Industry should demand ‘meaningful action’ on turnarounds
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There is “no justification” for the delays in processing broker-lodged loans, the compliance manager of MoneyQuest has said, urging industry heads to be “more vocal and even militant in demanding meaningful action”.
Last week, the heads of the major banks acknowledged that while direct channel loans could take less than two days to approve, loans from the broker channel were markedly higher.
Recent stats from the Australian Finance Group (AFG) Index for April 2021 revealed that lender turnaround times surged to 27.1 days in the third quarter of the 2021 financial year (3QFY21) from 25.2 days in 2QFY21, while Momentum Intelligence’s monthly Broker Pulse survey has also shown blowouts in lender turnaround times.