Lenders become brokers
Wednesday 7 January 2004
In yet another case of lenders jumping the fence to join the ranks of mortgage brokers, former New Zealand manager for Australian wholesale lender Interstar Raoul Collings and local lending manager Joyti Singh are branching out to form a new broking firm, Mortgage Providers NZ.
By The LandlordCollings says there's "a huge growth opportunity," in broking. Currently brokers in New Zealand account for about 28% of the market while in Australia and the United States brokers account for about 40% and 82% of the market respectively.
Collings says his firm won’t be trying to be "all things to all borrowers."
Instead, they will target particular niches, including the self-employed.
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