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MFAA president: Further cuts "inappropriate"

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Australian Broker | 10 Feb 2009, 09:00 AM Agree 0
President of the MFAA, James Symond, has warned the banks that any further changes to commissions would be inappropriate and could kill off the industry.

  • Broker | 10 Feb 2009, 01:58 PM Agree 0
    How nice to see someone from the MFAA actually say something constructive about the issues we face as brokers.... What do the rest of the puppets in there actually do?
  • Andrew | 10 Feb 2009, 02:38 PM Agree 0
    I disagree with the fact that brokers are paid less then they are worth at current. It's a loan application and it's not very hard. For years, brokers were paid sooo much for doing this and when it comes down to crunch time to get their efficiencies up and to do a little more worth, rather than relying on the lender to tell them what to do, they kick up a stink! Work a little harder fellow brokers and you can still make it worth while. I don't agree with future cuts, but wake up and get professional people.
  • Andrew | 11 Feb 2009, 02:29 PM Agree 0
    Pardon me James but I believe the existing cuts were inappropriate. Still, it's nice to see the MFAA has awoken from its dormant slumber - have we got a fee increase coming?

  • Ashley | 11 Feb 2009, 02:35 PM Agree 0
    I thought the MFAA was suppose to be the industry spokesperson, yet we have waited how many months to get a comment?
  • Concerned broker | 11 Feb 2009, 02:44 PM Agree 0
    I refer to the comment made by Andrew about the services provided by brokers. If Mr.Andrew suggests that all brokers do is filling an application form and get paid mega$$$, perhaps he's referring to the services he provides. The clients are educated and chosy. I don't think that just by filling the forms anyone can get away with dealing with the client or being called a broker. Their days would be numbered. Come on Andrew, let's give credit and take pride in what you, I and others in the indurstry are doing. I for one work really hard to earn the trust of clients and be called a broker. I'm sure I'm not alone.
  • Qld Broker | 11 Feb 2009, 02:51 PM Agree 0
    Do the banks want brokers? Probably not. If the the big 4 can can write 90% of all loans without the cost of brokers why would they pay higher commissions. We area dying breed; especially when we have litle support from MFAA, FBAA and the agregators. What have these groups done to support brokers on commissions, or regulation for that matter.
  • Brad | 11 Feb 2009, 02:58 PM Agree 0
    Andrew I am assuming you work from home?? When you have a shopfront, employ reception & administration staff to ensure a professional service is provided to clients from initial appointment - application - sign up & ongoing follow up's for customer retention, I disagree totally with your sentiments. This is so much more than just a loan application, we are trying to build clients for life. Perhaps you aren't??
  • George | 11 Feb 2009, 02:58 PM Agree 0
    You can't be a broker if all you do is fill in an application. Also what a ridiculous comment you made "relying on the lender to tell them what to do".
    Most brokers would tell you that they have to be constantly onto lenders to have them do what they have to do. Poor service from lenders is what started the broker channel. I would guess you work for a lender, if not I'm sure how you're surviving.
  • BBB | 11 Feb 2009, 03:00 PM Agree 0
    It is great at last to see some one stand up . The aggregators are silent , why who knows .
    Really interesting to see the comment from James Symonds, when Aussie is 30% owned by the CBA .
    It is time we told cliemts we are charging a fee and explain why
  • DD | 11 Feb 2009, 03:01 PM Agree 0
    I agree 100% with concerned broker. I don't know about you Andrew, however obtaining a loan application is not just filling in the form & submitting it to the Bank. It could take a number of visits or phone calls before you earn the trust of a potential client. If successful, there's the loan application, electronic submission, numerous follow ups to lender, client, solicitor, etc, filling out & submitting FHOG forms if applicable, organising dep bonds, etc,etc,etc. And when all is completed & client gets the keys to their new home, nothing better than hearing him/her thanking & praising you for sticking by them all the way through the process. Remember Andrew, a home loan might seem a little simple & possibly boring for you, however the client in most cases has never dealth with the process or transaction before & may be daunted. Your job is to assure him/her that as a trusted broker you will be with them all the way.
