What Happened To The New Zealand Mortgage Brokers Association?
The NZMBA was established in 1997 to represent the interests of mortgage advisers and to promote the growth of the mortgage broking industry in New Zealand.
The number of loans through brokers grew substantially from 1991, when only 1 per cent of loans were broker-processed, to 7 per cent in 1996 and 27 per cent in 2001. In 2007, mortgage brokers were processing about 40% of lending.
New Zealand Mortgage Brokers Association Supported Brokers
As a mortgage broker with Mortgage Link it was a requirement to join the New Zealand Mortgage Brokers Association (NZMBA) and support the association as mortgage broking was being established.
The New Zealand Mortgage Brokers Association (NZMBA) amalgamated with the PAA on April 1st 2012 and at the time of amalgamating with the PAA, the NZMBA supported more than 800 mortgage brokers from throughout the country but at its peak, it was reported that there were up to 1400 members.
PAA Replaces NZMBA
The PAA continues the work of the NZMBA and now acts as a representative voice of the mortgage broking industry.
This includes working with the media to increase public awareness, promoting high standards of professionalism, influencing regulations and providing a range of educational and professional development opportunities for members.
The future of the industry looks bright and it is great to have an industry body to support New Zealand mortgage brokers.