Submission to Settlement. How fast can it be done?

Discussion in 'Loans & Mortgage Brokers' started by albanga, 18th Jul, 2016.

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  1. albanga

    albanga Well-Known Member

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    For the brokers. How fast can a submission to settlement occur?
    Obviously the lender would need to be on one day assessment.

    What's your PB :)
     
    albanga, 18th Jul, 2016
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I've had loans settle a day after docs signed
    but getting to the assessor would take a few days - depends if a valuation is needed too.
     
    Terry_w, 18th Jul, 2016
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  3. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    How long is a piece of string? We've had it all done (start to finish) in about 7 business days, but that was extremely favorable circumstances. Right now some lenders are taking that long just to start looking at an application.

    I've had documents signed in the morning and the loan settling that afternoon. Again it was exceptional circumstances which is never something you want to rely on.
     
    Peter_Tersteeg, 18th Jul, 2016
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  4. albanga

    albanga Well-Known Member

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    I would think upon approval the docs alone would take 3 days to get sent! Or in this technological age can they be emailed straight away?
     
    albanga, 18th Jul, 2016
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  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    emailed. Some lenders can also settle on scanned docs. ANZ did this once.
     
    Terry_w, 18th Jul, 2016
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  6. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Also depends on if it's a refi or purchase.

    I'd say 10 - 14 days would be the quickest I can remember but certainly not the norm.

    Cheers

    Jamie
     
    Jamie Moore, 18th Jul, 2016
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  7. Redom

    Redom Mortgage Broker Business Plus Member

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    CBA top up process can be very quick - have had a 48 hour submission to funding occur not too long ago (anomaly, they just actioned it very quickly).

    As a general guide, usually anything less than 2 weeks is leaving it too tight and will cause stress. Some lenders can speed things up via e-docs and accepting postal tracking, etc, but you definitely don't want to be relying on it. Will also impact lender choice.
     
    Redom, 18th Jul, 2016
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  8. 158

    158 Well-Known Member

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    Its the age old:

    Time; Cost; Quality.

    Pick 2.

    pinkboy
     
    158, 18th Jul, 2016
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  9. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    3 days to a a week.

    when the potential loss is big enough, you dont play the game with mainstream lenders

    ta
    rolf
     
    Rolf Latham, 18th Jul, 2016
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  10. albanga

    albanga Well-Known Member

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    From what I have read, if the vendor doesn't settle then really there is little the buyer can do for 14 days?

    On the flip side if the buyer doesn't settle then the vendor can choose to charge them the outstanding loan interest? Is that correct and how is this charged? I imagine outstanding loan amount * I/R * #days delayed settlement?

    My brother has been delayed settlement by about 6 weeks now due to a subdivision not going through. It was purchased subject to subdivision though!
     
    albanga, 18th Jul, 2016
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  11. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    All depends on the terms of their agreement.
     
    Terry_w, 18th Jul, 2016
    #11