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