Passionate state manager reflects on rewarding role, industry changes
Wendy Robertson has been a dedicated employee of the MFAA for the last 20 years and has witnessed major changes while serving the mortgage and finance industry’s leading peak body.
But the challenges and complexity of Robertson’s role as MFAA state manager for South Australia and the Northern Territory have not dampened her drive and dedication to an industry she clearly loves.
Celebrating two decades of working for the MFAA, Robertson (pictured above) recently caught up with MPA to discuss her career, the regulatory reforms and technology changes within the sector, the MFAA’s advocacy role, and mortgage industry trends, challenges and opportunities.
Robertson’s mortgage industry career path
Robertson said working in the mortgage and finance industry had been a “deeply rewarding journey for me, filled with passion, purpose, and fulfillment”.
“I have found immense joy and satisfaction in being a part of an industry that plays a fundamental role in people's lives, helping them achieve their dreams of homeownership and financial security,” Robertson said.
“I am deeply grateful for the relationships and connections I have forged within the industry. Working alongside dedicated and passionate professionals – colleagues, brokers, aggregators, lenders and allied industries – has been a source of inspiration and motivation.
“The camaraderie, collaboration, and shared commitment to excellence have created a sense of belonging and community that I cherish deeply.”
Robertson said she had a 20-year career as an architect before joining the MFAA, but had been involved in the mortgage broking industry since its inception.
“My late husband started one of the first mortgage broking companies in SA in 1991, and he spent many years serving on the MFAA (then known as the MIAA) SA/NT State Council and later as MFAA national president,” she said.
Robertson said governance of the MIAA was conducted by five state councils, made up of MIAA members elected by the whole membership. The presidents of each state council formed the MFAA National Council, now the MFAA Board.
In 2002, Robertson was asked to take over the role of secretariat for the SA/NT council on a part-time basis while she was also working part-time as an architect from home and raising four daughters.
She said this was during a time in which the mortgage industry was growing rapidly, and by 2004 the secretariat role had expanded and became a permanent full-time position. “Since then I have maintained my passion for architecture and the arts, but did not return to it as a career.”
In 2004, the MIAA’s employees comprised one secretariat for each state plus the first newly appointed CEO, Phil Naylor. From there, the association grew to also incorporate employees in membership, events, marketing, compliance and professional development teams.
Robertson said the state secretariat role evolved to member liaison, then business development manager to currently state manager, with her role becoming broader and increasingly member-facing.
“My role encompasses a wide range of duties aimed at supporting MFAA members in SA/NT, promoting professionalism within the industry, and fostering positive relationships with members and stakeholders.”
MFAA and industry changes
There have been major changes in the MFAA and in the mortgage and finance industry over the years.
Robertson said while the MFAA had been active for several decades, it had undergone notable transformations in response to changing regulatory environments, market dynamics, and technological advancements.
“I have witnessed huge growth in broker numbers and market share and seen the association’s transformation into a dynamic and influential industry body dedicated to advancing the interests of mortgage brokers, promoting professionalism, and driving positive outcomes for consumers and the mortgage industry as a whole.”
The mortgage and finance industry in Australia had also experienced widespread changes in the last 20 years, said Robertson, influenced by economic trends, regulatory reforms, technological advancements, and shifts in consumer behaviour.
“The mortgage broking profession has become more professionalised, with increased emphasis on education, training, and accreditation,” she said.
Important regulatory reforms had also enhanced professionalism, transparency, and consumer protection.
“The mortgage broking industry has grown significantly, with brokers playing a key role in connecting borrowers with lenders and facilitating over 70% of home loans written,” Robertson said. “The industry has become systemically important to the Australian economy.”
Robertson said technological advancements have transformed the way mortgages are originated, processed, and serviced.
“Brokers have embraced technology to improve efficiency, productivity, and client service delivery.”
