Lender reports 2,000% increase in broker originated loans

A personal lender saw $200,000 in originations in the month following the launch of its broker channel in June 2018. Now, a year later, the channel averages $4m in lending each month – a 2,000% increase.

SocietyOne has experienced 62% growth in loan originations since the introduction of the broker channel, passing $650m in overall lending. It took just eight months to reach $10m originated via the broker channel, as compared to the 47 months required for direct-to-consumer to reach the same figure.

The first half of 2019 came in with cumulative originations of $24.7m as compared to the $9.5m total originations recorded in the second half of 2018 – a 260% half-on-half increase.

The digital broker delivery channel at SocietyOne has been designed to specifically address new considerations presented by the post royal commission environment, which has “fundamentally changed” how consumers engage with mortgage brokers.

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Source: Lender reports 2,000% increase in broker originated loans