St George has given brokers an extra month’s grace on its electronic lodgement requirements, pushing the deadline back by one month.
Cross selling may meet resistance from the broking industry despite commission reductions.
Prime mortgage arrears rose by four basis points to 1.28 per cent in February, according to Standard & Poor’s Rating Services.
The sale of Wizard Home Loans will not affect GE Money’s third party business, according to a statement issued to the mortgage industry yesterday afternoon.
Australian businesses are feeling the effects of the credit crunch but remain confident in their future.
Demand for fixed-rate mortgages contracted significantly in April, Mortgage Choice housing loan approval data released yesterday revealed.
The FBAA has criticised the banks’ decision to cut commissions, stating that brokers are being unjustly targeted to carry the burden of the credit crunch.
BankWest will reduce its distribution to just 17 brokerages and will break ties with all other groups within 28 days.
Wizard Home Loans’ founder Mark Bouris will seek to regain control of the lender just four years after selling it to GE Money.
House prices softened considerably during the first quarter of the year, data released by the Real Estate Institute of Australia (REIA) has confirmed.
GMAC-RFC confirmed today that it successfully placed a $302.8 million non-conforming RMBS issue, following a refusal to comment on the deal earlier in the week.
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