Mortgage brokers report a significant slowing in loan approval times as higher rates and tighter serviceability assessments create bottlenecks in home loan application processing across the industry. According to the latest Equifax Mortgage Broker Pulse Survey, slower approval times combined with the time required to keep up with constant changes to product features and pricing are presenting challenges to broker businesses. Equifax executive general manager Moses Samaha said slower loan approvals were the result of a combination of factors: lenders are taking more time with approvals, given the rapid rise in rates and concerns about serviceability; and lenders are knocking back more applications, meaning the broker has to apply to another lender. Twenty-one per cent of brokers said they were spending too much time keeping up to date with the offerings of lenders. Twenty-eight per cent said the time staying informed about regulation and compliance had also increased. Brokers said they expect strong refinancing demand, which accounted for 44 per cent of inquiries in April, will continue over the next 12 months.