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Bottom line here is that the MFAA has been hijacked by the banks. It no longer functions as it was originally intended to do - ie. give "mortgage brokers" (it''s traditional membership) a voice in the mortgage industry. Basically the previous boards (including this one) have sold us out to the highest bidder.
The way the MFAA reverted to its old label - MIA, which translates to "missing in action" - when the big banks started cutting our commission rates, was a totally pitiful sight. It was almost laughable, if it wasn''t ripping my business out from under me.
Yes - the MFAA had better go back to its original constitution and perhaps remind itself why it was set-up in the first place!
Banks cutting our commission rates, while the service levels they provide become absolutely deplorable - I know who should get the pay cut, if we''re talking about performance!!!
The banks through people like ASIC and the MFAA will tell us we have to have a degree in rocket science to sell a home loan (something I''ve been doing for over 25 years without any complaint - ever). Yet little Beccy down the road at the local XXXX Bank has just left high school and can give my client a housing loan approval on the spot and provide docs in a little over a week. Yet it takes me the best part of 3 weeks to get a client I would consider a walk up start (exisitng client with the bank we went to, LVR at 62% and an annual income of $250K, looking for $1.4M) a conditional approval. Then another week and half for the bank to order the valuations!!! What is wrong with this picture???
Maybe we should look at a new industry body / voice? The MFAA seems to have dropped the ball! Perhaps somebody willing to help "create" business, rather than rope it in, knuckle it under, imposing restrictions on its members and so on. We all work without a net - let''s put the MFAA and the lenders on commission basis and see how they fair - at least the service might improve!!!