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Mortgage Choice backs MFAA member "cull"

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Australian Broker | 09 Sep 2009, 10:32 AM Agree 0
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
  • Ken Bruns LoanPlanners | 09 Sep 2009, 12:39 PM Agree 0
    Not only should brokers who can't be bothered getting their Certificate IV's be kicked out of the MFAA, but they should also be ineligable for a licence under the new regulations.
  • Tony | 09 Sep 2009, 12:46 PM Agree 0
    Gee Kylie, is there ever a chance that there may be extenuating circumstances to consider for the dealy.
    May I offer my situation for the delay, whilst taking into account declining market and company take over that resulted in no funds for advertising I have also been through a messy and emotional marital separation, had a home burglary (wwhilst in bed asleep and had 2 girls 10 & 8 with me) lost my laptop and internet connection, and been diagnosed with Cancer.
    I am having a good look at myself right now!!!!!
  • James Serafini | 09 Sep 2009, 12:50 PM Agree 0
    So what action will the MFAA take to ensure those brokers kicked out of MFAA arent using the MFAA letters on any materials?
  • BBB | 09 Sep 2009, 01:05 PM Agree 0
    OK can only agree , we will need certificate IV to get a licence, no doubt about that, and it needs to be minium standard for membership.

    BUT MFAA has a fire storm brewing it is FAILING to or believes it will not be able to recognise the Securities Institute Diploma of Mortgage Lending < as the securities instutite is no longer a recognised trainer ,
    What is my problem well ,
    A; Kaplan who are a recognised training instution purchased the rights to the successor of the Securities institute training rights, they MUST be made to get the two course requirements match , the MFAA needs to do this NOW>
    B; The Diploma of Mortgage lending WAS THE RECOMMENDED COURSE by the MIAA ( that is the MFAA ) in conjunction with the Sercurities Institute trainging as the Diploma to do for Mortggae Brokers , hundreds of Members completed the course at a cost of about 3,000 over 18 months ,it was activley promoted as the recommended course, it was not easy to pass or was it a mickey mouse course , I did it. Now it is not recognised!!!! Hey for those who have completed the diploma and I would suggest they are the more experienced brokers we all need to write to Phil Naylor now and proyest our concerns. The MFAA needs to come to grips with this problem very quickly , or at least refund the course fees !!!!
    Phil Naylor and the president best have a close look at page six of the australian Broker issue 6.17 and act now.

    Thsi really is a very serious issue and I urge all brokers who swallowed the old MIAA spin to write to Phil Naylor today saying we want thew course to be recognised IMMEDIATLEY>
  • Janette Tucker | 09 Sep 2009, 01:36 PM Agree 0
    I will believe this action when I see it 1500 X $395.00$592,500 dollars..Really is the MFAA going to enforce this stringently for this much drop in revenue? If so I believe those members should be named in the Mortgage Brief as they name the new members so we the current paying members who have done what is required as an industry standard can feel confident the MFAA is true to their word and protecting the industry.
  • John Pearl | 09 Sep 2009, 02:21 PM Agree 0
    To truly enhance the status & professionalism of the Broking Industry why not insist on tertiary qualifications at degree level mimimum for all wishing to have MFAA registration ?
  • Ryan | 09 Sep 2009, 02:45 PM Agree 0
    I appreciate the MFAA removing those that didn't make the effort to achieve a reasonable level of education to be involved in our industry. I only hope the remaining brokers aren't paying the loss of revenue ($600k or so) through increased fees. I'm not 100% sure the current fees are really justifiable, let alone any further increases. Maybe a few other brokers agree.
  • Alan | 09 Sep 2009, 04:08 PM Agree 0
    This is THE most positive thing I have ever heard from the MFAA for some time. Sounds like Mr Symond and Mr Naylor are sharpening their axe (finally) and ensuring the people who ARE doing the right thing are being treated appropriately.

    Hope this doesn't affect the cost of membership however.
  • Ray Cooper | 09 Sep 2009, 05:04 PM Agree 0
    Is the MFAA now going to deregister Bank members because their mortgage sales people do not have certificate IV.
  • Bob Thompson | 09 Sep 2009, 10:49 PM Agree 0
    I am pleased to be included amongst the "cull of 1,500 brokers" who the MFAA has seen fit to dismiss from their useless association. They have never provided me with any benefit, and in 10 years of broking, not once has a client ever asked me if I was associated with any governing body.

