Transparency essential to consumer confidence, says mortgage industry expert

These uncertainties can result in a lack of confidence among local and foreign property investors, and ultimately a slow-down of the rapid growth both the real estate and mortgage industry have witnessed over the past several years.

According to Dommett, transparency is a win-win situation and the industry must work together to advance the interests of the consumer.

"It is well known that transparency, accountability and efficiency attract investors, and we cannot underestimate the importance of bringing these issues to the forefront of our industry," says Dommett.

"Full transparency requires the active collaboration of the financial regulators and all players in the market, including banks, developers, and service providers. A coordinated effort will help us all gain trust the trust of consumers and increase our accountability," he added.

Despite these challenges, significant progress has been made.

The introduction of a national credit bureau promises to help bring more transparency to the industry, providing financial institutions with access to personal credit information required to make more informed lending decisions.

However, with this critical information comes a newfound responsibility, says Dommett.

"Data protection and consumer confidentiality must be taken seriously in order to gain the trust of the consumer. Any database housing sensitive consumer data will only work if consumers have confidence that the information gathered will be used in a responsible manner."

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