CBA to launch review of its home loan process, says Cummings

by 07 Mar 2013

She says CBA has recently completed a review of its credit processes and have recommendations on that issue for the third party piece.

“We do listen and things like we’re just piloting a new AVM (Automatic Valuation Method ) process for valuations is one of the things where we’re looking at to cut-out rework and give brokers a more efficient and effective answer to their queries.”

However, Cunnings says it’s not just up to banks when it comes to improving the efficiency of the home loan application process – brokers need to do their part as well.

“I think all brokers…should have a very clear business plan. Importantly, and you’d be amazed at what we’ve seen, they need to have a clean workspace for themselves and for their staff. Things like doing a 5-S workshop that we do in the Kaizen Lean program, means that we’ll focus on getting their workspace nice and clean for them so they can actually find their files and they can actually see their monitor.”

To view the full interview with Kathy Cummings, click here

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  • by Country Broker 7/03/2013 10:09:16 AM

    Nice , at last, light has dawned , its not just brokers who need to 'Lift"

  • by PeterT 7/03/2013 10:39:12 AM

    CBA's credit policy review did nothing to make life easier for brokers. Their internal process review is internal, so it won't benefit brokers other than perhaps a few hours of turnaround times.
    If CBA wants to see better quality from brokers they need to make fewer obscure policy updates, lower the excessive documentation requirements, and ease their income assessment to a simple YTD figure.
    If they can do this, then they'll start to see conversion and processing rates similar to other lenders.

  • by JS DB 7/03/2013 10:43:54 AM

    Much as I think CBA is a great lender, and it is good that they are offering to help brokers improve their productivity. I can't help but wonder why the process experts haven't worked out that Unconditional Approvals need to be issued when the loan is approved by Credit - and not held back until the docs are produced. It's not approved until it's approved in writing, and I am under more pressure to get quick approvals, than I am to get docs quickly... ... ...?