RAMS one month behind on deals

by BN06 Apr 2009

The mortgage processing crisis currently crippling brokers appears to be getting worse after a RAMS BDM revealed they are a full month behind on assessing deals.

In response to an email enquiry sent on 3 April about a mortgage application, the following automated reply was received:

"We are currently assessing deals from the 3rd March and I can not escalate files at this stage."

As a result of the delay the aggregator in question said deals were now being placed with Homeloans Ltd and Heritage Building Society.
Related stories:

No deposit loans: RAMS confirm franchise withdrawal


  • by RAMS milk the brokers 7/04/2009 1:52:35 AM

    It doesn't surprise me the least. Their BDM never returned a single call in the number of months since he got the job at RAMS and that's before they were a month behind.

    RAMS is trying to make money from the broker market on a shoestring. What's wrong with employing staff and actual investment?

    Are they hoping that brokers remember the good old days when they were picking RAMS as the broker's choice?

  • by Frustrated Broker 7/04/2009 1:00:25 PM

    Besides the frustration of having a deal in with RAMS since 24th February for a Conditional Approval only (still no approval on the 7th April!), no one will reply to an email, fax or phone call. A little bit of courtesy might at least keep brokers on side. Now that RAMS have dropped their 100% product, there is really no need to use them at all. Make hay while the sun shines RAMS!

  • by Brad Oliver 7/04/2009 1:22:06 PM

    Have had a $1.million refinance application with RAMS since March 10th and they haven't even looked at the file yet!