Mortgage Brain has launched a new lender service report which will collate information from multiple lenders, providing a single source for advisers.
The report will detail how long various lender processes are likely to take, helping advisers to manage expectations.
Despite the coronavirus pandemic, the mortgage technology expert suggested that the housing market is currently seeing raised activity levels, with many lenders receiving record volumes of applications.
However, Mortgage Brain added that this is having a knock-on effect on lender service levels, as well as how quickly lenders are able to respond to applications, as they continue to respond to the operational challenges arising from COVID-19.
The new service report will aggregate information made available directly on lender’s websites to help keep advisers updated, with information, displayed on Mortgage Brain’s Criteria Hub website, updated automatically every working day.
“With the unprecedented levels of applications and requests, lenders are doing their utmost to cope with the demand on their operations,” commented Mortgage Brain sales and marketing director, Neil Wyatt.
“It is apparent through conversations with intermediaries and lenders that transparency with regards to expected service levels is vitally important to all parties.
“Providing brokers with a single view of lenders’ service levels will save brokers time visiting multiple websites and at the same time help provide valuable information that allows all parties to be absolutely transparent when making recommendations and setting clear expectations.”
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