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Staff Reporter
The Mortgage & Finance Association of Australia (MFAA) believes the third party distribution sector will continue to grow in 2013 despite the sluggish credit environment.
In a statement released yesterday, the MFAA said it expected to see mortgage brokers grow their share of the market to well above 40 per cent this year.
“We agree with the Deloitte report that the $1.3 trillion mortgage market in 2013 will be highlighted by tougher competition and margin pressure, leading to many lenders to more actively manage their books and seek efficiencies through the use of the broker channel,” MFAA chief executive Phil Naylor said.
“The firm also found that in 2013 there will be greater use of mobile apps and social media, which will occur well before [consumers] seek a broker or lender about a mortgage. This technology will provide opportunity for brokers to take ownership of the customer earlier.
“We expect that the mortgage broker share of the market should expand further this year as consumer interest in the value of credit advice from brokers continues to grow, which is good news for our industry.”
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