Here’s an interview of our COO Kym Dalton, where he makes some bold predictions on the role of the mortgage broker in the future.
Kym Dalton, COO of Australian Mortgage Marketplace explains how the lender will shake up borrowing, funding and rates
The year is 1992. Securitisation is the new financing mechanism on the block and the banks are riding the wave, generating super profits on home loans. Seeing an opportunity to change how things are done, a non-bank sector emerges and quickly gains pace by challenging the incumbents with promises of better rates and better customer service.
What ensued from there has brought the market full circle. This year, the royal commission revealed that unethical conduct and a customer-comes-last attitude remains among the major bank lenders. While it could be said that history is repeating itself, this time one challenger has a tech-savvy edge.
“Incumbent lenders have been treating customers poorly, whilst marginally meeting the requirements of responsible lending conduct. Right now, the market is broken. Existing lenders have breached the covenant of trust,” says Kym Dalton, COO of Australian Mortgage Marketplace.
“We recognise there is an opportunity here and we plan to overhaul the mortgage market by taking advantage of the latest technology available.”
Along with a cohort of fellow industry veterans (see box), Dalton has established a 100% wholesale, broker-focused neo-lender with a remit to shake up the way loans are assessed, originated and funded.
If you’d like to continue reading, read the full interview on Australian Broker.