CUA winds-back its mortgage business from brokers
Credit Union Australia (CUA), the country’s largest mutual financial institution, today announced it would wind-back its mortgage origination activities from the broker network due to the significant increases in the cost of funding mortgages and current conditions in the global mortgage securitisation market.
CUA Managing Director Mr Graham Olrich said while CUA had enjoyed a mutually rewarding relationship with its broker partners since 2002 it would now focus purely on originating mortgages through the not-for-profit’s proprietary channels.
"While 30 percent of our home loan volumes have come from brokers we have the capacity to make up the shortfall with further investment in our branch network and our mobile lending channel,” Mr Olrich said.
"CUA has access to diversified funding streams and we expect to continue growing our home loan business.
"We believe our future growth, in general, will continue to outstrip industry growth levels."
