New lender head to lead charge into broker market

by Amy Rosenfeld19 Dec 2013
Firstmac has reinforced its intention to grab a larger slice of the broker market in 2014 with the appointment of a new National Sales Manager, Brokers.

Jake Sanders has taken up the post, signaling “a new coordinated approach to the broker channel”.

Sanders has a wealth of experience in dealing with mortgage broker distribution, said Darren McLeod, head of sales at Firstmac.
“Jake’s seven years’ experience in this important channel, together with his close to 20 years in the finance industry, will see us better placed to hit our business goals for 2014.”
Earlier this month Firstmac further increased its footprint in the mortgage market by acquiring an $80m portfolio of mortgages originated by Waratah Cooperative Housing Society.
Waratah Cooperative, which was based in Toowong, Brisbane, collapsed after it defaulted on its Commonwealth Bank loan and has been in receivership since last December.
The lender’s 2013 financial report stated originations were “unchanged” in the year to June 2013 and “broadly equivalent to the level of discharges”.

Its loans under management increased $200m in the past financial year, to $4.6m. It has 23,000 borrowers.

Net profit was $8.4 million in the year to June 2013, up from $7.3 million in 2012.