The MFAA has responded to controversy surrounding survey results, defending brokers and their importance in the market.
Loan Market's survey of brokers found the majority dealt with consumers who would 'prefer to deal directly with banks', or believed their services came at a cost.
It sparked furious debate in the industry, with many concerned over how misconceptions could ultimately damage broker business.
's CEO Phil Naylor has responded by focusing on the strength of a broker to negotiate a better deal from lenders.
“Mortgage brokers are now viewed as a trusted source of advice and borrowers should use them to secure a better home loan deal than negotiating from a position of weakness directly with a lender”.
Naylor told Australian Broker Online
would do all it could to build consumer knowledge of brokers, however there was no immediate overnight fix.
He cited increased advertising campaigns in social media and consumer press, as well as brokers promoting their MFAA
membership to consumers as a sign of pedigree, as key to increasing awareness.
"There is no silver bullet and consumer recognition will not come overnight – however over time we believe [the above] measures together will gradually enhance the recognition of MFAA
Approved Brokers just as other professions (for example the CPA) have gradually achieved over many years," he said.
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