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The Australian Mortgage Broker Survey 2011
Datamonitor, April 2011, Pages: 70
The mortgage broker channel has assumed an pivotal role in the distribution of residential mortgages in Australia. However, pressure on broker commissions has led to serious concern among industry participants. This report looks at how the mortgage broker channel is changing and focuses on issues and challenges faced by brokers.
Features and benefits
- Track important broker metrics such as loan size, refinancing proportion and product set.
- Understand the impact of commission cuts on the mortgage broker channel.
- Learn the optimal structure of commissions to maximize broker satisfaction.
- Perfect your strategy with The analysis, recommendations and forecasts.
- Learn about mortgage broker outlook, market predictions, concerns and attitudes.
Highlights
- As consolidation occurs within the mortgage broker industry – and companies consequently become bigger – players can more easily offer a large panel of lenders. From a mortgage lender's point of view, the closer they can tie their systems to large broker companies, the easier and quicker approval processes can become.
- Given the drastic commission cuts experienced in 2008, it is not surprising that broker satisfaction with commission levels fell between 2007 and 2009. In 2007, 63% of brokers were very or quite satisfied, a proportion which had fallen to 21% by 2009. Over the same period, the very or quite dissatisfied proportion rose from 13% to 46% of brokers.
- When asked to name the most important area for lenders to improve, 30% of brokers mentioned loan approval and turnaround times. Since long loan approval times can cost sales – and since there are no commissions to be made from a customer whose business has been lost – keeping loan approval times low is vital to mortgage brokers.
Your key questions answered
- How many lenders to brokers commonly use on average?
- What are the major areas of improvement brokers see in their lenders?
- What is the most highly regarded lender according to mortgage brokers?
- What are the key trends affecting the mortgage broker industry?
- How can lenders optimize their relationship with the mortgage broker channel?
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