Anecdotal feedback may hint at growing dissatisfaction with lender turnaround times, but preliminary results for CMP’s Brokers on Lenders survey paint a different picture -- especially in light of an identical poll of Australian brokers.
“Turnaround speed. for clients and brokers alike, (is) recognized as a vital ingredient in getting the deal over the line,” writes Mortgage Professional Australia, the sister magazine of CMP, in its July issue. And therein lies the problem for many Australian brokers, according to the results.
Like Canadian brokers answering CMP’s Brokers on Lenders survey (click here to participate), Aussie brokers voted on various categories including turnaround speed and the results were sobering: Australian brokers are largely unsatisfied with the time it takes to get a deal done.
Down Under, major banks won the highest reviews, with brokers rating their turnaround speed an average of 7.11/10. Non-major banks (monolines), on the other hand, left quite a bit to be desired with an average rating of 5.94/10 for their turnaround times.
Early results for CMP’s Brokers on Lenders survey suggest higher levels of satisfaction, with Canadian monolines currently siting at a respectable 8.04. Moreover, with more monolines entering the foray this year, there is an increase in alternative lenders being reviewed, which may further bolster the ranking of monolines. All results are subject to change as brokers continue to fill out the survey, which will close early next week.
Do you feel like brokers are properly rating their lenders? Have your say by filling out the Brokers on Lenders survey now.