The MFAA yesterday announced that it would postpone the deadline for the completion of the Diploma, due to a 'massive backlog' in processing last-minute enrolments.
At its annual member conference in Adelaide, CEO Phil Naylor said members would still need to enroll in the Diploma by 30 June, but now had until 31 January 2013 to complete them.
The decision was influenced by news that the MFAA had been granted $2.4m in government funding via Innovation & Business Skills Australia to help members complete the Diploma.
While the funding had been worked for over a period of six months by the MFAA’s education team headed by Rod Edge, Naylor said it took some time to achieve the necessary sign-off.
Naylor said the new funding would be allocated to about 3000 of the association's newest members, who would have the cost of the Diploma course subsidized by up to two thirds.
Naylor again stated that newest members suffered the toughest challenges in getting started in the mortgage industry, with a 65% drop-out rate of new entrants over the last five years.
To be considered for course funding, Naylor said brokers must have enrolled by 15 June, but can't yet have completed their study. This excludes those who have already completed the course.
Naylor said the changes were about getting its membership base “across the line”, with only 70% of its membership having been on track to complete the Diploma by the previous deadline.
The MFAA claimed the funding as a coup for the mortgage broking industry, saying it was a vote of faith in the association’s leadership and the industry’s future.