First Folio makes its eChoice

First Folio chief executive Peter Andronicus spelled out plans to "double settlement volumes over the next five years," at the company's annual meeting in Sydney on Friday.

Andronicus also said First Folio planned to change its name to eChoice Limited, "to leverage eChoice's successful brand name and industry recognition."

Andronicus  was head of the eChoice  subsidiary before being promoted to group CEO.

Eric Dodd, the company's chair, told the AGM that "the market for residential mortgages remains highly competitive.

"Settlement volumes in the industry remain healthy, but heavy competition, dominated by the big banks, is restricting margins."

He said this "impacted the performance of non-bank lenders during the year, which includes our wholesale mortgage business."