Lender changes accreditation requirements

The bank made the announcement to meet expected regulation and follows commission changes

Lender changes accreditation requirements


By Rebecca Pike

Bankwest has announced it is making changes to its accreditation requirements and mentorship standards for brokers.

This follows the announcement earlier this month that the bank would be changing its commission structure to follow recommendations from the Combined Industry Forum (CIF).

As part of the new requirements, new accreditors and brokers transferring to a new aggregator must:

-              Hold a certificate IV in Finance and Mortgage Broking;

-              Attain a diploma in Finance and Mortgage Broking Management within 12 months of receiving initial accreditation;

-              Hold two years’ relevant industry experience or have an MFAA or FBAA accredited mentor and return a signed Bankwest Mentoring Agreement; and

-              Provide a police check that is less than three months old.

These changes will not apply to brokers already accredited or brokers who have applied for accreditation before last Friday.

The bank has also released its guidelines for both mentors and mentees, stating that all new brokers must provide a signed Bankwest Mentoring Agreement for brokers seeking accreditation with less than 2 years industry experience.

Mentors must be an MFAA or FBAA registered mentor, review and sign off at least 12 mentee deal submissions, maintain regular contact with their mentee and co-sign written records of all mentor-mentee contact.

Mentees must actively participate as a mentee for up to two years, commit to becoming a competent loan writer, complete diploma within first 12 months, complete at least 12 deal submissions, maintain regular contact with their mentor and maintain current written records of communication and meeting outcomes.

Brokers concerned about the changes or with questions are encouraged to call their BDM.



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