MFAA Membership Criteria

MFAA Membership Criteria

Mortgage and Finance Association of Australia

Full Membership is available to individuals, forms, 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 a resident in Australia

  • must be appropriately registered or licenced per the National Credit Consumer Protection Act 2009

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

MFAA MEMBERSHIP CATEGOREIS FOR LOAN WRITERS

The categories of membership for Loan Writers are:

STUDENT:

This category is granted to those who

  • Are not yet writing loans &
  • Have completed the MFAA Initial Compliance Pack &
  • Are enrolled in the Diploma FNS50315 / FNS50311

ASSOCIATE CREDIT ADVISOR (ACA)

The ACA Category is only available to applicants who have less than two years' Loan Writing Experience** and have completed:

  • MFAA Initial Compliance Pack &
  • Diploma FNS50315 / FNS50311 &
  • One of the MFAA Membership Case Studies (Either Commercial or Residental depending on your business focus)*

*The MFAA Case Study has been provided to the MFAA Preferred Vendors offering the Diploma FNS50315 / FNS50311 Qualifications. Applicants completing a Diploma Qualification through an MFAA Preferred Vendor complete the Case Study as part of the Diploma process.

MFAA Applicants who complete a Diploma Qualification through an alternate RTO who is not an MFAA Preferred Vendor will need to complete one of the MFAA Case Studies directly through the MFAA.

**MFAA Applicants with less than two years loan writing experience who are mentored by an MFAA Certified MentorTM or through a equivalent programme by an MFAA Aggregator/Broking Group recognised as such by the MFAA, will have up to 12 months from the date of joining the MFAA to complete the Diploma requirement and are eligible for MFAA membership having completed the Certificate IV FNS40815 / FNS40811.

A Continuing Professional Development (CPD) Requirement for each Annual Membership Period applies to the Associate Credit Advisor category.

CREDIT ADVISOR (CA)

This Category is granted to those who have at least two years Loan Writing Experience and who have completed:

  • MFAA Initial Compliance Pack &
  • Diploma FNS50315 / FNS50311 &
  • One of the MFAA Membership Case Studies (Either Commercial or Residental depending on your business focus)*

*The MFAA Case Study has been provided to the MFAA Preferred Vendors offering the Diploma FNS50315 / FNS50311 Qualifications. Applicants completing a Diploma Qualification through an MFAA Preferred Vendor complete the Case Study as part of the Diploma process.

MFAA Applicants who complete a Diploma Qualification through an alternate RTO who is not an MFAA Preferred Vendor will need to complete one of the MFAA Case Studies directly through the MFAA.

A Continuing Professional Development (CPD) Requirement for each Annual Membership Period applies to the Credit Advisor category.

CERTIFIED CREDIT ADVISOR (CCA)

This category is not currently available, as some components are still being finalised. Once it is open, this status will be granted only to Exisitng Members who:

  • Have at least 5 years' Loan Writing Experience &
  • Currently hold a Diploma FNS50315 / FNS50311 &
  • Have completed an MFAA Certification Process

A Continuing Professional Development (CPD) Requirement for each Annual Membership Period applies to the Certified Credit Advisor category.

REQUIREMENTS FOR INDIVIDUAL APPLICANTS

  • A copy of your Current COSL or External Dispute Resolution (EDR) Scheme Membership Certificate
  • A copy of your Professional Indemnity (PI) Insurance Certificate
  • A Certified copy of your National Criminal History Record Check
  • A Certified copy of an Identification Document
  • A copy of your Credit Report
  • A copy of your Current Resume / Curriculum Vitae (CV)

REQUIREMENTS FOR BUSINESS APPLICANTS

  • A copy of the Current COSL or External Dispute Resolution (EDR) Scheme Membership Certificate
  • A copy of the Professional Indemnity (PI) Insurance Certificate
  • A Certified copy of the National Criminal History Record Check for each Director, Partner or Principal directly involved in the business.
  • A Certified copy of an Identification Document for each Director, Partner or Principal directly involved in the business.
  • A copy of the Credit Report for each Director, Partner or Principal directly involved in the business.
  • A copy of the Current Resume / Curriculum Vitae (CV) for each Director, Partner or Principal directly involved in the business.

MEMBERSHIP FEES

Membership Fees are payable annually in advance and a renewal document will be emailed approximately one month prior to the anniversary of the commencement date of your membership. A one-off application fee of $105 applies for all new members and covers the cost of processing new applications.

 

 

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