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Following Loan Market’s call for an industry summit to address spiralling lender turnaround times the MFAA has revealed that a board decision was made last week to facilitate a forum to bring together lenders and the six biggest aggregators.
Over the past six month, some lenders’ turnaround times have lagged by as much as four weeks due to the upswing in activity.
Phil Naylor, MFAA CEO, since revealed that the MFAA had in fact determined the need for such a summit on Friday.
In a response to Mr Kolenda’s letter, Mr Naylor said the MFAA Board planned to invite the industry’s top six aggregation groups and key lenders to discuss a range of issues, including service levels.
“It’s great that you are on the same page as our thinking,” Mr Naylor said.
“Preparations to organise a forum are now underway.”
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