Articles & News About Mortgage Loans

Aussie Self-Certification Mortgage Lender to be Sold

One of Australia?s largest non-bank lenders has been offered up for sale by its owner GE Money ? the giant American corporation with an international financial services arm. The mortgage lender has apparently been put on the market to stave off a takeover bid by its previous owner however it is likely that the sale has been triggered in part by the credit crunch.

Wizard Home Loans was founded in 1996 to offer Australian home owners and first time buyers the opportunity to obtain a mortgage without having to apply to one of the four major banks which had a monopoly on the market for many years. One of the main products offered by Wizard was a low-doc home loan which is the Australian version of a self-certification mortgage. This product was targeted at the self-employed, in the same manner as self-certification mortgage products, allowing non-employees to obtain a home loan with little documentation to verify their incomes.

Wizard had gained an impressive 2.5% of the total home loan market down under as one of many non-bank lenders which now operate in the nation?s big mortgage market. Home ownership in Australia is considered to be one of the main goals of families and is often referred to as the ?Australian dream.? However the credit crunch has affected Wizard?s performance of late as the availability of funds has dried up and interest rates have risen considerably in the Lucky Country.

The lender was sold to GE Money several years ago for about half a billion dollars. GE Money has therefore owned the company during a period of decline in the non-bank lending industry and is ripe for the picking. Enter one of the previous owners with a brash offer ? for GE to pay him millions of dollars upfront as remuneration for him taking the reins of the business again and for an equity stake so he could profit from selling it off in the future when he turns its fortunes around. In reaction the giant American company has offered Wizard up for sale on the open market in an apparent bid to circumvent the bold prior owner of the mortgage lender and therefore not have to strike a deal with him.

The lender?s fortunes have waned in recent times and it has been forced to close or sell off some of its 250 plus branches. Some branches are owned by individual Mum-and-Dad investors in a similar fashion to the popular franchise model for mortgage brokers down under. The reduction in funds available on the inter-bank market which can subsequently be loaned to home owners on a self-certification basis has also hit the lender hard as it is one of their more popular products.

Regardless of whom takes control of Wizard the lender will require someone with financial services expertise to put it back on track. The mortgage market is experiencing difficult times in Australia as it is in the UK and the USA in the wake of the sub-prime lending crisis. Unlike the US and the UK interest rates have risen considerably in Australia dealing a double blow to the self-certification mortgage market.

For expert Self-Certification Mortgage advice visit http://www.selfcertificationmortgagesource.co.uk and submit your details through the online form provided

Other Article Sites

findabook.com moneycd.info a-mortgage.info about-lemon-laws.info aboutstudentloans.info
all-about-publishing.info auctions-articles.info bestcollege-university.com bestispconnection.com
biblefolder.com blogger-website.com books-used.info brokers-guide.info buywindows.info cable-dsl.info
career-miner.com carpel-tunnel.info cashinaflash.info cashloanreviews.info casinobell.com chat-house.info
clearmycredit.info collegeloantips.info crones.info depression-articles.info dirnic.net dishguides.info
divers-below.com expodog.info financewizz.com fire-insurance.info getgood.info handleit.net it-idea.info
health-supplies.info hosting-right.com insidealert.com insurance-facts.info jobs-employment.info
justgood.info lookgold.net lowcost-travel.info money-source.info myhostzone.info numisblog.com
peoplesearchfinder.info pr-articles.info realeas.com refinancing-guides.info spyware-remove.info
telelot.info the-law.info toppaid.info travel-deals.info travelcorrect.com wedding-guide-site.com
your-blog.info your-credit.info

MORE ARTICLES:

FoundationWorks Forms Mortgage Subsidiary, EquityAccess Mortgage, Inc. July 2007
EquityAccess Mortgage will originate low rate, government and conventional mortgage loans for factory-built homes, primarily focusing on existing homeowners. EquityAccess Mortgage will be vertically integrated with the FoundationWorks permanent foundation system which has a unique, proprietary, and cost-effective method to retrofit existing foundation systems. In addition, EquityAccess will originate home only, chattel manufactured home loans as well as non-conforming loans such as single & multi section land/home loans.

