Resimac to fund all its loans
Resimac is simplifying its product set, announcing that it will focus on products funded by Resimac itself. It will stop originating non-principally funded loans.That means an end to business relationships with Macquarie Bank, Adelaide Bank, Pepper and Advantedge. It will discontinue its Resimac MoniPower and Resimac Accelerate products.The Resimac Ultra Plus and Resimac Optima products were discontinued earlier this year.At June 30, the non-principally funded loan book was reported at A$3.2 billion. Resimac will continue to manage outstanding loans.Resimac chief executive Scott McWilliam said in a statement that "market demand drove the decision to focus entirely on products funded by Resimac itself."McWilliam said funding mortgage managers would become a greater focus of the business.Resimac has more than 50,000 customers and more than $10 billion of mortgages on balance sheet. Its securitisation program has raised $28 billion through 47 transactions.