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MFAA boss: we need a bigger voice than just mine

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Julia Corderoy | 20 Feb 2015, 08:27 AM Agree 0
MFAA chief executive, Siobhan Hayden has urged lenders to play a more active role in educating the wider media and consumers about the role and rigour of brokers
  • Adrian W | 20 Feb 2015, 09:42 AM Agree 0
    Yes Siobhan, you are right. It would be appreciated if a Lender (every now and then) would publically acknowledge the efforts and support of good Mortgage Brokers. Some Brokers give the rest of us a bad name, and unfortunately the media publishes the negative news more than the positive.
    I've got a story where I helped a lovey couple with a handicapped daughter, and every bank in the country said no because their income was low, and the female applicant wasn't able to work as she had to care for their daughter. They're great people and just wanted to buy a home.
    Thankfully, I was able to introduce this deal to the right lender who looked outside the square and got this deal approved.
    These sorts of stories are never published. If they were, the public would see the value in using a Broker and that would increase our market share.
  • Paul Brown, Nth Adelaide | 20 Feb 2015, 09:51 AM Agree 0
    Within the bank there will always be a proprietary vs 3rd party battle due to the hardliners at executive level with either Nil or poor broker experience.
    The 3rd party businesses within each bank are generally treated as the poor cousins due to the higher costs associated with generating their returns.
    I'm not sure that we'll ever see a bank recommending that clients seek the advice of an MFAA credit advisor sadly. Can you imagine a major bank actually admitting that their employee (with probably an average of 5 years banking experience and knowledge of only one bank's products) being less able to assist a client to find the best possible solution?
  • Old Broker | 20 Feb 2015, 09:59 AM Agree 0
    I will never forget the first time I heard in front of me many years ago a CBA presentation from a lovely person who (gratefully) is no longer around informing us brokers that CBA, although did not want to deal with us, were in a tight bind as they "had too". Yes, they now own Aussie Home Loans and if my memory serves me correctly, ran an ad in 1995 of a large person closing an office in the middle of the night... Who would ever have called that one? The Banks will never give brokers a free kick because they don't have to.
  • illawarra broker | 20 Feb 2015, 10:16 AM Agree 0
    I would be very surprised to see the banks ever back you on that one Siobhan. The banks will probably have their head in the sand until such time as the broker channel is submitting 80% of home loan volume - and in reality, it could happen if consumers are educated properly. Banks have been around for over a hundred years, we have not and we are getting 50% volume :) Then they will decide to do something right for the brokers. They see us as taking 50% of the market away from them, not bringing 50% to them. The usual glass half empty syndrome... pete
  • Stephen Hale- MFAA | 20 Feb 2015, 12:25 PM Agree 0
    Adrian W. Please give send me your info if you are a member as our PR person might be able to assist in making this a story. Send me a message on stephen@mfaa.com.au . This is a great example of why a broker is the best option.
  • Prisco Minichiello | 23 Feb 2015, 09:55 AM Agree 0
    I'm a broker. I can't see the point in hording past memories, resonated in comments aired by other brokers in this forum. If we want lenders to attest to the real role we play in our industry, wouldn't it be better to bury the hatchet and move on with the new levels and relationship we have now achieved with our business partners.
  • illawarra broker | 23 Feb 2015, 10:42 AM Agree 0
    Maybe if Prisco read the article his comments would be more in tune with what we are talking about. Maybe as an ex banker with more than one bank, you can go bury the hatchet for us? Seems like you know that side of the industry.
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