Brokers will be able to see how up to date AfI is in processing new mortgage applications, underwriting and document validation as well as what the average mortgage offer time is and how long it takes the lender to answer broker phone calls.
Each KPI is automatically updated every day to give brokers an accurate picture of how the lender’s service standards are performing.
Alan Mathewson, managing director of Abbey for Intermediaries, said: “We want to make it as easy as possible for intermediaries to place their business with us and the launch of our new online service metrics is in direct response to intermediary feedback about how we can best support them going forward.
“By engaging more closely with intermediaries in this way, we believe we can better meet the needs of both intermediaries and their clients and add value by being open and transparent. We are committed to becoming the intermediary lender of choice and we will continue to build upon the service turnaround already achieved by introducing further service enhancements over the coming months.”
Mike Fitzgerald, director of the Essex-based Emba Group, said: “Only lenders certain of their service standards would publish something like this and that reflects Abbey’s improvement.
“We did a case yesterday morning at 9.30am and had two updates by the end of the day so we’ve got nothing but good things to say about their service now. I would hope this move will help other lenders to shift their attention to doing a similar thing – being more open about service would be good for the customer.”
And Ray Boulger, senior technical director at John Charcol, added: “The principle is a good one. Nationwide, TMW and Accord are already good at telling brokers about their service and Abbey taking an initiative like this has to be commended.
“From a broker perspective it’s important to know about servicing standards especially for smaller brokers submitting less often. The key thing is being able to manage clients’ expectations. I hope it will encourage other lenders to follow suit.”
