Ormond backs Russell on Mortgage Choice expansion
By
Larry Schlesinger
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10/11/2009 8:18:00 AM
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Refund Home Loans boss Wayne Ormond has backed Michael Russell to lead Mortgage Choice into its next phase of development.
Last week, following the purchase of boutique aggregator Loankit, Mortgage Choice announced that this would be the first of a series of purchases as part of a new wholesale aggregation business, Beagle Finance.
Ormond backed the move and said Russell was the man for the job, given his previous experience in the wholesale aggregation space as head of Choice Aggregation Services.
"It is an area the new management is familiar with. I'd be concerned if this would have happened under the old management structure because they had no experience in this area," Ormond said.
But he said it was not an area Refund was looking to move into: "Aggregation is not for me," he told Broker news.
In contrast, he said Mortgage Choice was in a strong position to be a "force in aggregation" given the loan volumes they already do.
"The smaller aggregators are struggling with volumes," Ormond said "Mortgage Choice already has the volumes to compete against the bigger groups."
Related stories:
Mortgage Choice buys Loankit - Franchise group Mortgage Choice has bought aggregator Loankit as part of plans to enter the aggregation space
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