Openwork bids to improve mortgage service with lender monitoring tool
Openwork is bidding to drive up industry standards and to improve transparency with the launch of a new tool that enables its mortgage advisers to monitor the service levels of the network’s key lending partners.
The Lender Service Dashboard, hosted on Openwork’s adviser intranet, uses a traffic light system to disclose service levels in three key areas: average time to offer, percentage of cases offered within 10 days, and average telephone call waiting times.
The dashboard, which monitors the performance of 15 lenders, will be updated weekly. A short guide to improving mortgage application submissions accompanies the dashboard on its intranet page.
Commenting on the new initiative Paul Shearman, Mortgage, Protection and General Insurance Proposition Director, said “Lender service is always a hot topic and we’re often asked by our advisers for feedback on the service provided by our lender partners. The new dashboard will give our advisers an up-to-date and convenient overview of service and provides a means to benchmark the service offered.
“One of the biggest factors affecting service, other than the volume of business driven by product competitiveness, is the quality of the submission, so we have also included a few ‘top tips’ on how to make the mortgage application process as smooth as possible. The dashboard is an important initiative that should prove a useful tool for advisers and lenders alike.”