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MFAA details university degree plan

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Australian Broker | 16 Jun 2011, 06:00 AM Agree 0
The MFAA is developing a certification process that will allow members to pursue higher education in addition to their Diploma, in a first move towards a university degree minimum level of education
  • Broker | 16 Jun 2011, 12:53 PM Agree 0
    One has to wonder how many times we are expected to learn the same information about this industry; it’s a bit like listening to a scratched CD.

    After 9 years in this industry, I reckon I “get it” by now. The challenge for the MFAA will be to structure a degree that does not reinvent the wheel, unlikely I’d suggest, but hey, it’s a good money spinner for the MFAA ( at least it will give them something to do!) and it’s carefully selected education mates.
  • Papery | 16 Jun 2011, 12:54 PM Agree 0
    We'll be qualifying ourselves out of a job! Lenders certainly wont up the commissions to recognise the qualification, clients (apparantly) wont accept fee for service....will your friendly lending enquiry staff at the local branch have to carry a degree to deal with a homeloan client?? Lets get real!
  • Elle | 16 Jun 2011, 01:15 PM Agree 0
    I am all for professional development, but if the MFAA are going to insist on a university degree, then they also need to do something about the remuneration on offer at the end of it! With what the banks are paying us at present, Mortgage Broking is not exactly the most lucrative career and it would be hard to justify the expense of a degree in terms of reward for return! (and that's not to say fee for service is the answer either- it's not)!
  • Leaving the industry | 16 Jun 2011, 02:10 PM Agree 0
    The MFAA have got to be kidding. How many people will do a degree to earn less than $50,000.00. I am already jumping ship, as are many of my fellow colleagues. The MFAA's dilusions of grandure will bring about their own demise as they will force all Brokers out of the industry.
  • Phil | 17 Jun 2011, 10:28 AM Agree 0
    How about the MFAA FOR ONCE do something about broker contracts banks contacting broker clients direct!! The levels of commissions paid to brokers and SLA agreements between brokers and Banks? Education is something they have prattled on about for years. They are like the labor party, nothing to say so introduce a new tax! MFAA your a waste of oxygen.
  • Piquay | 17 Jun 2011, 11:07 AM Agree 0
    Unless the industry forces all loan writers to have this minimum standard, then this will alienate mortgage brokers from clients who won't pay fee for service. Who has the courage to ban Banks from writting this business direct and forcing all consumers to go through a broker for their knowledge, independance and ethics. Having sales people in Banks who don't offer this, is much more of a concern for consumers. Show some balls ASIC, and make this change.
  • PC | 22 Jun 2011, 12:14 PM Agree 0
    I for one am looking at moving away from the MFAA and going to FBAA due to the Diploma situation, now with a Degree being flagged my mind has been made up. Thanks for nothing MFAA, this has just proved to me that this is just revenue raising and no doubt you have your fingers in the pie with all the training organisations.
  • AdelaideBroker | 22 Jun 2011, 12:41 PM Agree 0
    So the MFAA is saying a degree, ASIC is saying Cert 1V, my aggregator is saying a diploma, FBAA is saying Cert 1V and who knows what the bank lenders have these days.
    What a joke this industry is becoming.

  • Peter White - FBAA | 22 Jun 2011, 02:25 PM Agree 0
    This is what the ASIC RG says and what the FBAA benchmarks against (ie the Regulator being ASIC) ....
    RG 206.8 At a minimum, you need to have responsible managers with at least two years relevant problem-free experience and either:
    (a) credit industry qualifications to at least the Certificate IV level; or
    (b) another general relevant higher level qualification (e.g. a diploma or university degree).
    If you are a mortgage broker, your responsible managers’ qualifications should be at least a Certificate IV in Financial Services (Finance/Mortgage Broking).
  • Spinner | 22 Jun 2011, 09:25 PM Agree 0
    Peter is on the money.

    How many home loan writers in Banks have uni degree?

    This is a smokescreen. Its the Banks using their sponsorship dollars to the MFAA to tweek the screws to force more brokers out or discouage ne entrants.

    Does the MFAA receive any monies of any kind from the Bank's?

    I think thats the question - is there a conflict?
  • sidbroker | 05 Jul 2011, 12:19 PM Agree 0
    To MFAA. Who is regulating you. Clearly you cannot regulate anyone as firstly you need to learn to control what you say!!! The one consulation i have with you lot is that i pay you zero fees and i cannot understand why others do!
  • Ozboy | 06 Jul 2011, 08:52 AM Agree 0
    Seriously people this is all the MFAA have, they are trying to turn themselves into education facilitators because nothing else is working....did someone mention their last lobbying effort. I mean how bad is it getting there that they have to ask us to sell the MFAA "with pride" to our clients yet give us very little to be proud of. Read between the lines, it's like Mr Bouris saying brokers now need to be Financial Planners now he has a Financial Planning business when he had a Mortgage Broking business he never mentioned FP. It's disappointing to see these well respected people so blatantly push their own borrows with the intention to fill them up with cash.
  • Baz from Brisbane | 30 Jul 2011, 12:00 PM Agree 0
    Another stupid comment from the MFAA
    These clowns are a joke and should be closed down
    The fact that brokers have to be a member and pay to do so is totally unacceptable
  • david komes | 09 Feb 2012, 02:01 PM Agree 0

    Is the MFAA working for the banks to destroy the Broker Model?

    Since 2007 the commissions have gone down
    Brokers work load has increased exponentially. (the bank now have us doing all the data input)
    Compliance has gone up exponentially
    MFAA charges continue to increase
    Ever more ludicrous and empty courses

  • JBJB | 10 Feb 2012, 10:39 AM Agree 0
    The diploma and degree are poorly disguised money spinners for the MFAA. The FBA has this one right and when my MFAA membership lapses owing to my refusal to do the diploma, I'll be joining the FBA and I've a feeling many others will follow.
  • david kompes | 14 Feb 2012, 11:44 AM Agree 0
    agree JBJB
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