A Unique And Profitable Alternative To The Melting Mortgage Industry
A massive shift is currently underway in the mortgage industry that is quickly gaining national attention among top financial professionals.

Investment Property Mortgage Rate
1. The difficult of dealing with investment properties

Sage Credit Company Expands Services Through Sage Credit Escrow Company: Sage Escrow Company Serves Needs of Southern California Mortgage
Sage Credit Company, Inc. announced that it was providing increasingly expanded services for the mortgage community through its affiliation with Sage Credit Escrow Company.

A Cheap Mortgage Insurance Quote Can Help You Maintain Your Mortgage
Many things have been said about payment protection insurance of which mortgage insurance is one part One of the things said about it is that it is nothing but a huge "rip-off"

Mortgage Leads, Jump Start Your Activity
As loan officers and mortgage brokers there are many avenues to go down in order to obtain mortgage leads for potential loan customers.

Direct Mail Mortgage Marketing
Mortgage companies should seriously consider direct marketing mortgage. Direct mail mortgage marketing can increase your sales and thus your profit, but there are a lot of hidden things that are not clearly visible at first. A lot of business owners carrying out mortgage transactions often are mislead into believing that they could actually save money by doing their own mail-outs, without being aware of all the hidden costs involved such as - labor (cost of salaries), overhead (cost of electricity, office space, machines), printing (cost of outside printing of forms & envelopes), postage (if you use First Class stamps, you're paying 50 cents each, without including the cost of printing your letters, or your valuable time in producing them),...

Mortgage Leads, Real Time, Three Ways to Increase Applications

Local 30-Year Financial Executive Introduces Mortgage Liberator, a New Product to Benefit Central Illinois Homeowners
Industry veteran introduces Mortgage Liberator, a product and services combination that assists homeowners in paying off their mortgages early without a change in lifestyle. Mortgage Liberator uses proprietary software and interest calculations developed to coach homeowners in optimum use of short term home equity. It can be applied to both residential and commercial debt.

South Carolina Mortgage Company ArborOne Poll Reveals 40% of Respondents Likely to Buy in Rural South Carolina
Research cites growing economy, rural landscape, and home and land value as deciding factors.

3 Types of Home Mortgage Financing Options
When choosing a mortgage, you have a variety of options - from fixed rate to adjustable rate and balloon payments To learn more about the different types of mortgage financing that are available, keep reading

How Not To Be Ripped Off By Mortgage Brokers
One of the things that bothers me about the mortgage industry is the number of unscrupulous brokers that operate in this market.Talk about giving the industry a bad name!I worked for a mortgage lender until quite recently and I used to be shocked at the fees that brokers charged their clients.

3 Things Job Seekers Are Doing Wrong: Free Webinar for the Mortgage/Finance Job Market
Because of the sub-prime mortgage meltdown, a growing number of mortgage and finance professionals are hitting the streets, looking for jobs. Yet, these layoff victims largely lack the most important career skill of all: How to market themselves. The moves most mortgage and financial professionals have made to advance their careers to this point are probably exactly the wrong things they should do to find work in the current job market," cautions recruiting professional David Perry, managing director of Perry-Martel International and Guarnateed Resume president Kevin Donlin.

Consumer Guide Focusing Exclusively on Mortgage Refinancing Launched by MortgageLoan.com
MortgageLoan.com has launched The Guide to Mortgage Refinancing to help homeowners across the U.S. stay ahead of the curve for mortgage rates, terms, and alternatives. With most consumers focusing on first-time mortgages, and little guidance available on refinancing, many homeowners find the process baffling. But now--thanks to the efforts of one of the leading mortgage information sites in the nation--extensive information about refinancing is available in a concise and convenient format.

Which Mortgage Is Best For You?
A popular trend for Americans is to seek low rate home loans especially those who are first time homebuyers. Sellers are also getting the message and responding by reducing the asking price. There is also recent drop in mortgage interest rates that is encouraging the first time homebuyers to start applying for mortgage loans. Following are the various mortgage loan options available: