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MFAA Prosper : Mortgage and Finance Brief 05
“ Iducietur, comnimus maximposae et, temporem faccus vel mos secaeca borepro is santem et voluptatiur audandis re voluptaquae ipitestius, opta et ipidern.” MORTGAGE &FINANCE BRIEF The O f fic i a l M agaz i ne f o r Membe rs o ft heMo rt gage&F i nance A ss oc i a ti ono f Au str a li a O ct/Nov2010 FORMEMBERS C on sume r camp a i gn I Ex ce ll enceAwa r ds I D i sco un t s HowAnthonyD’Alessandro chosetogrowhiscompany BUSINESS DECISION OwNlICENCE OrCrEDItrEp? Themost i mportantcho i ce youw ill maketh i syear LIFEEXPERIENCE Careerbackgroundsthat g i vebrokersanedge plUS : •H i ghLVRsmakeacomeback •Ex i tfeesunderscrut i ny •T i psonchoos i nganoffice Mortgage&FinanceBRIEFOct/Nov2010Vol7No0500_ M FB_ O ct_ C over.indd229/09/102:49P M the latest news for mortgage brokers Unfair exit fees under scrutiny New laws give ASIC greater power to crack down on excessive exit fees. Read more Helping hand for non-bank mortgage lenders Treasury officials are said to be preparing options that will make it easier for non-bank lenders to access funds and therefore to offer lower mortgage rates. Read more Good news for young buyers First Home Owners Boost extended by six months, but grant halved from 1 October. Read more PROFILE Become a mentor and share your expertise with young professionals. Read what John Smith from Vow Financial thought of the experience. Read more ExPERt advIcE One thing you can’t afford to miss when choosing a commercial loan. Read more BackOFFIcE 10 tips to help you attract new clients. Read more UPcOMING EvENtS IN NSW MFaa NSW BREakFaSt: HOW SUStaINaBLE IS aUStRaLIa’S HOUSING REcOvERY? date: Wednesday, 21 July time: 8am – 9.30am venue: Kirribilli Club, cost: $35 members 11 Harbourview Crescent $45 non-members (incl. GST) Lavender Bay cPd: 1 point HIA Chief Economist Harley Dale will outline the challenges and opportunities of the next few years for the Australian economy and the housing industry. Book here. datES FOR YOUR dIaRY 8 September - NSW Breakfast series seminar 13 October - NSW Breakfast series seminar 28 October - MFAA NSW Golf Day 10 November - NSW Breakfast series seminar 1 December - NSW Breakfast series seminar NOVEMBER 2010 advertise Send to a friend contact Subscribe Unsubscribe ADVERTISEMENT ADVERTISEMENT JOIN MFaa MFaa cOMMUNItY Would you donate blood more than 250 times if you were afraid of needles? One commercial broker did. Read her story here Join the MFAA Community to share your good news stories, upload your photos or network with other brokers. Spot yourself at the WIMBN networking lunch – check out the photo gallery here. YOUR PROFESSION. YOUR FUTURE. Become a member of MFAA to stay informed of all the latest news and networking events for brokers. You’ll also receive a free subscription to the bi- monthly member magazine Mortgage & Finance Brief. download a digital version here. JOIN US ON FacEBOOk aNd LINkEdIN Mortgage and Finance Association PO Box 604, Neutral Bay, NSW 2089 Ph: 1300 554 817 MORTGAGE&FINANCE BRIEF Stay in the know Keep a look-out for the new MFAA enewsletter, launching in early November. Tailored specifically for mortgage brokers, this fortnightly enewsletter will keep you up-to-date with everything you need to know about the industry and how it affects you. Topics include: • News • Profiles of successful mortgage brokers and industry leaders • Expert advice • Tips to help you run your business better • Events in your state • M FA A advocacy updates • Photo galleries want to be a part of the enewsletter? Editorial Martin Wanless 02 9818 8896 email@example.com Advertising Kerry Frances 02 9818 8896 firstname.lastname@example.org the company introduced a new non-government lending program through its subsidiary, Residential Mortgage Acceptance Corporation Limited, (RESIMAC). The NSW Government was subsequently bought out in 2003. “The onset of securitisation as a funding tool meant that mortgage borrowers no longer had to rely on the banks to fund their residential funding needs,” says Mary Ploughman, RESIMAC’s Director of Securitisation. “This meant that consumers had choice and as is always the result of choice and resulting competition, the cost of a home loan reduced significantly. “A number of participants followed soon after, all utilising the US securitisation technology. As more entered the market, fixed income investors also came to understand this as an important alternative investment in the fixed income sector.” Looking ahead Looking to the next 25 years, RESIMAC – which provides an end-to-end integrated approach to loan origination, servicing and management – will continue to diversify the range of financial solutions it offers and the distribution base it uses to sell them. “By utilising the full breadth and depth of our collective expertise to implement our ideals, we can achieve a good return on capital from a commodity business and retain our place as one of the most well respected non-bank lenders in the market,” says Savins. One of the opportunities the company plans to take advantage of is to strategically align and build depth with its key distribution partners to foster relationships that will deliver greater competition with the banks and more awareness for the non-bank segment. “There is a challenge in making consumers and the mortgage broking industry as a whole again realise the benefits of non-bank lenders, a situation not too dissimilar to the early 1990s where non-banks began to gain a profile for being a viable alternative,” says Savins. “The major banks aggressively targeted the non- bank financial sector since the onset of the GFC. This in turn has caused a perception amongst consumers that banks are ‘safer’. “Our predicament was not helped by some non- bank lenders not passing on the bulk of the interest rate reductions announced by the Reserve Bank over the course of 2009. “The fact that RESIMAC never ceased new business lending throughout the GFC, and the longevity of our existence gives us the pedigree to take on this fight.” “ RESIMAC never ceased new business lending throughout the GFC. ” InProfile
Mortgage and Finance Brief 06