MFAA Membership Criteria
Mortgage and Finance Association of Australia
The MFAA's membership for accreditation to be a loan writer member is either the AMC (Accredited Mortgage Consultant) or AFC (Accredited Finance Consultant)
ALL APPLICANTS FOR FULL MEMBERSHIP:
must be of good character and repute and a fit and proper person to be an MFAA Member
must not be currently Bankrupt, or subject to control under the Bankruptcy Act 1966
will not be accepted for MFAA membership if they have a charge pending involving fraud or dishonesty or have been convicted of or found to have committed an offence concerning fraud or dishonesty in the previous 10 years from the date of this application
must not be an externally-administered body corporate as that expression is defined in the law
must be over 18 years of age
WHO CAN APPLY FOR FULL MEMBERSHIP?
- Individuals operating as loan writers, being either employees of, or contractors to, broking or mortgage management businesses
- Individuals (other than loan writers) engaged as employees by any MFAA Full Member
- Broking businesses (each loan writer employed by, or contracted to, the broking business, must be a Full Member)
- Broking or Aggregator groups
- Mortgage Managers (where the mortgage managing business deals directly with the public, each loan writer employed by, or contracted to, the business, must be a Full Member)
- Lenders/funders
- Mortgage Insurers
- Other businesses supplying support services
MEMBERSHIP EDUCATION REQUIREMENTS
For mortgage loan writers
ACCREDITED MORTGAGE CONSULTANT (AMC) STATUS
It is compulsory for all Mortgage Loan Writers to achieve AMC status as part of their MFAA membership
To gain AMC status, you MUST complete the following education requirements.
- Certificate IV in Financial Services (Finance/Mortgage Broking)
PLUS
- MFAA Initial Compliance Pack (Course 201-A)
For equipment and general business loan writers
ACCREDITED FINANCE CONSULTANT (AFC) STATUS
Individuals involved in equipment and general business finance writing do not have to apply for Accredited Finance Consultant (AFC) status. However, it is available for those who qualify and wish to hold this status.
Where you hold two (2) or more years appropriate finance broking experience in the last five years, complete:
- MFAA Equipment Finance Pack (Course 203)
Where you hold less than two (2) years appropriate finance broking experience in the last five years, complete:
- Certificate IV in Financial Services (Mortgage/Finance Broking)
PLUS
- MFAA Equipment Finance Pack (Course 203)
