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The challenges that lie ahead for brokers have been highlighted by Mortgage Choice's pessimistic forecast of a 40 to 45 per cent fall in profit for the 2009 financial year.
Addressing shareholders at the group’s annual general meeting yesterday, Paul Lahiff, Mortgage Choice managing director, said the expected reduction in profit was the result of “slowing housing finance approval levels and the change in commission structures announced by lenders during the course of 2008”.
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Despite these challenges Mr Lahiff said there were also a number of opportunities on the horizon for the brokerage, in the form of easing interest rates and government initiatives aimed at stimulating the housing market.
Over the 2008 financial year Mortgage Choice managed to grow its loan book by 12.2 per cent, its broker network from 663 to 671 and its average loan life to 3.7 years – a result it said was outstanding considering the challenging market.
Published: 19-11-08
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