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|  | Mortgage InsiderMortgage insider tries to make sense out the flux of whispers and rumours that circulate in the mortgage industry from the inside, and info that never makes the pages of your local rag. Non bank lenders feature big in the BRW's Fast 100.Is it time to refinance your mortgage with Mr Mortgage? www.mrmortgage.com.au Despite the squeeze in home loan lending, non bank lenders have figured handsomely in the popular business magazine Business Review Weekly's [BRW] fast 100 list. This list features the fastest growing companies in Australia. Topping the list was Bluestone Mortgages, with a bevy of industry players in its wake, including Australian Mortgage Brokers [15] and Murray Cowan's Better Mortgage Management, [18],[good on you Murray, it couldn't have happened to a nicer bloke] with six other mortgage industry players in the top 100. 10th November 2004 Non bank lenders low enforcement rate. The big surprise for the traditional lenders is that non conforming non bank lenders have low enforcement rates. Bluestone Mortgages recent report that it only enforced 18 mortgages in Australia last year and one in New Zealand, which gave it a very low average over the portfolio of 0-.35%. Nonconforming loans are used by borrowers when their bank and other main stream lenders judge that they don't fit their lending guidelines, set up to protect the bank from lenders who would be a risk of defaulting, but these figures seem to dispel the theory. 7th November 2004 Bluestone to Float? Non conforming lender Bluestone Mortgages are speculated to be in a position to float on the Australian Stock Exchange. They will neither confirm nor deny the rumour, so we'll take that as a yes shall we? To have an application forwarded for completion offline, click here | |||||
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