Broker perception geographic scorecards: Different states lead in lender advocacy and overall broker satisfaction

Satisfaction with business development managers at the lenders reached record high levels in March, new data reveals.

Large banks continued to improve their turnaround times in March, with Macquarie leading the pack with turnaround time down to two days.

The banks that brokers most commonly use have reduced their turnarounds to under seven business days for the first time this decade, according to new data.

Brokers are continuing to favour non-banks and non-major banks, according to the latest Broker Pulse survey, with the big four banks seeing record low share.

The gap between broker applications sent to majors and non-majors is closing in, and net promoter scores may show why.

Ninety-one per cent of brokers sent loans to non-major banks in November, as the major banks continue to fall in popularity in the channel.

The majority of ADI lenders took more days to arrive at initial credit decisions in November, the latest Broker Pulse Survey suggests.

While large ADIs showed improving turnarounds in October, ease of use emerged as a notable bottleneck throughout most lenders’ loan application processes.

Brokers are seeing turnarounds at the most commonly used banks continue to improve, despite third-party usage rates surging for these banks in October.

According to the most recent Broker Pulse survey results conducted between 1-10 November 2021 and participated by 252 brokers, third-party channel usage rates for all non-majors is currently at their highest since May 2021. Large banks are also showing record processing speeds relative to year-long performance.

Non-majors Macquarie and ING led the pack in arriving at loan decisions in September.

According to the latest Broker Pulse survey conducted last 1-10 October 2021, BDMs received a record-smashing average score of 56 points for the month of September, an all-time high since the inception of Broker Pulse.