Woman’s Mortgage Approved After Complaining on Twitter

March 31, 2009 No Comments »


If in doubt, tweet.  That’s what one woman did after waiting for her delayed mortgage application to be approved, according to a story in The Telegraph.

Tweeting, if you’re not aware, is the act of getting a message out on Twitter, a social networking tool that allows you to share your current status with the rest of the world, or at least those who choose to follow you.

Alison Godfrey of Sydney, Australia had a mortgage application in the pipeline, but the issuing bank, Commonwealth Bank, apparently took a bit too long getting her a formal approval to secure her purchase contract.

On the same day she heard another buyer was interested in her property, she was told more information was needed to complete the loan application, though the items in question had already been sent in (it’s a worldwide issue apparently).

Fearing the worst, she turned to Twitter to vent her frustrations, leaving the following message: “CBA —— up our loan approval so we’re still waiting to exchange contracts.”

Just one hour and 17 minutes later, Godfrey had been contacted by the head of customer service at Commonwealth Bank, and by 3pm the following day, the loan was formally approved.  Pretty solid turnaround time.

The bank also told her that it was just beginning to understand the important role social networking sites are playing in setting a large corporation’s image.

Here in the states, underwriting turn times are getting increasingly lengthy, which may prompt some Americans to turn to social media to get the word out.

It’s unclear, of course, how forthcoming American banks may be, given their ostensible backlog and limited staff.

(photo: davidsilver)

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