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The Mortgage & Finance Association of Australia (MFAA) welcomed 1,158 new members during the 2012/2013 financial year and an additional 117 new members in July.
The total number of members is now back at over 10,000, despite the termination of 1,100 brokers earlier this year for not having met minimum education requirements.
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According to the MFAA, around 400 of those terminated have now been re-admitted after meeting the diploma standards required.
CEO of the MFAA Phil Naylor said the association is delighted by the strong influx of new members to the association and the industry.
“There continues to be a natural attrition of predominantly older members who are leaving the industry, but we are excited to see that the new members all hold the necessary education requirements,” Mr Naylor said.
Brokers increased their share of home loans provided by 24 per cent during the June quarter, to $30.6 billion, maintaining a mortgage market share of 45 per cent.
“We expect that the mortgage broker share of the market should expand further this year. We are seeing quite a few of our corporate members looking to expand their mortgage broking operations and lift their standards to meet customer expectations”, Mr Naylor said.
