Mortgage Brain has launched a lender service report detailing the typical processing times for different banks and building societies.

The technology firm says the new feature will help advisers to manage their clients’ expectations.

It will include information such as how long it is taking lenders to respond to applications and the average waiting times to speak to different departments.

The report will be displayed within the Covid-19 support section of Mortgage Brain’s Criteria Hub website and will be updated every working day based on the information lenders supply on their own websites.

Lenders that do not currently report service levels on their own sites will have the option of providing daily updates to Mortgage Brain if they wish.

Mortgage Brain sales and marketing director Neil Wyatt says: “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 them time visiting multiple websites and 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.”