Home' MFAA Prosper : Mortgage and Finance Brief 19 Contents 10 Mortgage & Finance brief
This issue of Mortgage & Finance Brief is dedicated
to a special cause. It's one that all of us have
experience with, and something that continues
to drive this dynamic industry; education and
A lot of strong words flowed from the cover story
in this issue and its sister roundtable feature. Words
such as success, professionalism, growth, value,
sophistication, advice, leadership and guidance.
While it's always been clear to me that brokers are
passionate about supporting clients, they're just as
enthusiastic about supporting themselves.
The brokers I speak to are open and honest about
the MFAA's minimum membership requirement
-- the diploma. Some said they enjoyed the process,
others didn't see a need for it, but the over whelming
majority (and I'm talking to the thousands of
members who have completed their diploma),
are positive about increasing the standards of the
industry through professional development.
The professioal development special starts with the
cover story on page 22 and ends with some strong
views from the brokers on our roundtable (pages 28
to 33). If you've got anything to add, I'd love to hear
from you (email@example.com).
While we're on the subject of industry standards,
the 2013 MFAA National Convention is heating
up, and it's Sydney's turn to put on a show for the
nation's hardest working brokers. If you haven't
already checked it out, ww w.mfaaconvention.com.au
has all the information you need, including exclusive
MFAA member rates on accom modation.
Don't forget, Early Bird rates are available until
27 March, and if you're looking at exhibiting at
the ExpoMart, it's still not too late to nab the last
I'm looking forward to meeting as many new faces
as I can over the three convention days, but I'm more
interested in hearing how brokers will 'challenge
change'. The way I see it, change can only be a good
thing. See you there.
Ali Klaver, Editor
Women are the fastest
growing segment of new
recruits to the mortgage
broking industry, now
making up almost one third
of brokers across city and
The female percentage of
MFAA members has grown
from 22% to 31% over the
past 10 years.
Women are taking up
the flexible working hours,
strong remuneration and
hefty incentives typical of
Trends point to further
growth as mortgage and
finance brokers strengthen
their trusted adviser
position in the industr y.
ASIC comments on
The MFAA has sought
infor mation from ASIC
about credit variations to
clarify when responsible
lending obligations are
Increases to a credit
contract trigger responsible
lending obligations, but if
a borrower wishes to vary
the terms of a loan, the
requirement for disclosure
documents will depend on
the specific circumstances
of the loan.
Brokers should note
that, if a lender elects
to document by a new
lending is triggered for
brokers and for lenders.
Mortgage brokers have achieved
a 3.76% growth in volumes of
new home loans to $25.62 billion
during the September 2012 quarter,
according to leading industry
research group, comparator.
Figures from the Australian Bureau of
Statistics reveal broker market share
at 41.3%, up from 38.8%, of the
$62.071 billion total in home loans.
The MFAA's CEO, Phil Naylor, said that
these figures show the continuing
growth of the broker channel as
more consumers embrace brokers
as trusted advisers.
"The consolidation of the industry
also continues, with the four largest
players accounting for more than
55% of the volumes generated
by the mortgage broker sector. It
is clear that both consumers and
lenders are recognising brokers'
increasingly important role and, as
a result, their share will continue to
gather momentum," Naylor said.
It is expected that mortgage
brokers will break through $100
billion in lending volumes for the
2012 calendar year.
Early Bird rates released
Until 27 March, registration is on sale at
special Early Bird rates, offering considerable
savings. For a registration price of $990
-- with the option to make six monthly
payments of $165 -- attendees will receive:
ATTENDANCE AT ALL CONFERENCE SESSIONS
CONVENTION GUIDE AND SATCHEL
EXPOMART ENTRY PASS
REFRESHMENTS IN EXPOMART
ACCESS TO WELCOME RECEPTION
LUNCH IN EXPOMART
TICKET TO GALA DINNER AND FINALE LUNCH
To register at the special Early Bird rate,
contact Megan Murphy on 02 8905 1308
or email firstname.lastname@example.org
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