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MFAA review sees ING Direct, Mortgage Choice at odds

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Australian Broker | 15 Dec 2011, 06:00 AM Agree 0
ING Direct and Mortgage Choice policies on compulsory MFAA membership stand in stark contrast, on the back of an ACCC review of the arrangements
  • Alwyn Beardmore | 15 Dec 2011, 10:14 AM Agree 0
    As a broker let me say that I consider mandatory membership of the MFAA as a requirement neither assisting the brokers or the industry. Rather than the government forcing us to belong to a body which does very, very little for brokers perhaps they should poll the brokers first.
  • ozboy | 15 Dec 2011, 10:16 AM Agree 0
    Question for Mortgage Choice, why not and/or the FBAA?
  • ChrisC | 15 Dec 2011, 10:49 AM Agree 0
    Nice to see one institution not following the rest like sheep - good on ya ING Direct. MFAA should go. If ACCC and ASIC could see that the banks own and/or control MFAA and some of the aggregator groups that Brokers are not getting a fair deal with the MFAA anyway............may as well close MFAA and set up a Bank committee and be more transparent.......isn't that what we have all these beauocratic laws in place for now. Do Bank Managers have to gain as a min. a Dipl in Finance / Business Management - they are doing the same job Brokers are. Why shouldn't they. They can't just hide behind the Lender for this.
  • Nicki - Broker 13 yrs | 15 Dec 2011, 10:59 AM Agree 0
    I was a member of MFAA until I took a fraud case to them and they declined to get involved because the broker who actioned the application was not a member. The two Lenders were both MFAA members as I was but still they declined. Within months the AML/ATF legislation was in place and MFAA were and continue to make demands on ethics etc of Brokers. Brokers are just the money makers for this business but who really don't have a say and are treated as 2nd class members. Make membership optional and Brokers will see major changes to both MFAA and FBAA into more Broker friendly organisations that delivers for them and not against them. Me thinks the MFAA is afraid to give this choice!
  • Anon | 15 Dec 2011, 12:43 PM Agree 0
    Who does the MFAA honestly serve the brokers or the banks. At least the FBAA is for brokers and doesn't have their back pockets being lined by the banks.
  • phil.gt3 | 15 Dec 2011, 02:01 PM Agree 0
    Suggesting mandatory MFAA membership improves the professionalism is akin to saying that car dealers who belong to the MTAA are honest and ethical... I love being the second or third broker in! The first brokers are almost always shy of the mark...
  • mark | 15 Dec 2011, 05:56 PM Agree 0
    I agree! The MFAA is weak and really offers us brokers nothing at all for our $400+ per year. i know of 2 cases in WA where freud has occurred and both these brokers are still out there operating!
  • jk | 15 Dec 2011, 07:28 PM Agree 0
    MFAA never being independent where did the so called credit ombudsman come from. This has being going on for the last decade large broker groups trying to push for MFAA never had any problems with the FBAA. Clearly a testriamt of trade issue when broker groups cannot and will not aggregate loans until you have such membership. Sick of hearing the same story and so is the rest of the industry.
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