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Poor turnaround times hurt advisers

Advisers are frustrated with having to cope with unacceptable delays in loan processing with lenders. 

Thursday, April 23rd 2015, 3:32PM 1 Comment

It appears that even with the hot property market lenders have not yet geared up their broker centres to deal with the sheer volume of loan applications coming through.  With evidence that some deals are taking four weeks to complete, there is a real danger that consumers will abandon brokers

"Lenders need to realise that unacceptable delays reflect very badly on the ‘broker experience’ with customers, who often blame the adviser for poor service," Mortgage Supply Co chief executive Jenny Campbell says.

"It’s not like this is a new problem, brokers have  been experiencing long delays for quite some time now, and the lenders are simply not addressing the issue seriously enough.  We hear of lending teams working through weekends and doing horrendous overtime hours.  This is not fair on these employees, and it’s not fair on the brokers that they are servicing."

So far, the only lender who is actively addressing this issue is Westpac, who are ramping up their technology to make efficiences in this area.  Citing the success of their App, they are able to turn deals around far more quickly than other lenders.

It certainly seems that lenders have not yet returned to the levels of staffing they had prior to the GFC, and given the indications that the property market is not going to slow down in the short term, perhaps they should be recruiting – fast.

In an email sent to brokers (and passed onto us by an adviser) Westpac Director of Third Party Banking Kylie Kneale says the bank is doing everything it can to reduce delays.

"We ask you to bear with us as investment in new technology brings major change to our systems and processes."

"We have all staff on deck working overtime and using our broader network for support to get through our queues. Applications and reworks are currently taking 5-7 working days to process, however, we are prioritising applications with an imminent settlement date or those submitted digitally."

She says advisers using Westpac's Lending App are having deals turned  around in 8 business hours.

What's your experience been with turnaround times? Email us your story.

Tags: ANZ ASB Mortgage Advisers Westpac

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Comments from our readers

On 24 April 2015 at 3:23 pm michaelb said:
Once upon a time in the not too distant past, bank branch mangers approved all home loan apples including those of broker referrals up to their individual lending discretion. Mine was 500k. How sad there are now no more BANKERS

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

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