Resimac commits to specialist lending

by Adam Smith20 Feb 2012

Resimac has touted its commitment to specialist lending, saying it will not rely on "promotional gimmicks".

Resimac chief operating officer Allan Savins said the specialist lender's recent policy changes - including a simplified borrower credit classification, increased loan amounts and LVRs and new cash out and default policies - show its appetite to grow in the non-conforming market.

"Resimac is committed to providing a specialist lending offering with real differentiation. We don’t focus on promotional gimmicks but on delivering broader products and policies to suit borrowers who may not meet traditional lending criteria," Savins said.

Savins pointed to recent changes to the lender's non-conforming product suite, including offering unlimited cash out up to 80% LVR across its specialist products. He claimed other non-conforming lenders were not adequately servicing borrowers requiring specialised products.

"Some lenders who operate in this space simply don’t have the policy to meet the needs of true specialist borrowers," he said.

Related stories:

New low-doc to allow more cash out

Market players 'tarnishing' low-docs

COMMENTS

  • by WhistleBlower. 20/02/2012 11:02:36 AM

    ... purely from a 'personal risk management' perspective of a mortgage manager or broker, you would be NUTS to walk into the future writing non-conforming of any type... GFCII is coming, contraction is coming, which means added pressure on SME's... and you can't predict what borrowers will do in their personal circumstances in order to adjust... and some will fall over, that's as sure as a Sydney rain storm.

    Brokers and mortgage managers caught in that space will be torn apart once that 'stuff' hits the fan..... and COSL/ASIC will drown the writer in admin, stress and accusations that "you the writer took advantage of the poor borrower".... and you'll have your business and life torn apart... meanwhile, the actual lender, will just task their big legal department to 'manage' the issue and COSL and ASIC won't tackle them... you'll cop it, 100%, and you'll be branded as a dodgy loan shark, the architect of that person's demise.... a person who by then who could win an Academy Award.

    Funders/lenders want to write non-conforming, tell them to do it themselves.

  • by Leave me out of it 20/02/2012 9:56:34 PM

    Mr Whistleblower
    is Dead set right!!!!
    just went through the Cosl
    Well No more for us it does not fit our prime space its in the BIN