  • Concerned Broker | 11 Feb 2009, 03:03 PM Agree 0
    Let me say welcome to the table Mr President. I agree that it is about time that the MFAA take a front seat in representing the group. Although comments have been passed on occasions that the MFAA board / councilors are no longer a majority bank based panel, i and i am sure many others agree that the banks wear the pants when it comes to the MFAA. What are you so afraid of? Are the banks that intimidating. Now more than ever we need an industry body to represent the brokers, the real brokers who have worked long hours, not the normal 9-5 that our banking counter parts enjoy, to build reputation, relationship and attempt to give the industry a good name while having to cover increasing PI costs, reduced commissions and the very banks that we introduce the business to competing with us for the very same clients. A further cut in commissions would prove deadly to an industry where the banks wear the pants and the the industry body just fall in line as it is. Guys, its time to actually start playing your part in this industry. How do you ever propose to increase the intake of new grads, and to create a profession of brokers when you have no real voice?
  • John Pernice | 11 Feb 2009, 03:10 PM Agree 0
    Without industry bodies like the MFAA we would be governed by goverment regulations. This is good for our industry.
  • John Pernice | 11 Feb 2009, 03:10 PM Agree 0
    Without industry bodies like the MFAA we would be governed by goverment regulations. This is good for our industry.
  • John | 11 Feb 2009, 03:12 PM Agree 0
    You are a tool Andrew. Brokers work hard to build a sustainable business and it's not getting any easier. The banks are constantly trying to pass their responsibilities and liabilities on to the brokers. If we can't earn a decent living by helping our client's, reducing the banks process's and directing business to them, then why would we bother taking the risks that seem to be constantly increasing. I don't work for a bank! Unsure about you. FOOL!
  • Jazz | 11 Feb 2009, 03:18 PM Agree 0
    I guess that the bottom line at Aussie would be effected here with reduced commissions.
  • John W | 11 Feb 2009, 03:20 PM Agree 0
    The MFAA cannot possibly represent brokers on this one; not when most of the directors are bank employees themselves. Nice that Symonds made the comment, but it is nothing more than that. There is no more substance to it, because the MFAA will not go against the interests of it's own directors and biggest financial backers.
  • Julio | 11 Feb 2009, 03:26 PM Agree 0
    If you haven't figured it out yet, Andrew works for a bank...oh, and one other thing, he's the guy working on the next round of cuts.
  • Richard | 11 Feb 2009, 03:27 PM Agree 0
    Well done James on speaking out
    Difficulty is there needs to be a constant backing up for broker colleagues and not just sporadic statements from time to time Please give us strong representation
  • steve | 11 Feb 2009, 03:30 PM Agree 0
    Hey guys this Andrew is only trying to get attention, he is just wanting a response from us, dont give it to him. He know's he only writes 1 or 2 deals a month and works from home all be rented most likely, his wife probably left him because she earned more then him and told him to get off his arse but he is no doubt an ex banker wanker.
  • Mike | 11 Feb 2009, 03:33 PM Agree 0
    MFAA has as equal member status - THE BANKS! Why are you then not surprised that they remain largely silent on the issue of commission cuts. To protect themselves & not want to rock the boat. FBAA have also been very silent on the issue & aggregators .... well the least said the better. Maybe the new mortgage industry body (AIPB) will show some teeth & claws IF they get a healthy membership base. The banks have taken to cutting commissions to brokers to limit the damage to their bottom line. I accept that they don't earn as much through broker loan as they do when a customer walks in to bank but there has been no talk of their Chairman et al taking any paycuts to protect their bottom line. Novel thought; why wouldn't ALL industry bodies get together to fight for justice. In the period 1939 - 1945 it was only when many individuals joined forces that the savage beast was finally tamed. I'd hate to think where it will all end if we 'fight back' individually.
