The new lender service report collates details of the typical length of time various processes take at multiple lenders to help advisers manage expectations when supporting clients.

It comes as lenders deal with record volumes of applications driven by increased activity in the housing market which is having an impact on their response times to applications.

Mortgage Brain’s report aggregates information made available directly on lender’s websites to help keep advisers updated. It covers aspects such as average wait times to speak to different departments and typical application processing times.

The information is displayed within the Covid-19 support hub on Mortgage Brain’s Criteria Hub website and it is being updated every working day, automatically.

Lenders without the technology or capacity to display service standards will have the option of providing daily updates if they wish.

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.”

The report, it is hoped, will offer brokers a single view of lenders’ service levels and therefore save them time visiting multiple websites.

But Mortgage Brain said, it would also allow all parties to be absolutely transparent when making recommendations.

Wyatt added: “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.”