Aggregator posts record loan settlements

by Mark Rosanes18 Sep 2020

A boutique aggregator has followed up a stellar growth year by posting loan settlements that shattered its previous high.

August settlements for Purple Circle Financial Services rose 14.33% above their previous record month in May, the firm’s chief operating officer Frank Paratore revealed.

This comes after the aggregator reported a 52.8% year-on-year increase in mortgage financing last July, way over the industry average of 10.3% based on CoreLogic’s numbers.

Paratore has attributed the company’s continued surge to the recruitment of quality brokers as it bolstered its media campaigns over the year and through “strong word-of-mouth referrals from existing brokers.”

“Our unique share-based, co-op style offering is proving to be very attractive to brokers looking for more from their aggregator,” he said.

“Our broker members have a strong say in the strategic direction of the company, which allows us to not only provide brokers with what they need, but also what they want for their businesses to succeed. This is clearly reflected in the company’s performance to date.”

The aggregator's performance has held strong despite the challenges from the royal commission, the devastating bushfire season, and COVID-19 pandemic. Paratore said this resilience has lifted Purple Circle’s profile as “an emerging leader in the mortgage broking space.”