Inside Australia’s top settlements team
The cracks in a home loan experience often show up late – missed documents, last-minute phone calls, settlements that stumble when they should run smoothly. For brokers, that final stage is where reputations are won or lost.
It’s also where one firm, operating largely outside the public spotlight, has quietly taken the lead.
Three decades ago, Sam Makhoul started a law firm with two colleagues in a modest Sydney office. Today, MSA National processes over 2,000 mortgage settlements daily, serves Australia’s largest financial institutions and has been consistently ranked the number one settlement services provider by the vast majority of mortgage broker groups.
The numbers tell part of the story. In the past three years alone, MSA National has settled over 680,000 transactions worth $370 billion in loans for 1.1 million customers across 730,000 properties. But statistics don’t capture what makes this company different in an industry often criticised for its bureaucracy and impersonal service.
A settlement services provider outperforming more traditional players might surprise some in Australia’s financial sector – but MSA National’s rise is rooted in rethinking the process itself. By blending legal expertise with tailored technology solutions, the company has redefined its identity as more than just a law firm. From launching Australia’s first paperless mortgage document signing to developing AI that cuts document preparation times from hours to seconds, MSA National has carved out a reputation for simplifying complexity – while keeping personal service at its core.
Spotlight
MSA National is a leading Australian settlement technology and professional services business specialising in mortgage documentation, settlements and document custody. With over 30 years of expertise, it has developed customer- and broker-focused digital solutions that are smashing records for ‘speed to settle’. MSA’s suite of settlement tech has eliminated many pain points for customers, brokers and lenders. All five tech solutions work synergistically to eliminate confusion and strip away the complexity of settling a home loan, ultimately giving more time back to brokers.
Company Profile
#1
SETTLEMENT SERVICES PROVIDER RANKING*
30
YEARS IN BUSINESS
>50^
LENDERS USING MSA's SERVICES
$13.4bn
AVERAGE AMOUNT SETTLED PER MONTH
300+
HEAD COUNT
Bio
Spotlight
Milestones
Media
Accolades
Company Profile
Years of experience
25
tenure at current position
3 years
career highlight
Being picked to lead ORDE's distribution team
MSA National
How MSA National is reshaping settlements with technology while elevating the human touch brokers want
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LINDA COOPER,
MSA national
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Karen Adams
Before becoming CEO of Fundserv, Karen Adams held a variety of leadership roles around the world – and she learned that listening and understanding are key to both providing service and developing talent
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Makhoul’s transformation of MSA National from traditional law firm to technology-driven settlement specialist wasn’t accidental. In 2015, the company launched what it called Digital Now – a strategy to redefine its identity.
“We embarked on a transformative program called Digital Now. It was a deliberate strategy to transition away from being perceived as just a law firm, because we recognised that we’re more than that,” says Makhoul, who remains the company’s managing director and chief executive.
The shift required rethinking everything about how mortgage settlements work. “We’re really a mortgage documentation and settlement technology company first and foremost that manages risk like a law firm,” Makhoul says. The company now operates with the operational disciplines of major banks while maintaining what he describes as “the heart and soul of a small company that is focused on treating customers with empathy and humility”.
This dual identity – technological sophistication paired with personal service – has become MSA National’s defining characteristic. The company has retained its case ownership model, something Makhoul notes that big banks are now returning to after years of adopting a production line model that treats a customer like a number.
MSA National’s technology development follows a simple principle: eliminate pain points rather than create impressive features. The company maintains a continuous feedback loop with mortgage brokers, asking what customers find complex or confusing.
“We built our products because we have a continuous focus on eliminating pain points,” says Ayhan Baba, head of strategic partnerships at MSA National. “If there is a pattern of pain points, then we get back to the tech team and say, ‘How can we solve this?’”
The solutions aren’t always technological. Sometimes the company re-engineers processes within regulatory frameworks and lender policies. Only when process changes are exhausted does MSA National turn to automation and technology solutions.
One example emerged from recognising generational changes in how people consume information. "We live in the YouTube generation where nobody reads anymore. So we developed a video solution to manage customer expectations and focus their attention on what they needed to do to get a quicker, pain-free settlement," Baba explains.
The personalised video solution, called MyVideo, highlights the most important features of each customer’s loan and eliminates over 40% of phone calls and emails to brokers and lenders. This frees up advisers to focus on what they do best rather than answering routine questions.
