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For MASfunder, an innovative business philosophy coupled with a helping of good old-fashioned customer service is proving successful MORTGAGE ASSET SERVICES, or MAS, are defining themselves in the white label wholesale funding industry as an innovative business with a youthful perspective
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Having learned from some of the most experienced names in the business, Jonathan Harris and Chris Pryer are the young guns leading the charge as members of a new generation of funding specialists.
A GROWING COMPANY
Established in 2003, MAS is the brainchild of industry veterans Troy Phillips and Brett Hartley.
The pair, who first made their mark on the industry in banking, wanted to launch a company that avoided traditional business style.
MAS focuses on targeting and attracting people who have the potential to succeed, and this has proven to be a winning strategy.
With thousands of customers, the company operates nationwide but with a strong base of clients in Melbourne and Sydney.
“You’d be surprised to hear that we’re also pretty strong in Tasmania,” Mr Phillips says. “There are good customers there, and a market that’s underserviced.”
MAS is also strong in the small to medium enterprise (SME) lending sector, and while they have considered alternative areas such as insurance, their primary focus remains white labelling.
“We’re advancing in unsecured SME lending – $250K to $500K loans,” Mr Phillips says. “I think that’s a space banks have neglected.”
And while a range of less traditional business philosophies underpins the services provided by MAS, the fresh perspective offered by Mr Harris and Mr Pryer also contributes to the business’ success.
NEW KIDS ON THE BLOCK
“It’s a business with personality,” Mr Phillips says. “Jon and Chris are young. People are talking about getting youth into the industry, and we’re doing just that.”
At just 26 and 24, the boys joined the company straight out of high school (in 2005 and 2006 respectively) and have developed as the company has. “It was a great opportunity to join a boutique business and grow with it,” says Mr Harris.
“Jonathan and Chris are outwardly customer-focused and understand the important metrics of the industry,” Mr Phillips says of his young staff. “Their young, entrepreneurial flair combined with their industry knowledge is a rare commodity. Through their passion and customer focus, our business is rewarded.”
Both Mr Harris and Mr Pryer have a long-standing interest in the finance sector, with both indicating they would be working in financial services if they weren’t at MAS.
Mr Phillips says that supporting the younger generation in the industry is good for business, and is something that happens naturally in smaller businesses.
“Companies have to invest in their staff – we want them to be better than us. We’re trying to build a new array of professionals,” he says.
While larger companies and banks are characterised by strict hierarchies, smaller businesses such as MAS are focused on performance rather than titles.
Mr Hartley adds that each transaction has its new challenges: “You’ve got to have involvement and participation in everything you do – it’s a very diverse role, we don’t just do credit,” he says. “You have to be good at what you do. No two days are the same.”
GETTING PERSONAL
Top-quality service is not only a high priority for MAS, it represents the core of the company’s business philosophy.
“We had customers from day one, we service brokers and managers that we will know by name,” Mr Phillips says.
Mr Harris adds a specific example: “We had a client who exchanged on a property, and a week later had no response from a second-tier bank. They came to us and we were able to give them unconditional approval within 24 hours, with all documents issued,” he says.
Mr Hartley explains that staff at MAS are both BDMs and decision makers, which is unique and provides a more involved face for the company.
“The hardest part of the job is saying no to people,” he says, “because you can’t hide behind a big brand. You deal with each client personally.”
But this personal approach to operations is, according to Mr Phillips, how the company believes a white labelling business should be run.
“It’s not a re-sprayed bank,” he says. “We answer the phone and answer our customers’ questions on the spot. There are no 1300 numbers to deal with; they can call us on our mobile at any time. We’re a lender in the old-fashioned sense.”
GOOD SERVICE PAYS OFF
By putting their customers first, Mr Phillips and Mr Hartley have seen their business grow from strength to strength. Despite the hardships experienced across the board during the global financial crisis, MAS has come out stronger and achieved year-on-year growth of 44 per cent in 2012.
Customer feedback is positive. “We get invited to a lot of events – maybe that’s just because we’re fun after dark,” jokes Mr Phillips. “We’ve been described as ‘a breath of fresh air’.”
Subsequently, word-of-mouth promotion by satisfied clients spread quickly and has brought in new faces.
“Word of mouth plays a big part,” Mr Hartley says. “Actions speak louder than words – when someone has experienced dealing with us, they’re more likely to come back. They’re ‘converted’.”
And that’s good news for all those who are new to the business.
