Still room for part-time brokers - Citibank

by BN17 Jul 2009

There is still a place in the industry for part-time brokers, according to Citibank's head of mortgage distribution, Peter Hayward.

"It's not about whether you are part-time or full-time, but whether you are professional or not," he told Brokernews.

"If you maintain professional standards, keep your business in good order, follow the CPD regime, attend training sessions and provide excellent service, then who cares if you are full-time or part-time," he added.

His comments come as many predict an exoducs of part-time brokers and those 'moon-lighting' in other professions due to licensing and accreditation requirements.

Kristy Sheppard, senior corporate affairs manager for Mortgage Choice, told The Australian this week that accreditation standards imposed by the CBA would "weed out part-time brokers and those with insufficient knowledge of home loan products".

Hayward said new compliance, accreditation and licensing requirements along with fees would make it harder, but were not "too onerous" to stop part-time brokers remaining part of the industry.

However, he said the caveat to this would be people operating in a "wildly different industry" such as someone who owned a McDonalds franchise who also writes loans.

"But why not be an accountant or financial planner and also a broker?"

Related stories:

MFAA calls for simple licensing  - The MFAA is urging the Federal Government to adopt the K-I-S-S approach when it comes to licensing procedures.


  • by Oz Boy 17/07/2009 11:39:40 AM

    Peter that would have to be the most sensible thing I have ever heard you say, well done!

  • by Neil McNamara 17/07/2009 2:41:08 PM

    A Lender that is a supporter of part-time brokers, that's great news for the market place. Citibank might not always have the best priced product (at the moment); however this is the start of what I hope is a positive spin on the way Lenders treat quality brokers, albeit them part-timers.

  • by James Smith 17/07/2009 8:20:33 PM

    Dear me part time brokers? Thats whats wrong with the industry. We need professionals not blokes driving forklifts during the day selling loans at night. Total bollocks.