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Mortgage Broker News | 12 Aug 2015, 08:00 AM Agree 0
The chief concern for brokers each summer is an increase in approval turnaround times, but many players say this year takes the dubious honour of being one of the worst on record
  • Steve Bennett | 12 Aug 2015, 01:09 PM Agree 0
    I agree that lenders should be prepared but don't you think real estate agents should adjust their expectations as well. On complicated files that may involve an appraisal as well, 5 days just isn't enough sometimes. Also, it is our client that suffers when there is not enough lead time.
  • Robert | 12 Aug 2015, 01:18 PM Agree 0
    We all need to take responsibility for poor turnaround times.

    We, as brokers, can help take some responsibility by understanding the impact of; inaccurate applications, submitting applications that do not fit the lenders guidelines/risk appetite, requesting multiple changes, submitting incomplete document packages, not reviewing documents before submitting them…. All of these not only impact turnaround time, but also your approval.

    Read my reply on the “An odd suggestion to help monolines better compete with banks” article. I’ve provided some information on what the impact is, and given some suggestions; http://www.mortgagebrokernews.ca/news/an-odd-suggestion-to-help-monolines-better-compete-with-banks-193927.aspx
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