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TUNE IN TO SERVICE DELIVERY
Results
Mortgage Originations
Loan Service
Actual
Target
Actual
Target
Percentage of deals Conditional approved within 2 days*
94.3%
95%
N.A.
N.A.
Average Conditional Approval
0.92 Days
2 Days
N.A.
N.A.
Percentage of deals formally approved within 5 days*
50.0%
60%
57.1%
60%
Average Formal Approval
9.85 Days
5 Days
5.39 Days
5 Days
Percentage of deals requiring
more information.
45.9%
25%
N.A.
N.A.
Percentage of deals reworked
36.2%
20%
N.A.
N.A.
* Without RMI and reworks
Service Message
Service Delivery has completed an extensive staff recruitment & training process. This training is now nearing completion, with 12 new staff now looking after your loans.
This week we are sending out our distributor satisfaction surveys. Please complete these surveys when you receive them, as we need the feedback to give you the service you deserve.
CREDIT CHANGES
High Density Securities A high density security is defined as any unit development that has more than 3 floors and 30 units. Therefore unit developments of 3 floors and 30 units or less are exempt from any high density restrictions imposed by the Bank.
Loan Characteristics Remember when the Total Borrower Exposure exceeds $2 million for Full Doc loans any funds above this amount must be drawn as a separate loan. When the Total Borrower Exposure exceeds $1 million for Low Doc loans any funds above this amount must be drawn as a separate loan.
BANKING SUPPORT NEWS
Lower Valuation Fees As part of our ongoing commitment to improvement in AMP Bank's valuation process, we have recently been able to negotiate lower valuation fees for valuations greater than $1M. The new fees are as follows:
