The mortgage industry needs to take a ‘good, hard look’ at its productivity – but so do lenders, says CBA’s Kathy Cummings, who tells Broker TV that improving work flow is a business imperative, particularly in a low credit growth environment.
“We all know with the rather flat credit growth environment we’re in, it’s been tough. So therefore we need to look at, how can we reduce overheads? How can we work more effectively? How can we move waste, stop errors and re-work? We know that the increased regulatory environment…has put additional overheads and costs in there. So we need to work together to try and remove all these things that affect the brokers’ work day, and affects ours.”
Cummings says CBA will be conducting its own internal review of its home loan process in coming months.
“We have a saying inside CBA that ‘there’s nothing so ineffective as doing something efficiently that shouldn’t be done at all’. So one of the things we’re doing is focusing on our productivity and on our processes. We’ll be starting an end-to-end review of our total home loan process later on this year.”