BNY Mellon Australia has entered into a strategic alliance with national law company Mortgage Settlements Australia to provide a variety of mortgage-related services to lenders.
"Over the past 12 months we have continued to accelerate the growth of our corporate trust business in Australia. Our alliance with Mortgage Settlements Australia will allow us to offer a wide variety of mortgage production, arrears management and discharge settlement services," BNY Mellon Australia managing director John McGee said.
Mortgage Settlements Australia chief executive Sam Makhoul said the alliance with BNY Mellon Australia meant it could focus resources on back-office mortgage processing for key lenders.
"This will translate into industry best practice for turnaround times and service delivery, and ultimately cheaper prices for lenders seeking to outsource," Makhoul said.
BNY Mellon Australia is a wholly-owned subsidiary of Bank of New York Mellon. It has 80 staff and provides a full range of document processing, custody and trustee services as well as analytics, investor reporting and servicer requirements.
Mortgage Settlements Australia provides mortgage documentation, arrears management, discharge and settlement services to a number of national lenders.
