Hai Money has an estimated 200 brokers under its licence
Mortgage aggregator Finsure has terminated its contract with Hai Money, a brokerage network that sub aggregates under Finsure.
It comes amid ongoing home loan fraud investigations, although it is not confirmed that these investigations played a part in Finsure’s decision to sever its relationship with Hai Money.
Numerous sources, including a broker that had been operating under Hai Money’s licence, confirmed the news to MPA on Thursday. It has been confirmed by MPA that this Melbourne-based broker received a notification for redundancy from Hai Money.
Hai Money operates as its own entity, with its own credit licence, separate to Finsure. But brokers operating under Hai Money had access to Finsure's vast lender panel, which includes Commonwealth Bank, ANZ and other major lenders.
Hai Money has an estimated 200 brokers under its licence. It is understood that these brokers are scrambling to join another aggregator in order to resume operations.
A Finsure spokesperson said they are unable to comment at this time. Hai Money has been approached for comment.
More to come.
