Mortgage managers need greater consumer awareness in order to remain competitive, top industry leaders have claimed.
A panel discussion at the MFAA Convention in Melbourne last week discussed the need for gaining wider recognition from the public on the role mortgage managers play. The panel, which consisted of Better Mortgage Management
, Homeloans and Australian First Mortgage
, was asked how many consumers would know what a mortgage manager was.
According to Homeloans Ltd
CEO Scott McWilliam, the onus lies with mortgage managers to better deliver their proposition to consumers through the broker channel.
“It’s the brokers who really are our advocates,” he said.
McWilliam said brokers choose to work with mortgage managers for their personalised service, technology platform and diversity from a funding perspective.
Australian First Mortgage joint managing director Tanya White
said that mortgage managers’ flexibility of service proposition is appealing to brokers, which is why the channel remains relevant in a competitive market.
“Mortgage management is here to stay – the service proposition today is more relevant than what it’s ever been,” she said.
However, she agreed it is vital that mortgage managers utilise the good faith and knowledge of the broker channel to get their message to consumers too.
Along with increasing their profile to the public, Better Mortgage Management managing director Murray Cowan said another challenge facing mortgage managers was white label products becoming more widespread.
According to Murray, white label products shouldn’t compete on rate, but via a solutions based approach.