Mortgage brokers continue to build market share
Mortgage brokers continue to build their market share with a 41.5 per cent lift in loans provided across Australia to A$34.1 billion during the March quarter. This compares with loans of $24.1 billion in the previous corresponding quarter in 2013.The deliberate and managed growth of the mortgage broker industry has seen its share of home loans provided in Australia double over the last ten years to reach a "milestone" of 50 per cent during the March quarter, according to information provider, comparator."The results support the view that brokers have a higher rate of converting loan applications to settlements than the direct lender channel, while investors and those looking to re-finance at historically low fixed rates are flocking to the broker channel", said Phil Naylor, CEO of the Mortgage and Finance Association of Australia.The MFAA, which has over 10,300 members, expects the mortgage broking sector to continue lifting its market share and lending volumes throughout 2014.