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MS Poll result: 43% call for improved service from lenders

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  • 19/08/2011
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MS Poll result: 43% call for improved service from lenders
In the latest Mortgage Solutions poll, 43% of brokers said that service is the key area lenders need to improve in order to strengthen their business relationship.

A further 25% of brokers said that higher or trail proc fees would enhance the broker-lender relationship, while the remaining 32% said additional BDMs, better use of technology and more day-to-day support would make all the difference.

David Sheppard, managing director of Perception Finance, said that one area that needs improvement is better communication between lenders and brokers.

He said: “I think lenders need to have greater clarity over their service proposition.

“When I speak to lenders, some are nervous about where they are fixed in terms of service. For example, some lenders will tell you it will take no longer than 48 hours to decide upon a case, but end up taking 72 hours instead – it’s a false promise.”

Adrian Whittaker, key accounts director at Abbey for Intermediaries, said that it is not surprising that intermediaries want lenders to be more open about their current service levels.

He said: “In March, we launched an online service page in direct response to feedback from intermediaries, which has been extremely popular.

“By updating our key service metrics on a daily basis, we’ve been able to provide intermediaries and their clients with the latest information they need when they place a case with us and, at times of high demand, it also allows us to be as transparent with intermediaries as possible.”

Sheppard said that brokers are, in part, guilty for lenders failing to manage expectations over service as well as they could.

“We look to get a fast service and, when we don’t, some brokers fly off the handle rather than embrace when a lender is being honest.

“I think there is an education for brokers here. We should be encouraging lenders to be open with us, rather than complaining when they get it wrong,” he said.

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