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MFAA Prosper : Mortgage and Finance Brief 12
44 | Mor tgage & Finance brief People WIMBN Committee members: 2012 outlook The new appointments to Women In Mortgage Business Network council (WIMBN). What do you see as the key challenges in the industry for 2012, and how do you hope to overcome them? Sarah Wells NSW/ACT Director, Redconcierge The key problem for the industry moving forward is increasing productivity. We’ve responded fairly well to the NCCP changes but the process has identified the fact that we need to increase productivity, obviously to be able to absorb those costs. I think at the moment we cater to about 40-45 per cent of borrowing inquiries – we need to increase this to around 50-60 per cent and, at the same time, embrace diversification. A lot of us are already incorporating insurances, but to survive with increased overheads and other conditions, we need to increase overall productivity. Rose De Rossi WA Director, Diversifi The key challenges for 2012 will be recruitment, education and the continuing development of NCCP, which continues to evolve – only the strong and compliant will survive. For recruitment, it will be difficult for new brokers to meet the two-year mentor requirement prior to applying for their Australian Credit Licence. Businesses may not have the time to spend training a new consultant. Also, July 2012 will see the mortgage industry become highly educated and qualified. All brokers must obtain their diploma in financial services by this date. Lisa Sanders QLD Managing Director, Your Future Strategy The biggest challenge is consumer confidence. The general public is confused and overly cautious with their decision-making. . They’re shopping around and I don’t necessarily think that they’re shopping for the right thing. Everyone has spent so much time preparing for NCCP, but now that it’s in play it’s actually overcomplicating the finance process and the public aren’t aware of it. There’s going to be a period of adjustment over the next 12 months, as clients understand that extra compliance. Fiona McGarry SA/NT Business Development Manager, ALI Group Loan & Mortgage Protection I want to work with the MFAA on a strategy for assisting brokers with succession planning and increasing numbers of young brokers, plus helping to improve members’ understanding of what the MFAA means to them. With this quieter market, brokers are spending more time looking at ways to diversify through products, developing staff and succession planning. The challenge will be finding the right fit for their business and client base.
Mortgage and Finance Brief 11
Mortgage and Finance Brief 13