The MFAA's decision to end the memberships of 1,500 mortgage brokers who failed to obtain a Certificate IV qualification has the support of Mortgage Choice.
The listed broker described the action as pleasing to see.
Mortgage Choice senior corporate affairs manager, Kristy Sheppard said the move would benefit customers of brokers and should help strengthen the industry's increasingly positive reputation.
"Mortgage brokers source around 41% of all new housing loans in Australia, and the industry needs to continually demonstrate it takes this responsibility seriously. It is vital that we self-police ourselves in preparation for national uniform regulation kicking off next year," Sheppard said.
She said that any broker that had not achieved "the industry's fundamental qualification" needed to "take a good look at their priorities, think about their responsibility to their customers and complete the certificate ASAP".
All Mortgage Choice brokers have completed the certificate requirements.
MFAA ditches 1,500 brokers - One thousand five hundred brokers who did not successfully complete the Certificate IV in Financial Services (Finance and Mortgage Broking) by 1 July have had their memberships cancelled