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Macquarie Bank is set to re-enter the mortgage space, according to BusinessDaily.
Banking sources told media that Macquarie is taking a strategic interest in a new national broking company to be launched this month.
The new entity will be the result of a merger between National Brokers Group, The Mortgage Professionals, The Brokerage and Specialist Mortgages.
The newly formed aggregator would rival the largest players in this space and is expected to originate $1 bn of home loans a month through 1,000 brokers nationwide.
According to the report, Jeffrey Zulman has been appointed as chief executive to oversee the merger.
The new business would also serve as an outlet for a suite of Macquarie financial products such as life insurance and cash management accounts.
Brokernews was tipped off about a potential co-operative supported Macquarie in March, however industry sources have kept quiet since.
Macquarie was one of the first to exit the mortgage origination space at the beginning of the global financial crisis, sparking criticism from many in the broker community.
Given the recent NAB proposal to purchase Challenger's mortgage business, the news of the creation of another big player in the space is particularly interesting.
