Macquarie winds back mortgage staff
Macquarie Bank has confirmed there will be a “significant internal redeployment” of staff from its Mortgages Australia divisions as a result of its decision last Friday to wind back mortgage origination services.
A spokesperson for Macquarie confirmed the redeployment in a response to a question from Money Management whether the bank was reportedly set to retrench up to 150 Mortgages Australia staff as a result of the wind-back.
“There will be significant internal redeployment opportunities although we do not have an exact number at this stage,” the spokesperson said.
“We are confident of redeploying a number of staff to other Macquarie businesses,” she added.
Macquarie also confirmed that new loan applications for its Silver Living reverse mortgage product would be significantly wound back as from last Friday.
“New mortgage business will continue to be written, although it will be at much reduced volumes,” the spokesperson said, referring to both forward and reverse mortgage origination.
“This decision is due to the significant increase in the cost of funding mortgages and current conditions in the global mortgage securitisation market.
“We are continuing to honour existing contractual arrangements and to provide full service to our existing borrowers, including principal increases and mortgage variations,” she said.
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