Mortgage franchise operator Mortgage Choice has ended its unsuccessful four-year attempt to establish itself in the aggregator market, with the sale yesterday of its LoanKit division.LoanKit services 330 brokers who are writing around A$150 million of loans a month. It has a loan book worth $2.4 billion.Mortgage Choice chief executive Michael Russell said Mortgage Choice had continued to invest in the business but it did not achieve the scale required to be profitable.LoanKit lost $283,000 in the year to June, after losing $575,000 in 2011/12 and $320,000 in 2010/11.The business was sold to the broker Finsure. Mortgage Choice said the sale would have a $1.2 million impact on its 2013/14 earnings.Mortgage Choice will continue with its diversification strategy, however, through investments in the comparison website HelpMeChoose.com.au and a new franchise business, Mortgage Choice Financial Planning.Yesterday, the company reported a net profit of $18.7 million for the year to June - an increase of one per cent over the previous corresponding period. After adjusting for the net present value calculation of trailing commissions, required under accounting standards, it reported a cash profit of $15.8 million - an increase of five per cent.Growth was helped by an increase in upfront commissions paid by Bankwest, which went from 50 to 70 basis points, and Macquarie Bank, which went from 60 to 65 bps.Mortgage Choice's chief financial officer, Susan Mitchell, said it was becoming increasingly common for lenders to offer brokers short-term volume incentives. For example, at the moment, Westpac has a 10 bps bonus offer running until September 30.Loan settlements increased by 5.1 per cent, to $10.2 billion, and the loan book grew by 5.8 per cent, to $47.7 billion.HelpMeChoose lost $402,000, after losing $1 million in 2011/12. Mortgage Choice Financial Planning, which is still in its start-up phase, lost $951,000.