Scott McWilliam

Leading non-bank mortgage lender Resimac Group Ltd (ASX: RMC) has announced it was partnering with industry technology and service providers to transition to a cloud-based system.

The digital transformation project, which is expected to complete in FY22, will provide a richer experience for customers, brokers and other participants through partnerships with key technology providers, including Infosys, Loanworks, Nextgen and Equifax.

Mr Scott McWilliam, Resimac Chief Executive Officer, said technology is a key enabler of business growth while driving a lower cost operating model. “This is an inflection point for Resimac. As a pioneer of the non-bank sector, our ‘customer first’ digital strategy is critical to the next growth phase of our business.

“We are engineering for the future. Our strategic partnerships will enable us to deliver a market-leading customer experience and innovative financial solutions in a way that is scalable and sustainable. This transformation gives us the flexibility and capabilities of a neobank, but with a home loan portfolio approaching $13 billion combined with the proven track record of a non-bank lender that has been in market since 1985,” he said.

Resimac’s partnership with Infosys, a global leader in financial digital services, will see its core system migrated to the cloud-based Finacle banking solution. This will provide a flexible, scalable and secure platform, while digitising the home loan customer experience and supporting Resimac’s growth into asset finance lending following the recent acquisition of IA Group.

Loanworks will replace Resimac’s existing origination platform, providing integration with credit decisioning technology Equifax DecisionPoint 3 and the digital application submission platform NextGen. This technology provides automated credit decisioning, significantly improving loan application response times and providing increased scale benefits and cost efficiencies.

The new platforms are on track to be fully operational by FY22, and complement recent digital initiatives including a new workflow platform, digital loan documents, digital telephony and integrated customer contact system, and partnerships with artificial intelligence providers.

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Scott McWilliam

Leading non-bank mortgage provider Resimac has planted 35,000 trees through its Carbon Conscious program, which has been running since 2010 in partnership with Australian carbon farming company Carbon Conscious Investments (CCI).

Over their lifetime, these trees will remove more than five million kilograms of carbon dioxide emissions from the atmosphere, helping to counter the devastating health and environmental effects of the greenhouse gases. 

Working with CCI, a native Mallee Eucalypt tree is planted in the Australian Wheatbelt region for every new loan settled by Resimac. This activity is not factored into the pricing of Resimac’s home loans, nor does it result in any additional expenses for customers.

Resimac CEO, Scott McWilliam, said the program reflected the company’s commitment to conducting business in an environmentally responsible fashion.

“We are proud to reach this milestone with our customers. Carbon Conscious is an initiative we’ve been participating in for the last decade, and it’s an important part of our environmental, social and governance (ESG) framework.

“Our partnership with CCI has spurred broader changes throughout our organisation. Since starting the program, we have dramatically reduced our paper consumption, and we’re on our way towards becoming completely paperless. This is helped by our recent move to offering a completely digital loan origination process,” said Scott.

Anthony Fitzgerald, Executive Director at Carbon Conscious Investments, said: “January 2020 marked the 10-year anniversary of our Voluntary Carbon Offset relationship with Resimac, and we thank them for the long term commitment that has resulted in 35,000 trees being established in the Western Australian Wheat Belt.

“The project forests are established using native tree species that are drought and fire resistant, and in addition to offsetting CO2, they play a role in increasing the available habitat for native birds, insects, lizards and mammals,” said Anthony.

Other social and sustainability initiatives Resimac is participating in include a partnership with Food Ladder, which uses hydroponics and sustainable technologies to help communities grow their own food, and volunteering at The Station Ltd, a drop-in centre in Sydney that caters for adults who have difficulty obtaining and sustaining accommodation.

Earlier this year following the devastating bushfires, Resimac and its directors also donated $75,000 to the Salvation Army Disaster Appeal and $25,000 to WIRES – Emergency Fund for Wildlife.

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This limited time offer highlights Resimac’s competitive suite of specialist lending products, which start from 3.87%p.a. (comparison rate 3.97%p.a.), and are designed to suit the needs of borrowers who fall outside traditional lending guidelines. The promotion also lowers the barrier to entry; with the valuation fee waived, borrowers will not have to outlay any up-front fees to Resimac.

General Manager, Third Party Distribution, Daniel Carde, said it was an opportune time for brokers to become familiar with specialist lending products for their clients.

