We have lenders extolling the virtues of their online instant this and instant that and how they benefit consumers. So why then do we get to the spring and summer months and still see major len-ders with seven-day backlogs?
I have experienced this in the mortgage industry every year for the past 15 years. Surely it wouldn’t be rocket science to fix?
Every lender I speak to always says the same thing – ‘we didn’t anticipate the volumes we’ve been receiving’. Well that’s all right then. I’m sure that will appease my clients and will stop their existing lenders repossessing their homes while they wait for their remortgages to be processed.
Why don’t they anticipate the volumes? I suggest that the main problem is lenders trying to make hay during the busy months to meet their annual lending targets without putting enough workers in place.
My advice? Take on temporary staff, reallocate existing resources or pull your marketing. And stop treating brokers and packagers with contempt and expecting them to put up with seven-day backlogs in an era when we’re trying to show consumers how serviceorientated we are.