According to the MFAA, in the twelve months March end 2018, brokers settled $199.57bn of home loans, the highest volume ever. The aggregate value of brokers’ home loan portfolios returned mild growth of 1%, affected by the slight contraction in new business settled, to exceed $640bn.
“With broker market penetration now at more than 55%, consumers and lenders are clearly indicating a high level of comfort with the mortgage broking model,” says AFG CEO David Bailey.
However, not everybody has been as confident in the service brokers provide. While the reputational damage caused by the royal commission continues to echo through the mainstream media, brokers are actively defending themselves through their own channels.
From the MFAA’s multi-million dollar “your broker behind you” campaign, to the launch of the Mortgage Industry Forum and Loan Market’s social media drive to explain why brokers matter – it has been all hands on deck.
“There is no doubt our reputation as an industry has been challenge, but we have a wonderful story to tell. Brokers drive competition, value and choice, which creates positive customer outcomes and fairness for all Australians,” says MFAA CEO, Mike Felton.