Aid for HLP and Lawteal from Mobius
Mobius Financial Services is sourcing a little more than 50 per cent of business under its white-label program with mortgage managers; a third from funding loans for HLP, a specialist provider of non-conforming loans, and the balance from Lawteal, a provider of short-term to medium-term business loans. The average loan size for Mobius is $335,000, which is on the high side, but consistent with Mobius' niche as a provider of non-conforming loans, almost two-thirds of which are low doc loans, while 70 per cent of customers are self-employed. Mobius made many loans with little or no equity provided by the borrower. The average current loan to valuation ratio for the pool as a whole is 85.5 per cent. The arrears on the pool stand at 15.5 per cent.