In Praise of HomeSide

[Kristine..]

G'Day

Well, we all love a good whinge, and it is easy to overlook how complex this borrowing caper can be, how many stages an application must go through, how many days can be lost along the way for even a straightforward application and how many opportunities there are for things to go wrong.

This post is just a small acknowledgement of a great response from a major lender to a new customer

Lodged the application overnight on Sunday 5th June

Lender receipted the file Monday 6th June

Settled yesterday Tuesday 21st June

Count the days: 15 days less 5 weekend / Public Holiday days (Queen’s Birthday)

So in 10 working days – including assessment, valuation, preparation and return of documents, and days to book settlement, HomeSide achieved a full assessment and settlement from a standing start with a new-to-bank customer

Yes, I know that someone will now say that they rang ‘their’ broker at 10am one morning and achieved settlement by 4pm that afternoon – but this HomeSide transaction was a real transaction in the real world with real people doing a real job.

Credit where credit is due (no pun intended!)

Just wanted to share what I think was a cracker of a job!

Cheers
Kristine

 

[Mick C]

It's always good to share some positive stories! good post Kristine!
As you said, it's easy to whinge....

I find homeside to be one of the better lenders when it comes to meeting deadlines- i love how they email and sms updated + constant follow up calls ( mind you 4-6 years ago they were shockingly BAD lol )

Regards
Michael

 

[buzzlightyear]

I trust the borrower was grateful and communicated this accordingly.

 

[Rolf Latham]

Hi Kristine

Good to hear

HSL has a good system where if the deal ges well it tends to go well

Drop it into a crevice and its gone potentially for days or weeks.

With reduced volumes across most lenders at the moment, MOST of them are doing ok jobs.

Notable exceptions for us are AMP and any form of top up with ING.

ta

rolf

 

[Kristine..]

Yes, Michael

A couple of years ago any self respecting broker would rather have walked on hot coals than put a deal up to HSL

But the new Head of Broker Distribution, John Flavell, coming from a strong and diverse banking and broker management background, seems to have made a dramatic improvement. Obviously, anything with a date on it must still take priority over other deals, and with this recent very tight, no time to lose deal they have done very well. I have also written to my BDM and rang Broker Support to say how impressed I was and how pleased the customer was.

Actually, Rolf, I have some files with AMP at the moment, and they are travelling reasonably well. As with any lender, none of us want to hear of 48 hour service parameters particularly when it is our customer and we just want to get the deal through to approval as soon as possible, but the lender asked for one more payslip and now we have to wait 48 hours until the file crawls back up the queue again!

Anyway, back to the drawing board but it is nice to be able to give a round of applause when there has been a job done well by a very large and diverse crew

Cheers
Kristine

 

[Aaron_C]

It's getting hard to be a residential mortgage broker with all the red tape. But I must say Homeside is pretty good for most deals.

 

[Spectre]

AMP - just did a 10 day settlement with them with faxed docs - could have been 6 days so no issues.

Homeside runs lukewarm and cold. Their offering is good but lately we're spending more time on the phone to them to get things right than should be needed or having to chase them up on files. For me the single file owner just doesnt work (especially when they start at 4pm and finish at 11 and no direct contact and the call centre refuse to put you through)

Think my 'constructive feedback' to my bdm on a few is on Flavell's inbox on a few deals this week.

 

[Tin Tin]

i didnt even know who they were until 6 weeks ago.

2 finance extensions later they are still giving us the run around. To the extent my broker went with NAB.. Now homeside have come back and want the business.. Muppetts. Finance due tomorrow.. On a knife edge.

 

[hysterical]

Hi

Just submitted for unconditional approval to Homeside for a IP loan. Pre-approval was granted at end of Jun. Anyone know what is the estimated turnaround ?

Cheers

 

[Rolf Latham]

Anything between 2 days to 4 weeks

seriously, thats our spread at the moment depending on complexity of deal

ta

rolf

 

[hysterical]

Anything between 2 days to 4 weeks

seriously, thats our spread at the moment depending on complexity of deal

ta

rolf

Is a 90% lend a complex deal ? Pre approval was at a higher amount than the actual amount for unconditional approval.

4 weeks is too long.

Cheers

 

[Rolf Latham]

if its PAYG and the vals been done u should be done and dusted in a week or less.

HSL have their DUA back from Genworth for most deals

ta
rolf

 

[hysterical]

Hi Rolf

yes, it is PAYG and i submitted my own comparables sales but i guess HSL will get their own valuation.

What is DUA ?

Thank you

 

[Rolf Latham]

Hmmmmmmmmmm

best that the broker would have ordered this before doing the app or while doing so. Im sure there is a reason

DUA = delegated underwriting authority

ta
rolf

 

[hysterical]

Hi Rolf

Thanks for your response. Did not realise that the broker actually order the valuation and not the bank.

Cheers

 

[Rolf Latham]

not all brokers can do so, many can.

ta
rolf

 

[Jamie M]

Anyone know what is the estimated turnaround ?

Just had one go through in 48 hours - it didn't involve LMI though.

Cheers

Jamie

 

[hysterical]

Just had one go through in 48 hours - it didn't involve LMI though.

Cheers

Jamie

Hi

Does that include valuation ?

Cheers

 

[Aaron_C]

Hi Rolf

Thanks for your response. Did not realise that the broker actually order the valuation and not the bank.

Cheers

If you are a four-star broker with homeside you can order valuation yourself.

 

[jonmardell]

In my opinion Homeside can be hit and miss. It all depends who picks up the file on their end cause it can bounce around like a YoYo sometimes for no apparent reason. Things have greatly improved with the ability to order valuations upfront.