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Lee Prior leads an IT team at a non-bank in the US, giving him amazing insight into technology that supports the mortgage industry

2014

Appointed national sales manager for mortgage broker distribution at Pepper Financial Services Group

Becomes group operations and finance manager for AMH Automotive Group and AMH Money

Moves to Resimac as head of wholesale and asset finance distribution

Joins ORDE to lead distribution team

A built-for-broker non-bank

ORDE Financial might have been the non-bank sector’s best-kept secret, but now it’s coming out guns blazing. “By design, our brand relatively ran under the radar,” says national distribution executive Lee Prior. “Now it's time for our industry partners to know who we are and what we stand for.” ORDE was established in 2019 and launched to market in 2020 – so you can be forgiven if you were distracted by other events. Despite the uncertainty of the pandemic, the fledgling lender successfully established a core of early relations with brokers, who have now grown in number to over 1,000.

The next step is to expand awareness. It’s that heady time in the life cycle of a new business when everything is coming together, and all the hard work is starting to convert to concrete results. “I have a big grin on my face because I'm really excited,” says Prior. ORDE has a broad range of comprehensive solutions across residential, commercial and SMSF lending, with flexibility to make deals work, and no broker clawbacks. Brokers are top of mind for Prior and one of the reasons the lender was set up in the first place. “In a market that's very competitive in the non-bank space, the main reason that we were established was our founders thought there was a better way to do things,” says Prior. Better service for brokers is a keystone of the business. “It's really, really important for us that we provide that customer service, noting that we're a broker-built business.”

Spotlight

ORDE is a specialist lender focusing on residential, commercial and SMSFs and backed by Wingate, a leading investment business and one of Australia’s most successful private property lenders, with more than $11.5bn of financed property transactions. ORDE provides competitive rates with no ongoing fees; comprehensive digital operations; and a highly experienced credit team. ORDE’s business team has extensive experience in leading and operating Australian specialist lending businesses and uses this experience to implement today's redefined digital technology capabilities, unlocking big improvements and delivering them to broker and borrower customers.

Company Profile

>$1bn

Total loan settlements

>1,000

Accredited brokers

75%

Maximum LVR for commercial loan

80%

Maximum LVR for residential loan

30 yrs

Maximum loan term

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CAREER HIGHLIGHT

Being picked to lead ORDE’s distribution team

IN PARTNERSHJP WITH

Lee Prior

National distribution executive at ORDE Financial

Awareness and education are key words for ORDE Financial, says Lee Prior, as the lender ramps up its efforts to become a non-bank for brokers that makes a real difference to their business

Read on

Lee Prior, ORDE Financial

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Better data, more business with open banking

Spotlight

CAREER HIGHLIGHT

Being picked to lead ORDE’s distribution team

Tenure at current position

3 years

FUN FACT

“I love to cook, especially over fire and charcoal”

Lee Prior

National distribution executive at ORDE Financial

Awareness and education are key words forORDE Financial, says Lee Prior, as the lender ramps up its efforts to become a non-bank for brokers that makes a real difference to their business

Read on

Prior is keen to make sure ORDE has consistent messaging and a consistent response when it comes to dealing with brokers. “All our brokers have direct contact, and not only with our sales team but also our credit team, which also provides extremely good value to the broker.” Rather like the initial launch to market during the height of the COVID crisis, some might see plans for a rapid expansion now as somewhat ill-timed. But Prior sees the glass as half full due to the outsized value that good service offers in an economy that’s now producing headwinds for some. “Having that contact with the credit floor is paramount in these uncertain times, especially when you've got customers that are providing a little bit of pressure at times,” he says. Headlines predicting precipitous falls in property values as the RBA continues to ramp up interest rates also don’t help. Despite the slowing economy and a narrow distribution footprint, ORDE products are in demand, with the non-bank recently surpassing a total of $1bn in lending. The lender believes that if it can consistently maintain service levels across a broad product set, it can build strong relationships as brokers’ preferred non-bank.

A hands-on education Prior says that aside from spreading awareness of ORDE products, the lender will also put a major focus on education. A key part of this is encouraging brokers to diversify beyond residential to commercial and SMSFs, a trope that Prior recognises is common among non-banks. “For me, it's one thing to talk about it,” he says. “But then it's another thing to actually take brokers on a journey through diversification.” It’s unusual for a new financial institution to offer multiple lending types across different sectors from the get-go, but ORDE looks set to break the mould in other ways too. As a broker-built non-bank, ORDE understands that brokers are generally time-poor. Setting aside a period to learn about another branch of lending impinges on a broker’s mainstream business.

Lee Prior, ORDE Financial

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“In a market that's very competitive in the non-bank space, the main reason that we were established was our founders thought there was a better way to do things”

“Having that contact with the credit floor is paramount in these uncertain times, especially when you've got customers that are providing a little bit of pressure”

Victoria, Australia

based in

1999

2003

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2015

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2021

Joins NAB as executive broker distribution

Becomes head of private wealth north at Westpac

Appointed head of asset finance at CBA

Named captain of the Waratahs

Named vice-captain of Australia's Rugby World Cup team

Waugh debuts as a professional rugby player with the Waratahs; makes Test debut with the Wallabies

Milestones

“Their primary income source takes a hit because they're not able to keep writing that,” says Prior. He understands that the training not only has to be useful but must also contribute to the bottom line as soon as possible. “I need to make sure that we're more than just scenario responders or pricing catalysts, and that if a broker wants us to come into their business, [we are asking] what are we actually bringing to the table?” Rather than platitudes or sales pitches, ORDE hopes to take concrete steps in the education process to help brokers with their referrals and their customer bases. “We've got to educate and make sure that we have structured meetings where you get in and get dirty and understand our brokers’ businesses.” Again, timing could be seen as an issue, with some businesses still writing record volumes but others having to take a step back as the market slows. Prior again emphasises the positive in the situation. “If you've got the opportunity, now is the time to start looking at your business, looking at digital processes, digital enhancements, whether it's working with your aggregator partners or your lender or BDMs on what are the best practices out there.” The lender only accepts applications via mortgage brokers and managers. ORDE doesn’t pursue a direct retail channel, seeing it as a misplaced conflict with its distribution partners.

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“I love to cook, especially over fire and charcoal”

FUN FACT

A time to grow ORDE will be taking on new lines and products in the upcoming quarter. Although the non-bank already has a range of aggregators on its panel, Prior is looking at expanding its distribution partners. “We’ve recently been given the opportunity to partner with a couple more aggregators, which will definitely help with market and consumer awareness.” ORDE also has an inaugural capital market funding product in the works. Over the next 12 months, the focus will remain on spreading the word about ORDE, sharing information, and making sure that brokers have unparalleled access. “It’s really important that the industry understands what we stand for – that is, customer service and that brokers are our customers,” Prior says. He says the aim is for ORDE to be one of the best non-bank lenders in the space by helping brokers become more knowledgeable about the lending business and enabling them to assist a wider cross section of customers. “It's not a short-term play; this is going to be what ORDE is known for.”

YEARS OF EXPERIENCE

YEARS OF ExPERIENCE

YEARS OF EXPERIENCE

IN PARTNERSHJP WITH