Rapidly changing market conditions could prompt the resurrection of the Mortgage Lenders Council – with a key body representative travelling to Canberra last week to hold talks with the office of the Federal Treasurer.
Lisa Montgomery, head of consumer advocacy with non-bank lender Resi, said she was satisfied with the day’s deliberations.
Ms Montgomery told Mortgage Business that discussions centred on the sector’s identity, ability to compete in the current environment, media perceptions as well as representation in policy making.
“There is a growing understanding of the issues affecting the non-bank sector. The new government was willing to listen and understands that we are poorly represented at this point,” said Ms Montgomery.
Ms Montgomery travelled to Canberra with the backing of 12 senior representatives from the non-bank and mortgage insurance sector, adding further weight to the case for the rebirth of the Mortgage Lenders Council.
“People in the non-bank sector are keen to have a representative body – but one that is supported by funding and resources that can drive it forward as a credible and significant organisation,” said Ms Montgomery.
The government has made no offer of financial support for a non-bank council at this stage.
Whilst he admitted that the decision to resurrect the Mortgage Lenders Council was up to the non-bank sector, MFAA CEO Phil Naylor said the council would be unlikely to overcome the problems the original council faced, and would ultimately be a waste of resources.
“The issues will remain the same for the non-bank sector and so my personal opinion is that a second council would be a waste of resources,” said Mr Naylor.
Mr Naylor highlighted that the non-bank sector already had representation within the MFAA by way of the non-bank forum and non-bank management committee.
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