Commonwealth Bank has returned its SLAs to normal levels after reports that the lender had struggled to maintain turnaround times earlier this year.
Aussie’s national head of sales operations, Steve McKenzie, said the bank processed some loans outside its SLAs in July. But according to Aussie CBA turnaround times are now greatly improved.
“It looks like they’ve done what is required to rectify that, and we’ve found that the last four weeks or so they’ve returned to within their normal SLAs,” he told The Adviser.
“CBA are probably more consistent with their SLAs and staying within SLAs than many others. It’s probably more the exception than the rule in terms of what happened in July.”
Reports from other sectors of the broker market concur with Aussie, with Mortgage Choice also confirming that Commonwealth Bank’s SLAs are at normal levels, with the bank taking two days or less for initial assessment.
“CBA's service levels have been considered 'normal' for some time. As is the case with most lenders, there are always times when service levels and turnaround times tend to blow out – especially towards the end of the financial year and around Christmas,” Mortgage Choice spokesperson Jessica Darnbrough said.
“In the case of CBA, however, the bank has always been quick to respond and get things back on track.”
Commonwealth Bank’s general manager of broker sales, Sam Boer, said the bank is focused on delivering excellent service to its home loan customers.
“As a result of increased investment in resources as well as improved processes and systems, we have consistently delivered better than agreed service levels over the last few months,” he told The Adviser.
“We are committed to continually improving our services to create a seamless experience for our customers and you can expect to see market-leading turnaround times on home loan decisions from the Commonwealth Bank.”
[Related: CBA cuts fixed rates by 50 points]