  • John Pernice | 11 Feb 2009, 03:35 PM Agree 0
    Without industry bodies like the MFAA we would be governed by goverment regulations. This is good for our industry. On the flip side, we pay annual fees to the MFAA to regulate the industry and have a voice. I like many other brokers have not heard this voice. On subjects like commssion cuttings, advertising brokers to the public like the CPA advertisements by the accounting body. Why not MFAA. This would alert the public of our role as a professional body and entrust the public to use brokers. This is common sense and value for of annual subscrition. I also believe, since we pay our subscrition, we are entitled to an open door policy. Perception is everything. Maybe the MFAA's hands are tied? I think the time has come where brokers in numbers put pressure on the MFAA to deliver what we want. Maybe we need to set up a Broker Association so we have muscle and our voice is heard. Any suggestions or feedback on this topic would be appreciated.
  • WA Broker | 11 Feb 2009, 03:36 PM Agree 0
    The Good, to see the MFAA come into bat for the brokers at last, we play a vital role in the lending market
    The Bad, Firms such as Refund homeloans need to shoulder some of the blame for the commision cuts as they basically stated that they did not need to be paid at the previous levels by giving a share of their commision to their clients.
    The Ugly, Supposed brokers like Andrew (I would be very supprised if he is a broker) that dont take a long term view to their own profession and more particularly their clients. And comission driven brokers who dont put the clients needs first
  • Bec | 11 Feb 2009, 03:38 PM Agree 0
    To professionally manage your clients interests both at the application stage and ongoing is far more than simply filling in an application. I assume that Andrew does not involve himself in making sure the loan settles - on time - and that the client is advised at every stage - he certainly would not be interested in educating himself to ensure he always offers the best solution available. Who handles your clients increases Andrew? I'll be happy to as I am sure that you dont see the merit in this ongoing service... send them my way.
  • Fellow Broker | 11 Feb 2009, 03:39 PM Agree 0
    I cannot fathom these comments from Brokers about MFAA "puppets" and "dormant slumber"...MFAA = Mortgage & Finance Association, not Broker Union. It is an association for ALL members of the industry, Brokers, Lenders, Valuers etc. These Brokers should be thankful that some of their fellow Brokers actually get involved with the industry body to fight for the rights of this section of the industry. If you're not going to get involved or doing something about yourself, dont knock those that do!
  • Gazza | 11 Feb 2009, 03:41 PM Agree 0
    MFAA finally realised their existence are now at threat.... as members are leaving the industry so too will their annual fees and a whole lot of mumbo jumbo courses psuh forward to rasied revenue.there will be noone left to pay their
  • Steve Lucas | 11 Feb 2009, 03:41 PM Agree 0
    Once again some lacky makes a comment which is directly aimed at all of us. He is not a broker that represents his clients for life,works late for them,assist in the entire process, yes Andrew..not just loan application but the entire cradle to grave process. He is just a box head who at best works out of a boot or hides in a vault somewhere.
  • Steve Lucas | 11 Feb 2009, 03:41 PM Agree 0
    Once again some lacky makes a comment which is directly aimed at all of us. He is not a broker that represents his clients for life,works late for them,assist in the entire process, yes Andrew..not just loan application but the entire cradle to grave process. He is just a box head who at best works out of a boot or hides in a vault somewhere.
  • rob | 11 Feb 2009, 03:43 PM Agree 0
    Hey Steve that is one of the best comebacks i have ever heard and it made me laugh very long and loud. I'm hearing you.