The diversification of mortgage lenders and the rise of alternative financing options had also expanded borrowers' access to a wider range of mortgage products and services.
Robertson said this increased competition had led to more competitive interest rates and terms, providing borrowers with greater choice and flexibility.
“More recently, there's been a growing emphasis on sustainable finance and responsible lending practices, with lenders considering environmental and social factors in their lending decisions.”
Overall, the changes in the Australian mortgage industry had both positive and challenging implications for borrowers and brokers, said Robertson.
“Brokers must adapt to regulatory changes, embrace technology, and differentiate themselves to remain competitive and deliver value to their clients.”
MFAA’s role in shaping regulations
Robertson said the MFAA played a crucial role in advocating for the interests of mortgage brokers and promoting professional standards within the industry.
“The MFAA provides input to regulators and policymakers on behalf of its members, effectively achieving the protection of consumers and mitigating unintended consequences for brokers,” she said.
“Regulations also play a crucial role in maintaining the stability of the housing market by imposing prudential standards on lenders.”
However, while regulations enforced with the support of the MFAA had made major strides in protecting consumers and fostering a stable housing market, Robertson said ongoing vigilance and adaptation were needed to address evolving industry challenges and opportunities.
“Collaboration between regulators, industry stakeholders, and consumer advocates is crucial to achieving a well-functioning and sustainable mortgage market.”
How technology affects the mortgage industry
Robertson said the future of Australian mortgages would be shaped by a combination of technological innovation, changing consumer preferences, regulatory developments, and market dynamics.
“Traditional lenders and brokers will need to embrace these emerging trends, adapt their business models, and enhance their digital capabilities to remain competitive and meet the evolving needs of borrowers in the digital age,” said Robertson.
The implementation of open banking regulations in Australia was facilitating greater data sharing and interoperability between financial institutions and third-party providers.
Robertson said traditional lenders and brokers could leverage open banking APIs to streamline processes, enhance customer insights, and offer innovative mortgage solutions.
Industry challenges and opportunities
Affordability, regulatory complexity, and digital disruption – these are the challenges facing the mortgage and finance industry, but there are also exciting opportunities for growth and innovation, said Robertson.
“By embracing technology, sustainability, data analytics, and collaboration, lenders and brokers can drive positive change and create value for customers in the evolving mortgage landscape.”
Challenges
Robertson outlined the following industry challenges:
- affordability and serviceability – especially for first-home buyers
- navigating regulatory changes and ensuring compliance, which adds operational costs and complexity to mortgage operations
- uncertainty around future interest rate movements – adds complexity to mortgage planning and decision-making
- fintech innovations – these are disrupting traditional mortgage processes and business models, challenging incumbents to adapt and innovate
- ensuring the security and privacy of consumer data is paramount, due to increasing digitisation of services
Opportunities
Robertson said there were a number of opportunities for the industry:
- technology and innovation – advances in this area presented opportunities to streamline mortgage processes, enhance customer experiences, and offer innovative products and services
- sustainable finance – growing demand for environmentally sustainable and socially responsible mortgage products. Lenders and brokers can capitalize on this trend by offering green mortgages
- growing demand – despite challenges related to affordability, there continues to be strong demand for housing in Australia, particularly driven by population growth, urbanisation, and changing demographics such as millennials entering the homebuying market
Advice for new brokers
Robertson said she was happy to share some tips for new-to-industry mortgage brokers.
“My advice would be to focus on building a strong foundation of knowledge, skills, and relationships,” she said.
Robertson said brokers who were just starting out should ensure they were being appropriately mentored.
“Mentoring plays a crucial role in supporting new brokers as they navigate the complexities of the mortgage industry and establish their careers.”
Building trust and credibility with clients was also important.
“Trust is the cornerstone of any successful client-broker relationship, and it forms the foundation upon which long-term partnerships are built. By prioritising trust-building efforts in all interactions with clients, a broker can establish a strong foundation for long-term success and growth.”
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