Still waiting - 8 working days left till settlement

My case has been sent to upper credit manager for another approval for a week. My file is in the queue waiting still. I am told that the lending manager who handles my case requested for an escalation for me.

i read somewhere scalation by brokers is waste of time. But i was wondering if escalations by the lending managers from the bank actually do some work there?

 

an escalation is an escalation.
Which lender is it?

 

ANZ

 

Normal turn around time at ANZ is 8 to 10 days for a file to move to formal approval.

Does a lending manager have more authority then a broker at ANZ ? I doubt it and I hope not.

There's so much business within the majors right now, any purchase file is essentially an escalation case.

Thus, good luck jumping up the queue.

 

Does your 8-10 days count from the loan application date? In my case, my file has been system approved, but for DTI reason it got referred to upper credit team last Wednesday. Or do you mean it is 8-10 days from last Wednesday I am expecting?

 

Either at loan app stage or moving the file to fromal from previous approval

 

Delays are not unusual atm - banks were swamped around easter and turnaround times have blown out from most. Usually things do speed along towards pointy end.

 

Not true.
You broker should be chasing the bank up for you, if you only have 8 days left to settlement the bank should be able to escalate this for you as a priority.

 

yea.. It has been escalated by the lending manager since end of last week. My file still hasn't been picked up yet. It is just a final sign-off...….everything else has been approved.

 

I guess banks do have their own intelligent system to make sure deals do not pass their settlement before backlogs are cleared?

 

Ok... update: the lending manager assured to me I can make it although he doesn’t want to provide a guesstimation of when. Logically, I don’t understand this because if you don’t know when, how can you be sure I can make it. Anyway, according to him, I still have plenty of time. He said the bank has tons of deals that are within 5 days before the settlement. Priority wont really come until reaching that 5-day mark. I was like wow.... never heard of it. To me 5 days before settlement, i should start shopping things for my new home and get excited for the new change.

seems like I need to wait till I reach the “5-day before” mark.

 

To be fair though, who would ever tell you the timing of bank approvals in the past? Even if someone did you would never have remembered it.

you need to trust your mortgage broker’s experience here. Not like you have a choice.

 

Quite frankly, the broker (if they are using a broker) should have done a duel application with another lender long before now.

5 days to settlement for unconditional approval - and then loan docs need to be produced, signed, returned, certified and settled...in 5 days? Possible at a stretch in the good times, I wouldn't like to rely on it now that's for sure.

But this "lending manager" is confusing - are you using a broker or an ANZ employee?

 

An ANZ employee

 

ANZ are particularly challenging at the minute (looks like consistent regardless of channel) due to the amount of application volume. I find they're not good at escalations until the application is approved subject to (AST). Hopefully the banker has it in hand.

 

What is AST?

The lending manager (or u want to call banker) told me my app is essential approved in the system and by him. He has authority to approve loans within this authority, but mine needs to be reviewed by assessment for final sign off.

 

ANZ have many delays at the moment, we waited 4 months, had settlement extended twice and they still didn’t come through in the end

 

Sorry to hear that. When was this? What did your broker say? So did u end up losing ur deposit?

 

It was a very recent near disaster, we just settled yesterday. New broker got a loan in 4 business days with another lender. Nearly lost $100k deposit. 16% penalty interest and fees cost another $8.5k.
Not sure what happened with original broker, apparently there were delays from ANZ but when I called them to check they said they were waiting on my broker to respond to their queries from 1 month ago..

 

approved subject to