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Mortgage Choice pushes big-bank alternatives

by Staff Reporter8 minute read
The Adviser

Mortgage Choice will engage in a series of national workshops to help its brokers uncover alternative lenders to the backlogged big banks.

Over the last six to nine months, brokers have experienced significant servicing delays as a result of a surge in borrower demand and the exit of several lenders from the market.

The bulk of home loan business has been directed towards the major banks, placing substantial pressure on their servicing pipelines.

In response, Mortgage Choice is looking to help its brokers uncover alternative lenders who can offer swift turnaround times.

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Throughout June, the listed broking franchise will hold one day workshops in every state to educate brokers on alternative offerings from second tier and non-bank lenders Suncorp, ING Direct, FirstMac, AMP and Homeloans Ltd.

“We’ve received a lot of feedback from our brokers regarding the challenges they are encountering so we wanted to do something to help them overcome the situation,” Kristy Sheppard, Mortgage Choice senior corporate affairs manager, told Mortgage Business.

Ms Sheppard said Mortgage Choice had engaged in extensive discussions with these lenders and all had clear loan pipes and were keen to increase business levels.

"There is strong demand out there so we’re doing whatever we can to help our franchisees make the most of it,” she said.

 

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