“The opportunities with specialist lending will increase in the current economic environment. Resimac’s case-by-case approach to credit assessment gives us the flexibility to approve loans that some of the more traditional lenders may pass on, and it enables brokers to drive new business with non-conforming borrowers such as those with credit impairments, and self-employed or contract workers.

The offer is effective for new Resimac Specialist Full Doc and Specialist Alt Doc applications received from Tuesday 15 September, and it is available for Owner Occupier and Investment loans, and both Principal & Interest and Interest-Only repayments.

This promotion follows Resimac’s rate reduction earlier this month of up to 0.22%p.a. on its Resimac Prime and Prime Flex loans, which are currently available from 2.59%p.a. (comparison rate 2.95%p.a.).

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The enhancements are facilitated by its new panel solicitor partnerships, with MSA National and First Mortgage Services (FMS).

In the wake of COVID-19 movement restrictions and social distancing requirements, Resimac has approved the use of MSA National’s “IDYou” app enabling remote verification of identity. Furthermore it has authorised the use of digital signatures and is fine-tuning the implementation of a digital document delivery system. 

Resimac’s General Manager Distribution, Daniel Carde, said the changes make it easier for brokers to carry on ‘business as usual’, despite the COVID-19-related movement limitations.

“The change means a customer can now discuss their borrowing needs with a broker via phone, Skype or Zoom. The broker then completes their verification of identity remotely using the IDYou app and submits the loan for assessment in the normal manner.

“With mandatory social distancing in place, it is important we provide brokers access to the latest technology that is faster, secure and paperless,” he said.

“Thanks to our new panel solicitor arrangement, we are putting the final touches on a digital loan document solution that will see the loan document pack emailed directly to the borrower, ready for digital execution and return. Essentially this is completely paperless and includes the ability to upload property insurance and other related documents required for settlement,” added Carde.

MSA Managing Director, Sam Makhoul, said the firm was excited to be working with Resimac.

“We see this as a business partnership to support Resimac’s growth. We both have a similar vision to leverage digital solutions to transform the customer experience by doing away with paper, delays and unnecessary expense. 

“But we are both also committed to providing customers and brokers with an actual person to talk throughout the loan settlement process,” he said. 

FMS General Manager, Sales & Relationships, Chris Evans, said his firm would draw upon its local and international expertise to deliver Resimac customers a frictionless borrower journey from approval to settlement.

“We’re proud to be an innovation partner with Resimac to deliver paperless digital mortgage experiences to its customers,” he said.

The digital enhancements resulting from Resimac’s new partnerships with MSA National and FMS not only use technology to enhance the customer experience but provide brokers with real time status updates to track applications.

Mr Carde said Resimac was also supporting brokers by continuing to pay trail payments on those loans where a borrower had received approval for a repayment holiday due to COVID-19.

The non-bank lender has simplified the application process for borrowers seeking a payment moratorium due to financial hardship. Resimac has doubled the team size handling hardship applications and has launched an online hardship application form allowing customers to avoid phone line queues.

“These changes will also take pressure off brokers who are usually the first point of contact when a borrower experiences financial hardship and is seeking advice from their trusted adviser. Brokers are our small business customers and we believe in assisting customers when it becomes increasingly difficult for them to conduct normal business activities,” Mr Carde said.

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Scott McWilliam

Resimac has announced that it will discontinue its Resimac MoniPower and Resimac Accelerate products for new business, effective from 1 January 2020.

The change means the leading non-bank mortgage provider will exclusively sell loans financed by its own funding program, both under the Resimac brand distributed via its extensive broker network and white label products via mortgage managers.

Resimac CEO, Scott McWilliam, said market demand drove the decision to focus entirely on products funded by Resimac itself and cease offering non-principally funded loans, which would result in a simpler product suite.

“We are incredibly grateful to our business partners, including Adelaide Bank, Pepper, Advantedge and Macquarie, with whom we’ve had incredibly strong relationships over a long period of time. Our partnership with Adelaide Bank goes back more than 25 years, and we’ve been involved with Pepper for nearly 10 years,” he said.

Mr McWilliam added these relationships would continue as Resimac had sizeable loan books with each of these partners. Resimac’s non-principally funded loan book was reported at $3.2 billion, as at 30 June 2019.

Resimac’s General Manager Distribution, Daniel Carde, said the market now saw Resimac as a lender and the decision to discontinue non-principally funded products supported this view.

