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Vivienne Kelly
ANZ has announced its intention to sell its wholesale mortgage distribution business, Origin Mortgage Management Services to a non-bank lender.
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The major lender will sell its Origin business to Columbus Capital, a diversified non-bank financial group that is focussed on mortgage lending and funds management.
According to a statement from the bank, the sale is consistent with ANZ’s focus on the growth of its own branded mortgage products and its disciplined approach to capital management.
“ANZ has agreed to provide transitional services to Columbus Capital for up to 12 months following completion of the sale and the effect of existing borrowers funded by Origin is expected to be minimal,” the statement read.
Origin currently provides funding for approximately $2.2 billion of residential mortgages through a network of mortgage managers, who originate and manage the mortgage under their own brand.
The terms of the sale were not disclosed, but it is expected to be completed in the coming weeks.
