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CBA clears up processing backlog

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Australian Broker | 31 Mar 2009, 10:00 AM Agree 0
Brokers have been urged to check the status of their CBA loans, after the lender hosted a 'Backlog Blitz' to process 3,121 files over the weekend.

  • Broker | 31 Mar 2009, 12:54 PM Agree 0
    Are we supposed to be exited by this news?

    And your shocking turnaround times are now what....10 days or 15!
  • Paper | 31 Mar 2009, 01:08 PM Agree 0
    This action was only taken about 10 days too late!!

    I did enjoy the Easter processing times memo that came out late last week too!
  • Paul Gollan | 31 Mar 2009, 09:40 PM Agree 0
    On behalf the team at Australian Mortgage Brokers thanks to all CBA broker channel staff for going the extra mile, it is greatly appreciated.
  • Broker | 01 Apr 2009, 10:58 AM Agree 0
    I am by no means a massive volume broker but I settled over $3m w/ CBA this month. None of my files this week have moved. I would like to know how they selected the files to be escalated. I think this is absolute crap and another media release to make us feel slightly warmer about them. I wonder what profit they will announce this year. They should of taken action months ago. And just remember fellow brokers, whilst they are doing all they can to help us with our 10 day processing times, that client can walk into any branch, get the same product in 2 days. W*#kers
  • Broker | 01 Apr 2009, 11:04 AM Agree 0
    So if the backlog has been cleared why was i on hold for over 30 minutes yesterday chasing up unprocessed loans????
  • Paper | 01 Apr 2009, 11:16 AM Agree 0
    I will hold back feeling warm & fuzzy until our clients are afforded a comparable SLA as to that offered withihn branches. If a client can walk into a branch & get unconditional approval within hours, then it means that the TP chanel is being serviced by out dated technologies. Why arnt these same processes in place within the Credit Teams of the Broker channels?? Sounds like their shoudl be no reason why Brokers arn't able to get a decision within 24 hours of a fully completed deal being lodged on line. Lets face it we are paying more by way of reduced comms for a sub standard or antiquated service.

