One of the mortgage broking industry’s peak bodies has vowed to keep membership fees steady for 24 months.
The Finance Brokers Association of Australia (FBAA) said the new initiative was an “industry first” that will help support brokers at a time when they face ongoing costs.
FBAA chief executive officer Peter White said loyalty to its members is the association’s most important partnership, and pledged to keep the membership fee structure unchanged for a minimum of two years, or until 31 October 2017.
“We want our most important stakeholders looked after and this industry-first pledge is a small but really significant bonus for our FBAA members,” Mr White said.
“The two-year commitment is iron clad but it may not end there, with an opportunity to extend the initiative past October 2017.”
The move comes after the FBAA last week announced a new partnership with credit information provider Veda that will save brokers money on client credit reports.
FBAA members are now able to access credit scores through VedaScore Apply and obtain credit reports for borrowers at a discounted rate.
Credit reporting data provides insights on each applicant relating to credit worthiness, life stage, and repayment capacity. It assists brokers in making an improved preliminary assessment of a credit contract’s suitability, helping meet compliance requirements under NCCP regulations.
“If you write four loans a week that’s around six to eight credit checks since couples make up the majority of borrowers,” Mr White said. “These upfront costs comes out of the broker's pocket.
“This is a fantastic initiative, exclusive to FBAA members, to assist in pre-qualifying more loans with CCR credit checks at substantial cost savings.”
[Related: FBAA partners with Veda]
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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