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ISCOVER
Staff Reporter
Mortgage Choice may soon move into mortgage management, according to the brokerage’s chief executive Michael Russell.
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Speaking to The Adviser, Mr Russell said the company may look to move into mortgage management in a bid to get closer to its clients, provided its white label product, Bluegum, continues to gain traction in the marketplace.
Launched in December last year, the brokerage’s white label product has eclipsed all business expectations, accounting for more than 3 per cent of all loan approvals in March.
“According to a recent survey, 163 of our loan writers have written a Bluegum loan, which greatly exceeds our wildest expectations,” Mr Russell said.
"It is still in its embryonic stages, but it is already done really well. The reason the product has done so well is because it can stand on its own two feet. It is a competitively priced product with a competitive service proposition."
Mr Russell said if the product can consistently account for around 10 per cent of all the company's loan approvals, Mortgage Choice would look to move into mortgage management.
“We originally launched Bluegum because we wanted to offer Mortgage Choice customers a product that was always competitive on price and turnaround times. We have achieved that.
"Of course, we would have even greater control over the product if we moved into the mortgage management space. That is the next logical step for us as a company and one we won't hesitate to make so long as Bluegum can continue to prove itself in the marketplace."