Linda Cooper, MSA National’s head of mortgage operations, sees technology as the foundation that enables human connection. “At the end of the day, our tech is there to make the experience better for everyone involved. It gives our people the space to do what they do best – connect with customers, solve problems and guide the process with care and confidence,” Cooper says.
Perhaps no area illustrates MSA National’s approach better than document signing – traditionally one of the most frustrating parts of the mortgage process. The company identified this as a critical pain point early in its digital transformation.
“After the application process, document signing is the most important touchpoint,” Makhoul says. “If you don’t get the documents signed and all the conditions in the document satisfied, you can’t book settlement.”
MSA National’s DigiDocs platform, launched in 2016 as Australia’s first paperless e-sign solution, allows customers to sign mortgage documents with a mouse click. But the real innovation came in recognising that technology alone wouldn’t solve the problem.
Cooper explains the company’s approach: “There’s no coincidence – once we uplift the document-signing experience for new partner lenders, average turnaround times to settlement reduce considerably.”
The combination of DigiDocs and MyVideo creates what Cooper describes as an end-to-end approach that strips friction from the early stages of the process. “Brokers don’t spend much time on the documentation anymore because a lot of that is automated,” she says.
For all its technological achievements, MSA National’s leadership consistently returns to human relationships as the company’s competitive advantage.
Katrina Makhoul, MSA National’s head of people and culture and Sam’s wife, has spent 17 years at MSA developing recruitment and cultural practices that prioritise empathy and humility over technical credentials.
“I would say the difference is our people,” she says. “We’ve created a culture where staff want to help the customer; they want to connect with the brokers. They want to go the extra mile.”
The company’s approach to hiring reflects this priority. “Because I live and breathe the culture, I look at every subtle word an applicant says,” Katrina explains. “Are they empathetic? Are they problem-solvers with the right mindset?”
Technical skills can be taught, but character cannot. “If I get a good feeling – if they’re genuine, kind, humble, quick to understand – I know we can train them in the role,” she says. “But I can’t train humility. I can’t train empathy.”
“[Our technology] gives our people the space to do what they do best – connect with customers, solve problems and guide the process with care and confidence”
“I would say the [MSA] difference is our people. We’ve created a culture where staff want to help the customer, they want to connect with the brokers. They want to go the extra mile”
IN PARTNERSHIP WITH
IN PARTNERSHIP WITH
Sam Makhoul
Linda Cooper
Katrina Makhoul
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La Trobe Financial head of distribution Michelle Bannister shares her career journey, hoping to inspire more women to join the finance industry
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Published 28 Jul 2025
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From legal practice to technology powerhouse
“We work closely with brokers and lenders to ensure all pain points for the customer are eliminated. Our tech strips away the complexity and makes it invisible to the customer.”
KATRINA MAKHOUL, MSA NATIONAL
Technology that solves real problems
SAM MAKHOUL, MSA NATIONAL
MSA National’s investment in workplace culture goes beyond feel-good initiatives. The company has provided on-site massage services for over 25 years – since 1998, long before tech giants made such perks standard. Regular activities include go-karting, bowling, cinema experiences, Pilates during lunch breaks and celebrations for every cultural food-based event.
But the real cultural differentiator lies in how the company structures itself. “We’re not structured like a traditional law firm,” Katrina explains. “We operate with senior paralegals, team leaders, team managers. Each senior person is responsible for training and providing that cultural MSA experience.”
This flat structure eliminates hierarchies that can create distance between staff and customers. “If there is an air of self-importance, I know they will not fit in culturally because we don’t have hierarchies at MSA. Everyone is important, and everyone feels valued for what they do,” she says.
The document-signing revolution
Katrina Makhoul
Head of people and culture
Oversees culture and hiring at MSA, drawing on years of experience and a people-first approach
expertise
Linda Cooper
Head of mortgage operations
Proven leader delivering results in M&A, restructuring and transformation across diverse industries
expertise
Sam Makhoul
Founder, managing director and CEO
Oversees innovation at MSA and works tirelessly on sponsoring tech solutions; focuses heavily on growing other MSA leaders
expertise
Executive leaders
Making the complex invisible
The mortgage settlement process involves complex legal requirements that can overwhelm customers and create delays. MSA National’s approach focuses on making this complexity invisible rather than explaining it away.
