Deal with slow lender approvals by setting a realistic timeline before lodgement, submitting a complete file and checking progress against the lender’s published service level. Keep the client and selling parties informed with factual updates rather than promising a decision date you cannot control.
No broker can make every lender move fast. For mortgage brokers, the workable response is to identify the source of the delay and take the next action that remains within the broker’s control.
Eliminate hours of manual data crunching and focus on building relationships with new clients.
Track My Trail makes it easy for brokers to keep track of lost & gained trail, discover clients who have paid off big chunks of their loans, and identify your most profitable clients.
Get Track My Trail for free today – no credit card required.
Find the cause first
Check whether the application is waiting for allocation, more documents, valuation, credit assessment or approval conditions. Client issues such as missing statements, unexplained transactions or adverse Credit history can also pause assessment. Record the lender’s exact request and the time it was received.
Prepare clients before lodgement
Use the brokerage’s customer relationship management system to schedule updates and keep a dated record. Consistent notes stop clients from receiving conflicting information.
- Confirm the client’s deadline and contract conditions.
- Collect current evidence before starting the application process.
- Explain likely follow-up questions and who will answer them.
- Check that the chosen lender’s service level fits the transaction.
Escalate with a clear reason
Follow the lender’s escalation path when the stated service level has passed or a fixed finance date is at risk. Give the application number, outstanding item, deadline and action requested. Repeated calls without new information can consume time without changing the queue.
If the lender cannot meet the client’s deadline, assess whether a suitable alternative exists. Non-bank lenders may have different processing times, though moving the file can introduce a new valuation, new evidence requests and different costs. A fresh pre-approval is not an instant replacement for an assessed application.
Use support channels
Aggregators and business development managers may help clarify policy or escalation routes. Keep the client informed about the reason for each action, the risk to timing and any decision they need to make. This protects client relationships when the delay sits outside the broker’s control.
