A sharp write down in the balance sheet asset goodwill has pushed many a company net profit into the red, with Homeloans no exception.A $4.6 million net profit less a $17.2 million loss from significant items pushed the FY08 Homeloans net profit to a loss of $12.5 million.As a result of the severe dislocation in credit markets, Homeloans has made write downs of $17.2m after tax, predominantly relating to goodwill and deferred costs associated with its "Securitisation of Mortgages" segment, the annual report shows."Under the accounting requirements of goodwill we have an obligation to effectively value, to price in the environment of our securitisation vehicle, and that is where the goodwill impairment has mainly come from," added Homeloans' managing director Brian Jones."Our securitisation vehicle was the acquisition of a business and the goodwill was booked against the acquisition."Of our book, less than 20 per cent is under our own securitisation management. The rest is funded by wholesale funders and banks, so that has held us in good stead."And of course we have worked with Challenger funding us as well."Jones adds that Homeloans has sufficient funding to meet lending levels in the next year."In fact, we would like to find a few more mortgages, through brokers or otherwise."Jones said commission changes will most likely be announced in October."We are looking at positioning our new commission level attractively, and we have made our decisions, and we just need to roll that out internally first."