INDUSTRY UPDATE

Doing Your Best

FBAA Managing Director Peter White AM takes us through the latest industry news, from best interests duty to digital verifications, our global involvements and a reminder to keep your own health, both mental and physical, a personal priority.

Doing Your Best

BEST INTERESTS DUTY

The best interests duty (BID) is certainly the all-encompassing conversation that dwarfs just about any other conversation in our industry at present. Although the FBAA is very supportive of this legislation, and believes a BID is a great thing for the industry, we do also acknowledge that it has its failing. We continue our advocacy for industry by voicing this concern with the intention to remedy this issue before the BID’s January 2021 roll out. Read more about the Best Interests Duty in our feature story on page 20.

DIGITAL VERIFICATIONS

A pain point for many brokers today is working with lenders who are determined to play in the dinosaur era. We are aware that there are still lenders who don’t allow you to digitally sign a mortgage document, and instead insist on using a postal service. This service can take weeks. We are aware of at least one example of a document being posted from one Melbourne suburb to another, and took a detour through Adelaide first.

FBAA Victorian state president Bernard Desmond is passionate about elevating this process into the modern age of digital documents and digital verification. Bernard has been running a petition to get this changed, and we have fully supported his action. We have also spoken out in media with Bernard about this, and off the back of that media appearance have had conversations with various lenders looking to make changes. Our conversations have had an impact.

Peter White AM

Managing Director

We expect to see changes in late 2020 or early 2021 with a greater number of lenders allowing mortgage documents to be both sent and signed digitally.

IMBF

The International Mortgage Brokers Federation remains active, via virtual conference, and has become a helpful two-way street for many countries’ brokers working through this ‘new normal’. My involvement in these meetings affirms my opinion that the Australian broking industry has fared very well through this global pandemic.

MENTAL HEALTH MATTERS

As this edition is published, Victoria had commenced the road to reopening the state. We’re conscious of the additional stress and burden that Covid has put on brokers, across Australia, and the impact this stress can have on mental health. Please know that the FBAA is here to support you, and connect you with any additional help you require.

PHYSICAL HEALTH MATTERS

On a personal note, I recently underwent cancer surgery for skin cancers located on my face. Please take my experience as a reminder to take care of your personal physical health also. The Australian sun is harsh and often does damage without us even realising it. Be sun smart, take care of your health.