Wave Money partners with AMAL to deliver market-leading post-settlement loan services
Non-bank lender, Wave Money, has appointed AMAL to provide a wide range of services across loan servicing and corporate trust management.
The strategic partnership provides Wave Money with a fully outsourced platform of post-settlement loan services across the areas of technology, operations and governance, risk, and compliance. In the corporate trust area, AMAL will provide a full suite of roles including trustee, security trustee and trust manager.
Wave Money Founder and Managing Director John Flavell said “Our mortgage service proposition has been built digitally from the ground up and we have partnered with the best-of-breed technology partners for each stage of the process. Our partnership with AMAL enables access to a ‘one-stop shop’ for all of the technology, functionality, and operational support we need to provide our customers with an industry-leading experience including online access to loan accounts, offset and redraw facilities and access through a 1300 number manned by Australian based staff.
AMAL Executive Director Brendan Weir commented “We are very excited to be partnering with an innovative new lender like Wave Money. John and the team bring a wealth of experience to the sector, and we look forward to collaborating on new ideas, products, and technologies to help drive their success.”
Wave Money is a broker-exclusive non-bank lender whose mission is to deliver residential mortgage solutions to under serviced borrowers and frustrated brokers, whose needs are not being met by many bank and non-bank lenders. At any time during the loan application process a broker can pick up the phone and have a conversation with the person at Wave Money that is responsible for getting a broker’s client’s needs met.
Partnering with AMAL enables customers to get their needs met post settlement effectively and efficiently through accessing their loan accounts through AMAL’s Exchange Platform or making a call to the 1300 number.
AMAL’s range of loan product and technology solutions enables Wave Money to deliver a market-leading post settlement experience for brokers and their customers.
Wave Money leverages AMAL’s range of loan product and technology solutions for lenders and borrowers including:
- Multiple loan accounts
- Line of credit/re-draw
- AMAL XCHANGE borrower and lender portals
- Borrower internet banking
About Wave Money
Wave Money is a new broker-exclusive non-bank lender established to deliver residential mortgage solutions to an increasing pool of borrowers whose needs are not being met by traditional bank and non-bank lending institutions. Wave Money’s mortgage service proposition comprises best-of-breed technology for each stage in the process and the customer and broker experience is powered by onshore people, expertise, and relationships.
Established in 1994, AMAL Asset Management Limited (AMAL) allows originators and lenders to plug in to a ready-made servicing infrastructure including industry-leading technology and support, a highly experienced operational team and a rigorous governance, risk, and compliance program. AMAL Trustees offers a full range of wholesale corporate trust services providing clients with much needed flexibility, commerciality, and service, while at all times maintaining the highest level of governance and compliance. As at 1 May 2022, group funds under administration and supervision are over $A25 billion.