Mortgage lender Homeloans Ltd has entered into agreements with 54 former Refund brokers to become Homeloans branded brokers.In May, Homeloans announced a deal with the administrators of the failed broker group, Refund Home Loans, to buy certain assets of the company.Homeloans said, at the time, that its goal was to use the acquisition to expand its distribution. It had 25 branded brokers operating as mobile lender, shopfront operators and employees. Homeloans' chief executive, Tim Holmes, said, in a statement yesterday, that Homeloans had a "platform to take the business to the next level."Benefits of the Refund deal will not show up in the company's account until the end of the current financial year. Yesterday Homeloans reported that net profit for the year to June was A$8.1 million - down 11.9 per cent from the previous year. After adjusting for $300,000 of costs associated with the Refund deal and other non-cash items, normalised net profit was $8 million - down from $8.1 million the previous year.The result was driven by cost savings. Operating expenses were down 15 per cent to $15.5 million.Fee and commission income was down 3.5 per cent.Total funds under administration rose from $5.6 billion to $7.8 billion (including Refund's $1.9 billion loan book).Return on equity fell from 20.9 per cent in 2010/11 to 20.2 per cent in the year to June.