Magellan Homeloans (application turnaround)

mortgage1st

Hi All,
My broker has submitted a full application today to Magellan. I can't see anything recent on any of the forum threads regarding recent use so keen to hear from anyone who has used them recently or is currently using them what their timescales are like from submission of application, to valuation, to completion?

Thanks

YHM

Slow!

Just took this off their online site...

DIP Decisions: 24 hours from date of DIP Submission.
Initial Application Underwriter Assessment: 5 working days from validation of the last DIP checklist item.
Post: 3 days from date of receipt of post/uploaded document to the Hub.

mortgage1st

YHM wrote: »

Slow!

Just took this off their online site...

DIP Decisions: 24 hours from date of DIP Submission.
Initial Application Underwriter Assessment: 5 working days from validation of the last DIP checklist item.
Post: 3 days from date of receipt of post/uploaded document to the Hub.

Pfffft, at that rate it'll be December before we get anywhere!! I just hope they instruct the valuation quickly after the submission of application!

mortgage1st

So the full application is completed and now submitted to the lender. Because of some of the problems we have had my broker has told me that his BDM will work to speed this through.
As a result we’ve had the following:

-16/08 Full credit search done
-17/08 Soft search done advising identification check

Didn’t get any word from the broker he’s said the full application only got submitted on the morning of 16/08.

Any ideas what happens next?

mortgage1st

Just bumping this up to see if anyone can assist ???

mortgage1st

HELP!!
My patience is getting ever more stretched by my broker. I called today for an update following submission of my full application. He wasn't at his desk so was advised he'd call back but when this happens he never usually does!

I actually called Magellan and to my surprise they said, don't worry we'll take a look and see where you're up too. The person I spoke to explained they've had the application but are awaiting documentation like payslips, bank statements etc as they've not been uploaded at the time of application.

My broker has been sat on all this documentation for over 3 weeks and because they have not uploaded them it has delayed the valuation being booked. The lender said they can book the valuation without the documents but we've selected a fee free product so on that basis they can't instruct it until they have reviewed them all.

GRRRR I am so hacked off, should I tell the broker I've contacted the lender?

mortgage1st

All of our documents in and told that the underwriter is reviewing it, one week on from our full application being made. Was told today a decision on the outcome of the review of documentation after full application will be made which will determine if we're going to proceed to valuation stage... not holding my breath and again back to square one with the broker not giving any updates. I am actually contacting the lender myself!

Any advice from anyone on what to do, the vendor is getting seriously hacked off now!