NAB Broker has claimed that while many lenders are taking up to four weeks to process loans it can still turn deals around in a day.
Brokers and their clients have faced horrendous delays with loan approvals with most lenders over the last few months.
The logjam has been attributed to a recent surge in activity however according to NAB Broker its pipeline is largely clear.
This is a result of 100 per cent online lodgement and a focus on quality business, the bank said.
John Flavell, NAB Broker head of broker sales, told Mortgage Business that unconditional approval can be given within a day providing full supporting documents are delivered with the application, or within six working days when valuations or lenders mortgage insurance are required.
“We’re clear in our policy – if you comply with our requirements, we can turn deals around quickly.
“We have an obligation to brokers and their customers, and as long as you are across our policy we can consistently deliver fast approvals.”
“I’d recommend that you visit the NAB Broker website if you’re not familiar with our policy; everything you need to know is there,” he said
According to Mr Flavell inefficiency is as much to blame as the surge in activity for the breakdown in bank servicing times.
He blamed the poor quality of many submissions and the number of faxed applications that are still accepted by lenders as main contributors to the delays.
“There’s an element of ‘let’s see what we can do’ with a lot of applications, and this slows the process down for everyone.
“NAB is not chasing volumes it is looking for quality. With 100 per cent online lodgement there is less scope for mistakes.”
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