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Credit Union Australia (CUA) today officially confirmed it would wind-back originating mortgages via third-party distribution.
The credit union attributed the rising cost of funding mortgages and current conditions in securitisation markets to the decision, and said that while it had enjoyed its relationship with brokers it would now focus purely on originating mortgages through its proprietary channels.
“While 30 per cent of our home loan volumes come from brokers we have the capacity to make up the shortfall with further investment in our branch network and our mobile lending channel,” CUA managing director Graham Olrich said.
The credit union announced a temporary withdrawal from the broker market November 2007.
Published: 10-03-08
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