Over the past year, non-major bank, MyState has focused on reinvigorating its relationship with mortgage brokers across the country – and has certainly reaped the benefits.
MyState general manager of sales & distribution, Huw Bough said the broker channel is a key strategic pillar for MyState as the organisation continues to expand and broaden loan diversification nationally.
“Already, we have experienced a 225% year on year increase in home loan originations by making critical improvements to how we work with mortgage brokers,” he said.
“We have made some important changes including innovations in the way we communicate, establishing dedicated teams to speed up loan decisions and introducing product pricing tiers to become more competitive. Our experienced originations team have re-engineered processes striving to provide a better experience for brokers.”
MyState – which recently changed its name from MyState Financial to MyState Bank – has focused on providing a better experience to brokers and their customers, which Bough says will continue to be a focus looking ahead.
“Recently, we announced new market-leading mortgage terms for selected borrowers. The new terms are available only to MyState and The Rock
broker partners and offer loans of up to 85% of valuation without having to pay for lender’s mortgage insurance (LMI). We are excited about the development of a new loan origination platform which is planned to be rolled out in early 2015,” he said.
“This is only the beginning of what we hope to achieve in the next 12 months, seeking to further strengthen our services to the mortgage broking industry.”