    There are many worthy brokers in Australia, and their worth is in no way due to their membership in the MFAA. Mostly they are trustworthy individuals who try and always do the right thing by their clients. The rogues in the industry are probably still members of the MFAA and use the brand as a shield to mask their crafty deals.

    The MFAA and lenders try and show the borrowing public that they take stringent steps to make sure that all of their brokers have passed accreditation criteria. This is a farce. Every BDM that ever conducted an accreditation course has always made it an open book exam and if you weren't sure of the answers, they would give you the correct answers on the spot. When I paid for my Cert IV course, the individual I spoke with told me "no one ever fails, just give me a ring if you have any problems". So I have now been culled because I haven't completed one of these farcical courses. I found it impossible to get past the first lesson where I was asked to send copies of two emails which proved I knew how to communicate with clients. Duh!

    My client base is modest and they continue to phone me from time to time for refinance or new loans. As I'm no longer accredited with anyone, I still have a means of referring these deals to people and organisations I trust or I simply refer them to deal direct with some of the online lenders who do not use brokers. I've gained their trust over the years, not through some bogus accreditation, but through honesty and good service.

    Brokers are kidding themselves if they believe that the only way a client can find a good deal is by using a broker. One simple visit to the Your Mortgage or Cannex websites can sort out the best deals in a flash. And since I'm going into early retirement that is exactly what I'll be telling my clients. I'll show them how to find the best deals online. If they choose to pay me for that advice fine, if not, that's OK too. But at least I'll have the satisfaction in knowing I've genuinely helped them.

    So,why don't the 1,500 culled brokers form our own association and form a relationship with some of the online lenders for spotters fees.
  • Richard | 10 Sep 2009, 09:19 AM Agree 0
    There is a point between youth and senility where experience exists. Those that think everyone should have a degree have to recognise that there are many high quality brokers out here who have neither the time or inclination to go back to tertiary study. A BA is an excuse for avoiding work for three or four years, no one takes them seriously these days anyway.
  • Chris Hillgate | 10 Sep 2009, 02:23 PM Agree 0
    As a recent recipient of the service from a mortgage broker I can only say that they saved me heaps of time and agro. Good on you guys for a great service! Also as a primary school teacher I have to go and re-train myself through courses all the time so why shouldn't you when you are responsible for so much!
  • Paul Eldridge | 11 Sep 2009, 11:56 AM Agree 0
    Hi all - I have been following your discussions with interest. To BBB if you want to contact me, I will help you get your qualification recognised. The MFAA is not an RTO (at the moment) so they don't necessarily understand how the qualifications system works in Australia. Your Diploma of Lending will have around 18 units (subjects) - regardless of which RTO you got it from - any other RTO in Australia must recognise those units. Given that the MFAA have made the Cert IV in Finance/Mortgage Broking the standard - there are one or two units that are in the Finance/Mortgage Broking qual that weren't in the Diploma of Lending as they are two different 'jobs'. With your experience though - you can RPL for those units. Anyone else who hasn't got there qualification we are happy to help you. To Bob Thompson - there are cowboys in any industry, not all RTO's are equal. We have knocked back some brokers who tried to get RPL with no experience or who were obviously dodgy. If you want to get proper recognition for your experience - give me a call - 1300 735 082. I note that the MFAA have already indicated that they are going to raise the bar further to the Diploma - refer Jo Sirianne's comments in a recent edition of ABA.
  • Bev | 12 Sep 2009, 01:58 PM Agree 0
    An RTO must retain qualification reports for 30 years so comparing your earlier course with the current requirements is not so hard. MFAA do hold RTO status and would be obliged under the rules to recognise ANY other RTO issued qualification by mutual recognition where courses are exactly the same and Recognition of Prior Learning (RPL) is the assessment of evidence provided by the student that supports competency regardless of where this competency (experience) was gained as long as it is current and comparable. Assisting with RPL is an ethical standard of RTO compliance and should be applauded. It holds exactly the same status as any other assessment and is not designed to be an undervalued as a second grade method. It is designed to recognise experience. Any criticism of RPL is due to misinformation and misunderstanding of the system. All experienced active brokers are entitled to recognition of their experience. Don't be afraid to ask any RTO for assistance. It is true that a certificate won't necessarily improve the way you currently provide services to your clients but at the same time, being able to understand rules and implement them is part of your obligation. If the national regulations state that you require a specific education standard, then following the regulation and meeting that standard is your obligation, not your choice. Good luck to all who remain dedicated to the industry.
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