Brokers originate $3.9bn in mortgages for regional bank

Brokers originate $3.9bn in mortgages for regional bank

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Non-major bank ME has reported this week that mortgage brokers contributed more than 60 per cent of home loan settlements for the group over the 12 months to 30 June 2017.

Brokers accounted for more than $3.9 billion in sales in FY17, according to ME’s full-year financial results released on 14 September.

ME’s general manager of broker sales, Lino Pelaccia, said that demand from brokers has continued to stay strong due to consistently competitive home loan rates and consistently high levels of service.

Mr Pelaccia said: “During the year, ME made improvements to its home valuation processes to assist in the faster processing of applications, while broker services benefited from an increase in broker staff, including BDM, state-based relationship managers for new-to-bank brokers, a credit quality hotline, and a newly introduced sales loan support team to help improve conversions and ensure customers settle on time.

“ME also improved its home loan pricing structure during the year, providing additional tiers so the bank remained competitive across more market segments.”

Mr Pelaccia said that FY17 was ME’s biggest year to date and the bank remains on track to grow in FY18.

[Related: Brokers flock to mutuals as big bank sentiment sours]

Brokers originate $3.9bn in mortgages for regional bank
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James Mitchell

James Mitchell

James Mitchell has over eight years’ experience as a financial reporter and is the managing editor of mortgages at Momentum Media. He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, SMSF Adviser, Smart Property Investment, Residential Property Manager and Real Estate Business.

He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group. James holds a BA (Hons) in English Literature and an MA in Journalism.

James is also the editor of Wellness Daily.

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