MAC has hit back at reports claiming the company’s focus is on owning distribution channels, stating the non-bank lender will continue to expand its retail broker channel as well as strengthening its white label broker and mortgage management channels.
Reports quoting RESI
MAC's 2013 financial report said the lender wants to "own distribution channels" to gain better control of its "destiny", but RESI
MAC COO Allan Savins states that RESI
MAC has never stopped supporting the broker channel.
“A lot has been written lately about lenders buying up aggregation companies. The reality is we equally support the third party intermediary market through RESI
MAC Financial Services and our other white label arrangements. Recent reports of RESI
MAC buying distribution channels were actually investments made back in 2011 and we have never taken our focus away from our other channels," Savins told Australian Broker
Savins highlighted RESI
MAC Financial Service's move earlier this year to slash 50bps off its specialist product range and 45bps off selected prime products as one example of its broker-focussed strategy.
MAC Financial Services already had a broader product range and lower rates than its competitors, however the decision to cut rates beyond that of the RBA
reductions further demonstrated our ongoing commitment to the third party broker channel," said Savins.
In an environment where competition in the market has diminished, the choice non-bank lenders such as RESI
MAC Financial Services offer is key to helping brokers find a solution for their clients more often, says Savins, adding that RESI
MAC will continue to develop products and systems that allow for broad and flexible solutions to all customer’s needs.
MAC has the view that the best way to survive in a consolidating market is diversification and to be a genuine alternative to the banks. RESI
MAC’s key point of difference is that we have a broader shopfront of products than any of our competitors. We have products and policies that allow us to consider any loan application based on the needs of the borrower."