Mortgage insurers want to insure loans and completeness of applications will help secure them quicker.
QBE LMI CEO Jenny Boddington has said brokers can assist in speeding the progress of their high-LVR applications by ensuring that they have all the required data in the application.
"The important thing for efficiency is completeness, to get everything organised upfront, because it is the to-ing and fro-ing that creates uncertainty on both sides," Boddington said.
If underwriters need to keep going back to ask for more information she said it prolongs the process.
Boddington also said that QBE LMI hates to hear the blame for a rejected deal falling on the insurer.
"We hate to hear the mortgage insurer said no. Because often it is the lender that has said no as well," she explained.
"We hate to hear it because we want to explain why is it that we said no. There’ll be a reason there. We like writing loans – we are not just saying no for the sake of not writing them," she said.
Boddington said with the advent of NCCP, it is also in brokers' interests to be clear on applications.
"Now that brokers are so much more responsible than what they have been, it’s in their interests to be very clear. It’s in nobody’s interest to put somebody in a loan they shouldn’t be taking out."
QBE LMI will endeavour to be open and transparent about the reasons for any rejections, she said.
"For a broker this [high-LVR loans] is not the whole of their business, it is an unusual part of the market, so we think clarity is extremely important," she said.
"So we hope they keep asking questions until they understand, and we'll keep explaining."
"Just occasionally there is business at the margin that people feel very strongly about which we don’t feel comfortable writing, and that is sometimes just the way it is."
Uncertain world means being tough upfront