Fundit focuses on brokers
Online mortgage business Fundit is looking to ramp up its presence this spring targeting brokers and the large pool of refinance business.
Wednesday, August 13th 2008, 6:00AM
Fundit chief executive, and former Mike Pero Mortgages chairman, Abby Foote says in the past year the business has been refining its service and streamlining the process for lenders as well as people submitting loan applications.
She says that Fundit will start a campaign at the end of August, or early September focussed on cutting out the middleman. This is similar to what Bank of New Zealand did when it pushed the line that it didn't deal with brokers. Foote says the environment for this campaign is good as; Spring is usually an active period, there is $48 billion of loans up for refinance in the next eight or nine months, and the mortgage broking industry is going through a lot of change.
Currently Fundit's lenders on its panel, and the two most active are BNZ and Kiwibank.
She says ultimately the company would like to get all the big banks on board.
One of the issues Fundit has had, like other people in the mortgage business, is low settlement rates. She says this is an issue the company is working on and it is about to start using the Sanderson Weir SwitchMe service to help it in this area.
SwitchMe is a documentation process designed to streamline the refinance process.
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