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MyState launches fourth RMBS issue

MyState Limited yesterday announced the launch of its fourth RMBS issue, the CONQUEST Series 2014-2 Trust, under its CONQUEST securitisation program.

It is anticipated that securities with a value of up to $300 million will be issued, comprising three tranches.

The issue will be backed by Australian prime residential mortgages originated by MyState Bank and the Rock Building Society.

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“The launch of this transaction demonstrates the Group’s ability to regularly access these markets. The transaction is a positive step for the CONQUEST program and the long-term funding of both institutions,” MyState managing director Melos Sulicich said.

CBA is the sole arranger on the transaction, as well as joint lead manager along with Macquarie Bank and Westpac Institutional Bank.

MyState Bank is a subsidiary of MyState Limited, a diversified banking and wealth management group headquartered in Tasmania, with a suite of products and services for direct and third-party mortgage origination channels.

The lender will roll out a strategic blueprint of programs over the coming months to make its home loan products and services more competitive across the Australian mortgage market.

Over the past 12 months, MyState Bank has recognised the need to upgrade its offering and has focused on reinvigorating its relationship with mortgage brokers across the country as a vital first step to winning more business.

MyState's general manager of sales and distribution, Huw Bough, said the broker channel remains a key strategic pillar for the organisation as it continues to expand and broaden loan diversification nationally.

“Already, we have experienced a 225 per cent year-on-year increase in home loan originations by making critical improvements to how we work with mortgage brokers,” Mr Bough said.

“We have made some important changes including innovations in the way we communicate, establishing dedicated teams to speed up loan decisions and introducing product pricing tiers to become more competitive,” he said.

“Our experienced originations team have re-engineered processes striving to provide a better experience for brokers.”

The group recently announced new mortgage terms for MyState and The Rock broker partners, including offering loans of up to 85 per cent LVR without having to pay lender’s mortgage insurance.

“We are excited about the development of a new loan origination platform, which we plan to roll out in early 2015,” Mr Bough said.

“This is only the beginning of what we hope to achieve in the next 12 months, seeking to further strengthen our services to the mortgage broking industry,” he said.

MyState Bank became Australia's newest bank on 6 October 2014.

 

MyState launches fourth RMBS issue
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