Sovereign launches mortgage broker training programme

While debate about regulation in the mortgage broking industry is heating up, and lenders acting as regulators by saying they choose which brokers they deal with, Sovereign has launched a training programme designed to upskill mortgage brokers.

Tuesday, September 11th 2001, 10:28AM

The programme, called 'Lending and the Professional Adviser' focuses on facilitating advisers' understanding of lending principles and building their professional credibility.

Paul Bravo, Director of Sovereign Financial Services said the success of Sovereign in the home loans market was proof of the impact the mortgage broking industry has had in New Zealand.

'Sovereign only sells home loans through mortgage brokers and independent financial advisers. Our success is testament to the success of the mortgage broking industry. In less than five years Sovereign has a home loan portfolio approaching $2 billion and over 13,000 customers. This has only been achieved because people see mortgage brokers as a viable source for arranging home finance,' says Bravo.

'We are prepared to invest in the future of the industry and we have developed this training programme in collaboration with professional training company David Foreman Training. The aim of the programme is to further develop mortgage brokers as a credible source of financial advice, and help them to establish a long-term viable business.'

'We also believe Sovereign will gain from the programme because it will improve the skill of the brokers we deal with and it also gives us the opportunity to address some of the issues affecting our business.'

The programme is available to all Sovereign's current mortgage brokers and the cost of the training will be met by Sovereign.

Bravo did not believe the course conflicted with programmes run by the New Zealand Mortgage Brokers Association. 'Sovereign has always been strong in backing the NZMBA. We support their efforts for self-regulation of the industry.'

Rob Tucker, Chairman of the NZMBA, said that Sovereign is to be commended for this initiative which complements the NZMBA's education programme.

The programme has also been assessed by the Financial Planners and Investment Advisers Association, and attendees will receive FPIA education credits for attending.

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