Associations call out majors for turnaround channel conflict
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The FBAA and MFAA have hit out at the major banks regarding the disparity between “time to yes” for broker-lodged loans and those written through the proprietary channel.
The heads of the Finance Brokers Association of Australia (FBAA) and the Mortgage & Finance Association of Australia (MFAA) have voiced strong concerns regarding the delays impacting mortgages submitted by brokers to the major banks.
Earlier this month, the CEOs of the Commonwealth Bank of Australia (CBA), National Australia Bank (NAB), Westpac and ANZ told The House of Representative’s standing committee on economics that turnaround times are currently within one or two days in the proprietary channel but, on average, between 10 and 12 days in the broker channel.
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