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The MFAA has updated its member acquisition process to be more flexible following industry feedback that change was needed to accommodate industry growth.
The program now allows a professional with two or more years of industry experience and a Certificate IV in Finance and Mortgage Broking to become a member without the need for two years of mentoring.
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The MFAA said those who join the association can commence loan writing immediately based on a commitment to obtain a Diploma of Finance and Mortgage Broking Management – the minimum level education requirements of the MFAA – within 12 months.
According to the MFAA, its Experience and Skills Evaluation has a series of online assessments to ensure that any potential broker candidate has the right knowledge – not just industry experience.
“It evaluates knowledge of credit-related investment, risk, process and regulation to ensure that these align to our existing high standards,” the association said in a statement.
“This programme has been designed by successful brokers to challenge membership applicants with real-life scenarios that would be considered everyday practice.”
MFAA chief executive Siobhan Hayden said the new process will not lessen the association’s commitment to its diploma benchmark.
“We have simply added flexibility to our acquisition process to ensure that suitably experienced people who demonstrate their competency can join broking businesses and become productive,” she said.
“Our market-leading education standard is still the way forward to future-proof the industry in the eyes of both consumers and regulators.”
[Related: MFAA launches new broker traineeship]
