Loan Market Group chairman Sam White says the appointments were made because the Group has made a significant investment in its mortgage and insurance businesses in New Zealand and it wanted to have strong local industry operators on the Board who understand the company and its culture.
He says both Hart and Patten are very active and highly regarded mortgage brokers in the New Zealand market. They are also on the Board of the New Zealand Mortgage Brokers Association.
"I have seen many Australian companies make the mistake of trying to run New Zealand operations from Australia. Clearly this is not appropriate and these appointments will ensure we have strong local leadership."
White believes the company needs to have active brokers who are involved in the industry and who are going through all the same issues that Loan Market Group members are experiencing.
"This helps to ensure that future decisions are both relevant and practical. This is particularly true in light of the upcoming regulation and changes to the industry.
"I have no doubt these new appointments add real strength to our group."
Hart will continue to operate his own business during the transition over the next 12-months before moving into his full-time corporate role.
Patten will continue to operate his mortgage and insurance business.
The Loan Market Group is the holding company for Loan Market NZ, PLAN NZ and a soon to be created insurance division.
White says he was recently asked whether he saw the mortgage business as a loss leader and as predominantly a lead generator for insurance as some other businesses seem to have done.
"I believe there are significant opportunities in both areas and I believe both need to deliver and stand on their own merits," he says.
