Non-bank lender and diversified mortgage distribution company Homeloans reported a stronger principally funded loan book of $5.8bn as of 31 December 2016.
In releasing its half yearly financial results, the lender reached a total of $9.4bn in assets under management (combining the principally funded loan book with Homeloan’s white label managed book). This was up 10% from the year before.
Additionally, the lender reported a third party broker book of $4.1bn.
Total loan settlements equalled $2,069m in H1 FY2017 – an increase of 9.8% from the same period in the previous financial year. Of these, $445m were non-branded settlements through the broker channel.
Homeloans also reported that its merger integration of RESIMAC was tracking ahead of expectations, citing a number of operational milestones achieved during the half yearly financial period. These included the rationalisation of key premises and the finalisation of the merged group organisational structure as well as key management appointments.
“We are pleased that settlement growth across our proprietary lending, third party lending and direct channels has remained buoyant in the period and throughout the merger,” said Homeloans’ joint CEO, Scott McWilliam.
“The two organisations have come together, and are well placed to capitalise on the opportunities in the market to further grow our settlements, our Assets under Management and ultimately grow our bottom line.”
Looking towards H2 FY2017, Homeloans expects the broker channel to support increased settlement volumes taking in a market share of up to 90%.
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