Results for the seventh-annual Brokers on Lenders Survey have been flying in and it seems that many of the main gripes from previous years still prevail. However, brokers are airing new concerns as well. Hurry and have your say by clicking here
Turnaround times continue to be ranked among the most important factors when brokers consider where to place their business and according to preliminary results, lenders have upped their game in the past year.
35.75 per cent of pollsters say their lenders turnaround times are “good” while 19 per cent rate their lender turnaround times “very good”.
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 number of credit unions across the country. The survey and comments aim to offer valuable advice on how lenders can better position the industry.
Last year’s sixth 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.
This year’s survey will once again include a supplementary optional section, specifically tracking the types of deals brokers are arranging and, more importantly, who those deals are going to and why.
How will the results differ this year?
42.07 per cent of last year’s participants say the main reason they send a deal to the banks instead of a monoline is because of superior product offering. Is that still the case?
And when it came to the most important issue that brokers thought would affect the broker/lender relationship in the following 6-12 months, 38.41 per cent of pollsters said the move to efficiency ratio.
As for buydowns, 73.6 per cent of brokers said they buy down less than 25 per cent of their deals but one would assume that number may have shrunk.
Those brokers wishing to participate in the survey can click here