MFAA Membership Criteria
Mortgage and Finance Association of Australia
Membership Full Membership
Full membership is available to individuals, firms, companies, corporations and partnerships predominantly or substantially engaged in the mortgage and business finance industries.
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
must be resident in Australia
must be appropriately registered or licensed per the National Credit Consumer Protection Act 2009
The MFAA Pathways Program for Loan Writers
The MFAA Pathways Program provides a robust, ‘best of breed’ accreditation for new brokers entering the industry, and supports the ongoing development of experienced brokers. MFAA categories are assigned to signify a member’s loan writing experience and qualifications. Experience is defined as experience gained whilst actively involved in mortgage broking, mortgage lending, mortgage management or finance broking in the last five (5) years.The categories of MFAA membership for brokers are:
| Certified Credit Adviser (CCA) | Highest level |
| Credit Adviser (CA) | |
| Associate Credit Adviser (ACA) | Entry level for the majority of applicants |
| Student | Not yet writing loans |
Student
This category is granted to those who:
· Are not yet writing loans &
· Are studying Diploma in Financial Services (Finance/Mortgage Broking) FNS50310 * &
· Have completed the MFAA Initial Compliance Pack (201A)
Associate Credit Adviser (ACA)
There are two (2) types of ACA’s:
1. Those who have less than 2 years’ loan writing experience** &
· Have completed Certificate IV in Financial Services (Finance/Mortgage Broking) FNS408010 & are studying Diploma in Financial Services (Finance/Mortgage Broking) FNS50310*
Or
· Have completed Diploma in Financial Services (Finance/Mortgage Broking) FNS50310 &
· Have completed the MFAA Initial Compliance Pack (201A)
**Applicants who qualify for the ACA category and have less than two (2) years’ loan writing experience within the last five (5) years must be mentored by an existing MFAA Full Member or the nominated representative of a full member until two years' experience is achieved. Click here for more information about the MFAA Mentoring Guidelines .
2. Those who have at least 2 years’ loan writing experience &
· Have completed Certificate IV in Financial Services (Finance/Mortgage Broking) FNS408010 &
are studying Diploma in Financial Services (Finance/Mortgage Broking) FNS50310 * &
· Have completed the MFAA Initial Compliance Pack (201A)
*Applicants currently studying Diploma in Financial Services (Finance/Mortgage Broking) FNS50310 are advised that evidence of successful completion of course must be provided to MFAA by 30 June 2012.
A Continuing Professional Development (CPD) requirement for each annual membership period applies to the Associate Credit Adviser category.Credit Adviser (CA)This category is granted to those who
· Have at least 2 years’ loan writing experience &
· Have completed Diploma in Financial Services (Finance/Mortgage Broking) FNS50310 &
· Have completed the MFAA Initial Compliance Pack (201A)A Continuing Professional Development (CPD) requirement for each annual membership period applies to the Credit Adviser category.
Certified Credit Adviser (CCA)This category is granted to existing members only who
· Have at least 5 years’ loan writing experience &
· Currently hold Credit Adviser (CA) status &
· Will need to complete an MFAA Certification Process.A Continuing Professional Development (CPD) requirement for each annual membership period applies to the Certified Credit Adviser category.
