Mortgage sector improving pre-M-Day - research

The company’s second annual benchmark study of the sector has found the number of complaints per 100 customers fell to 1.58 from 2.84 in the previous year – a near 80% drop. That improvement has come alongside further cuts to processing costs, which on average fell to £89.67 from £116 per mortgage application, according to data from the 17 lenders involved in the research. Besides processing costs, lenders have also improved operations systems and business processes ahead of M-Day, MS says. Most business still comes via paper documents that have to be re-keyed, increasing costs and...