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MFAA Prosper : Mortgage and Finance Brief 09
Veda’s CreditFlow web tool helps you demonstrate responsible lending compliance for any credit application and generate a consumer assessment report. You can then keep this data for re-assessment or audit purposes. It’ll save you time and money and help remove any shadow of doubt you may have around NCCP. Call or visit Veda vedaadvantage.com/nccp 1300 921 621 competition within the mortgage market. Burger expects consu mers to place even greater trust in brokers, especially as they're a primary channel for advice. "Hopefully new changes don't lead to more clawbacks with misguided clients jumping from one lender to another without considering the benefits," says Bu rger. Non-bank lenders: 'Greater pressure on commission clawback' In addition to making margin preser vation a lot harder, non-bank lenders also expect the ban on exit fees to put greater pressure on commission clawback. "Given that non-bank lenders will have little choice but to do this, brokers will have to get closer to their bor rowers to ensure they understand their behaviours," says David Holmes, COO of Pepper. He says the challenge for non-bank lenders within a no exit fee environment is getting bor rowers to accept higher upfront costs. If they can't compete on interest rates, he expects them to differentiate from banks through innovative business models. As well as offering better ser vices/ products with higher establishment fee str uctures, Holmes also expects non-bank lenders to focus on specific niches the banks don't. "There's an opportu nity for non-bank lenders to offer more ancillary products like credit cards and insurances," says Holmes. Ber nie McIntosh, MD of niche operator Victorian Mortgage Group, is delaying plans to tackle the exit fee ban in anticipation of political pressu re exempting DEFs. He says minor fee increases could negate the need to raise upfront costs. "An exit fee News
Mortgage and Finance Brief 08
Mortgage and Finance Brief 10