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MFAA Prosper : Mortgage and Finance Brief 12
8 | Mor tgage & Finance brief Phil Naylor Chief Executive Officer, MFAA Mortgage & Finance BrieF is the official magazine for members of the Mortgage & Finance Association of Australia. chief executive officer : Phil Naylor executive Director – Marketing & Membership: Kriti Colless Marketing & communications Manager : Marisa Ashworth Post: PO Box 604 Neutral Bay NSW 2089 t: (02) 8905 1300 F: (02) 9967 2896 e: email@example.com W: www.mfaa.com.au Published by: Mahlab Media Managing Director : Bobbi Mahlab editor: Martin Wanless Deputy editor : Michael Mills Sales Director: Nicole Dixon advertising Sales Manager: Sarah Lander art Director : Kate Oliver Designer : Gary Humphrys 369a Darling Street, Balmain NSW 2041 t: (02) 9556 9100 F: (02) 9818 6080 e: firstname.lastname@example.org W: www.mahlabmedia.com.au Printed by: Webstar Mailed by: D&D Mailing Services cover photography: Shannon Morris All material copyright MFAA . All rights reser ved. MFAA does not expect or invite any person to act or rely on any statement, opinion or advice contained in this publication and readers must rely on their own enquiries in making any decisions or giving any advice. Neither MFAA nor any employee or agent of MFAA nor any contributor to this publication will be liable for any loss or damage caused by any inaccurate statement, opinion, advice or information contained in this publication. Circulation 12,727 The theme for the 2012 MFA A Convention in Adelaide (on 23-25 May) – The Future Unfolds – is apt. While cynics may argue that the future is always unfolding, meaning that the world is always changing and the only certainty is uncer taint y, in most peoples’ memories there has never been a per iod like the one we are about to enter. Currently, there is less clar ity about the world, its systems, its climate and the make-up and behav iour of society in general than ever before. We witness economists, almost on a daily basis, giving different views about what will happen to interest rates and other economic indicators. The existence, causes and remedies of climate change are the sources of much debate, as are the effects of globalisation. An observer from a distant planet would be entitled to ask how there can be so many divergent views about the same matter. A nd this is reflected in the day-to-day business of policy ma kers and regulators, who have to change their minds often because circumstances move so qu ick ly. Of course, by doing so they risk the w rath of the electorate due to perceived broken promises. They would argue that to ig nore the changed circumsta nces and plough on w it h the old policy or iron-clad promise would br ing further damage to an already fragile economy and/or societ y. In the financial sector, recently we’ve seen massive failures and bail-outs and the broker channel decimated, or at least stultified, in several overseas markets. Are these sig ns of changes yet to unfold in Australia? Or have we ‘dodged a bullet’? While MFA A Approved Brokers cannot have any in fluence on interest rates or other external factors impacting their clients and their businesses, they can influence consumer perceptions of the broker channel. The Core Data mystery shop research shows that, in the minds of consumers, mortgage brokers lead the field compared to other sources of mortgages (see Opportunity Knocks, page 28). That is apparent in the latest statistics from JP Morg an/Fujitsu, which show the Australian broker market share is continuing to increase – most recently from 41% to 43%. There are commentators who still doubt the viability of the broker sector, yet consumers seem to be saying something different. This increase has occurred despite many brokers moving out of the industry. However, renewal is taking place, w ith a strong influx of new, younger and diverse blood. To ensure these new entrants are prov ided with the best possible tools and adv ice to succeed, we have recently established our Certified Mentor ProgramTM. The first, week-long course took place in October to great acclaim. Coupled with the higher education standards being embraced by MFA A members, effective mentoring will be part of the future environment to institutionalise the ever-growing consumer support of the broker channel. Read all about the inaugural program on page 52. Change is also readily evident at the MFA A. Several new Board members, including new Independent Director Corinna Dieters (see page 15), new State Councillors (see page 42) and new committee members all point to the fact that members will be at the fore as the future unfolds. the future unfolds Ceo’s message
Mortgage and Finance Brief 11
Mortgage and Finance Brief 13