Non-conformer offers loan guarantee

by BN10 Nov 2011

Non-conforming brokerage Oasis Mortgage Group is putting money on its ability to secure a deal in more challenging client scenarios, with the launch of a $250 approval guarantee for brokers.

To run to the end of 2011, the guarentee applies to brokers who submit a non-conforming loan application. If accepted, and Oasis is unable to secure an approval, it will pay the  broker $250.

Graham Reibelt said Oasis have over 200 specialist lenders who are "keen for business", so anything the business could do to stimulate interest in non-conforming would be a win-win.

According to Oasis, the NCCP has seen many brokers steer away from lo-doc and non-conforming lending solutions to focus on "highly competitive mainstream" broking.

However, Reibelt said a good percentage of loan applicants still require solution focused lending that is outside the norm.

"To be successful in non-conforming you need to be solution focused and satisfy the needs of your client and forget rate because that will take care of itself when you have the right solution," Reibelt said.

"There is no denying you do need a different mindset when dealing with non-conforming applications or brokers who have none or limited non-conforming experience. Oasis are prepared to assist them through the entire application, approval and settlement process while they build up their skill set."

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Low-docs 'not dead' under NCCP: MKM Capital

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