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Sydney brokerage sets sights on $3bn in loans for 2015

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Australian Broker | 29 Jan 2015, 08:47 AM Agree 0
The team behind online deals site LivingSocial are part of a startup mortgage brokerage that says it will originate more than $3bn in loans by the end of the year
  • Vic Regional Broker | 29 Jan 2015, 09:06 AM Agree 0
    Aggregator or Brokers ???
  • Clarke Kent | 29 Jan 2015, 09:12 AM Agree 0
    With that extraordinary level of volume one must ask a simple question. How could one possibly comply with NCCP requirements? Specifically "know your client?" At the level of activity being generated one would have to be processing people like cattle to a slaughter house! Don't want to be seen as sceptical or envious this is a fact that cannot be understated.
  • Brado | 29 Jan 2015, 09:19 AM Agree 0
    They are a brokerage under Connective.
  • Andrew Edwards | 29 Jan 2015, 09:23 AM Agree 0
    Staggering at the volume some new companies are generating. I read on this very web site the story late last year about a company who estimate they will write around $2bil in just their 2nd year!

    If you have energetic professional hungry writers and excellent systems in place anything is possible!
  • Richard Aulsebrook | 29 Jan 2015, 09:48 AM Agree 0
    Absolutely amazing just "click" here and hey presto you originate... uummm broker... uummm refer $3bn in loans in 12 months. Do you think?
  • GC | 29 Jan 2015, 10:19 AM Agree 0
    I have plans of flying to the moon by the end of 2015 - seems somewhat of a pipe dream...
  • Coast Broker | 29 Jan 2015, 10:49 AM Agree 0
    I suppose dreams are free.
  • Bobby | 29 Jan 2015, 12:01 PM Agree 0
    Clark Kent, you are right! They can't possibly meet their requirements, in fact looking at their website, they can't even get the basics correct. I don't understand how their aggregator, MFAA and COSL allow these people to be members, when non-conformity is there for all to see. (but obviously money talks in this game)
  • Finance Tart | 29 Jan 2015, 11:46 PM Agree 0
    I really hope all the one-man-band sceptics who commented on this article undertake better due diligence in relation to their clients. A simple / free ASIC search would reveal the company in question has 68 credit representatives. So, the reported mortgage volumes are not entirely out of the question. Funny how envy can cloud ones judgement! Having said that, I will agree on one thing - for a relatively new and successful company, its website looks amateurish.
  • Andrew Edwards | 30 Jan 2015, 08:37 AM Agree 0
    Sadly the tall poppy syndrome rears its ugliness again. Why is it in this country we are so sceptical negative and envious??

    Give credit where credit is due (no pun intended!). If they have done or are on target to write the stated volumes then why not encourage and congratulate as opposed to scoff and be cynical?
  • Coast Broker | 30 Jan 2015, 09:31 AM Agree 0
    Sounds like a sausage factory to me.
  • Sydney bdm | 31 Jan 2015, 12:13 AM Agree 0
    I agree, why is everyone so skeptical? I look after some of their Sydney brokers and these guys are the real deal. Wish more of my brokers had their level of professionalism and support!
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