Yellow Brick Road’s share price remained steady yesterday following the group’s acquisition of mortgage manager RESI Mortgage Corporation.
Yellow Brick Road today announced that it has entered into a conditional agreement to acquire mortgage manager and originator RESI Mortgage Corporation Pty Ltd.
The regional banks remain at a structural disadvantage to the majors, despite the benefits from a recovery in housing finance, lower funding costs and improving loan quality.
The Reserve Bank has warned Australian lenders they may need to hold additional capital against housing finance, driving up the cost of home loans.
Aussie’s top executive has dismissed claims that CBA has influence over the group’s brokers.
Smaller lenders are being locked out of aggregation panels as banks continue to buy up distribution.
The Finsure brand will soon cover financial planning as the group diversifies into wealth services.
The Federal Court has ordered GE Money to pay a penalty of $1.5 million for making false or misleading representations to more than 700,000 of its credit card customers.
CBA chief Ian Narev has announced an ‘open review program’ to investigate the advice failures at CBA dealer groups Commonwealth Financial Planning and Financial Wisdom.
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