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CBA hopes its switch to 100 per cent online lodgement in July will help tackle sluggish turnaround times and clear its pipeline.
NAB was the first major bank to move all lodgements online, making the switch in January this year – a move that the lender claimed had a major impact on its turnaround times.
Brokers and their clients have faced horrendous delays on loan approvals with most lenders over the last few months.
The logjam has been attributed to a recent surge in activity however with CBA’s 100 per cent online lodgement capabilities the bank now hopes is pipeline will be largely clear.
“By requesting all applications to be lodged electronically we are driving an increase in processing efficiency to benefit the customer, broker and the lender and laying the foundation for further improvements in service in the future,” CBA’s executive general manager for Third Party Banking, Kathy Cummings, told Mortgage Business.
“The electronic lodgement process ensures the integrity of data and allows brokers to improve the accuracy of their applications before submission.
“The electronic process also delivers an almost instant first decision on conditional approval,” she said.
According to Ms Cummings, CBA also plans to introduce auto-imaging over the coming months which she believes will further improve its services to brokers.
Once an application is electronically lodged all documentation that is faxed to support the application is automatically imaged and electronically attached to the application.
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