“Legal excellence comes from stripping away the complexity of the law and making it invisible to the customer,” Sam Makhoul says. “We work closely with brokers and lenders to ensure all pain points for the customer are eliminated. Our tech strips away the complexity and makes it invisible to the customer.”
This philosophy extends to settlement day itself – traditionally the most stressful part of the mortgage process. Cooper emphasises the goal: “Our goal is to have the least involvement needed from the borrower and the broker on the day of settlement. It should just happen – smoothly and without stress.”
The company’s technology creates transparency that reduces anxiety. LoanTrak, the industry-standard tracking platform with over 15,000 active users, keeps all parties informed throughout the process. OnTrak, launched in 2024, provides real-time updates to customers on loan progress.
Katrina Makhoul
Linda Cooper
Sam Makhoul
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Premium Content
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Reverse Mortgages
Investment Loans
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Best In Mortgage
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News
Character cannot be taught
Culture as competitive advantage
MSA National’s latest technological development represents perhaps its most ambitious attempt to eliminate friction from mortgage settlements. MSAi, launched in 2022, uses artificial intelligence to automate up to 80% of the settlement process, reducing approval to settlement time from over 20 days to under 10 days for refinance.
This level of automation might seem to contradict the company’s emphasis on personal service, but Sam sees it as enabling more meaningful human interaction. By handling routine tasks automatically, MSA’s staff can focus on problem-solving and customer support where human judgement matters most.
Cooper also sees this as essential for handling the unexpected situations that can derail settlements. “You might get thrown a curveball or suddenly need to track down shortfall funds. That’s where our tech comes in – it smooths out the process, gives brokers back time and takes the pressure off the customer,” she says.
The artificial intelligence advantage
The mortgage broking industry’s recognition of MSA National’s approach validates the company’s strategy. Being ranked first by most broker groups represents more than market share – it reflects a dominance that has been earned from over 30 years of listening to brokers.
The company consistently ranks first on the PEXA platform across multiple metrics and maintains industry-leading Google reviews. MSA National also won the PEXA Innovation Award, which recognised its commitment to developing customer-centric solutions through industry partnerships.
As MSA National celebrates its 30th anniversary, global expansion features prominently in its plans. The company aims to extend its AI capabilities further while maintaining the personal-service approach that has defined its success.
Sam Makhoul’s philosophy guides this growth: “Complacency is the enemy of progress. With our exceptional team, we are committed to transforming the customer experience with passion. Every day, we strive to make mortgage settlements simpler for customers, ensuring lenders who partner with MSA National have happier brokers and happier clients.”
For brokers, settlement day should be predictable – not a scramble of last-minute phone calls and missing signatures. By stripping out friction and keeping relationships at the centre, MSA National is using technology to let the human element shine.
“We’re people helping people,” says Katrina Makhoul. “The tech clears the path – but it’s our people who walk brokers and customers through it.”
Industry recognition and future growth
1995
1999
2005
2015
2020
2025
Makhoul Symond Lawyers founded and appointed by Macquarie Bank to document broker loans under PUMA, laying the groundwork for MSA National
1995
Launches LoanTrak, the first fintech product that allowed brokers to track their loans online in real time
1999
Rebrands to MSA National with offices across Australia
2005
Launch of DigiDocs, Australia’s first premium e-sign platform delivering error-free docs, faster customer completion and quicker settlements
2015
During COVID-19, MSA is known as the “safe choice in tough times” due to its end-to-end paperless digital solution
2020
MSA celebrates 30 years, achieving its target of automating 80% of tasks in the settlement process
2025
Milestones
*Ranked by 24/25 mortgage broker groups and aggregators, according to survey by one of top seven banks in Australia
^Including Macquarie, NAB, ING and AMP
The company’s technology creates transparency that reduces anxiety. LoanTrak, the industry-standard tracking platform with over 15,000 active users, keeps all parties informed throughout the process. OnTrak, launched in 2024, provides real-time updates to customers on loan progress.
The mortgage settlement process involves complex legal requirements that can overwhelm customers and create delays. MSA National’s approach focuses on making this complexity invisible rather than explaining it away.
