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

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Australian Broker | 07 Mar 2013, 08:00 AM Agree 0
CBA's Kathy Cummings says the bank has been listening to its broker network and is ready to complete an internal review of its loan process
  • Country Broker | 07 Mar 2013, 10:09 AM Agree 0
    Nice , at last, light has dawned , its not just brokers who need to 'Lift"
  • PeterT | 07 Mar 2013, 10:39 AM Agree 0
    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.
  • JS DB | 07 Mar 2013, 10:43 AM Agree 0
    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... ... ...?
  • Positive Broker | 07 Mar 2013, 11:14 AM Agree 0
    Good to see Kathy acknowledge CBA need to improve. Not sure how a brokers business plan and a nice clean desk is going to do much to improve turnaround times. Unfortunately CBA need to convince me they are able to meet settlement deadlines without me having to yell at the BDM to get anything done before they will get back on my panel.
  • Broker | 07 Mar 2013, 11:28 AM Agree 0
    We are doing more on behalf of lenders than ever before, couple that with all the additional compliance work and I think we have never been busier and more productive with our time, BUT pity most of the additional and perceived productivity / workload is of little, if any, benefit to the client
  • ANT Broker | 07 Mar 2013, 03:02 PM Agree 0
    As it is taking the CBA currently 4 days to pick up a file and if these are slow credit times, there needs to be some major CBA improvement for the system to met any increase in volumes. Some Credit Policies must be out dated hence making simple credit decisions too complex for the modern income earners.
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