Minnows pinch business from top 10 brokers
The value of loans written by mortgage brokers increased by 12 per cent to $12.9 billion in the December 2004 quarter, a survey by Market Intelligence Strategy Centre found. Loans originated by mortgage brokers had fallen by seven per cent in the September 2004 quarter. MISC found that the proportion of borrowers refinancing loans fell to 32 per cent in December from 37 per cent in September. MISC said the number of active broker groups increased by 11 per cent in the December quarter to 392, but the market share of the top 10 fell by five per cent.