A mortgage aggregator reported a record $4.5bn in settlements over the June quarter, despite the challenges introduced by COVID-19.
According to Finsure Group, the strong figure was a 37% rise from the previous corresponding period.
“Despite COVID-19, Finsure’s growth continues to be a standout with record settlement volumes and strong broker recruitment anticipated,” said managing director John Kolenda.
“Finsure’s settlement volumes and loan book grew 23% and 19% year on year respectively despite difficult market conditions.
“This growing scale is now driving sustainable profit growth in its own right and creating increased margin opportunities within the banking and wholesale units.”
Over FY20, the group settled $15.6bn in loans, bringing its total loan book to $45.4bn.
“Finsure’s market share continues to grow through the year recording an all-time monthly record of $1.71bn in settlements during June 2020, a run rate of approximately $20bn,” said Kolenda.
“This was the second consecutive record month for Finsure.”
Integrated business BNK Banking Corporation also posted strong results over the period.
The group settled $129m in FY20, up 73% year on year, and ended with $285m of on-balance sheet loans, up 33%.
“The growing scale of the Finsure aggregation business creates great opportunity for the banking and wholesale businesses to manufacture high margin products and grow loan assets," said BNK interim CEO Don Koch.
“BNK continues to achieve growing operating leverage with operating expense growth below 5% and growing profitability.
“With low operating expense growth and growth in loan assets contributing to growing operating leverage and profits, the group remains well capitalised with a strong balance sheet and has made significant progress with diversification of funding over the period.”