Cautious banks slow mortgage applications

Mon, 24 Aug 2020

Banks are taking five times longer to process mortgage applications than before the coronavirus crisis started and are seeking far more information on borrowers, mortgage brokers say. Bruce Patten at Loan Market said his service level agreement with one bank was that it would process applications within 48 hours but it is currently taking a "solid" 10 business days. Patten has been a broker for 20 years and said processing times are longer now than he's ever seen before. "That just shows you how extreme it's got," he said. One reaso...

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