Weekend wrap: New product, settlement records and industry-first research

by AB23 Jan 2016
Making news this week, a major aggregator announced an innovative white label product, settlement records were smashed and an industry association announced the release of “industry-first” research. 

Leading aggregator FAST has announced a new and innovative white label product, which it claimed will be one of the first of its kind in the market.

Speaking to Australian Broker, the chief executive of FAST, Brendan Wright, said the aggregator is currently piloting a white label asset finance product with a group of 30 brokers which is slated to be officially launched in late February.

This week also saw two franchises and one aggregator announce broken settlement records. Aussie Home Loans had a record-breaking 2015 after it settled over $21 billion in loan over the calendar year, almost $3 billion higher than 2014. 

Finsure also announced it exceeded $1 billion of mortgage settlements a month, less than five years after the company was founded. The aggregator surpassed the $1 billion milestone in December 2015.

Last but not least, Mortgage Choice has set a new settlement record after processing in excess of $1.15 billion throughout the month of December. According to the chief executive of Mortgage Choice, John Flavell, this is the first time the company’s history that mortgage settlements had eclipsed $1.1 billion.

Finally, The Mortgage and Finance Association of Australia (MFAA) announced the upcoming release its Industry Intelligence Service (IIS) report. 

The report, to be released in February, is based on data from over 95% of the industry with the cooperation of 16 leading aggregators and broker businesses. MFAA CEO Siobhan Hayden says the new data follows on from the quarterly broker market share report and will be an industry-first for broker benchmarking.