Brokers call for targeted industry support

by Madison Utley22 Apr 2020

A survey of mortgage brokers has illuminated how the global COVID-19 pandemic is affecting sentiment within the industry.

While brokers indicated overwhelming optimism in some areas, the respondents also reported they don’t feel fully supported by the government during this time, with 63% claiming more targeted support is needed to ensure the industry survives. 

“I commend the government for the raft of economic funding announcements that have been implemented to help businesses, including brokers, stay in operation,” said HashChing CEO Arun Maharaj.

“Brokers are, however, understandably apprehensive about whether this funding will go far enough.”

“The challenges of transitioning a business to a fully digital operation often takes years – but brokers are being forced to do this in a matter of months. It’s a significant challenge, and one that is no doubt placing a lot of pressure on mortgage brokers who, like many other professionals, are already reporting a significant loss in revenue.”

Of those surveyed by mortgage broker platform HashChing, 77% communicated confidence that mortgage broking can be executed online and remain fully compliant.

“It’s clear that brokers are quickly adjusting to a new normal, with 67% of respondents saying they were ready to roll with teleworking, and another 27% saying they were just getting started,” said Maharaj.

“While this is a promising start, a positive and committed attitude to teleworking must remain in order for the industry to stay afloat. I’d strongly encourage all brokers to do their due diligence in getting set up and comfortable with working and communicating with customers remotely.

“Mortgage brokers can, and will, weather this storm as long as the right support mechanisms are put into place.”