‘Clearly, there is a problem’: MFAA on turnarounds
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The MFAA has said that it is engaging with lenders to address the “differential between the turnaround in the branches and the turnaround in the broker channel”.
The CEO of the Mortgage & Finance Association of Australia (MFAA), Mike Felton, has acknowledged that there is “clearly a problem” with turnaround time differentials between the direct and third-party channels, but added that the lenders have suggested that they are keen to rectify the imbalance.
In a video update to members, Mr Felton noted the many concerns being voiced by distressed brokers surrounding the ongoing delays in service level agreements and turnaround times, and acknowledged the problems with channel conflict.
Brokers’ lodgements continue to rise
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The number of loans that brokers write each month hit a new high in November 2020, according to a new broker survey.
Momentum Intelligence’s latest Broker Pulse survey of Australian mortgage and finance brokers has found that brokers wrote the largest number of loans in November 2020 than they have in over a year.
The Broker Pulse survey results for November 2020 (conducted between 1-7 December 2020) collated the responses of 215 active broker participants, and found that the volume of loans submitted by brokers in November had reached new heights.
The survey found that brokers had, on average, submitted 11.1 loans over the month of November 2020, beating the previous high of 9.7 loans in October 2020.