X Inc Finance and eMOCA, the mortgage broker group of Australia's largest real estate agent Ray White, yesterday announced a merger.The transaction will combine X Inc, with Ray White Group's Electronic Mortgage Organisation Channels of Australasia Pty Ltd, (eMOCA), comprising Ray White Financial Services, Loan Market and REA Home Loans.The merged group has reported a loan book of $8 billion, with 500 mortgage brokers across Australia, writing approximately $600 million in loans each month.Former CEO of X Inc, Jennifer Nielsen, has been appointed CEO of the new group, and said the transaction would create a larger, more efficient group with the ability to handle greater volumes of business at a time of significant growth in the mortgage broking industry.Contrary to this, Australia's largest broker AFG reported September had a 21 per cent decline in loans, month on month, with Aussie down 12 per cent for the same period. Ray White's residential, commercial and rural property real estate operations will not form part of the deal.