eChoice folds into CommBank
Commonwealth Bank of Australia will take control of another, once independent, mortgage origination platform following an agreement to buy the assets of the eChoice group from administrators.Voluntary administrators Geoffrey Reidy and Andrew Barnden of Rodgers Reidy said Finconnect (Australia) Pty Limited is the official buyer.The assets being sold to CBA "consist principally of the eChoice concierge platform, IT, intellectual property and staff," the administrators said.They said that "this does not include the assets of the eChoice companies which have existing contracts with brokers or lenders that have not been placed into administration."Finconnect is a mortgage aggregation business subsumed within Commonwealth Bank when CBA took control of the Count Financial planning business some years ago. CBA also controls the Aussie Home Loans platform.eChoice was placed in the hands of voluntary administrators only three weeks ago.