Dutch daily Algemeen Dagblad today published an article claiming that banks are slow in granting mortgage loans due to staffing cutbacks and stricter regulations.
ABN AMRO’s average turnaround time, however, has improved despite stricter regulations and increased time spent on customers running behind or almost behind on instalments. Our current turnaround time from application to closing is almost two months. Customers applying for mortgage advice via a webcam are invited for a meeting within three days. Their mortgage loan can be signed within 21 days after that.
The number of applications for mortgage loans is on the rise. In the fourth quarter of 2013, ABN AMRO processed well over 70% more quotes than during the first three quarters of the year. The number of signed mortgage loans also increased during the first quarter of 2014. ABN AMRO is well-equipped to handle the surge in applications. If the number of applications keeps growing, the bank will call in extra staff to ensure efficient turnaround.
Information and preparations
It is essential that customers applying for a mortgage are provided with all documents required for their loan. The mortgage advisor informs the customer during their initial meeting. This procedure helps avoid delays during the first phase of the application.
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