has hit back at criticisms from rival aggregator Connective
, claiming that its financial results are more transparent and are a more valuable measure of mortgage industry performance.
claimed loan settlement numbers were the only true indicator of performance for an aggregator, after AFG
posted loan processing numbers of $3.07bn last week.
principal Murray Lees said such measures "may sound impressive but they don’t translate into income in the pockets of the brokers.”
's general Manager Mark Hewitt
responded by saying while he agreed that "settlements pay the bills," his company's transparent approach made its figures far more valuable to the market.
is totally transparent, to the point we publish our audited financials on our website, something many of our competitors, notably Connective
fail to do," he said.
"The purpose of the mortgage index is to provide a real time insight into trends in the Australian mortgage market. The best way to do his is by releasing our monthly lodgement results as close as possible to the end of the month," he said.
"We think the market values data provided by organisations who have their data audited by credible accounting firms and who post it on their sites to be scrutinised by others," he said.
Hewitt confirmed AFG
's loan settlements reached $1.9bn last month. Connective
, by comparison, claimed a $1.3bn settlement figure in the same period.
In response to Connective
's statement which said that it had increased numbers in WA over the past year, Hewitt told Australian Broker that AFG
's network was solid in the state.
"I am not aware of a single broker who has left AFG
and not returned in the last 12 months, including in WA where we have just had a record month," he said.