Record loan settlements over six months

PHOTO: Non-bank lender Resimac

Non-bank lender Resimac has reported a record number of settlements over the last six months, rounded off by the completion of $300 million prime and non-conforming Residential Mortgage Backed Security (RMBS) transaction this week – something CEO Luke Jackson says is down to Resimac’s “consistency and relevance” in the 2020 economy.

Resimac reports a 14% increase in assets under management, and says the $300 million transaction is the largest New Zealand issue since the Global Financial Crisis.

Jackson says that while 2020 has undoubtedly been a tough year, New Zealand’s property market has demonstrated some strong resilience.

“It has been a challenging time for many lenders, however unlike some, Resimac hasn’t needed to slow down on lending volume or make any changes to credit policies,” Jackson said.

“Despite the initial dire predictions, the property market has held up, and many businesses have adapted to the lockdowns well.”

“Resimac’s continued availability and pragmatic approach has fuelled its record growth over the past few months, with large numbers of mortgage advisers making contact and submitting non-bank deals for the first time,” he continued.

“It’s been a lightbulb moment for many as they realise Resimac is a prudent prime mortgage solution for their clients.”