  • John Pernice | 11 Feb 2009, 03:44 PM Agree 0
    Without industry bodies like the MFAA we would be governed by goverment regulations. This is good for our industry. On the flip side, we pay annual fees to the MFAA to regulate the industry and have a voice. I like many other brokers have not heard this voice. On subjects like commssion cuttings, advertising brokers to the public like the CPA advertisements by the accounting body. Why not MFAA. This would alert the public of our role as a professional body and entrust the public to use brokers. This is common sense and value for of annual subscrition. I also believe, since we pay our subscrition, we are entitled to an open door policy. Perception is everything. Maybe the MFAA's hands are tied? I think the time has come where brokers in numbers put pressure on the MFAA to deliver what we want. Maybe we need to set up a Broker Association so we have muscle and our voice is heard. Any suggestions or feedback on this topic would be appreciated. PS: Not worth commenting on Andrews views!
  • Concerned Broker | 11 Feb 2009, 03:45 PM Agree 0
    Accountants, Financial Planners and the like who form part of the financial services sector are represented by professionals. Their occupation is in fact a profession. Mortgage brokers are represented largely by the Banks (i mean MFAA) who are controlled and fearful of the banks. We allow pencil pushers such as Andrew to join our ranks to apparently do nothing more than fill out applications. I can only assume that Andrew has had many COSL questions to answer for, and if not we are in a failing industry. I would love to be proud of the profession i am apart of, but as long as we are represented by the MFAA and application fillers such as Andrew, this will never become a profession. Its time to collectively fight back, with a united front.
  • MM | 11 Feb 2009, 03:45 PM Agree 0
    James Symonds has to be kidding coming out in the media in support of brokers after almost a year since commission were cut????There has to be more to this than meets the eye, do you really believe that CBA would let James open his mouth without their approval?? no chance.. CBA may own 30% for now but believe me they control what James says. For James to be kissing up to the brokers there has to be another agenda...
  • KeyChange | 11 Feb 2009, 03:53 PM Agree 0
    Maybe Mr Symonds is just playing the tune his partners CBA are calling. After all if you are going to cut commissions you want to start talking early so that when the deed is done you can say it's been on the cards for some time. And who says he is doing us a favour by pointing ouy a perfect opportunity for the majors to "kill off the industry" there is nothing they would like more.
  • Gazza | 11 Feb 2009, 03:55 PM Agree 0
    MFAA finally realised their very existence are now at risk....with members dwindling as many brokers left unable to pay their bills with the reduction in commissions hence and decided to speak out against their bank counterparts which are laughing all the way....that sits on the board! as members are leaving the industry so too will their annual fees and a whole lot of mumbo jumbo courses psuh forward to rasied revenue.there will be noone left to pay their
  • Gazza | 11 Feb 2009, 03:55 PM Agree 0
    MFAA finally realised their very existence are now at risk....with members dwindling as many brokers left unable to pay their bills with the reduction in commissions hence and decided to speak out against their bank counterparts which are laughing all the way....that sits on the board! as members are leaving the industry so too will their annual fees and a whole lot of mumbo jumbo courses psuh forward to rasied revenue.there will be noone left to pay their
  • Dan | 11 Feb 2009, 04:00 PM Agree 0
    Andrew, you are a Professional Tool. I wish I could get a few of those easy loans you do on Fantasy Island. DD is on the money, there is a lot more involved than simply completing an application. If that's all a client wanted, they could go online and do their application with no help or advice and find themselves listening to an annoying message when they rang customer service after running into loan problems. Ever heard of the saying "you get what you pay for". It's very true. Are you a Mortgage Broker or Pawn Broker Andrew?
  • EXPOSED | 11 Feb 2009, 04:01 PM Agree 0
    Hey Moderator.