“Legal excellence comes from stripping away the complexity of the law and making it invisible to the customer,” Sam Makhoul says. “We work closely with brokers and lenders to ensure all pain points for the customer are eliminated. Our tech strips away the complexity and makes it invisible to the customer.”
This philosophy extends to settlement day itself – traditionally the most stressful part of the mortgage process. Cooper emphasises the goal: “Our goal is to have the least involvement needed from the borrower and the broker on the day of settlement. It should just happen – smoothly and without stress.”
Making the complex invisible
“We work closely with brokers and lenders to ensure all pain points for the customer are eliminated. Our tech strips away the complexity and makes it invisible to the customer.”
SAM MAKHOUL, MSA NATIONAL
MSA National’s investment in workplace culture goes beyond feel-good initiatives. The company has provided on-site massage services for over 25 years – since 1998, long before tech giants made such perks standard. Regular activities include go-karting, bowling, cinema experiences, Pilates during lunch breaks and celebrations for every cultural food-based event.
But the real cultural differentiator lies in how the company structures itself. “We’re not structured like a traditional law firm,” Katrina explains. “We operate with senior paralegals, team leaders, team managers. Each senior person is responsible for training and providing that cultural MSA experience.”
This flat structure eliminates hierarchies that can create distance between staff and customers. “If there is an air of self-importance, I know they will not fit in culturally because we don’t have hierarchies at MSA. Everyone is important, and everyone feels valued for what they do,” she says.
Katrina Makhoul
Head of people and culture
Oversees culture and hiring at MSA, drawing on years of experience and a people-first approach
expertise
Linda Cooper
Head of mortgage operations
Proven leader delivering results in M&A, restructuring and transformation across diverse industries
expertise
Sam Makhoul
Founder, managing director and CEO
Oversees innovation at MSA and works tirelessly on sponsoring tech solutions; focuses heavily on growing other MSA leaders
expertise
Executive leaders
For all its technological achievements, MSA National’s leadership consistently returns to human relationships as the company’s competitive advantage.
Katrina Makhoul, MSA National’s head of people and culture and Sam’s wife, has spent 17 years at MSA developing recruitment and cultural practices that prioritise empathy and humility over technical credentials.
“I would say the difference is our people,” she says. “We’ve created a culture where staff want to help the customer; they want to connect with the brokers. They want to go the extra mile.”
The company’s approach to hiring reflects this priority. “Because I live and breathe the culture, I look at every subtle word an applicant says,” Katrina explains. “Are they empathetic? Are they problem-solvers with the right mindset?”
Technical skills can be taught, but character cannot. “If I get a good feeling – if they’re genuine, kind, humble, quick to understand – I know we can train them in the role,” she says. “But I can’t train humility. I can’t train empathy.”
Perhaps no area illustrates MSA National’s approach better than document signing – traditionally one of the most frustrating parts of the mortgage process. The company identified this as a critical pain point early in its digital transformation.
“After the application process, document signing is the most important touchpoint,” Makhoul says. “If you don’t get the documents signed and all the conditions in the document satisfied, you can’t book settlement.”
MSA National’s DigiDocs platform, launched in 2016 as Australia’s first paperless e-sign solution, allows customers to sign mortgage documents with a mouse click. But the real innovation came in recognising that technology alone wouldn’t solve the problem.
Cooper explains the company’s approach: “There’s no coincidence – once we uplift the document-signing experience for new partner lenders, average turnaround times to settlement reduce considerably.”
The combination of DigiDocs and MyVideo creates what Cooper describes as an end-to-end approach that strips friction from the early stages of the process. “Brokers don’t spend much time on the documentation anymore because a lot of that is automated,” she says.
The document-signing revolution
“I would say the [MSA] difference is our people. We’ve created a culture where staff want to help the customer, they want to connect with the brokers. They want to go the extra mile”
KATRINA MAKHOUL, MSA NATIONAL
MSA National’s technology development follows a simple principle: eliminate pain points rather than create impressive features. The company maintains a continuous feedback loop with mortgage brokers, asking what customers find complex or confusing.
“We built our products because we have a continuous focus on eliminating pain points,” says Ayhan Baba, head of strategic partnerships at MSA National. “If there is a pattern of pain points, then we get back to the tech team and say, ‘How can we solve this?’”
