Mortgage brokers grow in force

Mortgage brokers are now responsible for arranging 23 per cent of mortgages in this country, says New Zealand Mortgage Brokers Association chair Rob Tucker.

Monday, October 30th 2000, 4:49PM

by Paul McBeth

Mortgage brokers are now responsible for arranging about 23 per cent of mortgages in this country says Rob Tucker, chair of the New Zealand Mortgage Brokers Association.

Tucker says the total mortgage market here is currently worth $65 billion, with a quarter of that amount turned over each year either as new mortgages or refinancing existing mortgages. He also says that the trend for increasing amounts of business to be handled by brokers – up ten per cent on last year – is likely to continue and that refinancing is now a major component of many association members’ business.

Tucker, one of the founders of the NZMBA and its chair since it was formed in 1997, has just been re-elected for a further term. Managing Director of Auckland mortgage broker Loan Plan and chair of National Mortgage Brokers Ltd, he has more than 30 years experience in the financial sector.

He says that membership of the association is now about 330 and has grown to include more than half all "true" mortgage brokers in New Zealand. The NZMBA has brought in its own professional indemnity scheme and has recently brought in a training programme which members must complete by the end of March next year.

Next on the agenda is a website, due for launch in November, for use by the public and by association members. Borrowers will be able to find out who the NZMBA members are in their area, link through to their individual websites or emails where applicable as well as access general information about mortgage broking and the association.

Another area the NZMBA has been busy is in persuading mortgage lenders to only accept applications from accredited members. Tucker says the number of lenders that do this is increasing, with most of the banks now on board.

Paul is a staff writer for Good Returns based in Wellington.

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