Powered by MOMENTUM MEDIA
the adviser logo
Broker

Brokers originate $3.9bn in mortgages for regional bank

by James Mitchell1 minute read
Money

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]

moneyinarow

James Mitchell

James Mitchell

AUTHOR

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

Stephen Hale ta

MFAA launches near-prime, specialist loan resource

Coined Finance for when your customer doesn’t fit the mould: A broker’s guide to near-prime and...

READ MORE
Daniel Newell Gedda

Specilalist lender LoanU rebrands to Gedda

The personal and auto loan provider LoanU, which specialises in helping Australians with impaired credit histories...

READ MORE
tech tools

CBA introduces AI technology to combat scams

New figures released by the competition watchdog this week have revealed that Australians lost more than $2 billion...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more