An industry body expects 'hundreds of jobs' to be added to the mortgage broking sector, in spite of speculation that broker numbers are set to shrink.
The MFAA has pointed to March quarter ABS figures, saying that mortgage brokers have managed to snare 42% of the home loan market. MFAA chief executive Phil Naylor said he expected hundreds to enter the industry as consumer appetite for the channel grows.
"We expect that the mortgage broker share of the market should expand further this year. We are seeing quite a few of our corporate members looking to further expand their mortgage broking operations and broaden their product offerings," Naylor said.
The prediction runs counter to that made last month by Fujitsu Australia and New Zealand executive director Martin North, who forecast broker numbers to shrink by as much as 30%. But Naylor said the sector was becoming more credible in the eyes of borrowers, and that brokers were becoming more vital in the face of a "blinding array" of mortgage products.
Naylor said the ABS figures showed brokers and aggregators accounted for $23.4bn worth of mortgage lending in the March quarter, with annualised lending volumes close to $100bn.