Lenders looking for the honest opinion of brokers can look forward to the CMP Brokers on Lenders survey, back again by popular demand. And make no mistake lenders do welcome that frank feedback.
“It is always important to understand what the brokers are saying, and the survey is a useful tool for us,” Karen Biernaski, director of marketing with First National Financial, told MortgageBrokerNews.ca. “Meeting broker needs is paramount to any lender, and making the broker more effective for their client is critical for us.”
First National is a perennial top performer on the annual survey, taking three golds and three bronze medals last year.
Overall, the survey is viewed as barometer of broker satisfaction with their most important partners. The CMP research is also the most straightforward and influential message mortgage brokers will send to their lenders, say industry professionals.
That’s all the more so with increasing competition from the banks and a year after the tightening of the amortization regulations. The survey and comments aim to offer valuable advice on how lenders can better position the industry, says Biernaski.
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.
“We’ve always found turnaround times to be the most important criteria for a broker choosing a lender,” says Biernaski. “We’ve been hearing that for 25 years. Yes, we do look at other considerations brokers have in the survey, but we have taken that need for responsiveness on funding deals quickly and ensuring we meet that need.”
Those brokers wishing to participate in the survey can click here