The MFAA has proposed sweeping changes to its structure, which would see it handing more power to its members.
The proposed changes to the organisation's constitution would see the structure of the MFAA board reshuffled to be comprised of five directors, to be elected directly by members. The association has also proposed a requirement that at least four of the board directors be brokers, or broker or mortgage manager representatives. The board will also be able to appoint other directors as it sees fit, provided brokers (or broker or mortgage manager representatives) are always in the majority.
“Basically, previously board members came from one of the committees, whether that be a state committee or a sub-committee such as the aggregation committee, the lender committee or the commercial committee. That’s no longer a requirement," MFAA president Tim Brown told Australian Broker.
Full details of the proposed constitutional changes are to be provided to members in early September, and the proposal is to be put to MFAA members at an Extraordinary General meeting on 25 September.
“We think the industry has evolved, and we think it’s time we took it to a space where the members have more say in how it operates,” Brown said.