nMB launches bespoke product
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25/02/2010 12:00:00 AM
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Brokers operating under National Mortgage Brokers (nMB) will be able to offer their clients an exclusive nMB-branded loan following the aggregator joining forces with The Rock Building Society.
The variable, fixed and packaged 'nMB Direct' loans will only be available to nMB brokers and will not have any minimum volume hurdles.
Speaking following the launch of the product at the aggregator's national conference on the Gold Coast, nMB managing director Gerald Foley said he has been concerned "for some time" at the high level of market share held by the major banks.
"I am also worried that lenders are more and more rationing accreditations for loan writers, limiting the growth of the mortgage broker market place," he said.
Calling the nMB Direct loan product an "exciting initiative" Foley said it would bring true competition back to the mortgage landscape.
Speaking to Broker news, Foley said nMB was keen to have more involvement in brokers being accredited.
Adding that it made no sense to be critical of banks and then launch a bank-funded product, Foley said with funding from The Rock brokers would have a "good sharp set of products".
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