Refund signs up 300th franchisee
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BN
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6/11/2009 1:00:00 PM
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5
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Wayne Ormond, founder and executive chairman of Refund Home Loans, says signing up its 300th franchisee is testament to the acceptance of its business model in the marketplace
Ormond said the milestone, achieved in just 67 months of operation, represented a 163% increase on the 114 franchisees the company had signed up two years ago.
Refund has to date paid back more than $5m in broker commission refunds to borrowers.
Ormond said he expected franchisee numbers to grow due to "customers understanding the advantages of dealing with a mortgage broker who shares his commissions with his customers which represents a real standout in today's market".
He also confirmed that Refund had performed well in the recent financial turbulence and was "increasingly popular in the tighter economic environment".
Related stories:
Ormond hits BRW's Young Rich list - Refund Home Loans' founder Wayne Ormond features in BRW's Special Edition of the Young Rich.
Latest Comments
Total:
5
comment(s)
ex Refund on
08 Nov 2009 11:02 AM
Joke of a model and joke of a business. Only join refund if you''re happy to line Ormonds pockets and not your own
Broker Sydney on
09 Nov 2009 12:59 PM
when you can offer a client a free of charge service,and it is a good service, I fail to see why you would pay the client to visit you.Ormond hit the rich list, so he is still getting a good cut of the action.Better to re invest the money back into the infrastructure of the business and keep improving service.
SunnyCoastBroker on
11 Nov 2009 11:30 AM
Yep, it seems obscene that Ormond gets richer while Refund franchisees battle with reduced commissions (and sharing it with their clients?? What a joke!), upcoming licencing and everything else that makes this industry way less palatable than it was a few years ago....
keith Bridges on
11 Nov 2009 12:33 PM
Yes there is only one person getting "fat" out of this model...and it is not the franchaise owners. What till the new legislation is upon us, with higher costs, lower commissions longer clawback periods, not much pie left as I see it..
perth broker on
17 Nov 2009 09:05 PM
Who would be foolish enough to sign up for this model?