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Licensed mortgage brokers will win a greater market share following the implementation of legislation, MFAA chief executive officer Phil Naylor has said.
According to Mr Naylor, brokers that seek and attain accreditation are more likely to be seen as trusted professionals by borrowers, which will result in a greater amount of work.
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“Customer perception of mortgage brokers is already at a high level and the new licensing regime to be introduced this year will further raise the professional profile of a mortgage broker,” Mr Naylor told The Adviser.
“The national compliance and regulatory laws will provide consumers with an ethical assurance and will raise the profile of brokers.”
Mr Naylor said the outlook for the mortgage broking industry is positive as customer satisfaction with mortgage brokers continues to surge.
According to the latest MFAA/Bankwest Home Finance Index, almost 74 per cent of borrowers said they were satisfied with their broker, while only 71 per cent said they were satisfied with the banks.
Overall, more than 26 per cent of borrowers said they would use or have used a mortgage broker to obtain a home loan.
However, this figure shot up to a considerable 44.8 per cent among respondents aged 30 years and younger.
Bankwest head of mortgages Dean Gillespie said the survey also found there was a greater awareness among borrowers of the benefit of using an accredited mortgage broker.
“Respondents increasingly think it is important to discover whether a mortgage broker is a member of an industry body before using them to arrange a loan (85.8 per cent), continuing an upward trend from 72.3 per cent in April 2008,” Mr Gillespie said.
