Challenger revamps mortgage operations
By Larry Schlesinger | Thursday, 4 December 2008


Challenger's mortgage management division has been restructured internally to help its aggregator partners take advantage of a "full suite of resources".

This follows divisional founder Brian Benari's promotion to Challenger CFO/COO (right hand man to CEO Dominic Stevens) and Drew Hall's appointment as the new CEO of Challenger Mortgage Management.

Hall told Brokernews the internal changes were about moving the business from a reporting line (brokers, mortgage managers) to a functional line basis with a focus on things like distribution, technology, operations and risk management.

He said the restructure would bring all those elements into one group and create a significantly larger pool of resources to focus on things like new products and developing alternative revenue streams through the broker platform.

"It will ensure the CEOs of our broker platform can take full advantage of a full suite of resources and can be very focused on brokers' customers," Hall said.

The move has seen a number of role and responsibility changes with Alex Moulieris moving up to chairman of Chairman Broker Platforms, from his previous role as head of Challenger Broker Support Services.

Hall said the new role would enable Moulieris to focus less on the day-to-day running of the business and more on its strategic direction.

Another change has seen Steve Weston assume the role of general manager, distribution – broker platforms & lending- he was previously GM for residential and commercial lending,

Hall said Weston's new role would give him a much broader remit in the broker platform space.

 

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Latest comments


Challenger MM Broker | 10/12/2008
Oh they have restructured for sure. I am based in Victoria and an accredited Mortgage Manager with Challenger, after recently lodging a deal in their internal system , and submitting the supporting information to my VICTORIAN taem at challenger, the deal was sent by them internally to their PERTH OFFICEfor approval, it was given to Genworth in perth for LMI approval they took their time . Deal got done after some time ( 10 days) and much e-mailing and grinding of teeth.
We still need to support Challenger as they are really having a go and ingeneral have a good product base, but please MR WESTON have a look at employing back office staff on experience not just price it will pay off in the end when the market bounces and liquidity returns to the MBS bond market.
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CMM Trevor | 10/12/2008
Challenger has excellent products and are very helpful. The above comment maybe a one off problem. We are mortgage Managers with them in Qld and have had no problems with paperwork.We love the CMM products and Qld Manager and BDM staff always ready to help. Dam good Christmas parties too.
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Challenger Credit Challenger MM for 15 years | 10/12/2008
Challenger have great products and some good staff but their credit assessment has gone way over the top. wether it is inexperienced staff or credit control some of their requirements are ridiculous and compeltely unnecessary so it is easier to send it to a bank...
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Broker Challenger MM | 10/12/2008
adding to my previous comments , yes I agree they are generally very good, great BDM and senior back office staff are good, just seems that like Challenger credit some thing is going wrtong with the credit assessment , it6 may be our old foes the LMI's ruling the roost and going back to their old narsistic habits . But lets continue to give Challenger as much support as possible.,
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broker's comment broker | 10/12/2008
Sorry guys, love to agree with you all however the amount of loans I'm refinancing out of Challenger at present tells me they have major issues. Clients are telling me to get their loans out asap & unfortunately into the majors. Looking at their current rates, I don't blame them.
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CMM Best Rates Maclane | 12/12/2008
Challenger's SVR rates through AFM are as easily as good or Better than any of the majors.
The brokers who said he is refi'ing CMM loans, Dare I mention the 'C' word (Churn)
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