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As our survey results show, from the first contact a mortgage broker has with a lender to the day of completion, the services that brokers receive can vary significantly from one lender to another. If done well, the service can leave a lasting positive impression on both the broker and their client, and vice versa when something goes wrong. The Mortgage Finance Gazette Rated for Service Awards honor lenders who are the best in their field, and this kind of service doesn’t come without a lot of hard work and commitment.
One of the most consistent features of the survey results across all three sectors is that good service does not correlate with the size of the lender. In some cases, lesser known building societies have been represented alongside larger, more established lenders, or have been ranked higher. Also, being an expert in one chosen area—for example, buying to let (BTL)—did not guarantee a higher rating than being a non-specialist lender. Among the lenders that performed exceptionally well and received the Top Rated for Service award, there was consistent offering across the board. Nearly all lenders that have achieved this standard have demonstrated that good service should not replace competitive products, as is sometimes portrayed in the mortgage market. On the contrary, the evaluations show that an attractive and comprehensive offer covering all elements of the service is achievable.
Done right, the service can leave a lasting positive impression on both the broker and their client.
As a general rule, lenders recognized with the highest rating or rating in one market have also performed well in other markets, if any. As expected, there was a sharp contrast between the scores of the highest rated lenders and the lowest rated lenders. However, there were a few lenders who narrowly missed the award, and in some cases their scores were very close. Of the five major service areas, technology has produced the most unexpected results. It used to be that lenders’ technology, or lack thereof, was frustrating for brokers. However, the top quartile of major and BTL lenders performed particularly well in this area.
In the specialized sector, strategic focus stood out as the area where brokers felt the most efficient lenders performed best; perhaps unsurprising given the intermediate emphasis in this subsection of the market. Meanwhile, underwriting and case processing stood out in the core and specialized sectors as an area where there was room for the greatest improvement among lenders in the top quartile. Strategic focus was the weakest area for BTL lenders in the top quartile. One can also make some interesting observations about service areas in which lenders have performed well. For example, evaluating a lender’s sales support and communications may be more subjective than evaluating its technologies and products, which are more tangible.
Even when a lender is not actually lending, the support it provides to the intermediary market is still valued and recognized.
Sales support and communication was an area where the top quartile of BTL lenders performed particularly well. Given that the BTL market was effectively stalled for part of the valuation period, this valuation demonstrates that even when a lender is not actually lending, the support it provides to the intermediary market is still valued and recognized. When scores were rated in terms of broker status – DA or AR – DA rated lenders higher in all markets; perhaps an unexpected conclusion for creditors. Interestingly, the number of cases filed by a broker each month correlates with the level of service they receive. While some survey results were in line with lender service expectations, others were not. They offer lenders a lot of food for thought ahead of the next edition of the Mortgage Finance Gazette Rated for Service Awards.
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