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

by 07 Mar 2013

The mortgage industry needs to take a ‘good, hard look’ at its productivity – but so do lenders, says CBA’s Kathy Cummings, who tells Broker TV that improving work flow is a business imperative, particularly in a low credit growth environment.

“We all know with the rather flat credit growth environment we’re in, it’s been tough. So therefore we need to look at, how can we reduce overheads? How can we work more effectively? How can we move waste, stop errors and re-work? We know that the increased regulatory environment…has put additional overheads and costs in there. So we need to work together to try and remove all these things that affect the brokers’ work day, and affects ours.”

Cummings says CBA will be conducting its own internal review of its home loan process in coming months.

“We have a saying inside CBA that ‘there’s nothing so ineffective as doing something efficiently that shouldn’t be done at all’. So one of the things we’re doing is focusing on our productivity and on our processes. We’ll be starting an end-to-end review of our total home loan process later on this year.”

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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... ... ...?