Homeloans Limited, a listed mortgage manager, say it is earning profits from securitisation even if others are not.Interim financial statements show Homeloans earned a net profit of $2.27 million in the half year to December 2007, up from $685,000 in the corresponding half in 2006.Changes to accounting policy mean the firm will now expense staff costs in managing loans and collections at they are incurred instead of wrapping up an estimate of those costs in the calculation of the effective interest earned on the loan portfolio.Homeloans reported a pre-tax profit of $2.4 million from origination and management and a profit of $1.85 million from securitisation of mortgages.Loans under management increased 20 per cent to $946 million.Homeloans is putting to use some of the cash arising from an investment of more than $40 million from Challenger Financial Services Group last year.The firm paid the final instalment on the acquisition \Independent Mortgage Corporation (acquired in March) and paid $2.4 million in November for Auspack Financial Services.