Brokers have overwhelming support from consumers, according to a new report.
An Ernst & Young survey commissioned by the MFAA
appears to have debunked a controversial report by consumer group Choice, demonstrating broad support for mortgage brokers.
While Choice's secret shop - the details of which the consumer group has refused to divulge to the companies surveyed - claimed brokers were providing inadequate service and failing to comply to NCCP disclosure measures, the Ernst & Young report found 92% of broker customers were satisfied with the service they were provided.
Brokers also saw a net promoter score of 31, with 44% of broker clients saying they would recommend the broker proposition, versus 13% who said they wouldn't.
praised the result, and said there was still opportunity for brokers to further serve consumers.
"Although customers feel they receive a superior experience from brokers, a few areas were highlighted for further development. First, a small proportion of customers felt that the commissions received by brokers influenced the recommendation made, particularly where the broker had a relationship with the lender. Second, customers felt that the broker could play a broader role in arranging other financial products," the association said.