The latest survey by Smart Money People has found that levels of satisfaction among advisors over the time taken by mortgage lenders in processing applications have hit an all-time high.
There was a big increase in these levels during the second part of this year, following an earlier increase during the first half. This suggests that the big lenders are closer to dealing with the Covid-19-related service problems, which were leading to lengthy mortgage application delays before.
The Smart Money People survey shows advisor satisfaction levels of 74.2% for the last six months of 2021. This marks the highest that they have ever been in the three years the company has been tracking them.
It indicates a real improvement in the performance of lenders in processing ongoing mortgage applications, after the low point in the final six months of last year, when the survey showed advisor satisfaction levels of just 67.2%. Again, these were the lowest ever recorded.
The clear reason for the upturn is that both banks and building societies are processing loan applications more quickly. Advisors are 7.1% happier with processing times for banks, while for building societies, there is a 6.5% rise in satisfaction levels.
Jacqueline Dewey from Smart Money People said that these improved ratings were a sign of just how much work building societies and banks had put in to improve their services.
Many mortgage advisors with a CeMAP qualification are dealing with huge workloads right now, so getting applications cleared quickly is essential for them.