Poor bank service levels continue to hurt mortgage broker channel

A blowout in the big banks’ servicing times is continuing to hinder mortgage brokers’ ability to operate effectively.

Prior to Christmas, mortgage brokers were facing turnaround times that exceeded three weeks in some instaces, as a major swing in volumes to the banks left many struggling to meet capacity.

Two months down the track some of the banks’ servicing levels have improved, but brokers remain frustrated that many continue to run at unacceptable time frames.

Staffing levels indeed appear to be a key reason behind the sluggish service times.