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Smart Money People: Lender Benchmark

Written by Suffolk Building Society

20 Oct 2022


Smart Money People

3 min read

The Smart Money People Lender Benchmark results are in! We are pleased to share we have been awarded an overall score of 88.8% and a 4* rating. We invited feedback from all brokers who had a case completion in the prior six month period, receiving 50 responses.

We were delighted that, once again, feedback concerning our BDMs came out on top, with the highest performing feedback areas being:

  1. Satisfaction with relationship managers (93.5%)
  2. Ease of determining product eligibility (90.2%)
  3. Ease of determining max loan amount (88.4%)

Consistent with the previous report, our lowest scoring feedback area was the speed to process applications through to offer, however underwriting continues to be a strength, with the majority comments in this theme being positive (83%). In particular brokers praised the “personal approach”, “common sense lending” and the ability to speak with the underwriting team directly. In Product & Lending themed feedback, flexibility remained a positive driver, but our product range received the greatest appreciation – with comments calling it “great”, especially when it came to expats.

Additional comments highlighted a “good clear open service. Smooth processing of the application” plus “fast, accurate, human scoring and human underwriting”.

We’re continually working to improve our offering and the service we give to brokers. One of the biggest things in the pipeline is a new mortgage origination process to streamline our processes and speed up the journey from application through to completion. We are well underway with this project which includes partnerships with expert third parties for improvements such as seamless online ID verification and e-signatures.

 About the Mortgage Lender Benchmark.

We work with Smart Money People to collect and analyse feedback from our brokers. Their Mortgage Lender Benchmark is an independent research study conducted every six months, formed of three core elements: market insight, lender specific insight and technology enablement.

The survey represents 97% of mortgage lending in the UK.

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