Continuation of business relationships with banks and fluctuations in per-referral fees
First written in FY2024. 1 of 3 entries say "Restated". Latest entry: FY2026.
Mfs moved to the "Worse" side of this theme in 2026, 1 year after the typical company in this theme (2025).
The whole theme swung hardest in 2022: 3 of 17 companies on the "Worse" side.
0 other companies' latest entry also says "Materialised".
- FY2026MaterialisedAnnual report
「During the consolidated fiscal year, the fee structure with major partner financial institutions changed from collecting fees when a mortgage application was submitted (referral fee model) to collecting fees when the loan was executed (loan execution fee model), resulting in revenue recognition being deferred.」
The timing of revenue recognition was in fact deferred as a result of changes to contracts with banks. For investment real estate, it also describes delays in contract formation resulting from changes in the screening standards of partner financial institutions. - FY2025RestatedAnnual report
「The Group refers customers of Mogecheck and INVASE to banks. The ability to refer customers to banks is important to its relationships with them.」
The Group continues to recognize the risk of disruption to its banking relationships and fluctuations in referral fees per customer. - FY2024First statedAnnual report
「The Group has good relationships with banks. However, if it becomes difficult to continue these relationships for any reason, the Group could be affected, including by possible requests to change the fee per customer, which could affect its operating results and financial position.」
The Group is responding by improving its loan approval probability model and strengthening web marketing to generate referrals in both quality and volume.