The solutions aren’t always technological. Sometimes the company re-engineers processes within regulatory frameworks and lender policies. Only when process changes are exhausted does MSA National turn to automation and technology solutions.
One example emerged from recognising generational changes in how people consume information. "We live in the YouTube generation where nobody reads anymore. So we developed a video solution to manage customer expectations and focus their attention on what they needed to do to get a quicker, pain-free settlement," Baba explains.
The personalised video solution, called MyVideo, highlights the most important features of each customer’s loan and eliminates over 40% of phone calls and emails to brokers and lenders. This frees up advisers to focus on what they do best rather than answering routine questions.
Linda Cooper, MSA National’s head of mortgage operations, sees technology as the foundation that enables human connection. “At the end of the day, our tech is there to make the experience better for everyone involved. It gives our people the space to do what they do best – connect with customers, solve problems and guide the process with care and confidence,” Cooper says.
Technology that solves real problems
Makhoul’s transformation of MSA National from traditional law firm to technology-driven settlement specialist wasn’t accidental. In 2015, the company launched what it called Digital Now – a strategy to redefine its identity.
“We embarked on a transformative program called Digital Now. It was a deliberate strategy to transition away from being perceived as just a law firm, because we recognised that we’re more than that,” says Makhoul, who remains the company’s managing director and chief executive.
The shift required rethinking everything about how mortgage settlements work. “We’re really a mortgage documentation and settlement technology company first and foremost that manages risk like a law firm,” Makhoul says. The company now operates with the operational disciplines of major banks while maintaining what he describes as “the heart and soul of a small company that is focused on treating customers with empathy and humility.”
This dual identity – technological sophistication paired with personal service – has become MSA National’s defining characteristic. The company has retained its case ownership model, something Makhoul notes that big banks are now returning to after years of adopting a production line model that treats a customer like a number.
From legal practice to technology powerhouse
The numbers tell part of the story. In the past three years alone, MSA National has settled over 680,000 transactions worth $370 billion in loans for 1.1 million customers across 730,000 properties. But statistics don’t capture what makes this company different in an industry often criticised for its bureaucracy and impersonal service.
A settlement services provider outperforming more traditional players might surprise some in Australia’s financial sector – but MSA National’s rise is rooted in rethinking the process itself. By blending legal expertise with tailored technology solutions, the company has redefined its identity as more than just a law firm. From launching Australia’s first paperless mortgage document signing to developing AI that cuts document preparation times from hours to seconds, MSA National has carved out a reputation for simplifying complexity – while keeping personal service at its core.
“[Our technology] gives our people the space to do what they do best – connect with customers, solve problems and guide the process with care and confidence”
LINDA COOPER,
MSA national
The cracks in a home loan experience often show up late – missed documents, last-minute phone calls, settlements that stumble when they should run smoothly. For brokers, that final stage is where reputations are won or lost.
It’s also where one firm, operating largely outside the public spotlight, has quietly taken the lead.
Three decades ago, Sam Makhoul started a law firm with two colleagues in a modest Sydney office. Today, MSA National processes over 2,000 mortgage settlements daily, serves Australia’s largest financial institutions and has been consistently ranked the number one settlement services provider by the vast majority of mortgage broker groups.
Inside Australia’s top settlements team
Published 28 Jul 2025
Spotlight
1868
2010
2014
2016
2016
2017
John Holmes establishes law firm Thompson & Holmes in Christchurch, known today as Lane Neave
1868
Opening of the Queenstown office
2010
Opening of the Auckland office
2014
Opening of the Wellington office
2016
Christchurch team transitions to purpose-built premises at 141 Cambridge Terrace, following Christchurch earthquakes of 2011
2016
Appointed to the All of Government Panel
2017
Milestones
1868
2010
2014
2016
2016
2017
John Holmes establishes law firm Thompson & Holmes in Christchurch, known today as Lane Neave
1868
Opening of the Queenstown office
2010
Opening of the Auckland office
2014
Opening of the Wellington office
2016
Christchurch team transitions to purpose-built premises at 141 Cambridge Terrace, following Christchurch earthquakes of 2011
2016
Appointed to the All of Government Panel
2017
Milestones
Ayhan Baba
Ayhan Baba
Head of strategic partnerships
Strategic partnerships lead with 20+ years’ global finance experience in product, strategy and business growth
expertise
Linda Cooper
Linda Cooper