Home' MFAA Prosper : Mortgage and Finance Brief 20 Contents Mortgage & Finance brief 9
8 Mortgage & Finance brief
It’s been a busy few months behind the
scenes at the MFAA and, with the National
Convention taking pride of place in May, it’s
not going to slow down any time soon.
The industry is geared up to hear wise words
from John Howard and Andrew Denton at the
Convention; it has celebrated with finalists and
winners at the MFAA 2013 Excellence Awards;
and to top it all off, the MFAA is now ‘on air’.
We’re producing for tnightly videos focusing
on MFAA and industry news items that align
with our now weekly enewsletters. If you need
to know what’s going on, this is your first stop.
This issue is dedicated to excel lence. Aussie
was the big winner at the Excellence Awards,
and all eyes are on the National Convention in
May - I look for ward to seeing you there.
Ali Klaver, Editor
The MFAA expects
strong growth in
the equipment and
2013; great news for its
2500 credit advisers.
and major private and
projects will boost
activity, particularly in
Western Australia and
the Northern Territory,
where many large
projects are underway.
According to the
Veda Quarterly Credit
Demand Index, growth
is reflected in a surge of
personal and home loan
inquiries in these areas.
Ellena Wong, a mortgage broker
and MFAA Certified MentorTM,
recently held her first mentee
night in Parramatta which was
a resounding success.
Wong attracted a number
of mentees to her ‘Road to
Success’ mentoring program,
inspired by her own pathway as
a mentee and recent changes
in the industry.
Wong says her program is
all about structure, support
“I have seven years’
experience in the mortgage
industry and I like to teach
people, so it was an easy
decision to become a mentor
because I want to give back to
the industry,” she said.
Coupled with a graduate
diploma in counselling, Wong
is well placed to share her
experience in the industry and
how she went from strength
to strength as a mentee under
MFAA Certified MentorTM Therese
O’Neill from Alphabroker.
“The MFAA has set a
standard,” Wong said. “ If we
embrace it, we are protecting
consumers, and they are the
ones who hold the power.”
Visit Wong’s website at
au for more information, or go
to www.mfaa.com.au to learn
more about the MFAA Certified
ASIC ‘independent’ ruling embraced
One Per th company has successf ully changed
its business na me to suit ASIC’s r uling that
the term ‘independent’ cannot be used in a
company or business name.
‘Independent Home Loans’ is now k nown
as ‘Iconic Home Loans’, a process that its
Managing Director, James Pibwor th, says
took about three months.
“We wanted to minimise the visual impact
of the new name, but at the same time make
a change that really meant something for the
company and our vision for the future,” he said.
The company maintained its ‘IHL’ brand
abbrev iation that already had significant
clout, particularly in its social media channels.
Rather than r isking a rebranding exercise,
Pibwor th said they simply searched for a
suitable replacement for ‘ independent’.
“The word ‘iconic’ fits with our expansion
into new financial service divisions,” he said.
MFAA CEO, Phil Naylor, said that it shows
a positive response to a complex issue and
credit advisers need to be aware of this.
“The MFAA is pleased to be able to
work with involved members and ASIC to
facilitate the need to change their names,
recognising that this can be a difficult and
sometimes costly process,” he said.
New rules in the NCCP Enhancement Act
should not deter lenders from financing
mature aged borrowers, but additional steps
might be prudent.
According to an update by Jon Denovan
of Gadens Law yers, some lender s have been
cautious about lending to bor rowers aged
45 or over because of the risk that they
might retire prior to repaying their loan
To address this risk, Gadens
recommends that lenders and brokers
obtain a reasonably detailed written
statement from each bor rower aged
45 or over stating in some detail their
intention to sell the security property if
and when they can no longer make the
repayments, and that this sale fits with
their requirements and objectives.
Brokers break through
According to research group comparator,
mortgage brokers have broken through
the $100 billion barrier of home loans
written during the
2012 calendar year.
RESEARCH FROM THE
TOP 16 AGGREGATORS IN THE
INDUSTRY FOUND THAT
BROKERS ORIGINATED MORE
THAN 40% OF ALL NEW
RESIDENTIAL LENDING IN 2012,
AND EXPERIENCED A SURGE IN
LENDING VOLUMES DURING THE
DECEMBER 2012 QUARTER ALONE
TO $27.2 BILLION,
The research also revealed that
a broker’s average home loan value was
% FROM THE
Watch this space:
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For those of you who haven’t yet
laid eyes on ‘MFAA on air’ – our
new online video reporting series –
check it out on YouTube.
17/04/13 4:21 PM
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