The Mortgage and Finance Association of Australia (MFAA) has smashed through the 14,000 member marker, representing exceptional growth for one of the main peak bodies for the mortgage broker sector.
The MFAA recorded the milestone this week and said that it showed how brokers were getting behind their attempts to advocate for the industry as a whole and to invest in the broker channel.
READ MORE: Mortgage brokers react as RBA ditches cash rate target
“As finance broking continues the transition from an industry to a profession, education and professional standards become increasingly important, so it’s encouraging to see so many brokers embracing the higher industry standards offered by the MFAA,” said CEO Mike Felton.
“Our record membership further strengthens our ability to continue our strong advocacy and defence of the industry as we approach a further review of mortgage broker remuneration by the Council of Financial Regulators and the ACCC in 2022.”
“Whilst we have already conducted considerable advocacy work in preparing for 2022 and feel that reforms and strong industry data leave our industry well-positioned to confidently lean into the impending scrutiny, we’re pleased that the Association is well placed to mount another campaign such as the “Don’t kill competition” campaign should it be deemed necessary.”
“Our record membership comes alongside continued record market share as an industry. With close to 60 per cent of all new mortgages being written by brokers, and brokers increasingly assisting small businesses, it’s clear our members provide a valuable service to the community.”
“I’d like to thank all our members for upholding the MFAA standards and being active participants in the Association. Without your support and hard work, we wouldn’t be in the position we are today to defend and promote your role in our economy, and the value and competition you provide for your customers, and for all Australian home buyers.”