Major conference for NZ mortgage brokers

Major conference for NZ mortgage brokers

Nearly 400 delegates will attend the New Zealand Mortgage Brokers Association’s sixth annual conference in Christchurch starting tomorrow.

The keynote speakers at the two-day conference are John Lees, a celebrity speaker and sales-management motivator and Bruce Cotterill, managing director of Kerry Packer’s ACP Media Ltd.

Brett Rutledge, the 1998 world champion of public speaking, will be master of ceremonies at the conference. Mr Rutledge is one of Australasia’s best impressionists and has worked with the New Zealand Rugby Union and major blue chip companies.

A special forum tomorrow facilitated by Mary-Alice Arthur will provide delegates with real benefits, New Zealand Mortgage Brokers Association conference organiser Rob Tucker said today.

``This is a landmark conference for us as we continue to grow,’’ he said. The hot topic in the industry is the high number of approved loans not being settled. Some of the problem results from the buoyant conditions in the housing market. ``The size of the NZ mortgage market is around $70 billion in total. Approximately $22 billion in mortgages is written annually and of this mortgage brokers account for approximately $6 billion – or about 28 percent of loans,’’ Mr Tucker said.

About a quarter of all mortgage business is now written or placed through mortgage brokers compared to Australia which is running around 40 per cent. The association said it expected the industry to grow to a similar level in New Zealand.

The association has more than 575 members and the use of brokers is gaining in popularity because a broker represents the client's interests but knows the banking system.

Members of the Mortgage Brokers Association must have a proven history of relevant experience and have passed a training and accreditation programme.

Mortgage broking must be the principal activity of the member, who must gain approval from at least six major financial institutions.
And members must have at least $1 million in professional indemnity insurance cover.

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