A lender has welcomed a seasoned former Westpac executive to its team as it ramps up for the next stage of growth.
Last year, non-bank Mortgageport originated more than a billion in home loans for the first time and is now preparing for its first securitisation issuance.
As such, the addition of Sean McElduff as a non-executive director and chairman comes at an opportune time.
“You can’t buy experience and having Sean to guide us will be invaluable, not just because of his knowledge of the financial markets and securitisation, but because he has witnessed firsthand how markets react as we go through different economic cycles,” said Mortgageport managing director Glen Spratt.
McElduff held various roles at Westpac over his 40-year tenure with the group. Early in his career at the major, he spent two years in the New York office before returning to Australia to establish the bank’s customer securitisation business in 1993. Since that time, he stood as general manager over a number of businesses in both the capital and financial markets.
Over that same period, McElduff was involved in various merger and acquistion activities including responsibility for Westpac’s acquisition of Hastings Funds Management, as well as being a member of the leadership team which divested Westpac’s finance arm AGC Limited. He held a significant number of board roles including membership of the Hastings board for six years, with three spent as the chair.
He is also currently the chairman of the Parramatta National Rugby League Club, as he has been since February 2017 after the appointment of the Club’s Administrator.
Earlier this year, Mortgageport announced it was on the panel of lenders chosen to participate in the government’s First Home Loan Deposit Scheme (FHLDS), an opportunity it also used to begin working with mortgage brokers across all states in February of this year.