Powered by MOMENTUM MEDIA
subscribe to our newsletter

MFAA must reinvent itself

A former president of the MFAA believes the association needs to reinvent itself and question its relevance.

Speaking to Mortgage Business, Bernie Lewis executive chairman Mark Lewis said that before the NCCP, the MFAA considered itself the “de facto regulator” in the absence of regulation.

“Of course there is now regulation which has settled down and is chugging along okay, and the association did a great job there,” Mr Lewis said.

“But it needs to reinvent itself and ask ‘what is our purpose moving forward?’” he said.

Mr Lewis believes the MFAA’s significance will be defined by the strength of the board and the capabilities of the next chief executive, adding that MFAA president Tim Brown has an important task ahead of him.

Advertisement
Advertisement

“What Tim has got ahead of him is a decision – and he won’t make the decision alone, obviously – the decision to define how the association moves forward,” he said.

On May 14, MFAA chief executive Phil Naylor announced that he will step down from the leadership on 24 December 2014.

“It is not only about a new CEO, it is about the structure of the board, the horsepower that will exist on the board moving forward and the talent that exists there to not only show leadership and come up with a strategy but then having a CEO that can execute it,” Mr Lewis said. 

He singled out the challenge of attracting new brokers as a significant issue facing the future of the mortgage industry.

“I know the MFAA are making noise about it, but at the same time, we were talking about it around the board table back when I was president,” Mr Lewis said.

PROMOTED CONTENT


Young people are not attracted to the idea of joining a commission-based industry, he said.

“The industry itself is not doing a lot to try and change that environment - how do you get young people in on commission only?” he said.

“It’s just too difficult.”

MFAA must reinvent itself
mortgagebusiness

Latest News

Citi is to exit its consumer business, including mortgages, loans, retail banking and credit card operations, in Australia and 12 other ...

The major bank’s CEO has reiterated that responsible lending changes could simplify the lender’s processes and improve mortgage approv...

The non-major has reported growth in housing lending as well as a rise in home loan settlements via the broker channel. ...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Tackling the home deposit challenge

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.