News

Financial Sector Reform (Hayne RC Response – Protecting Consumers) (Mortgage Brokers) Regulations 2020

After a productive period of consultation, advocacy and negotiation, the MFAA welcomes the release of the final regulations from Treasury that will govern mortgage broker remuneration into the future.

Table Summary: Final Hayne Commission Response – Protecting Consumers (Mortgage Brokers) Regulations 2020 and Explanatory Statement

Free consumer article: Property investing checklist

As part your MFAA membership, you have exclusive access to a library of professionally written articles on finance topics of interest to consumers to assist you to engage your customers and market your service.

This week’s consumer article seeks to assist those interested in purchasing an investment property.

MFAA Champions of Diversity - Eric Dong, EK Mortgage

Taking the time to get to know clients and asking the right questions to get a good understanding of their full financial picture, is one of the things that EK Mortgage founding Director Eric Dong credits with building a loyal customer base.

Eric estimates that approximately 95 per cent of his business now comes from customer referrals.

Prospa's Long Road - Tales of Regional Brokers: Paddy O'Sullivan of Mortgage Choice Nowra

For many brokers, the lure of inner-city property price tags can be too much to resist. Not so for Paddy O’Sullivan of Mortgage Choice Nowra.

The MFAA State Excellence Award winning regional broker returned to the NSW South Coast to take over a Mortgage Choice franchise in 2016. Since then his team has grown from two to eleven, as local marketing campaigns have helped to establish the business.

Home loan market share increases strongly as brokers assist borrowers through challenging times

Mortgage brokers have recorded their highest market share result in over a year by facilitating 57.0% of all new residential home loans in the April – June 2020 quarter.

According to the latest data released by research group comparator, a CoreLogic business, and commissioned by the MFAA, mortgage brokers settled $52.8 billion of new home loans during the June 2020 quarter, which is the largest observed result by value for any quarter since the MFAA first reported this data.

Home loan market share increases strongly as brokers assist borrowers through challenging times

Mortgage brokers have recorded their highest market share result in over a year by facilitating 57.0% of all new residential home loans in the April – June 2020 quarter.

According to the latest data released by research group comparator, a CoreLogic business, and commissioned by the MFAA, mortgage brokers settled $52.8 billion of new home loans during the June 2020 quarter, which is the largest observed result by value for any quarter since the MFAA first reported this data.

Managing Customer Complaints for a Better Business

Every business will get complaints but some believe that a complaint is a just a massive time waster. Complaints can challenge the way things are done and highlight a process failure that needs attention.

The question is: How do you use effective complaint management to improve your business model? Read on to find some information that will simultaneously help you to comply while enhancing your business.

Congratulations to the 2020 National MFAA Excellence Awards winners

The awards are the culmination of the MFAA Excellence Awards ceremonies which reward excellence in customer service, professionalism, innovation and ethics.

The 2020 MFAA National Excellence Awards winners are:

Prospa Groundbreakers: Surinder Agnihotri of Trail Book Loans and Australian Business Credit

He’s the self-described ‘youngest old man’ of the finance industry. And after speaking with Surinder Agnihotri of Trail Book Loans and Australian Business Credit and learning about his diverse experience and passionate entrepreneurism, it is easy to see why.

With a quarter century in the industry, Surinder Agnihotri has used his time productively, turning an ability to understand what finance professionals need to help them grow their business, into multiple businesses of his own.

Free consumer article: What is Lenders Mortgage Insurance?

As part your MFAA membership, you have exclusive access to a library of professionally written articles on finance topics of interest to consumers to assist you to engage your customers and market your service.

This week’s consumer article seeks to assist those eager to learn about the ins-and-outs and details potentially associated with obtaining a loan.

MFAA Champions of Diversity: Helia Singh, Assurance Finance and Business Solutions

Wealth coach and financial advisor Helia Singh knows more than most what it feels like to be in the minority.

When she arrived in Australia from Iran as a young adult in 1996, she spoke no English and knew no one outside of her own family. 

JobKeeper extended

With the initial phase of the JobKeeper program due to conclude on 27 September 2020, yesterday the Government announced a second phase which will extend the program for an additional six months through to 28 March 2021. The MFAA welcomes this announcement and the extension of this important economic support measure.

The second phase has a lower two-tier payment structure and a requirement to retest employer eligibility.

Mortgage and Finance Industry Bushfire Relief Fund directly assists 4,380 Australians

Earlier this year our industry came together to raise over half a million dollars to help those impacted by the Black Summer disaster through the Mortgage and Finance Industry Bushfire Relief Fund.

Now, Australian Red Cross has provided a progress report at the six-month mark of their bushfire grants and recovery program.

MFAA CEO Message: MFAA membership fees to remain unchanged for FY21

"Just a very short message today to let you know that following completion of the MFAA budgeting process for FY21, we have finalised membership fees for the coming year and are pleased to advise that we have been able to keep fees in all categories of membership unchanged for the full duration of FY21," MFAA CEO Mike Felton said.

Pathway to Broking eBook

Prospa Groundbreakers: PJ Patterson of Keystone Financial

PJ Patterson of Keystone Financial recently received the MFAA State Excellence Community Champion Award NSW/ACT, and it is not difficult to see why.

Two years ago, PJ realised it was time to give more back. Fortuitously, he was introduced to the global philanthropic B1G1 (Buy1Give1) endeavour, and the rest is history.

MFAA CEO Message & Update

Today, ASIC has released its updated regulatory guidance on the Best Interests Duty for mortgage brokers - the final ASIC Regulatory Guide 273. This follows the draft document released earlier this year, which was the subject of consultation by ASIC during February and March. The MFAA welcomes the guidance and the amendments made to the draft. We believe the changes have strengthened and clarified the guidance on what is expected of mortgage brokers and the manner in which compliance with the new legislation will be assessed.

Free consumer article: 5 Ways to Fund a Renovation

As part your MFAA membership, you have exclusive access to a library of professionally written articles on finance topics of interest to consumers to assist you to engage your customers and market your service.

This week’s consumer article seeks to assist those interested in renovating their property with some finance options that may be available.

Top industry professionals recognised at MFAA State Excellence Awards 2020

The MFAA State Excellence Awards 2020 has wrapped-up with the first ever virtual Excellence Awards recognising each state and territories most outstanding finance industry professionals proving to be a success.

After a uniquely challenging year, the awards provided a much-needed and much-deserved opportunity to celebrate the wonderful work being done by MFAA members in the mortgage and finance broking industry on behalf of their clients throughout the state and territory.