GE Money has clarified the exit strategy for its Wizard Home Loans business, which is to sell the Australian network and part of the lending book to National Australia Bank and to close the New Zealand network altogether.GE announced the closure in New Zealand yesterday while NAB confirmed it was in talks to buy the Australian franchises network of Wizard.NAB will also buy a $4 billion portfolio of Wizard originated home loans. GE has another $15 billion in home loans under management, a proportion of which would also be sourced through Wizard but are not part of the sale to NAB.No terms are confirmed for the sale of Wizard in Australia, though both The Age and The Australian report it is likely to be for less than $30 million.NAB will thus have three mortgage brands in the Australian market; its own, HomeSide (through mortgage brokers) and Wizard.How this will help NAB is unclear, though NAB does need help in the home loan market. NAB accounted for less than 12 per cent of net lending growth (or market share measured by "flow") in the September 2008 quarter, compared with a 35 per cent market share for Commonwealth Bank, a 26 per cent share for Westpac (including St George) and a 20 per cent share for ANZ.GE paid $360 million to buy Australian Finance Investment Group, including Wizard, in late 2004. GE, as well as radically changed market conditions, have conspired to destroy most of that value. The wholesale funding business of GE, while it remains, has burned off many mortgage managers through the uncompetitive pricing.Wizard has about 170 franchises, down from just over 200 franchises 18 months ago.GE will service its New Zealand loan book from Sydney.