Weekend wrap: Leading brokerage to list on the ASX

by AB12 Mar 2016
Making broker news this week, a leading brokerage is to list on the ASX; the MFAA discusses the next evolution of mortgage broking; an aggregator re-launches a successful lead generation business.

Sydney-based mortgage group N1 Loans is to list on the ASX this month after the group closed their IPO for $5 million.

Ren Wong, CEO of N1 Loans, said that the IPO will help the business deliver strong growth in the future.

“We are humbled by the support in our company and we look forward to delivering strong growth and a business with strong integrity, serving not only the Asian speaking community, but all Australian customers seeking a competitive mortgage rate,” Wong said.

The MFAA noted this week that the biggest evolution in the mortgage and finance broking industry will be driven by data scraping technology.

Speaking at Yellow Brick Road’s inaugural Women in Finance event held in Sydney, MFAA CEO Siobhan Hayden said that the technology will help brokers with efficiency but will mean brokers need to adapt their offerings.

 “It means we need to look beyond just being a monoline offering. If you are one broker selling one product… you will need to have at least four or five brokers in a room with file managers to make your business efficient and scalable,” Hayden told the room of 70 brokers. 

Finally, eChoice announced the re-launch of their previously successful Lawfund lead generation business due to “favourable industry conditions.”

Slated for re-launch this month, Lawfund was originally established more than twenty years ago to help member solicitors and accountants arrange finance for their clients.
Peter Andronicos, eChoice chief executive, said that the move to re-launch is a positive one for the industry and will help the business reach new networks.

“We are looking forward to expanding our industry reach to a receptive network of finance and legal professionals who respect what the Lawfund name brings to their business, while brokers will benefit from our customised approach to a comprehensive borrower proposition. This is positive news for the industry and our brokers.”