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A history of MERC by Robin Matters

Initially located in a small corner office in Adelaide, MERC Property was set up to place some rigor and accountability around the mortgagee in possession process. MERC Property had its roots in the real estate industry and was created as a R&D project by a company that I was previously a director of.

In the 1990’s there was a government enquiry into the banking industry known as “The Wallace Enquiry” that highlighted a number of issues, including the potential lack of quality control between Lenders and their Agents when selling mortgagee in possession properties. The foundation for this position was an industry trend where the local branch of the bank managed the mortgagee sale and provided the listing to one of the more successful real estate agents that banked with them.

The enquiry pointed out that the bank manager was probably more concerned about the relationship with the Agent than the rights of the defaulting borrower. Should the Agent err in their duties, the bank manager was ill equipped to deal with the problems for fear of financial incrimination. At the same time centralization of banking functions inferred that local knowledge would diminish and my past professional experiences indicated a noticeable lack of skill sets possessed by those parties responsible for managing the process.

All this was further complicated by another outcome of the Wallace enquiry, the establishment of the Banking Industry Ombudsman, who was just starting to dictate some guidelines and expectations around MIP processes.

At the conclusion of a review of the financial institutions realisation process I wrote the business plan and processes that make up the fundamentals of MERC Property today. I then created the company Mattisam Pty Ltd trading as Mortgage and Estate Realisation Company, or its acronym – MERC. The company has now been conducting its trade as it stands since 1st of June 1998, commencing on a trial basis with the Westpac Banking Corporation.

Since then MERC Property has grown to an office of dedicated industry professionals, working to deliver the best in customer service and who share my passion for getting it right. MERC Property has been instrumental in delivering innovative and reliable systems and processes that have assisted in establishing the industry as it stands today. Being a market leader in the provision of Mortgagee in Possession services around Australia, MERC Property are proud of the longevity of the partnerships we have shared with many of our clients, some of whom have been with us since our inception.