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Mortgage brokers and non-bank lenders have attracted more than their fair share of unwanted media coverage over the past 12 months, with most claims focusing on the costs borrowers incur in using a broker.
Unfair or misinformed media reports stand to damage the channel’s reputation. But what action can the industry take to better influence the way its activities are reported in the media?
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Lisa Montgomery, Resi’s head of marketing and consumer advocacy, told Mortgage Business much of the problem stemmed from mainstream press journalists who did not fully understand the “mechanics” of the mortgage industry.
“A lot of these journalists might not have written about finance before or haven’t been in the industry long,” she said.
Ms Montgomery, whose role with Resi involves considerable interaction with the media, said tight deadlines were also part of the problem.
“Journalists are often trying to get a story out as quickly as possible,” she said.
Kristy Sheppard, senior corporate affairs manager at listed brokerage Mortgage Choice, said education was key.
“The centre of the issue is really education, of both the media and consumers,” she said.
Mortgage Choice often attracts media coverage of its consumer surveys as well as through being proactive in issuing media statements on key industry issues.
As part of its media activities, Ms Sheppard said Mortgage Choice focuses on ensuring key journalists understand the Mortgage Choice business.
“It also helps if you have statistics and figures to back your claims up,” she said.
Phil Naylor, CEO of the MFAA, said negative media coverage was usually around a few fringe brokers.
