Resimac cuts turnarounds to 2 days

The non-bank lender has announced that it has reduced turnaround times for fully packaged applications to less than two days.

Included in the changes made by the lender are adopting a more fine-tuned credit policy to better suit customer needs along with improving the training process for brokers during their onboarding and educating its staff on product, policy and processes.

According to Resimac, it commissioned in-depth research on mortgage holders and brokers to better dictate its approach to these improvements.

The non-bank lender conducted a survey that found that 40 per cent of mortgage holders cited faster approval times as a key reason to jump ship to a non-bank lender.

Resimac’s general manager of distribution Chris Paterson stated that “consistent and efficient credit decisioning” was equally important to brokers and customers to competitive rates and products.

“True to our vision of being a customer-obsessed company, we recognise the need to support brokers with process efficiencies, and we’ve identified ways to improve our turnaround times. It’s a constant work in progress,” Mr Paterson said.

“Resimac is striving to consistently provide SLAs of up to two days maximum because we know how important reliability of service is to a broker’s business.”

Faster turnaround times trending across the industry

Momentum Intelligence recently released its results from Broker Pulse regarding turnaround times for the month of August.

The results indicated that the number of business days taken by small, authorised deposit-taking institutions (ADI) to reach an initial credit decision fell from seven days in July 2022 to just six days in August.

This is the fastest time since January 2020 for credit decisions to be made in this lender segment.

Broker satisfaction with the smaller banks spiked to a record high, with 76 per cent of respondents reporting that they were satisfied through a survey of 221 brokers conducted between 1 and 15 September 2022.

Speaking about the trends at the time, Momentum Intelligence director Michael Johnson said: “It is fantastic to see all lenders continuing to improve their turnaround times and broker experiences. It is a great outcome for all parties involved.

“We have been tracking lender performance metrics on Broker Pulse for three years this month and we can see how these trends are evolving over time quite clearly.”

[RELATED: Small bank turnarounds fastest since January 2020: Broker Pulse]