The boutique aggregator has announced the appointment of Mortgage Choice’s former head of lending operations.
Purple Circle Financial Services (PCFS) has appointed Tim Donahoo to the role of compliance and risk manager.
Mr Donahoo joins Purple Circle from broking franchise group Mortgage Choice, where he has held several roles spanning over 20 years.
The new appointee most recently served as Mortgage Choice’s head of lending operations from July 2018 to January 2020 and has also served as the group’s head of lending services and as its head of credit services and standards.
Prior to joining Mortgage Choice in 1999, Mr Donahoo held a range of management roles across the financial services sector, which included a stint as lending manager at the Australian Residential Group and as personal finance manager at the Commonwealth Bank of Australia.
Purple Circle CEO Michael Stephens welcomed Mr Donahoo to the group, adding that he believes the new appointee is well suited to the role, given his vast experience in the compliance space.
“Tim is an excellent addition to the team. He brings highly relevant industry experience in compliance and regulatory framework gained from an impressive career over many years as a senior leader with Mortgage Choice,” Mr Stephens said.
“He has a wealth of expertise in managing compliance, with proven success in delivering effective and robust compliance frameworks.”
The aggregator’s chief operating officer, Frank Paratore, echoed Mr Stephens’ sentiment, adding: “Robust compliance is definitely a business enabler and not a detractor, that’s what Tim brings to the table.
“Tim is a recognised and acknowledged industry leader in compliance due to his experience, extensive understanding and knowledge of the regulatory framework. Fondly referred to in the industry as ‘Captain Compliance’, our members will be well served.”
Reflecting on his appointment, Mr Donahoo said he was looking forward to building on the progress made by Purple Circle over the past few years.
“The combination of good people, a growing distribution capability and no institutional ownership are vital ingredients to build a successful aggregation business,” he said.
“I trust that with my compliance and regulatory framework experience, I can help the team of PCFS deliver further structured support, success and ultimately great returns for broker shareholders over time.”
[Related: Major brokerage bolsters compliance team]
Charbel Kadib is the news editor on The Adviser and Mortgage Business.
Before joining the team in 2017, Charbel completed internships with public relations agency Fifty Acres, and the Department of Communications and the Arts.
Several leaders of aggregation groups have noted the government's...
The lenders have reduced variable mortgage rates for both owner-o...
The federal government has announced a range of small business in...