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Yellow Brick Road has reported record settlements and revealed the group is working to improve cross-selling alongside its two recent acquisitions.
The mortgage and wealth group officially completed its $53.6 million buyout of aggregator Vow Financial and mortgage manager Resi Mortgage Corporation on August 29.
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The united group posted $973 million of settlements for October – a 75 per cent increase on the previous year, assuming that Yellow Brick Road had then owned Vow and Resi.
Executive chairman Mark Bouris said the three businesses are aiming to produce consistent monthly settlements in excess of $1 billion.
"Applications have continued to build off the back of increased marketing activity, and the application pipeline indicates that November and December are shaping up to surpass October's settlement numbers," he said.
Mr Bouris said Yellow Brick Road's wealth management strategy had been introduced to the Vow and Resi businesses, and that the three businesses were working to improve their cross-selling.
A Macquarie-funded white label product was introduced to the Vow broker network at the Vow annual conference in September, Mr Bouris said.
"Early take-up of the product by the Vow brokers has been impressive, with settlements already starting to flow through," he said.
Mr Bouris said the Resi home loan product had been launched into the Vow and Yellow Brick Road networks, with its non-resident borrower capability proving popular with Asian investors.
"The momentum in our mortgage growth is very pleasing as is the progress we are making on the integration of the three businesses," he said.
The united group ended October with a loan book of $26.5 billion – a 21 per cent increase on the previous year, assuming that Yellow Brick Road had then owned Vow and Resi.
The group recorded a substantial rise in the number of 'distribution points' during the month of October, from 995 to 1,035.
Yellow Brick Road increased its branch numbers from 215 to 219, Vow increased its broker numbers from 742 to 775 and Resi increased its franchisee network from 38 to 41 franchises.
[Related: Yellow Brick Road growth strategy reaping rewards]
