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Mortgage Broker News | 07 Jul 2014, 10:32 AM Agree 0
When it comes to wait times are the monolines truly better than the banks?
  • Keith | 07 Jul 2014, 11:39 AM Agree 0
    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 | 07 Jul 2014, 05:31 PM Agree 0
    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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