Mortgage broker numbers are growing, as new entrants are attracted by strong industry conditions in recent years. But those new entrants have had a shock, with market conditions deteriorating this year. According to the latest Mortgage and Finance Association of Australia industry report, broker numbers rose from 19,236 in the six months to September last year to 19,456 in the six months to March. It is the highest number of brokers ever recorded in the MFAA survey.  Mortgage broker market share peaked in the September quarter last year, when it hit 71.7 per cent. It fell to 69.6 per cent in the March quarter and 67.2 per cent in the June quarter. With more subdued activity in the mortgage market, the average value of home loans settled per broker fell from A$9.4 million in the September half last year to $8.3 million in the March half.  Overall, the value of loans settled in the six months to March fell by 8.6 per cent. The MFAA said an increase in broker numbers has usually resulted in an increase in new loan settlements. The six months to March was the first period broker numbers increased while settlement volumes fell. Average broker remuneration fell from $195,356 in the previous period to $181,199 in the six months to March. The conversion rate of home loan applications to settlements fell from 87.3 per cent in the six months to September last year to 83.2 per cent in the six months to March. This decline followed six consecutive periods when the conversion rate increased. While the number of mortgage brokers increased during the survey period, the number of brokers also writing commercial loans fell – from 6118 in the previous period to 5884 in the six months to March. The value of commercial loans written also fell.