A recent study into the mortgage broking sector has flagged a potential change in the make up of broking groups, with a large proportion of respondents considering moving jobs.
The Core Data report, Mortgage Broking 2008, revealed 31.3 per cent of mortgage brokers had considered a move from their existing broking group to another over the past 12 months.
Even though nearly one-third of those surveyed were contemplating a move, only 13 per cent would commit to actually switching broking groups in the coming year.
However, this percentage would still translate to 2000 brokers, out of 16,000, changing jobs over the next 12 months.
The research showed banks are seen as a great source of pain for mortgage brokers, with 66.4 per cent saying they believed the big banks were trying to squeeze them out of the market.
A further 26.2 per cent of survey participants said the banks’ move to cut commissions had crippled their businesses.
Concerned about their immediate future, 91.3 per cent said mortgage brokers will have to increase the number of services they provide in years to come.
Despite the brokers’ negative sentiments about banks and broking groups, 63.7 per cent still anticipate an increase in consumer demand for mortgage broking.
The Core Data study enlisted responses from 700 mortgage brokers Australia-wide.
