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Mortgage broking is predicted to be among the most in-demand professions in the banking and finance sectors for 2014, with bilingual broking topping the list.
The latest ‘Hays Quarterly Hotspots’ list of skills in demand shows pockets of skill shortages - and job opportunities - for skilled and experienced professionals in specific areas of financial services.
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According to the report, compiled by recruitment firm Hays, the improving housing market and greater demand from consumers is seeing both the mortgage broking profession and various roles within lenders become 'hot property'.
“There has been an increase [in demand for mortgage administrators] due to the competitive interest rates in the market, banks competing for business and the new legislation around VEDA, where banks will be able to request information on behalf of the customer regarding failed credit checks,” the report reads.
“[Lenders] are seeking top-performing mortgage administrators (end-to-end processing, including pre- and post-settlement) from rival banks and lending institutions to grow their market share.”
But with broker market share climbing, it is the third party channel itself that will likely be stretched to the limit in 2014.
According to MFAA chief executive Phil Naylor, brokers are set to be writing half of all loans within two years.
“I think there is much more focus on being the client's trusted adviser rather than merely being involved in the transaction,” Mr Naylor said.
“There has been a greater recognition by consumers of the broker advice position. We think that’s really been enhanced over the last quarter or so.”
While credit advisers are needed to cope with the burgeoning demand, according to Hays there is a certain type of broker who will flourish in the current market.
“We are seeing a real need for bilingual brokers,” the report claims, citing recent activity in the foreign investment markets.
Earlier this month, top young broker Eric Cui from Alliance Mortgages told The Adviser that relationships with Chinese referral partners has proven a boon for his company.
“Some local real estate agents market in mainland China for developments and projects, so they have their finger on the pulse.
“We have exclusive partnerships with these real estate agents in our local area. So when they sell off-the-plan properties and the investor signs the contract, we’ll be brought on board to finance the mortgage.”
