In Brief: Direct Originations Lift Equity Lender

Home equity lender Approved Financial Corp. reported net income of $1.68 million for the second quarter, up almost 100% from about $850,000 a year earlier.

Loan originations for the quarter more than doubled from a year earlier, to $117 million.

The company has been deemphasizing its broker loan originations in favor of direct retail loan generation, which carries higher profits. In the second quarter, 48% of Approved's loans were originated directly, versus 38% a year earlier.

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