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.
Merging two broking businesses
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ASIC clarifies deferred sales rules for add-on insurance By Annie Kane 30 July 2021
The financial services regulator has released examples of how the incoming rules for add-on insurance will work for CCI, among other credit insurances.
The Australian Securities and Investments Commission (ASIC) has released a new regulatory guide – RG 275 – to detail how it will implement the new deferred sales model for add-on insurance.
The new regime, which will commence on 5 October 2021, requires a clear four-day pause between when a customer enters a commitment to acquire a principal product or service, and when they are offered or sold an add-on insurance product.