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By: Staff Reporter
The mortgage industry could see a 50 per cent drop in its broker numbers with the implementation of licensing, Fujitsu Consulting general manager Martin North said.
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Speaking at the Mortgage Innovation conference in Sydney yesterday, Mr North told an audience of mortgage professionals that the next two years would herald a series of changes in the broker space.
“Two years from now, the mortgage industry will be very different. We are still unsure as to whether or not America will pull itself out of the global financial crisis,” Mr North said.
“If you look at all the metrics in terms of defaults, the USA is in a worse position now than they were 18 months ago.
“But regardless of what happens in the US, one thing is certain. In Australia, broker numbers will be halved – swallowed up by consolidation or forced to leave by way of regulation.”
