Mortgage Choice backs MFAA member "cull"

by BN09 Sep 2009

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.

The listed broker described the action as pleasing to see.
Mortgage Choice senior corporate affairs manager, Kristy Sheppard said the move would benefit customers of brokers and should help strengthen the industry's increasingly positive reputation.

"Mortgage brokers source around 41% of all new housing loans in Australia, and the industry needs to continually demonstrate it takes this responsibility seriously. It is vital that we self-police ourselves in preparation for national uniform regulation kicking off next year," Sheppard said.

She said that any broker that had not achieved "the industry's fundamental qualification" needed to "take a good look at their priorities, think about their responsibility to their customers and complete the certificate ASAP".

All Mortgage Choice brokers have completed the certificate requirements.

Related stories:

MFAA ditches 1,500 brokers - One thousand five hundred brokers who did not successfully complete the Certificate IV in Financial Services (Finance and Mortgage Broking) by 1 July have had their memberships cancelled


  • by Ken Bruns LoanPlanners 9/09/2009 12:39:12 PM

    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.

  • by Tony 9/09/2009 12:46:20 PM

    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!!!!!

  • by James Serafini 9/09/2009 12:50:31 PM

    So what action will the MFAA take to ensure those brokers kicked out of MFAA arent using the MFAA letters on any materials?