tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Wednesday, August 4th, 4:32PM

Mortgages

rss
Latest Headlines

Little hope on turnaround times

Mortgage advisers predict there will be little progress made on turnaround times this year, as processing times continue to deteriorate across the industry. 

Wednesday, January 13th 2021, 9:29AM 2 Comments

Turnaround times are frequently cited by advisers as the biggest concern for the sector, and slowed further last year as banks dealt with a backlog of mortgage deferral requests and additional scrutiny on new mortgage deals. 

Gopal Sreenivasan, head of strategic partnerships at Newpark, predicts that turnaround times will stay at current levels, or even deteriorate, into the new year. 

"Turnaround times will stay around three to four weeks, and I predict it will get worse around March and April due to the traditional influx of applications happening around this time of the year," he told TMM Online. 

Mortgage Suite's Krish Krishna is not holding out hope for an improvement in the problem that has plagued the industry for years.

"There are no signs of improvements anytime soon unless they streamline the processes and get more experienced assessors onboard," he said.

Kris Pedersen of Kris Pedersen Mortgages said turnaround times were "the largest problem most advisers have faced this year", and added the issue was causing "a large amount of channel conflict" between advisers and product providers.

Tags: Lending

« Record mortgage lending in NovemberANZ predicts fewer OCR cuts »

Special Offers

Comments from our readers

On 13 January 2021 at 11:34 am valkyrie6 said:
Yes, and I have heard that branch staff have taken to telling customers to deal directly with the branch as the broker channel turn around times are shockingly bad, and they can do things faster.
I guess all we advisers can hope for is an even playing field, no more no less.
On 13 January 2021 at 12:59 pm Amused said:
The future when it comes to mortgage advisers sending loan applications to lenders is clearly for the banks to build their own online portals which will see an adviser logging in and sending an application directly to a bank without any involvement of a group owned CRM. One only has to look at the Partners Life online application system i.e. MUM which is completely independent of any group owned CRM and has massive benefits to both the adviser and client in terms of improved underwriting times.

Given it's now 2021 the banks need to start doing something similar for mortgage advisers and our customers. Long overdue!

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.95 3.29
ANZ 4.44 3.10 3.50 3.84
ANZ Blueprint to Build 1.68 - - -
ANZ Special - 2.50 2.90 3.24
ASB Back My Build 1.79 - - -
ASB Bank 4.45 2.55 2.95 3.29
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - 2.55 2.95 3.25
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 4.55 3.15 3.22 3.85
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 1.95 1.85 2.35 2.45
Heretaunga Building Society 4.99 3.80 3.90 -
Lender Flt 1yr 2yr 3yr
HSBC Premier 4.49 2.19 2.45 2.69
HSBC Premier LVR > 80% - - - -
HSBC Special - 2.25 - -
ICBC 3.69 ▲2.29 ▲2.69 ▲2.99
Kainga Ora 4.43 2.67 2.97 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.75 3.34 3.34 4.14
Kiwibank - Offset 3.75 - - -
Kiwibank Special 3.75 2.49 2.49 3.29
Liberty 5.69 - - -
Nelson Building Society 4.95 2.99 3.24 -
Lender Flt 1yr 2yr 3yr
Pepper Essential 4.79 - - -
Resimac 3.39 2.98 2.79 3.29
SBS Bank 4.54 ▲2.89 ▲3.29 ▲3.49
SBS Bank Special - ▲2.39 ▲2.79 ▲2.99
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 2.29 - -
The Co-operative Bank - Owner Occ 4.40 2.49 2.89 3.19
The Co-operative Bank - Standard 4.40 2.99 3.39 3.69
TSB Bank 5.34 3.30 3.69 4.04
TSB Special 4.54 2.50 2.89 3.24
Wairarapa Building Society 4.99 3.55 3.49 -
Lender Flt 1yr 2yr 3yr
Westpac 4.59 3.15 3.49 3.89
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.89 3.29
Median 4.54 2.78 2.99 3.29

Last updated: 2 August 2021 9:09am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com