ASB using branches for broker applications
ASB has become the latest bank to send adviser home loan applications to branches for completion, as it tries to reduce a backlog of deals.
Thursday, November 5th 2020, 10:15AM 
2 Comments
Multiple advisers told TMM Online that the bank has begun to divert home loan applications to branches around the country to speed up the process for third-party clients.
The bank is said to be choosing quieter branches, and mobile managers, to handle the home loan completions.
"The banks are at capacity, and those that have the best systems for processing will have a massive advantage in the next year," one adviser said. "ASB are sending some loans to random places, far from where the deal is originated," the adviser added.
ASB didn't reply to a request for comment.
It comes as lenders struggle to cope amid a booming housing market, a pile of loan deferrals and holiday requests, and a shortage of staff to process third party deals.
ANZ has recently employed more people in its broker unit, and outsourced processing to branch staff.
Lenders are under pressure from a lack of staff, and the greater level of scrutiny placed on borrowers' credit following the Covid pandemic.
Turnaround times have deteriorated since the Covid pandemic. According to independent economist Tony Alexander's latest adviser survey, turnaround times are up to 20 working days at some banks.
| « Could KiwiBuild home loans be at risk? | ANZ profit drops 27% after loan writedowns » |
Special Offers
Comments from our readers
If you’d said to me 10 years ago that ASB service levels to mortgage brokers would be this bad now I would never have believed you. Out of all the lenders ASB has always been traditionally the most pro broker but that appears not be the case anymore. Well ASB with you closing so many of your branches soon the current volume of applications from mortgage brokers is only going to increase.
I am aware that when able to deal direct with a local ASB branch mortgage brokers around the country are still getting great service for their customers however the broker centres are another matter entirely.
Special mention goes to the Wellington Broker Centre which might as well be closed now for all intents and purposes.
Sign In to add your comment
|
|
Printable version |
|
Email to a friend |
Where did banks think customers would go if they couldn't get to a branch for financial advice?
If a client misses out on good financial advice or gets in trouble through lack of access, is this in keeping with the Responsible Lending Code? I'm pretty sure that if I took 20 working days to get back to my client i would be out of business, and in front of my disputes resolution scheme!