Lender wait times: Banks vs. monolines

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When it comes to wait times are the monolines truly better than the banks?

“Banks tend to have longer turnaround times,” Domenic Luciano of Verico Premier Mortgage Centre told MortgageBrokerNews.ca. “Scotia isn’t too bad; they usually get back within 48 hours unless there’s a rate change but it all depends on volume.”

Luciano, like all brokers has a preferred list of lenders who tend to execute deals expeditiously. His include MCAP, First National and National Bank.

“Their turnaround times are not bad at all,” Luciano said. “Usually within 24 hours.”

For his part Dave Griffin of Dominion Lending Centres Griffin Financial Group believes turnaround times are one of the most important factors when choosing a lender.

“Product and service are key,” Griffin told MortgageBrokerNews.ca. “I choose for rate and service first so the best turnaround and best option for the client is key.”

According to Griffin monolines generally have quicker turnaround times, though he admits it has just as much to do with the underwriter as the lender.

But will other brokers agree?

Click here to take part in the Brokers on Lenders Survey and have your voice heard by your lender partners.

Overall, the survey is viewed as barometer of broker satisfaction with their most important partners. The CMP research is also the most straightforward and influential message mortgage brokers will send to their lenders, say industry professionals.

That’s all the more so with increasing competition from the banks and a number of credit unions across the country. The survey and comments aim to offer valuable advice on how lenders can better position the industry.
  • Keith on 2014-07-07 11:39:34 AM

    Absolutely agree. One prime bank lender who all know, their wait times are crazy starting at 5 days up to 11. I stopped sending business there. We need same day approvals based on submitting proper information to the lenders. This helps keeps us competitive with new clients and helps prevent losing new client deals to the banks.

  • Angela Wong-Liao - Invis Inc on 2014-07-07 5:31:48 PM

    I agree with Keith, my first priority is FAST TURNAROUND TIME, I do not agree that banks have slower turnaround time than monolines, it is really depending on which bank that I send my deals to. Yes, TD has the worst turnaround time, 5-11 days, which is completely unacceptable, especially on purchase. The hot real estate market dictates the time line for financing condition, some reduces from 5 banking days to 2 banking days and some do not have any conditions due to bidding war in the hot real estate market. I have an excellent relationship with my Scotiabank Broker Relationship Manager and she always try her best to give me very fast turnaround, sometimes, as fast as 3 hours. I have recently have an excellent experience with First National Financial, the turnaround time was less than 3 hours as this was a very tight and fast closing deal. Overall, I believe the turnaround time relying on the relationship with the lenders with the exception of TD Canada Trust, TD has the slowest turnaround time because of their centralize system, I remember some good experience with TD before 2009, their underwriters were a lot more personable and more direct communication and they used to meet 12-24 hours turnaround timeline.

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