Mortgage Brain has established a lender service levels report to illustrate the operational waiting times for 30 lenders.
It covers the residential and buy-to-let markets and includes metrics on call waiting times, live chat and application processing times.
The data will be updated mid-morning every working day and will be available through the Covid-19 support hub area on the Criteria Hub website.
The technology firm said the service “collates information from multiple lenders’ websites and provides a single source for advisers detailing how long various lender processes are likely to take, helping both advisers and lenders to manage expectations.”
It noted that the housing market was seeing raised activity levels, with many lenders receiving record volumes of applications, but this was having a knock-on effect on lender service levels.
Neil Wyatt, sales and marketing director at Mortgage Brain, said: “With the unprecedented levels of applications and requests, lenders are doing their utmost to cope with the demand on their operations.
“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.
“It will also support lenders by setting broker expectations to avoid any unnecessary calls to processing teams or helpdesks for updates when it is clear that it is unlikely to have been reviewed as this may help some lenders free up additional capacity,” he added.
Owain Thomas is features and contributing editor of Mortgage Solutions and editor of Specialist Lending Solutions.
He also has experience in the protection, pensions, workplace benefits and HR areas.
Owain has won two Headline Money Awards and the Protection Review’s Journalist of the Year award.