Shellharbour-based broker recognised as industry top performer
By: Mortgage Professional Australia
"With the challenging lending environment of the last two years, brokers' figures for 2019 have taken a hit, but those who made it into MPA's Top 100 have prepared their businesses to succeed," says Mortgage Professional Australia editor Rebecca Pike.
"In the past, the Top 100 list has been based on the value of loans written over the past 12 months. But this year we have changed the criteria to take into consideration some of the other factors that show a broker's success. While loan value still makes up most of the weighting, conversion rate, number of loans and growth in value have also been included."
Speaking to Mortgage Professional Australia about overcoming last year's challenges, particularly tighter lending restrictions and deeper assessments being completed by the lender, Mihalopoulos believes that this was warranted and is actually a good thing for both the broker industry and consumers. However, this had an impact on lender turnaround times.
"We were already in the habit of providing a detailed submission to support any application, therefore deeper assessments being completed by the lender did not really affect our business and processes. With longer turnaround times, it was all about setting the right expectations with the clients from the first meeting and providing detailed updates during the process through to approval and so in the customer's eyes, this was the norm in any case."
Read the full report in issue 19.12 of Mortgage Professional Australia, out now or find out more about Mihalopoulos HERE (https://www.mpamagazine.com.au/
Mortgage Professional Australia (MPA) is the leading business magazine for the mortgage and finance industry. Launched in 2001, MPA continues to be the key resource mortgage and finance professionals turn to for in-depth industry issues, market trends, business analysis and intelligence. MPA is also very well known for its annual surveys and special reports such as Brokers on Banks and the MPA Top 100 that recognise key individuals and businesses and provide a unique snapshot of an industry that is continually evolving.
MPA is published by independent media company Key Media. In conjunction with the print and online publications, Key Media also produces several mortgage and finance industry events including the Australian Mortgage Awards. Find out more about Key Media's magazines, events and websites at www.keymedia.com.