(Tie) First National
TOP ALTERNATIVE LENDERS
(Tie) Equitable Bank, BlueShore Pacifica
(Tie) CWB Optimum Mortgage, Hosper Mortgage
(Tie) Haventree Bank, HomeEquity Bank
Experiencing the biggest year-over-year increase in average score, overall service levels rose from a score of 3.85 in 2019 back to its 2018 score of 4.10. After two years of silver in this category, RMG took gold among the A lenders, while First National fell to silver after two years at the top of the heap, and MERIX/Lendwise made it onto the podium to take the bronze. For the alternative lenders, there were once again ties for gold (Equitable Bank and BlueShore Pacifica), silver (CWB Optimum Mortgage and Hosper Mortgage) and bronze (Haventree Bank and HomeEquity Bank).
The service provided by lenders plays a key role in their relationships with brokers and clients. Consistency across platforms and good communication foster quick turn-arounds – something that brokers made it clear is a top priority.
Service was mentioned by several brokers when asked about the best experience they’ve had with a lender over the past year. Words like “excellent,” “outstanding” and “best” and were used frequently to describe their experiences. “Exceptional service from start to finish and through the entire term of the mortgage!” one broker exclaimed. “They are just great to deal with. They are very efficient, and their service is impeccable,” said another.
Even so, the category still ranked fifth out of the 10 areas lenders were graded on, so there’s plenty of room for growth here. Inconsistent service levels, delayed service, and poor or a complete lack of service were all mentioned by brokers as major chal-lenges they’ve faced in the last 12 months.