Absa to do business with mortgage originators again
Saturday, 18th February 2012
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A shrinking share of the home loan market has resulted in Absa doing business with mortgage originators again.

It seems that the bank shot itself in the foot with it's strategy from December 2010 by not doing business with mortgage originators and rather using internal channels for the recruitment of home loan business.

In its results for the year to end December the bank acknowledged that they reviewed the approach due to a decrease in home loans. Absa's home loan portfolio during the year to end December was down with 3%. Standard Bank is now leading the South African home loan market in terms of its overall portfolio and its market share of new mortgages.

Source: Sake24 (amended)

According to Willem Tait, PropX CEO:
Over the last two years we lost many good friends that left the property industry due to economic changes and greener options on the other side of the fence. This is indeed welcomed news and I am sure that many of our clients, bond origination partners, friends and associated will welcome this change in direction.

Contact Willem on willem@propx.co.za


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