Macquarie winds back mortgage staff
Macquarie Bank has confirmed there will be a “significant internal redeployment” of staff from its Mortgages Australia divisions as a result of its decision last Friday to wind back mortgage origination services.
A spokesperson for Macquarie confirmed the redeployment in a response to a question from Money Management whether the bank was reportedly set to retrench up to 150 Mortgages Australia staff as a result of the wind-back.
“There will be significant internal redeployment opportunities although we do not have an exact number at this stage,” the spokesperson said.
“We are confident of redeploying a number of staff to other Macquarie businesses,” she added.
Macquarie also confirmed that new loan applications for its Silver Living reverse mortgage product would be significantly wound back as from last Friday.
“New mortgage business will continue to be written, although it will be at much reduced volumes,” the spokesperson said, referring to both forward and reverse mortgage origination.
“This decision is due to the significant increase in the cost of funding mortgages and current conditions in the global mortgage securitisation market.
“We are continuing to honour existing contractual arrangements and to provide full service to our existing borrowers, including principal increases and mortgage variations,” she said.
Recommended for you
With the Australian advice market being a target for US private equity firms, a US advice commentator has shared lessons from his overseas experience, and why PE may be less attractive than initially expected.
Financial advisers are reminded to ensure their CPD is up to date with the Financial Services and Credit Panel making its second determination in a week after an adviser failed to meet the requirements.
AWAG has entered a strategic joint venture relationship with Singapore-based financial services firm PhillipCapital, expanding its product and services distribution reach.
Investment manager Drummond Capital Partners has announced a series of appointments to expand its distribution reach with advisers nationwide.