    Can you let us know the URL that Andrew's comments originated from.

    It would be nice to see "which bank" he's from......
  • Peter | 11 Feb 2009, 04:24 PM Agree 0
    The MFAA's first comment on commissions is to tell the banks how to reduce competition in the market. Nice one James.
  • Steven | 11 Feb 2009, 04:46 PM Agree 0
    I wonder why nobody at the MFAA has noticed if the banks do keep cutting commissions and more brokers leave the industry then they will lose income and eventually their little empires they have built, in case they don't realise the banks are not paying $300 per employee every year and wont give a stuff about the MFAA folding. It would be interesting to see the MFAA take a pay cut of 35%. As for Andrew, I think I just refinanced one of your clients, he was looking to deal with a professional not larry the leper.
  • Kumar | 11 Feb 2009, 05:02 PM Agree 0
    I believe enough is said about Andrew. If he is a Broker, his destiny is written, out from the market very soon.
    Thank you MFAA for coming out. We encourage you to play a vital role in this market, representing Brokers, not the banks or the government as witnessed previously.
    I draw to the attention the long turnaround times taken by the banks to process broker originated loans. Inquiries reveal that customers walk in to the branches do get a much better turnaround time. Is this a strategy adopted by banks to persuade customers move away from Brokers? This issue is getting worse day by day. This is something the industry should take up with Banks, who constantly says it’s a level playing field.
  • Positive Broker | 11 Feb 2009, 06:01 PM Agree 0
    Hey andrew, are you able to string a sentence together or are you only capable of filling in forms? Are you what I call a box ticker? Whether you are a broker or a banker is irrelevant. Either way it's people like you are who are dammaging the entire industry. Still waiting for you justify your copmments?......
  • George | 11 Feb 2009, 06:05 PM Agree 0
    You are an IDIOT: You have no idea and obviously an uneducated banker with blinkers on. No need to go any further than refer to the professional brokers comments / responses to your stupidity!!!!!!!!!!!
  • Wozza | 11 Feb 2009, 06:41 PM Agree 0
    I guess thats the last we will hear from him
  • Max | 11 Feb 2009, 07:57 PM Agree 0
    Which Lender are you employed by?
  • NOT HAPPY ANDREW | 11 Feb 2009, 08:03 PM Agree 0
    Andrew is it true that you live on social security and is it also true that you still sit on your mothers knee and watch tv and drink your bottle. Oh and i won`t tell anyone about the nappy.
  • Maclane | 11 Feb 2009, 09:05 PM Agree 0
    1. The MFAA is a wolf in sheeps clothing, make no mistake.

    2. They represent the Banks and Aggregators. This is
    evident from the make-up of their state and national
    boards. It is their job to maipulate the broking
    industry to their advantage.

    3. The ONLY reason that Symonds spoke is because Brokers
    are swarming to join the AIPB. For Brokers to have some
    real muscle in the industry, join the AIPB, it truely
    represents brokers.

    4. The writing is on the wall. Brokers are being starved
    out of the market by banks with branchs. At the very
    least we are being worked into a similar position as
    Fin Planner where we will have to charge fee.
    Mat Lawler has said this VERY clearly.
    This is not as scary as it seems. IN fact it opens up
    opportunities to earn more. Please read on.

    5. Fin Planners charge fees and make a nice living. So can
    brokers. Want to know how ????

    6. Charge a fee to the client and get it disbursed from
    the loan. Then rebate all commission to the client.

    7. Advantages ?
    a. Client gets truely UNBIASED recommendations
    b. Client get cash back in their hand
    c. Broker is Unbiased therefore ethical/professional
    d. Broker can get paid more / reasonable sum
    e. Banks that pay lower commissions are likely to
    lose business because client will want maximum
    rebate.
    f. Keeps the banks competing with one another and
    NOT with Brokers

    8. Get your head around it men, cuts are here to stay.
    Our job is to be imaginative in our response, and keep
    the banks competing with one another Not with Brokers.
  • stm | 11 Feb 2009, 09:22 PM Agree 0
    We all know that the MFAA is just the Public Relations Arm of their major sponsors (don't we?). Did the CBA and others give you permission to Pretend to Care James? How very generous of you all. The MFAA is a front for a fee grabing joke. The toothless tiger of the mortgage industry.
  • what the? | 11 Feb 2009, 09:31 PM Agree 0
    The MFAA will NEVER stand up to the banks - they get TOO MUCH SPONSORSHIP from them. Naylor and the other Puppets do what they are told.
    What's the alternative?? Join the FBAA - I did!
    You get something for your Membership dollars and because they are a "not for Profit" organisation there focus is on service and support to members - not generating fees!
    Best News is - because they don't get heaps of sponsorship from the Major Banks - they remain honest and not tainted.
  • Maria Rigoni | 11 Feb 2009, 10:59 PM Agree 0
    The Australian Institute of Professional Brokers was established as a answer to a call for action from a myriad of Finance Broker Professionals.

