Mortgage Lender Benchmark returns for fourth edition
Financial services review platform Smart Money People has launched the fourth edition of its research into which lenders provide the best service to brokers and their customers, the Mortgage Lender Benchmark.
From now until 3 May 2020, mortgage brokers will be able to share feedback on the last five lenders they have worked with, including banks, building societies and lifetime lenders.
This iteration of the bi-annual study will also, for the first time, ask respondents to rate the technology they use, including criteria and sourcing systems.
Brokers will be asked about lenders’ criteria, speed, eligibility, communication and relationship managers, and to provide insight into what they like about each lender, and what could be better.
The free-text commentary is analysed by Smart Money People’s proprietary machine-learning algorithms.
The last round of research, which was published in December 2019, gained insights from 468 brokers regarding 93 lenders.
Nate Harwood, co-founder of Smart Money People, said: “It’s clear that the coronavirus is having a severe impact on the British economy, including the mortgage market.
“In these uncertain times, the Mortgage Lender Benchmark sets out to help lenders by providing actionable insight that enables them to better understand, and ultimately enhance their intermediary propositions.
“How individual lenders handle these challenging market conditions will prove to have profound and long lasting consequences.”