MFAA membership changes to fast-track experienced brokers

by Julia Corderoy12 May 2015
The MFAA has announced changes to its member on-boarding processes, which will make it more streamlined for experienced brokers to become members of the association.

Speaking to Australian Broker at the MFAA Convention in Melbourne last week, Siobhan Hayden, CEO of the MFAA said the association wanted to make it less complicated for experienced brokers to become an MFAA member.

“The opportunity we’ve identified is [that] those with a Certificate IV with industry experience that may choose not to be a mentor customer, or mentee, can choose to do a fast-track assessment, which will allow us to understand that they are competent in relation to structuring a loan for a customer,” she said.

“…[I]f they commit to completing the Diploma in 12 months, they can become a member of the MFAA instantly.”

Previously brokers with at least two years’ loan writing experience in the last five years must have held a Diploma in Finance and Mortgage Broking Management to become a member. Brokers with less than two years’ experience writing loans who held a Certificate IV were required to complete a two-year mentoring program with an MFAA Certified Mentor or an MFAA Accredited Mentor, as well as commit to completing the Diploma within 12 months of becoming a member. 

Despite the changes to the on-boarding process allowing brokers with industry experience to be fast-tracked to becoming a member, Hayden says the association’s high standards are still strictly upheld.

“Of paramount importance is we are not taking away or detracting from our current higher standards compared to the FBAA, and what I mean by that is by changing our on-boarding process, the outcome of the program will still result in our members being Diploma qualified, as opposed to only a Certificate IV.”


  • by John NSW 12/05/2015 9:29:56 AM

    What's wrong MFAA, do you need to rake in some new members after we all jumped ship? Oh and yes I do have my diploma and had it long before you forced it upon us.

  • by Getting Fed Up 12/05/2015 9:34:26 AM

    Seriously this is becoming a p*ss**g competition between both associations. The MFAA says we are better than the FBAA the FBAA says their members can do no wrong... How about you both just get on with business and support YOUR brokers with day to day business!
    It is so disappointing to see both CEO's lower themselves to this kind of sledging. Seriously grow up and get on with business. Brokers will go to the association that has the best offering for what they do. If you both keep p*ss*ng against the wind you will end up with no brokers and no associations.... Nobody likes to deal with arrogance.

  • by Larz 12/05/2015 10:04:01 AM

    Interesting to see with the changes to the CEO and the structure of the MFAA board the move away from the strategic plan that was put in place a few years ago. Recent announcements such as the decision not to use the term "Credit Adviser", the expenditure of $1 mill on advertising and now the first move towards reducing standards. Also the reference to the FBAA and their requirements which indicates to me that the FBAA is starting to have have an impact on MFAA membership numbers and therefore they need to make it easier to join in order to compete for members. Lets see what other announcements come out in the next few months.