….THe poor CBA staff (including the amusingly called 'mortgage innovators – ) are often told by everybody from credit thought to settlements 'dont call us about this customer / settlement / insert word here unless we have not got back to you no later than 2 weeks…' Poor cows. How can you offer cusotmer service with that sort of attitude. Makes you fee sorry for the frontline staff.
V8ghia- There are different time frames for different people e.g. If you go to credit and they come back within 24 hours asking for more info that should of been provided up front, you have to add getting the new info to the time frame, plus more time to be revisted by credit. The same with each part of the process.
In the past 6 months the longest I’ve waited for an underwriter is less than 3 days. As I said somewhere above it’s all in the presentation. Stats I saw recently showed more than 65% of deals were lodged with errors. A lot of the time frame comes down to the quality of the people in the industry – hence the tightening of legislation. All the banks can turn around a deal in a couple of weeks – it is lack of training and quality of lenders that generally cause the problems.
If you look at the top 20% of bankers / brokers they get deals turned around fast.
I agree banker with the gist of what you are saying – however imagine the scenario (and this one was not CBA) where credit say they are happy, and then come back to you 3 weeks later and say they need more info when the client is wondering why he has'nt got his docs yet a week before settlement! ! I've seen some terrible treatment of customers from the majors, (two of them first hand) and worked with staff from most of them, and am confident that more often than not it is not the banker/broker/customers fault – but the 'back office' systems used and the sheer understaffing, offshoring, and lack of real decision makers in the branches. It seems too that credit/verifications/ and other back areas of the banks dont even play by their own rules that are in their current lending policies either! I also agree though, that dealing with someone that has a lending or credit authority of somesort, defiantely speeds things up and minimises issues – such as a business banker. Last year, I was able to help the manager I worked with assist a broker with a clients deal that the CBA had taken 7 weeks to decide they still were'nt ready to settle. The bank would not talk to the broker, or the customer (who was an exisitng one too) and we grabbed the deal (which was quite a strong one) & did it from assessment, to documentation, to settlement within five days. Pretty full on though!. HOpefully things are getting better now all round though. I believe you can get a worstpick (wetpac) loan approved pretty quick now, as they dont have many on the books…..
Cheers
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