The MFAA has announced changes to its member on-boarding processes, which will make it more streamlined for experienced brokers to become members of the association.
Speaking to Australian Broker
at the MFAA Convention in Melbourne last week, Siobhan Hayden, CEO of the MFAA said the association wanted to make it less complicated for experienced brokers to become an MFAA member.
“The opportunity we’ve identified is [that] those with a Certificate IV with industry experience that may choose not to be a mentor customer, or mentee, can choose to do a fast-track assessment, which will allow us to understand that they are competent in relation to structuring a loan for a customer,” she said.
“…[I]f they commit to completing the Diploma in 12 months, they can become a member of the MFAA instantly.”
Previously brokers with at least two years’ loan writing experience in the last five years must have held a Diploma in Finance and Mortgage Broking Management to become a member. Brokers with less than two years’ experience writing loans who held a Certificate IV were required to complete a two-year mentoring program with an MFAA Certified Mentor or an MFAA Accredited Mentor, as well as commit to completing the Diploma within 12 months of becoming a member.
Despite the changes to the on-boarding process allowing brokers with industry experience to be fast-tracked to becoming a member, Hayden says the association’s high standards are still strictly upheld.
“Of paramount importance is we are not taking away or detracting from our current higher standards compared to the FBAA, and what I mean by that is by changing our on-boarding process, the outcome of the program will still result in our members being Diploma qualified, as opposed to only a Certificate IV.”