Macquarie in third-party mortgage deal with YBR
Macquarie Bank has signed an origination agreement with financial services distribution company Yellow Brick Road to develop banking and wealth management products.The first product to be offered under the agreement is a mortgage with a base rate of 6.65 per cent, a 12-month discount of 115 basis points and an ongoing discount of 86 basis points.In a statement issued yesterday outlining these developments, Yellow Brick Road made no mention of the status of its established mortgage origination agreement with the Gateway Credit union.The company's mortgage book was worth $865 million at June 30.YBR reported a loss of $6.8 million in 2011/12, on revenues of $14.78 million.