The Mortgage and Finance Association of Australia (MFAA) has announced the upcoming release of ground-breaking new research which will provide industry-first benchmarks for brokers.
The Industry Intelligence Service (IIS) report, to be released in February, is based on data from over 95% of the industry with the cooperation of 16 leading aggregators and broker businesses.
MFAA CEO Siobhan Hayden says the new data follows on from the quarterly broker market share report and will be an industry-first for broker benchmarking.
“The IIS is a great example of the MFAA responding to the needs of finance brokers. The data will provide the first ever business benchmarks for brokers to gauge how they are performing against both national averages and state based averages to really fine-tune where they sit in the market,” Hayden said.
“The report will answer many important questions that finance broker business owners need to ask to plan for a healthy future.”
The report’s findings will be released at a series of events held by the MFAA over February in the major capital cities. The events are open to all brokers regardless of association membership, says Hayden, to ensure that the entire industry will benefit from the results.
“We want to dispel some of the statistics that float around the industry that lack evidence to support the claims. This MFAA report reveals the number of loans submitted, loans approved, loan values and broker incomes as averages.
“We will be providing a business review template as part of the event so that attendees can return to their business and spend some time positioning how they are performing against the industry. This business review will be essential to all brokers seeking to have a healthy business.”
The inaugural report will use actual data from the six months ending September 2015 and will be updated each six months.
Hayden says this will be the only research on broker performance using actual statistics and will inform her communication with the regulators going forward.
“Finally we can answer the questions often asked about the industry including the number of brokers in the industry, which is around 14,000, and what the average broker earns. This information will have wide-reaching benefits for members in business planning and will, in addition, assist the MFAA in its communications with regulators and legislators by relying on facts rather than speculation.”