Mortgage funder FirstMac yesterday reported its financial results for the 2009 financial year, with a net profit of $14.7 million, an increase of more than three times on 2008 and described as "a record result for the group".FirstMac is one of several larger mortgage funders that attracted some support from the Australian government, through the AOFM, to maintain lending during a period in which many other niche funders in the home loan market wavered or faltered.Westpac has also provided fresh funding, with a warehouse of $250 million to fund new home loans.Home loans under management fell to $4.7 billion at June 2009 from $5.7 billion in 2008.Management says home loans volumes are now around 50 per cent of their level during the boom. FirstMac sources loans from mortgage managers (including its own brands, such as Tonto).This reflects the shift in demand to better-known, big bank brands, restricted funding and changed product.FirstMac now lends only up to 80 per cent of a valuation, a limit consistent with the policies for AOFM funding. The firm no longer funds low doc and no doc home loans.In an email yesterday, James Austin, chief financial officer, suggested FirstMac was the largest non-ADI residential housing loan lender in Australia following the completion of the Challenger Mortgage Management purchase by National Australia Bank.He said FirstMac was expecting increased mortgage origination during 2010.