    We anticipate that there is more credit knowledge in the profession of Finance Broker than there is currently in the banking system.

    The AIPB has been set up as a true Finance Broker representative body - only a Finance Broker has a vote in our organization. We welcome the banks to come on board with no voting rights to openly demonstrate their
    support the Finance Broker Professional. We will not be dependent on funding from the "Banks".

    We have taken the matter of clawback and "new business" only remuneration to Canberra - we have drawn attention of the practice to ASIC ACCC and to both sides of the house. We are awaiting a response from government and are considering other action to rid the industry of this unfair business practice.

    Finance Brokers are entitled to be paid fair remuneration for the work they are engaged to do by borrowers and from credit providers.

    We will assert the Finance Broker Value proposition to borrowers, credit providers, the media, government and anywhere else we can.

    We need to be a united voice and Finance Brokers you today have an opportunity to be part of the action. Are you serious about your future in the market place - if you are own it and come on board.

    website is www.aipb.com.au membership applications are being accepted.

    Our first function is in Melbourne this Friday and our Guest Speaker is Melbourne Herald Sun controversial journalist Andrew Bolt.
  • Rob | 12 Feb 2009, 12:06 AM Agree 0
    Andrew ......you now hold the record for the highest volume of responses in this forum. A truly professional Finance Broker presents himself / herself as such, and builds a loyal client base that does not want to deal with the de-personalised banks and values what you do for them.......you obviously don't value what you do so why should your clients....you should therefore leave the industry. Alternatively you could try putting together a complex deal where your client is self employed, has multiple companies and trusts requiring consolidated balance sheet and profit and loss analysis to determined serviceability, multiple finance facilities with a blend of mortgage, business and equipment finance......this my dear friend might take you a few days to a week to put together properly between servicing your plethora of other clients. You are obviously of the breed that give we professionals a bad name.....leave now while you can.
  • DD | 12 Feb 2009, 09:26 AM Agree 0
    Fantastic response Rob......I feel if Andrew is a lender he would only take on board deals that are PAYG with employment > 3yrs and LVR < 80%. I don't know about you, however I only get one of those a few times a year. Guess what?...Andrew must write 3-4 deals a year!
  • Peter Feszczak | 12 Feb 2009, 10:40 AM Agree 0
    I think that anybody who puts 100% dedication into their customers applications including; the preparation, submission, approval process, settlement and post-settlement stages, will ultimately put a lot of effort into it and deserve to be paid accordingly. Anybody who thinks it's easy obviously doesn't put much effort into the whole process and in turn won't be able to provide their customer with their best service for something which may be one of the biggest decisions they may ever have to make.
  • Brett | 12 Feb 2009, 11:04 AM Agree 0
    Recently I had a planning session with a business coach. I am a broker working on my own with one part time admin person. I do have a share office, boardroom kitchen etc. But over all very lean. When you look at our expenses to be professional - MFAA membership, cosl, mobile phone, telephone, fax PI cover ( $200 per month ) petrol, car lease these yearly expenses are staggering. However I do work in the office with financial planners. They bill up front just to talk to a client. They also charge a fee ( $5k), plus receive commissions, trail and charge a yearly fee to the client. However their clients in the last 6 months have made 6% pa on their super. Everybody is happy. As brokers we are seeing harder deals with clients having been in trouble. We are also seeing more commercial/business and small development projects. I charge a small upfront once I determine its a deal. I also charge a brokerage payable at settlement.Unless its a vanilla bank deal and im getting an upfront. Yes everyone complains at first, but they all come back. The deal gets done, clients save money and make money. Our business is changing and the sooner we realize we have to live without banks the better. Try it for a month.... dont use them and see what happens. People go to brokers for service and a feeling that we have empathy, something not found at branch level ESPECIALLY small business customers. OH and Andrew I hope your PAYE mate.
  • Damien | 12 Feb 2009, 01:55 PM Agree 0
    You are a twot....
  • JCB, SA | 12 Feb 2009, 04:05 PM Agree 0
    Andrew, writing what you wrote, you must be a mortgage app processor in the broker dept of a bank which you have served loyally for past 20 yrs+ and faking to be a broker. Some countries shoot spies, cowards and people who talk out of their ar... You're lucky you are in Australia.
  • Michael N | 12 Feb 2009, 07:30 PM Agree 0
    Guys,
    We as a broker community are very angry by now at cuts and beeing squeezed out. Rightly so.
    Let's channel this energy by talking to our Aggregators,
    Bendigo Bank was formed by commnuinities, Let's see if we can form a bank. It may sound ridiculous and I am not an ex banker, so I have no idea what is involved.

