Integrated mortgage qualification tool in pipeline
Wealth management software provider Iress has acquired mortgage qualification provider TransActive — a deal likely to result in the launch of financial planning software that includes a fully featured mortgage qualification tool — an Australian first.
The two companies are currently working on fully integrating TransActive’s mortgage qualification functionality into Iress’ Xplan and Visplan products and expect to have the new tool to market as early as the third quarter of 2008.
Iress general manager Andrew Walsh said the deal was motivated by the changing relationship between financial advisers and mortgage brokers with respect to servicing the debt needs of clients.
“This has evolved from referrals by planners to external mortgage brokers to closer joint venture arrangements between advisers and mortgage brokers. [Now], some advice firms are incorporating mortgage specialty firms inside their practices.”
Walsh said Iress is also considering extending the new integrated mortgage qualification tool to clients in New Zealand and South Africa.
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