AustraliaÕs largest franchised mortgage broker, Mortgage Choice is searching for a CEO to drive the company into a strong growth period after the resignation of managing director Paul Lahiff.

Mortgage Choice chairman, Peter Ritchie said the company would appoint a CEO “who can take Mortgage Choice to the next phase of its development”.

Ritchie was keen to emphasise it is business as usual at the mortgage broking franchise. “We look ahead to a bright future, one in which we are well positioned to take advantage of numerous opportunities thanks to our robust business model, our strong brand, healthy geographic spread, and industry leading productivity”.

The company is hoping to find a CEO within one month. Lahiff, who will continue in his position until this appointment is confirmed, said “I am very proud of what Mortgage Choice has achieved since 2003, including the listing of the company on the Australian Stock Exchange plus continued growth and profitability through a number of challenging periods in the housing finance market. The Mortgage Choice business model is well placed to meet future challenges, given the strength of its brand and business model.”

In March the company claimed two industry awards at the Mortgage and Finance Association of Australia Awards: the Retail Aggregator/Originator of the Year award, and long-time franchisees Mark Boulton and Anthony Smith won Mortgage Broking Business of the Year (6+ Loan Writers). It is the business pairÕs second award for the year, having won 2008 Mortgage Choice Victoria/Tasmania Multi Franchise Operator of the Year at the companyÕs national conference in January.

In February Mortgage Choice recorded a 22 percent drop in net profit after tax of $8.3 million for the half year to December 2008 with a total revenue of $79.8 million, down 7 percent on the previous corresponding periodÕs $85.5 million.

Mortgage ChoiceÕs loan book now stands at $34.4 billion at 31 December 2008, up 9 percent from $31.6 billion at 31 December 2007.