Brokers help lender record 127% lift in settlements

An ASX-listed lender has credited mortgage brokers for helping the group achieve a 127 per cent increase in loan contracts settled in the second quarter of 2016.

In a quarterly trading update, DirectMoney highlighted that $3.18 million of loan contracts had settled in the second quarter of the 2016 financial year, a 127 per cent  increase on the first quarter.

The marketplace lender settled $1.27 million in loans in December last year, its largest settlements month since it started lending in October 2014.

DirectMoney had 224 accredited brokers at 31 December 2015 and has agreements in place with six major aggregators representing approximately 4,500 individual brokers.

The group recently rolled out its automated broker on-boarding and accreditation training management system.

“DirectMoney is focused on applying technology to take a growing share of the $100 billion per annum market for unsecured consumer credit and efficiently market these loans to wholesale and retail loan investors,” DirectMoney CEO Peter Beaumont said.

“To achieve this objective we will continue to broaden and deepen our loan origination channels whilst cementing a variety of loan sale arrangements.”

Executive chairman Stephen Porges said the lender’s second quarter performance was pleasing with loan settlement growth meeting internal estimates.

“The company is on track to achieving its short-term target for loan volumes,” he said.

“We will continue to invest in our proprietary technology platform, our people, channel partners and brand to accelerate loan volumes in an efficient and creditworthy manner.”

The company is focused on streamlining processes for the broker channel and their customers and said it will continue to invest in tools and integrations that enable brokers to fully manage loan applications and communications with DirectMoney consistently and efficiently.

[Related: ASX-listed lender partners with AFG]

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