Mortgage lender review survey launched to brokers

Mortgage lender review survey launched to brokers

A financial services review website has launched a survey designed to harness broker feedback on mortgage lenders.

Smart Money People designed its Mortgage Lender Benchmark to allow intermediaries to rate banks, building societies and specialist lenders.

In return the scheme hopes to offer lenders a chance to better understand how their products are received in the market and shape their relationships with intermediates.

The survey will be available until mid-November, with brokers required to answer eight questions per lender spanning themes of criteria, speed of application process, eligibility and communication.

Mike Fotis, founder of Smart Money People, said mortgage brokers were vital to the distribution strategy of modern day lenders.

He said: "Our aim is to harness the voice of the broker to help lenders better understand what they need to do to deliver products and services that are fit for purpose in a market ripe for disruption."

Brokers will receive an Amazon voucher in return, once their feedback has been verified. 

Daniel White, managing director at White Financial Services, said it was key lenders and brokers communicated on a regular basis and understood how they could both improve the journey between the two parties.

He said: "Whilst it may be good to offer incentives for brokers to review lenders service standards, I firmly believe this feedback should come hand in hand and happen frequently between the two parties.

"All lenders will review common themes in terms of feedback from their representatives, let’s face it, if a broker has an issue with a lender, the business development manager is the first point of contact to hear it."

Mr White added: "In addition, I think it would also be great for the industry to hear lenders give feedback to brokers on numerous areas such as quality of cases, supportive information and documentation and due diligence on clients before presenting them to the lenders."