Listed financial services group Firstfolio has solidified its position as a leading mortgage manager after entering into an agreement to acquire Australia’s largest online mortgage broking platform, eChoice.
The platform is designed to qualify, track and settle leads that have been generated online and utilises a network of mobile home lending managers as well as independent brokers.
As well as the online sales and processing platform, the acquisition includes eChoice’s $2.6 billion mortgage book and proprietary.
Following the completion of the acquisition, which is subject to shareholder approval, Firstfolio’s portfolio of residential loans under management and administration will total $10.5 billion.
“The acquisition of eChoice will immediately position Firstfolio as a leader in the online mortgage sales segment,” Firstfolio chief executive Mark Forsyth said.
“We believe the online segment has untapped potential in Australia, not only for mortgage distribution but for other financial products in Firstfolio’s portfolio.”
This deal is the latest in a series of strategic acquisitions and partnerships completed as a part of Firstfolio’s strategy to build a large scale, national distribution platform.
