Regulation concerns cloud future of mortgage industry.
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ALL REPORTS INDICATE THAT THE mortgage broking market will continue to boom, but regulation of the industry is a tough business. In Australia any proverbial Tom, Dick or Harry can effectively set up shop as a mortgage broker, with very little required in the way of qualification or credibility. In a market containing around 2,000 brokers, with the percentage of home loans generated by mortgage brokers on the increase, measures which safeguard the industry are clearly desirable. A recent Market Intelligence Strategy Centre (MISC) report revealed that 492 active mortgage brokers settled in excess of $6 billion in new home loans in the quarter ending March 2001. These `active’ brokers were brokers who had settled three or more loans in the quarter,… |