Time it takes for pre-approval with RAMS?

[Evachange]

WBC loan applications are centralised for all states processing as far as im aware. That being Adelaide - The Mortgage Centre (TMC).

Yes all home loans go to the TMC in Adelaide, at least they did when I worked for WBC, some loans are done at Concord West, which is where I worked.

However most of the ones done at CW are for business loans.

Regards,

Alex Sperling, DIP. FS

 

[Rolf Latham]

wbc is 3 to 5 days for formal subject to val access

ta

rolf

 

[Rixter]

Rolf, any ideas on AMP's formal??

Got 2 going through now.

 

[Rolf Latham]

dunno, dont do much with em

On average the service standards say

As long as you provide us all the information we need, it currently takes us an average of only one day to Conditionally Approve your applications. Once we have all the items we require (such as valuations), it is currently taking us only one more day to Formally Approve your applications.[/I

ta
rolf
]

 

[Bradsdad]

Rolf, any ideas on AMP's formal??

Got 2 going through now.

As of Friday they were quoting 3 days for conditional (subject to val). better than most at present. I'm tossing them one Tuesday so will see how close to the mark they are.


Regards
Steve

 

[Rixter]

As of Friday they were quoting 3 days for conditional (subject to val). better than most at present. I'm tossing them one Tuesday so will see how close to the mark they are.

Fantastic Steve. Which loan product are you going with?

 

[Liverpool St]

No Rams for me

I applied for a refinance with Rams and 4 months (yes 4 months) later I was still waiting for a settlement....the loan was in an amount of 7 figures, I rang and cancelled...


Liverpool St

 

[GreenTreeFrog]

Did you go direct or through a broker?

 

[Liverpool St]

Rams - never again

Did you go direct or through a broker?

I went through a broker. He rang me up after I cancelled and asked me why!!!!

 

[Buzz]

Sat thru a RAMS info day on Thursday morning. They said actively to the 70 brokers in the room please do not lodge with us at the moment - we are taking 4 weeks to pick up an application.

They went on to say they only pulled the 100% loan to slow down the flow not due to any credit issues or concerns on this part of the market ( mm not sure Westpac heard that) - I asked then when turnarounds come back to the norm would they reinstate ( tongue in cheek obviously) - they said no.

Jane

 

[RaymondBDM]

you can find a way to complain about any lending institution...

if you want a quick answer with Rams then go direct through a franchise and you'll have an answer within a few days. the 100% product was hugely popular, especially with only a handful of lenders offering it, and the backlog means the broker channel are way behind. for those using brokers it's either wait, or look elsewhere...

Ray

 

[Bradsdad]

you can find a way to complain about any lending institution...

if you want a quick answer with Rams then go direct through a franchise and you'll have an answer within a few days. the 100% product was hugely popular, especially with only a handful of lenders offering it, and the backlog means the broker channel are way behind. for those using brokers it's either wait, or look elsewhere...

Ray

One would assume as the delays through the broker channel are causing angst to clients that the direct channel would step in and provide some relief. After all it's the "brand" that is getting a bad name.
The sooner lenders realise this the better otherwise they need (this is in general and not aimed at just one lender) to stop the BS'ing to the broker channel that everyone is treated the same. It gets sickening the "us & them" mentality. It's all about customer service.


Rant over

 

[RaymondBDM]

i agree here...not a great way to run a business however Westpac made it pretty clear their main priority channel was franchise and they have legal requirements to meet with them. there are a lot of staff bemused as to why there's not much 'hustle' to get caught up with broker. the decision has come from the top at Westpac...i agree with what you said but what can you do?

One would assume as the delays through the broker channel are causing angst to clients that the direct channel would step in and provide some relief. After all it's the "brand" that is getting a bad name.
The sooner lenders realise this the better otherwise they need (this is in general and not aimed at just one lender) to stop the BS'ing to the broker channel that everyone is treated the same. It gets sickening the "us & them" mentality. It's all about customer service.


Rant over

 

[Rolf Latham]

Hiya

lets face it ...........if a borrower is placed with RAMS (new or old) its not usually their or their brokers first choice.

There are notable exceptions, like their nice fixed rates, but thats where it stops.

We do a fair chunk of RAMS biz and always have done, but not by choice.

A 3rd party poor cousin treatment isnt unique to second tiers, in fact the majors pioneered it.

Just last week, we had 2 mills of business approved at a big 4 branch on lo doc at 60 % lvr wiht NIL ABN or GST. No way I could ( or would want to) sign off on that sort of thing.


ta
rolf

 

[Kristine..]

Oooh, Rolf

That's rather biting the hand that feeds you, isn't it?


I have just received an update from ANZ that their turnaround time for new business is 10 working days, and 4 working days for attending to mail (follow up items)


When the queues are long we all have to exercise a bit of patience.

We have become so used to lenders chasing the customer, that when the situation resembles 'normal' we aren't used to it.

Whether it be queues, a falling market, the re-introducton of Genuine Savings requirements or whatever, it is, after all, the lender's money and their responsibility to make sure that the deal warrants approval. We have all had it 'easy' for a while but now we are back to previous lending standards and controls.


Adapting to change, I think it's called.

No biggie.

Cheers
Kristine

 

[Rolf Latham]

Hiya Kristine


Thats a matter of perception, but I think we arent communicationg about the same thing.

I have BIG ethical and commercial sanity issues with asking my clients to WAIT for a period while the parallel direct process takes less time. I dont need to push in at the post office line

Its not the first time I have sent a hurried client to a branch of lender X, and I know of dozens of other times where others have had to do the same.

Adapting to change is one thing, driving it is another. Ultimately, its my clients that feed me, not the lenders...........

As brokers are supposedly bringing in 65 % or so of new mortgage business to a lender with neglible marketing costs, we cant stand by and let this 2 tier stuff continue without voicing ones concerns.

As I said above, this isnt unique to RAMS.

ta
rolf

 

[turk]

Oooh, Rolf

That's rather biting the hand that feeds you, isn't it?


I have just received an update from ANZ that their turnaround time for new business is 10 working days, and 4 working days for attending to mail (follow up items)


When the queues are long we all have to exercise a bit of patience.

We have become so used to lenders chasing the customer, that when the situation resembles 'normal' we aren't used to it.

Whether it be queues, a falling market, the re-introducton of Genuine Savings requirements or whatever, it is, after all, the lender's money and their responsibility to make sure that the deal warrants approval. We have all had it 'easy' for a while but now we are back to previous lending standards and controls.


Adapting to change, I think it's called.

No biggie.


Cheers
Kristine

Hi Kristine

Would you tell me why as a client of RAMs if I go direct it takes x number
of days to process my application but if I go through a broker it takes
x plus days to process the application, either way I'm still have an identical
loan from RAMS?

I would have thought that client service would fit somewhere in their service
charter, not 1st class and 2nd class client service with 2 different queues.

I guess us clients will have to adapt to different classes of services for the same product from RAMS

Glad to see it's not a biggie to you

Pete