    If Communities have formed the Bendigo Bank, perhaps Aggregators & Brokers can form a bank and introduce some competition to those UGLY, GREEDY, SELF-SERVING BANKS.

    Regards
  • Max | 14 Feb 2009, 08:27 PM Agree 0
    Andrew is more than a processor for a Lender!
  • Bodders71 | 20 Feb 2009, 09:58 AM Agree 0
    I'm a broker in the UK. Our typical mortgage commission is 35 basis points! and lenders are talking about reducing that too. For us, arranging mortgages is only a part of our job. Equally as important is advising on and arranging mortgage and property protection. On a typical case income of around £1000 only about 40% of that is made up of mortgage commission with the rest coming from protection. We can also charge fees of up to 1.5% of the loan amount. Here, any broker who relied solely on mortgage commission for income would have been left struggling long ago...any comments...
  • Concerned Broker | 24 Feb 2009, 11:17 AM Agree 0
    What i appreciate is seeing a broker who has placed a true value on their service and is prepared to show same value to their clients. This allows for a professional to charge an appropriate fee, reasonable to the service they provide, where everyone wins. The clients get the ultimate support, guidance and a done deal, and the broker who is caring enough, professional, diligent and respected by their client gets paid for their service. This my friends is what we call a professional industry. In Australia, mortgage brokers are just seen as fly by nighters consumed by monkeys such as Andrew. We are cohersed in to paying a membership to a industry body that does not support the broker. For this industry to become recognized as a professional institution, we need to tackle the banks, the MFAA head on and establish an organization that is focused on creating a profession, that new uni students want to enter in to. No offense intended here, but we are made up largely of the older generation, and their would be very few young guns coming through. What is to happen in years to come when retirement hits. No brokers left. I almost think that this is what the banks are betting on. Wean them out slowly, do nothing to encourage new grads and hey, the banks once again stand alone. WHAT A JOKE. If there are any brokers out their who are serious about creating a profession out of this industry, i think we need to band together and united apply the pressures. Lets join forces and see if together we can make a difference. I am interested in forming a discussion group in an attempt to tackle these issues head on. If there are any interested brokers, please contact me at concernedbroker@optusnet.com.au
  • ANON | 05 Mar 2009, 03:11 PM Agree 0
    This is all well and good but we seem to be paying alot in fees to all these groups for nothing, how many groups are we going to need to have.
  • Andrew | 05 Mar 2009, 10:10 PM Agree 0
    Nice document Martin. A bulky and effusive document.
  • Normal Broker | 13 Mar 2009, 01:58 PM Agree 0
    Who is this Rollins guy as he writes like he is giving us a sermon...

    Dairy Co-Operative? Union? You mean a buying group? That's up to my aggregator to gain me the edge there and not the industry body.

    If your business is not strong enough to stand up and be counted with your suppliers, change industry or work under an aggregator hot shot...
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