Brokers need to think carefully about how they manage borrower expectations when it comes to turnaround times according to the findings of a major consumer survey.
According to Retail Finance Intelligence’s latest report on Consumer Attitudes to Mortgage Brokers 2009 almost 80 per cent of borrowers consider times of less than 48 hours to be acceptable for approval.
“As a significant proportion of customers have unrealistic expectations in regards to approval time, it is important for advisors to manage these expectations accordingly to ensure the customers application experience is a positive one,” Alan Shields, research director at RFi told Mortgage Business.
Just over 4 per cent of the 2,000 mortgage holders surveyed for the report, said they expected approval within the hour, while 31 per cent expected it within 24 hours and 40 per cent wanted approval within 24 - 48 hours.
From the perspective of keeping clients happy, it seems the faster the approval time and the less complicated the procedure, the better.
And in other findings the great majority of respondents said they valued having the research associated with a mortgage simplified for them.
A healthy 79 per cent said they would use a broker to see a range of loans from a range of lenders, while 67 per cent said they believed a broker would save them time.
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