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Brokerage officially launches white-label loan
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North Sydney-based brokerage Shore Financial has officially launched its white-label mortgage, Shore Private, powered by Australian Mortgage.
The Shore Private offering has been developed and piloted by Shore Financial for the past two years.
Available to Shore Financial brokers, the white label utilises artificial intelligence via the Intelligent Credit solution, powered by non-bank lender Australian Mortgage (which was recently acquired by Volt Bank).
The technology can reportedly provide personalised interest rates to broker customers, and approve a mortgage in less than 15 minutes, by harnessing algorithmic-based credit assessment software, utilising live banking feeds, and automated valuations from property market data.
AFG-Connective merger unlikely to complete
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The aggregator has flagged that delays from the courts in delivering a judgement on its proposed merger with Connective may result in the scheme deed expiring.
The proposed merger between Australian Finance Group Ltd (AFG) and Connective Group may not go ahead given delays to court judgements, the listed aggregation group has suggested.
As announced in 2019, moves were underway to create the largest merged aggregation entity in broking via the proposed $120-million merger between AFG and Connective.
In June 2020 – and after several delays and rounds of consultation – the Australian Competition and Consumer Commission (ACCC) said that it would not oppose the merger between the two groups.
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Mortgage Business 13 July 2021
Volt Bank has acquired fintech mortgage manager Australian Mortgage – formerly known as Australian Mortgage Marketplace – as it looks to roll out its digital mortgage offering.
The neobank has announced that it has completed its first acquisition,
acquiring 100 per cent of neo-lender Australian Mortgage (AM) and its “Intelligent Credit” solution.
The deal, which settled on Sunday (11 July) for an undisclosed sum, will see Australian Mortgage’s technology power the lending component of Volt Bank’s banking-as-a-service platform and deliver the challenger bank with “a multi-channel revenue capability, purpose-built to rapidly scale lending volume”.
Australian Mortgage will continue to operate its existing digital mortgage arrangements with Shore Financial and Mortgage Choice, and continue to operate under its own brand.