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Diversified Mortgage Choice continues strong growth

 

 

Diversified Mortgage Choice continues strong growth

Nick Bendel Comments 2
— 1 minute read

Mortgage Choice looks on track to post another record result after posting strong growth in approvals and broker numbers.

The group reported $3.3 billion of approvals for the three months to 30 September 2014, according to an early trading update. That marked a 12.5 per cent increase on the previous year.

Loan writer numbers rose by 8.6 per cent, from 510 to 554, while the number of advisers in Mortgage Choice's financial planning business jumped by 131.3 per cent, from 16 to 37.

The strong start to 2014/2015 comes after Mortgage Choice delivered a record profit and settlement result in 2013/2014.

Chief executive Michael Russell said he expected Mortgage Choice to enjoy "steady improvement" in its broking business this financial year.

He also forecast "significant growth" in both revenue and recruitment for the financial planning business.

"Overall, Mortgage Choice expects profitable growth in cash profits," Mr Russell said.

The group's strong growth was reflected in The Adviser's recent Elite Business Writers rankings, with 12 Mortgage Choice brokers making the top 50 list.

Their top performers by volume were James Hasselle with $174 million, Matt Cunliffe with $159 million, Scott Partridge with $128 million and Wendy Higgins with $115 million.

Other star performers included Colin Mason with $112 million, Marshall Condon with $102 million, Deslie Taylor with $102 million and Andrew Heath with $97 million.

The other Mortgage Choice brokers on the list were Darren Comerford with $85.8 million, Leteisha Pileggi with $85.7 million, Adam Bourke with $84 million and Antony Muir with $82 million.

The combined residential loan volumes of this year's Elite Business Writers were 14.3 per cent higher than last year's top 50 brokers.

Meanwhile, executive chairman Peter Ritchie said Mortgage Choice had transformed itself during the past two years since implementing a strategy of home loans growth, cross selling and diversification.

"With the ... strategy now in its third and final year, the team is well down the road of successfully transitioning the business into a fully-fledged financial services hub and will continue this successful transition over the months ahead," Mr Ritchie said.

"Looking ahead, Mortgage Choice will continue to expand its new financial planning arm in a bid to become a full financial services provider for our customers."

[Related: Debate continues about mixing broking and planning]

Diversified Mortgage Choice continues strong growth
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