“However, mortgage management remains a part of our DNA, with our role in this segment being focused on funding mortgage managers rather than being a mortgage manager ourselves.

“Mortgage management is a vital sector of our industry, which encourages competition within the marketplace and provides borrowers and brokers access to a wider range of choice. Our partnerships with leading mortgage managers are a key component of our broader third party distribution strategy,” he said.

The decision to end the Resimac MoniPower and Resimac Accelerate products follows the discontinuation of the Resimac Ultra Plus and Resimac Optima products, for new business, in October 2019 and June 2018 respectively.

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Scott McWilliam

Leading non-bank mortgage provider Resimac has achieved a significant sustainability milestone with the planting of the 30,000th tree through its “Carbon Conscious” program.

The program was launched in 2010 to counter the build up of greenhouse gases in the atmosphere. Under the initiative, a native Mallee Eucalypt tree is planted by Australian carbon farming company, Carbon Conscious, for every new Resimac-branded loan that is settled.

The planting of 30,000 trees represents 4.5 million kilograms of CO2 that will be offset.

Resimac CEO, Scott McWilliam, said the organisation’s intent is to contribute to a more sustainable environment and exercise corporate social responsibility; actions which Resimac values highly.

“We champion and support the Carbon Conscious program as we believe that all companies have a duty to behave in an environmentally responsible fashion.

“When we began the program in 2010, a lot of paper was used for each home loan application. Since then we have dramatically reduced our use of paper on our journey towards becoming paperless. Despite this progress, the planting of trees continues to be important as a means to offset the carbon emissions that we as a society are responsible for,” Mr McWilliam said.

The program does not result in any additional expense for Resimac customers. In addition to the Carbon Conscious program, Resimac’s sustainability initiatives include the recycling of its old computer hardware and providing customers with tips on how to minimise their personal impact on the environment.

Resimac recently appointed the widely respected former Australian cricketer, Adam Gilchrist as its brand ambassador. Mr Gilchrist said that how an organisation conducts itself in the community is important to him.

“I was impressed by how committed Resimac is to enacting its corporate values in all areas of the business.

“There’s a culture of corporate responsibility that is growing and evolving every day and that is a vital part of Resimac’s plans for the future,” he said.

In 2018, Resimac became a partner of Food Ladder, the world’s first not-for-profit organisation to use environmentally and economically sustainable solutions to address global food insecurity.

Food Ladder provides custom-designed hydroponics systems, education and training opportunities to grow commercial quantities of affordable nutrient-rich produce from towns in India, Bhutan and Uganda to the remotest parts of Australia’s Northern Territory.

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Adam Gilchrist and Scott McWilliam

Leading non-bank mortgage lender Resimac has appointed Australian cricket icon, Adam Gilchrist, as its brand ambassador.

Mr Gilchrist has been engaged to help build Resimac’s profile and will feature in a range of Resimac marketing material. He will also represent Resimac at various broker, investor and staff events, including a national broker roadshow in March next year at which he will be the keynote speaker.

Mr Gilchrist has had an illustrious career in all forms of international cricket as an exciting wicketkeeper/batsman. Former captain of the Australian cricket team, Steve Waugh, has called him a “once in a generation player”.

CEO, Scott McWilliam, said Gilchrist was selected as a brand ambassador because he epitomised the values of the Resimac brand.

“It’s hard to think of anyone else who aligns so perfectly with our corporate values, particularly integrity and professionalism. We are looking forward to a long and fruitful association,” he said.

Mr Gilchrist said he was extremely excited to become a Resimac brand ambassador.

“When partnering with an organisation I look for credibility, the approach that the business takes to supporting its customers and how it conducts itself in the community.

“I was impressed by how committed Resimac is to enacting its corporate values in all areas of the business. Whether that is looking for ways to exceed customer expectations, providing a positive working environment for staff or supporting members of the community in need.

“There’s a culture of corporate responsibility that is growing and evolving every day and that is a vital part of Resimac’s plans for the future,” he said.

Mr Gilchrist played 96 test matches for Australia, scoring at 81 runs per 100 balls. He is an Allan Border medallist, Australian One-Day International Player of the Year winner and is a Member of the Order of Australia (AM). Leading cricket website ESPN Cricinfo names Gilchrist in its greatest-of-all-time World IX team and describes him as the most exhilarating cricketer of the modern age.

