Non-major battles turnaround delays

by Miklos Bolza17 Jul 2017
ING Direct has acknowledged lengthier processing times for incoming home loan applications and has promised to work through the issue.

“As has been the case in the past, it is important we are transparent and keep you informed on how we are addressing these challenges,” Mark Woolnough, head of third party distribution & direct mortgages, wrote in a note to brokers on Thursday (13 July).

“We have all available resources working towards getting our turnaround times back to much shorter levels.”

The primary cause for the delays has been elevated application flows, Woolnaugh told Australian Broker.

“A combination of other factors have also exacerbated the extended delays, namely the introduction of requirements regarding Common Reporting Standards and re-work on incomplete applications; in many cases multiple re-works on the same files.

“It is vital that our competitive positioning remain strong; this won’t be compromised by our processing challenges.”

The bank has created separate assessment queues for purchase and refinancing, he said, which would assess purchase applications in a faster manner and address extended queues for refinancing.

Credit assessment staff have also been brought in both over the weekends and on weeknights, while a recruitment effort for additional assessment and processing staff is underway.

At the time the broker note was sent out, ING was assessing purchasing applications received on 6 July and refinance applications received on 23 June.

“We are doing everything we can to get back to acceptable turnaround times. We thank you for your continued support and patience.”

ING was making real progress in solving these issues, Woolnaugh said, with purchase applications now at a four day turnaround time. He promised that this figure will continue to be brought down whilst ING also worked on refinances in parallel.

“We expect to be back within turnaround times of below four days within the next few weeks. We will also do everything we can do ensure we hold and further improve these and avoid any return to the turnaround times we’ve experienced over the past few weeks.”

ING is also kicking off its National Broker Roadshow in Melbourne this week from 20 to 21 July. The event will then be held Brisbane, Canberra, Adelaide, Perth, Darwin and later Sydney.

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COMMENTS

  • by OzBoy 17/07/2017 8:54:39 AM

    Well let's go back in time and see how these latest comments compare:
    13 Sept 2016: CEO of ING publically states: “As we speak, we are looking at overhauling our entire mortgage acquisition processes. It’s important to not only get a decision quickly but also have a quick timeline and service level that one delivers.”

    “By the end of this year we should be in the position where… with our broker partners we should be able to cut turnaround time by one third,” Mr Sareen said with reference to the bank’s upcoming Lendfast project.

    Well that didn't work did it!? More BLAH BLAH BLAH, wish these people would stop the spin, it's so "fake news".

  • by Broker 17/07/2017 3:38:49 PM

    Until it occurs next time , same for all lenders they are barely interested in proving consistent service times to Brokers, it costs wages to do that!

  • by Former ING supporter 18/07/2017 9:07:58 AM

    And what is your excuse for failing to transfer loan funds for multiple settlements to your respective Solicitors trust accounts on Friday the 14th Mark? Conveyancers affected tell me it was nationwide. True? I wonder how many settlements fell over as a result ? Not only your ( now pissed off) new clients (probably soon to be ex-clients) but others in the downstream line of settlements.