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BNK gets more funding support
BNK gets more funding support
20 May 2021 3:57AM
BNK Banking Corp has established a mortgage securitisation program, with Goldman Sachs providing up to A$500 million of funding.
It is the second funding deal BNK has done in as many months. In April, it established a warehouse program worth $250 million with Blackstone as the key funding partner.
The funders are backing BNK despite its recent poor performance. BNK Banking Corporation’s banking division lost $1.4 million in the December half-year and its wholesale lending division lost $433,000.
The group made a profit thanks to its mortgage aggregation division, Finsure, which made a profit of $4.4 million.
Aggregator offers in-house loan processing support
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An aggregator has introduced an option for brokers to have their loans processed in-house, which includes fraud prevention processes.
Finsure Group has embedded new support measures and processes in its loan processing centre, including a fraud protection service.
The aggregation division of BNK Banking Corp said that its brokers will have the option to have their loans processed through an in-house broker support service, which includes a fraud prevention specialist.
The support measure has been implemented to help the broker network deal with any threats from “increasingly sophisticated” fraud schemes, Finsure said.
Mortgage Business
BNK Group signs first RMBS program By Malavika Santhebennur 22 April 2021
The listed bank has announced that it has signed definitive legal documents to establish its first warehouse and securitisation program, worth $250 million.
BNK Banking Corp has announced that it has partnered with Bendigo and Adelaide Bank and Blackstone for a $250 million prime residential mortgage warehouse program named the Bullion Warehouse Trust No. 1.
The warehouse and securitisation program has a three-year availability period (subject to annual reviews), the bank said.
It added that senior funding to the warehouse program will be provided by Bendigo and Adelaide Bank, while the junior funding to the warehouse program is provided by BNK, with funds managed or advised by Blackstone.
Mortgage Business
Fixed rates slashed over 2,000 times in 2020 By Malavika Santhebennur 08 January 2021
Lenders made almost 7,000 cuts to home loan interest rates in 2020, and 535 home loan rate increases, according to data.
Figures released by Canstar revealed that between 1 January 2020 and 31 December 2020, there were 6,777 cuts to home loan interest rates, with an average cut of 0.30 per cent.
The Canstar database showed that lenders made 2,455 cuts to fixed rates for owner occupiers, with an average cut of 0.33 per cent, while 880 cuts were made to variable rates for owner occupiers, with an average cut of 0.21 per cent.
A total of 2,678 fixed rate cuts were made for investors, with an average cut of 0.32 per cent, while 764 cuts were made to variable rates for investors, averaging 0.21 per cent.