    I have not heard ONE PEEP from the Aggregators or MFAA/FBAA in respect of our plight... with the exception of the Broker Survey which has just gone out.... & you dont need to be a genius to work out how the results are going to stack up once released!!
  • DD | 01 Apr 2009, 11:48 AM Agree 0
    Can I ask you guys why the hell you use CBA? "Broker", you mention you're not a massive volume broker (you are doing well with $3mil a month), but why CBA? We are gonna have to give them the flick big time. Don't want to get into the debate of banks & non-banks, however CBA & St George are the worst of the majors. Get rid of them for good.
  • Broker | 01 Apr 2009, 11:59 AM Agree 0
    CBA are patting themselves on their back and making heros of themselves, for resolving a situation that should never have occured in the first place. Either management took their eye of the ball - & should get a kick, or they allowed the broker channel to increase processing times, so broker-sourced clients would get upset and go to the CBA Branches.
  • NFI | 01 Apr 2009, 03:25 PM Agree 0
    What a load of rubbish. The poor staff admit they have no idea as to how the new loan reporting/processing system works. Only 2-3 staff comprehensively trained i'm told - the rest just muddle through.
    Good to see that they have reduced LVR - my clients won't want to use them now, YIPPEE
  • Rob | 01 Apr 2009, 03:50 PM Agree 0
    Guys Guys Guys (and Gal's)........there is a simple message here.......USE NON BANK LENDERS......STAY AWAY FROM THE MAJORS BECAUSE THEY WILL KILL US OFF VERY SOON IF YOU CONTINUE TO SUPPORT THEM. STOP NOW.
  • Wozza | 01 Apr 2009, 04:06 PM Agree 0
    You tell me Rob how to not use the majors when our clients are wary of using lenders that dont have the Government Guarantee backing. The majors are getting the majority of the business because of client demand, not brokers choices.
  • Adrian | 01 Apr 2009, 04:13 PM Agree 0
    We have been requesting settlement on 7 deals since docs were returned 12/16 March this stuffs our cashflow.
  • Positive Broker | 01 Apr 2009, 04:56 PM Agree 0
    In any other industry CBA would be a laughing stock by now and out of business. I would expect to be thrown out of my industry by now if I provided such appalling service to my valued clients.By the way I am still not accredited with CBA despite applying and completing the online test last August. I suppose eight months is a reasonable wait in CBA terms. And don't start me on the BDM who everytime I see him promises he will call me to sort it out. He can't even work out how to return phone calls so I suppose it is a bit much to ask him to actually make something happen.
  • brizbroker | 01 Apr 2009, 05:54 PM Agree 0
    Wozza, the remaining non banks have pretty much all secured significant funding through the Australian Office of Financial Management since November of 2008. It's not a bank guarantee, but it is the Fed Govt buying loans from, and therefore investing in, certain non banks. If you have been reading broker news or mortgage business or any serious newspaper in recent months you will probably have seen some pretty comprehensive coverage of this. The AOFM has made $8 billion available to keep a handful of the best non banks liquid, and competitive. Bank Guarantees are a different thing entirely and are for retail deposits only. Because the major banks require more than just retail deposits to fund their lending, it could be argued that the non banks have more stable, secure and better priced funding than the banks right now. Take a look at the rates the non banks are offering compared to the majors. Take a look at the commission structures of the non banks compared to the majors. That's what you have to know, that's what you need to research, and that's the information you need to be able to present to your customers to give them comfort. The Govt, through the AOFM isnt likely to be pouring 8 billion into non banks who aren't solid and here for the duration. They would have done some pretty serious homework on each non banks business models, sustainability and so on. Its really up to each of us to get up to speed on where the non banks are getting money and educating those clients who say they only want a bank because of the GFC.
  • Jerry Gibb | 01 Apr 2009, 06:50 PM Agree 0
    Kathy do not blow your trumpet as the service you give the brokers is nothing short of shocking. To the poor staff that gave up the time I say thank you but the question Kathy you have nto answered is why can a branch have an approval within 90 minutes and we poor old brokers have to wait 10 or more working days. When you explain this one then we might listen to you slapping on the back.
  • Brisbane Broker | 01 Apr 2009, 07:27 PM Agree 0
    Jerry...I agree wholeheartedly. CBA recenty launched their Diamond Broker club at the Hilton in Brisbane where we were told if we can send them more loans and meet efificency metrics (what a joke as their service is abysmal) that we can possibly be promoted "Diamond"broker status. In the next room they had all their Branch Managers and mobile lenders......I spoke to a few of them and they all said they were geting their loans approved within 24 hours and documents issued within a few days whilst us poor brokers put up with crap! Well I've got news for you Kathy...I don't want to become a Diamond broker with CBA...I want to send you as little business as possible, and only when I really have to. Non Banks will get much more of my business from now on! If eventually you can give brokers the same turn around time as your Branches, then I may re consider. And same goes for St George and ANZ as well....your service is a joke. RAMS - 24 business days before you even pick up the file.....pathetic!!!
  • brizbroker | 01 Apr 2009, 08:56 PM Agree 0
    Good for you Brisbane Broker. Do you expect to meet much resistance from your customers about the non banks you are going to be recommending? If so, how are you going to manage it? Or do you think, like me, that the brokers who post that they cant sell non banks just aren't taking enough time to learn about them and are not really trying very hard? I for one don't meet much resistance, but am interested to hear what you think. We're both in Brisbane by the way and should have a beer, but that's another story.
  • SCUBY | 02 Apr 2009, 10:44 AM Agree 0
    Can you all remember the ninties when Aussie and Rams took on the banks and we then all enjoyed cheaper home loans. The client needs to realise that by supporting big banks they risk a situation in the near future when if the banks continue to get way with what they are currently working on then the CLIENT (and every Australian with a mortgage which also includes us brokers)will be at their mercy (NIL) yet again. Do you want to pay more back to these greedy institutions. I don`t. I would prefer to look after my family not theirs. What do you say?
  • brizbroker | 02 Apr 2009, 03:30 PM Agree 0
    With you all the way SCUBY...Non Banks are the ticket. Not a cure all, but a pretty big insurance policy for our customers and our businesses. To steal a phrase- they will save us! But beware of anti bank rhetoric SCUBY- within the forums of broker news lurk that dreaded beast - the institutionalised bank lovers/ non bank haters. Atypical brokers who write pretty much nothing but pro packs most the time. Occasionally they look elsewhere, but the market share stats tell us they don't look very hard or very far or very often. They argue their customers only want bank loans, but if that's the case why are they calling a broker? There's a branch on every corner where they can get faster service, after all. After months of dialogue here, sadly I don't think most of them really know how to NOT sell pro packs...but I hope I'm wrong and the very very bad combination of shithouse service, shithouse commissions and so on, finally encourages them to pull their collective heads out of the sand, accept that their current "banks only" attitude isn't going to allow them to survive, and start making a real effort to try a different approach. We shall see, eh...
  • bb | 03 Apr 2009, 01:50 PM Agree 0
    Positive broker I can't believe you have seen your broker. I have been a broker for 2 years and have not met a CBA BDM or heard from one since I started. How can we use Non Banks when they are moving the posts even further back than what the majors are doing? I would like to know why the Banks are not being held accountable for their disgusting service 'if you can call it service'. When is the MFAA or FBAA who apparently work in our best interests going to get an answer from all the banks as to why customers can go into a branch and have an application approved in 24 hours yet Broker applications don't even get touched for 2 weeks at the earliest. I sick of being told that they are BUSY!
  • SunnyCoastBroker | 03 Apr 2009, 02:48 PM Agree 0
    Just adding my 2 cents worth. I received a referral for a current CBA customer who owns his home and wants to borrow to invest in shares. I tried to swing him away from CBA due to the time it would take to have a loan funded (I suggested one month), but he wanted to stick with them. I rang CBA Home Loan number and posed as a customer. I explained the circumstances and was told that a new loan could be funded within one week! How's that for an example of the contempt with which we are treated as brokers! Can anyone see the MFAA getting involved here?? Not likely.......
  • brizbroker | 04 Apr 2009, 12:56 AM Agree 0
    What exactly do you want the MFAA to do? Should they pay for a full page ad in a newspaper or run a radio campaign or a tv commercial, criticising major banks for their shit service levels or for reducing their LVR's or for reducing their commissions, or for clawing back commissions, or for segmenting brokers based on volume or quality measurements or for making you look like a slow, dithering incompetent broker who cant get your customers what a branch can give them? What will that achieve? "Ummm, excuse me Ralph/Kathy/CBA, Phil Naylor here. Not very happy with things. Not very happy at all. Shithouse really. Please get your act together, hire more staff immediately and get your broker service levels back in line with your branch service levels, or we'll.... we'll...we'll... well here's what we'll do, we will huff and puff and keep sending you lost of business anyway" This is what happens when you hand someone too much market share, too much business, too much control and too much power.
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