Banks catch up on lending requests after ‘unacceptable delays’ in December

Banks were unable to keep up with lending requests at the end of last year, mortgage brokers say.

Mon, 10 Feb 2025

Banks are clearing a backlog of lending requests after “unacceptable delays” of up to five weeks, which caused stress for borrowers before Christmas. Following a drop in interest rates late last year, banks were being swamped with new home loan applications and refinancing and restructuring requests, according to mortgage brokers. First Union said the jump in activity, coupled with banks staffing at minimal levels and some offshoring parts of their lending team, caused delays and stress for borrowers, staff and mortgage br...

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