After a lot of media reports of the big banks trying to bring down mortgage broking commissions, listed mortgage franchise, Mortgage Choice has just announced a great September quarter results.

Mortgage Choice chairman, Peter Richie, announced this morning at their Annual General Meeting (AGM), reported that results were 19% above last quarters results.

The chairman told holders,“We are up on last year and ahead of budgets on all metrics.”

With stats showing that the ‘Big Four’ banks still heavily rely on mortgage brokers to originate their loans, we are seeing a trend of banks setting up their own network of mobile lenders. This being said, Westpac source 43% of it’s loans through brokers, with Commonwealth Bank at 42%,  ANZ 38% and NAB at 19% – all  either steady or up from last year. This does not discount the fact that the big banks have cut commission to brokers, but it does show there is still a definite reliance on the mortgage broking industry.

As Mortgage Choice is one of the largest companies in the industry, they can offer large volume to lenders, helping avoid the larger of the banks commission cuts.