This year’s Brokers on Lenders survey is poised to reach deeper into the channel than any before, with two key lenders finally garnering enough broker reviews to make it into the final ranking.
With an August 23 deadline, responses continue to pour in, but early results are already pointing to changing broker perceptions about the quality of lender service in a host of categories.
Chief among the changes is the number of brokers now reviewing smaller monolines and not just the bigger players that traditionally dominate the survey results.
That likely reflects the growing use of monolines as the market changes and brokers re-evaluate existing relationships at the same time cultivate new ones.
Both lenders new and those listed on previous incarnations of the survey will be revealed in the September issue of CMP. You can still add your voice to those reviews here.
As the most comprehensive research on broker attitudes to their lenders, the annual CMP survey adds great insight into what lenders are doing both right and wrong.
Last year’s fifth annual Brokers on Lenders survey was strong, with nearly 400 mortgage professionals taking the time to answer questions and provide candid feedback on lenders in 11 categories: approval/ loan turnaround times, underwriter support, BDM support, broker support, transparency of commission structure, IT and electronic/technology, interest rates, product range, overall service level to brokers, satisfaction index on overall credit policy, and overall lender performance. This year’s survey includes a new optional section, specifically tracking the types of deals brokers are arranging and, more importantly, who those deals are going to and why.
In last year’s survey, brokers placed approval and turnaround times as the most important to them (34 per cent), followed by underwriter support and overall service levels to brokers (23 and 21 per cent). Of interest, interest rates and product range only found importance among 7 per cent and 5 per cent of brokers who participated in the survey.
Those brokers wishing to participate in the survey can click here.