Less than a fortnight after having its loan management agreement with a non-bank abruptly terminated, a lender has announced it’s back in business.
Mortgageport has successfully secured new funding lines and will carry on servicing the non-resident lending space.
The group is pleased to be able to continue offering mortgage brokers access to loans catered to the market niche.
Mortgageport is a self-described “pioneer” in the non-resident lending space, having moved to fill the vacuum left by the major banks as they withdrew from the market segment several years ago. Notably, it was also the only non-ADI appointed to the panel of lenders able to provide loans to first home buyers under the First Home Loan Deposit Scheme (FHLDS).
Following on from its early success, Mortgageport was appointed mortgage originator, servicer and manager by Real Asset Management Pty Limited, helping them to establish and operate their Brighten Home Loans business – up until the group decided to insource earlier this month.
Mortgageport managing director Glen Spratt said, “While we are disappointed that RAM terminated our agreement and the short notice given, we are pleased to have been able to arrange alternative funding so quickly, so we can continue to service mortgage brokers in this specialist lending area.”
Moving forward, the non-bank lender will offer three mortgage products geared to non-residents, with plans to use its current infrastructure to process and approve these loans.
“The service proposition is important to mortgage brokers and using our experience in this space, will help us turn loan approvals around quickly,” Spratt added.
In addition to servicing its mainstay niche, Mortgageport plans to offer brokers access to its range of prime loans as well to provide wider choice when meeting borrowers’ needs.