewey told Mortgage Introducer that:

“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.”

The CeMAP training course ensures advisors work at a high standard, so it is understandable that they expect similar standards from lenders.