NAB Broker has set a timetable for its move to a single loan document packet, saying it was responding to "horror stories" about its previous document packs.
National manager of sales performance, Adrian Cunningham, has vowed to complete the process of simplifying the company's loan documents by August of this year. He conceded that the bank's loan documents had been too complex in the past.
"If you look at our docs or receive them in the mail, you will have seen some of the complex docs that have come out. I have heard a lot of horror stories about our docs. So we've looked at this as a pretty big piece of work," Cunningham said.
The bank has divided its simplification process into three phases, and has completed the first phase of reducing the total number of pages in its loan document packs. Cunningham said this was as simple as printing double-sided documents.
"You can take some low-hanging fruit and knock some of this stuff out pretty quick," he said.
Addressing NAB Broker's Broker Roundtable in Sydney, Cunningham said the bank was in the midst of the second phase, with the goal of al documents being sent from a single source.
"That means you don't have to get letter from Homeside and three days later one from Perpetual, and the client is saying, 'What the hell do I do with this?' It's all coming from one area and all going back to the same area as well," he said.
NAB Broker has already rolled the initiative out in Queensland, and plans to progressively roll it out across all states "so that 100% of documents go out in single doc pack by end of May".
Cunningham said the third phase of the program would significantly reduce the complexity of the documents required, and would be rolled out by August.
"Phase three is one contract coming out from one person, and this is reduced by a significant number of pages. I've seen the prototypes, and it's something like six pages with five signature points. That's down from around 25," Cunningham said.
Cunningham also vowed that the program's third phase would see the complexity of the documents reduced "so that customers can actually read it and understand it".
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