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MFAA Prosper : Mortgage and Finance Brief 05
The hot topics Leaders from across the industry joined MFAA President Joe Sirianni at a recent lunch to discuss the biggest issues facing mortgage and finance brokers. 1. Responsible lending Everyone agreed that introducing responsible lending requirements for mortgage brokers was good for the industry overall, and should help to lift the professional standards of brokers. However, deter mining exactly how brokers can ensu re they have met their responsible lending obligations remains challenging. What questions should they ask consu mers? What paper work should they do? 2. Fee for service The industry leaders supported the idea of offering fee-for-service to provide an additional revenue stream, because lending commissions alone may be unlikely to provide the average broker with income levels commensurate with a professional industry such as ours. Challenges identified were: resistance from brokers; the competitive disadvantage to the early adopters of fee-for-service; and deter mining the kind of fee model that could be used. 3. Part-time mortgage brokers Part-time mortgage brokers was a hotly debated topic. Some industry leaders supported part timers, others were strongly opposed. The most resistance to part time brokers was for those who work two jobs, although there was still some resistance to working part time even if it is the broker's only job. The discussion included questions about the quality of training and knowledge that could be obtained by a part time broker; challenges for working mothers; and the volume of mortgages that need to be achieved for a broker to make a living. 4. Attracting new entrants How can the mortgage broking industry attract more school leavers and university graduates? Industry leaders discussed ways that MFAA and major broker and aggregator groups could more effectively target the next generation, including the possibility of a 'Young Brokers' group at the MFAA, similar to the Young Lawyers and the young professionals groups of insurance brokers and real estate agents. 5. Reaching consumers With the MFA A's Consumer Campaign under way, the industry leaders discussed further ways of promoting mortgage broking to the community, including an enhanced use of social media. (For more on the MFAA Consumer Campaign, see page 14.) Attendees at the MFAA President's lunch Joe Sirianni -- Smartline Home Loans Mark Haron -- Connective OSN Michael Russell -- Mortgage Choice Stephen Porges -- Aussie Steve Weston -- Advantedge Dean Rushton -- Loan Market Group Brad Wood -- Astute Financial Sarah Brennan -- Brennan Partners Bobbi Mahlab -- Mahlab Media Phil Naylor -- MFAA Issues Identified at the MFAA President's lunch 52 | Mortgage & Finance brief Events
Mortgage and Finance Brief 06