New fintech platform to 'take business from brokers'

A former major bank executive will launch a new fintech business this year to compete directly with the third-party channel on prime mortgages.

Mark Bevan, who spent 25 years at CBA and six with Westpac, is the co-founder of Joust, an online platform that allows lenders to compete for home loan deals through a live digital auction process.

The platform involves a panel of lenders bidding (or jousting) to be the provider of a customer’s home loan.

The Adelaide-based fintech business aims to target prime mortgage customers with good credit ratings, good jobs and equity in their homes.

Source: New fintech platform to ‘take business from brokers’ – Mortgage Business