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In a further sign that competition is reemerging in the mortgage market, national Mortgage Brokers (nMB) has announced it will partner with The Rock Building Society to distribute a new suite of products.
The Rocking Building Society will provide funding for nMB’s badged suite of loan products which will be exclusively available through nMB brokers.
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The suite, which will be available from Monday 1 March, will include a standard variable rate, fixed rate and packaged loan.
nMB managing director Gerald Foley said the strategic partnership would help reinvigorate competition in the lending market by giving customers a viable alternative to the majors.
“I am worried that lenders are rationing accreditations for loan writers, limiting the growth of the mortgage broker market place,” Mr Foley said.
“This is why we are excited to appoint The Rock Building Society as provider of the nMB Direct loan products, as it brings true competition back to the mortgage landscape, which is good for brokers and consumers.”
According to Mr Foley, nMB brokers are not required to meet any minimum volume requirements in order to sell the badged products.
The announcement comes just weeks after nMB was confirmed as one of a number of groups that lost Heritage Building Society from thier lending panel.
The Rock’s mortgage and insurance broking executive Warren Darnill said he was enthusiastic about providing a range of branded nMB products.
“The Rock is a long running, stable, progressive regional-based financial institution, and we have long been a supporter of the broker market,” Mr Darnill said.
“We have been looking at the nMB relationship as a way to write mortgages using the broker market, without the need to provide the “sales” piece.
“We have established well structured wholesale and retail funding capabilities, with no reliance on securitisation for new funding requirements.
“The Rock has a centralised loan processing unit which is open to broker dialogue and streamlined credit processes.”
