Non-bank buys up aggregator

The lender has announced the acquisition of a wholesale aggregator from a national mortgage franchise

Non-bank buys up aggregator



Leading non-major lender Liberty Financial announced today the acquisition of wholesale aggregator National Mortgage Brokers (nMB) from Aussie Home Loans, effective 2 August 2017.

“We have tremendous admiration for nMB which, under Aussie’s ownership, has grown to a team of over 400 brokers and a loan book of almost $14bn,” James Boyle, chief executive of Liberty, said.

“Liberty has successfully developed a thriving retail distribution channel, Liberty Network Services, over the past five years. The acquisition of nMB expands our distribution capabilities and creates unique growth opportunities for both organisations.

“There is a strong alignment of vision and values, with both nMB and LNS focusing on their distinctive value propositions which share a commitment to providing the highest quality of professional mortgage broker services to consumers,” Boyle said.

According to nMB managing director Gerald Foley, “nMB has constantly evolved since our inception in 2001 and I am excited about the depth of resources that Liberty can bring to our fast growing business. I look forward to continuing my leadership of nMB and I would also like to thank Aussie for its support since it acquired the business in 2012.”

Chief executive officer of Aussie, Mr James Symond, said “nMB is one of Australia’s longest established mortgage aggregators and a genuine leader in the wholesale aggregator market. While nMB has been a very positive contributor to the success of the Aussie Group, the future of Aussie’s long-term strategy is to concentrate solely on our own branded distribution footprint.

“Liberty is a long term partner of both Aussie and nMB and I am confident that it is the right business and leadership team to facilitate nMB’s next phase of growth.

“Aussie will retain its strategic partnership with nMB for many years to come and we wish them well as an important part of the very successful Liberty group,” Symond said.

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