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MFAA Prosper : Mortgage and Finance Brief 05
"Ultimately, you need to take responsibility for your own success." From the beginning of July, the Commonwealth Government took over responsibility for regulating consumer credit from the states and territories and now that ASIC is the regulator and the new licensing regime is in place, the National Consumer Credit Protection Act (NCCP Act) is shaking up the industry. In the past 12 months, some 3000 members departed from the peak industry body for brokers, the Mortgage & Finance Association of Australia (MFAA). However, many industry insiders see this as a positive shift in the profession where those who could not survive the new regulatory landscape, or the MFAA's own standards, chose to leave the industry and thus didn't renew their membership. Indeed, over that same timeframe, 2,000 new individuals and organisations became members of the MFAA, which serves to underline the fact that where some see calamity, others see opportunity. Baker One person who has joined the industry recently is Richard Windeyer, an ex Bakers Delight franchisee who owned and operated three stores over nine years. He became a Mortgage Choice broker in Charlestown, NSW, in June 2010, and joined the MFAA at the same time. So what drove him to get into finance and mortgage broking? For Richard, it was time to get his work/life balance in order. He and his wife were also looking for a new direction and a new challenge. Despite a steep learning curve, Richard feels that what makes his new profession most rewarding is the people he is meeting and forming relationships with. And he believes the skills he honed at Bakers Delight are helping him succeed as a broker. "There's nothing more important than ongoing staff development and building a team around you," he maintains. "Staff development applies to all of us, and you should never stop learning whilst you work with “ There's nothing more important than ongoing staff development and building a team around you.” Richard Windeyer, Mortgage Choice others to build a business. It's all about people development, management skills and problem solving skills, and if you bring these three skills together successfully, things become a little easier and more logical to work through." He believes that the NCCP Act will help to reinforce the professionalism of the committed insurance brokers. "With the introduction of the NCCP licensing laws, I think we will see a lot of part-time and semi- committed brokers move on," says Windeyer. "This can only strengthen Mortgage Choice's position in the market and for me this was the critical reason to join their team." Pharmaceutical sales The promise of a more professional mortgage broking environment also appeals to Paul Formentin, who this year became a mortgage consultant in Bayswater and Bassendean in Perth, for Refund Home Loans. He made the switch after two decades of sales management roles for a number of large Bren and Kylie Rodda in action as stunt performers. Richard Windeyer says he learned a lot about team building from his previous career running three Bakers Delight franchises. Mortgage & Finance brief | 25 InDepth
Mortgage and Finance Brief 06