The mortgage brokers' representative body, the Mortgage and Finance Association of Australia, has appointed Mike Felton as its new chief executive officer. Felton was most recently program director of the integration of FlexiGroup's acquisition of Fisher & Paykel Finance. Prior to that he was at Pepper Group. Felton will have his work cut out for him; the MFAA has not had stable leadership since long-serving CEO Phil Naylor left in 2014 and the broking industry is waiting for the outcome of the ASIC review of broker remuneration, which may lead to significant changes in the industry. Prepaid card supplier Emerchants has changed its name to EML Payments Ltd. The re-branding reflects that fact that the company has made a number of acquisitions in the United States and Europe in recent years and needed to bring all the businesses together under one brand. Its business has also become more diversified and now includes mobile and digital payments services. The value of assets in asset-backed securitisation vehicles has fallen by 8.8 per cent over the past 12 months. According to Australian Bureau of Statistics figures the total value of RMBS and various types of ABS was A$118.5 billion in the September quarter - down from $129.9 billion at the same time last year. RMBS securitisations make up 80.7 per cent of the total. After the slow year in the securitisation, asset values have fallen to their lowest level since 2002.