Leader will leave after 21 years of service
Scott McWilliam, the CEO of Resimac, has resigned and will leave the non-bank lender after 21 years, the company announced today.
In a statement to the Australian Stock Exchange on Tuesday, July 9, Resimac said McWilliam (pictured above left) had been chief executive officer for six years. Prior to that he was joint CEO following Resimac’s merger with Homeloans Limited in 2016.
Resimac Group chairman Warren McLeland said it had been mutually agreed that McWilliam would take a period of leave before he formally finished his employment on September 1.
The news of McWilliam’s departure follows Resimac’s announcement last month that it was shutting down its New Zealand home loans business.
McLeland, speaking on behalf of the Resimac board, acknowledged the significant contribution McWilliam had made to both Resimac and Homeloans over 21 years and wished him continued success in all his endeavours.
McWilliam said he was proud of all that had been achieved at Resimac during his time as CEO. He thanked the board and executive for their support.
“It has been a great privilege to lead this business and its people, and I thank everyone for their support and friendship over many years,” McWilliam said. “I leave Resimac with so many wonderful and cherished memories.”
“I would like to take this opportunity to wish everyone at Resimac the very best and I will watch on with keen and heartfelt interest for all the successes that awaits Resimac.”
Resimac general manager distribution Chris Paterson (pictured above right) said Resimac would continue to offer competitive full doc, alt doc, specialist and asset finance product solutions.
“We are committed to supporting brokers grow their business,” Paterson said. “Scott has instilled plenty of great qualities in those he’s worked with and the people within Resimac will continue to drive these qualities with our service proposition as a non-bank lender.”
Resimac will begin a search to find a permanent CEO to replace McWilliam but in the meantime, non-executive director Susan Hansen has been appointed interim CEO.
In deciding to close down its New Zealand business, Resimac announced on June 20 that it had undertaken a comprehensive review of the New Zealand mortgage market and determined that the competitive environment would remain restrictive for non-banks for the foreseeable future.
The non-bank stopped accepting new home loan applications in New Zealand on July 1 but confirmed it would continue to service its existing New Zealand customers.
New Zealand mortgage advisers who regularly use the services of Resimac NZ were left shocked and dismayed by the decision to shut down its NZ home loans operation.
iConsult Finance owner Satyan Mehra said it had caught everyone by surprise, describing Resimac as the one of most well-known non-bank lenders, and a market leader with a “range of brilliant products to help clients and a massive book”.
“There’s now a massive player out of the market, which means there’s less options,” Mehra said.
Jeff Royle, a mortgage adviser at iLender, said he was bitterly disappointed about the lack of warning about Resimac’s New Zealand business. He said he had supported Resimac since its entry into the New Zealand market.
Royle said Resimac’s products and rates were unmatched and other lenders could not cater to clients’ needs in the same way Resimac did.