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Resimac’s general manager of third-party distribution, Daniel Carde, said he was concerned that small business owners could potentially suffer longer term implications for what could be a short-term problem.

“Australia’s small business owners are already doing it very tough with economic growth at its slowest rate since the impact of the GFC in 2009. We do not want to see small business owners finding it more difficult to access much needed credit because of a business tax debt they may have incurred many years earlier.

“This segment of the community is not well served by traditional lenders, yet they represent a significant opportunity for brokers. With more complex income and tax obligations that need to be managed, these customers can often become a ‘client for life’ as their finance needs change over time as their businesses grow,” he said.

Mr Carde added that small business owners should be proactive in engaging with the ATO in relation to tax debts. “Non-payment of a taxation obligation can become a serious problem for small business owners if it is not addressed. We also urge brokers to discuss the management of tax debt with their small business clients.

“The government has introduced this bill to strengthen the incentive for businesses to pay their debts, and our specialist product range is ideally suited to assist those small business owners who may need to borrow to do this. 

“The best advice we can give is to be open and transparent around the circumstances surrounding the debt and to get on top of it early. However, if you find a borrower has left it too late and incurred a bureau listing, our specialist product range can also assist in these circumstances,” Mr Carde said.

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Scott McWilliam

Leading non-bank mortgage lender Resimac Group Limited (ASX: RMC) today announced that it has acquired 15% of Adelaide-based fintech Positive Group which specialises in asset finance solutions for consumers, mortgage brokers and small businesses. Consideration for the purchase was $3 million, and Resimac holds an option to acquire a further 10%.

This investment will help to rapidly expand Positive Group’s technology and web assets which currently serves customers via its B2C business Positive Lending Solutions and its B2B tech platform, Nodifi. 

Resimac Chief Executive Officer Scott McWilliam said: “We are excited by the opportunities this partnership brings for both parties.  We believe the Positive Group has a strong growth opportunity through leveraging its Nodifi digital platform which allows Nodifi’s business partners to offer their clients the best available products with the speed and service that is expected in this fast-paced finance environment.

“Our partnership also supports two of Resimac’s strategic priorities, focusing on diversification of asset classes, and improving our customer experience using digital technologies. We are excited about what we can achieve together.”

The Adviser magazine recognised Positive Group as ‘Innovator of the Year’ for its Nodifi platform at the 2018 Australian Broking Awards.

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Scott McWilliam

Leading non-bank mortgage provider Resimac has confirmed its support of the nationwide ‘Don’t Kill Competition’ campaign launched by the Mortgage & Finance Association of Australia (MFAA) to oppose a proposed ban on all mortgage broker commissions paid by lenders to brokers. 

The final report from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, issued earlier this week, recommended the banning of all trailing commissions and that upfront fees be paid to mortgage brokers by customers. 

Resimac Chief Executive Scott McWilliam said that mortgage brokers are essential component of the ecosystem of the mortgage industry.

“Brokers provide consumers with access to loans from the big banks as well as smaller lenders without a branch network and accordingly stimulate competition within the lending market,” he said. “The health of the broking sector is vital in achieving the best outcomes for home loan borrowers.” 

The MFAA recently released data showing that 59.1% of home loans were introduced by mortgage brokers, but has warned that the broking sector is under threat as a result of the proposed changes.

Along with a number of other lenders including the major banks, aggregators and brokerages, Resimac contributed to the Combined Industry Forum (CIF) package released in December, proposing changes to remuneration be made in the interests of the customer.

“We support the six principles of the CIF package which includes a carefully managed up-front commission structure,” Mr McWilliam said.

“This approach achieves better customer outcomes and improved standards of conduct, while continuing to promote competition in the Australian mortgage market.”

Mr McWilliam said Royal Commission scrutiny had led to big banks having a greater focus on responsible lending which has resulted in tightening of lending policies. 

“This ‘Royal Commission effect’ has levelled the playing field by requiring big banks to operate to the more stringent standards already observed by non-banks and smaller mortgage lenders.

“However, the proposed changes threaten to reduce competition in the mortgage industry, penalising consumers who could end up paying more for mortgages.” 

McWilliam urges lawmakers to think carefully about the consequences of changes. “Anything that diminishes competition or reduces consumer access to a wide range of mortgage options would be detrimental to ordinary Australians,” he said.

Resimac has advised that it will be issuing a communication to its customers to draw attention to the matter, referring them to the MFAA-led petition

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