If you’re peddling mortgages, and you want to work for the big names in the industry like Mortgage Choice and Aussie, then you need to be a member of the Mortgage & Finance Association of Australia.
Today, the industry body announced that it has kicked 1,100 of its members out.
These brokers, who make up around 10% of the MFAA’s membership, failed to meet the group’s educational standard.
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While it’s expected most of booted brokers will get the required qualification to become MFAA members again, the move still sends a strong message.
“It is very important that the sector, which now delivers more than 40 per cent of mortgages in Australia, continues to show leadership in professional education, standards and compliance, negating the need for any further government intervention and regulation,” said MFAA boss Phil Naylor.
The MFAA decided in 2009 to make it mandatory for its members to have a financial services diploma in finance/mortgage broking, and it gave them until January this year to get their credentials up to scratch.
The MFAA said the members it had turfed out had been reminded many times about this decision over the last 12 months.
You don’t need this diploma to be legally qualified as a mortgage broker under the National Consumer Credit Protection Act.
Both Mortgage Choice and Aussie said today none of their brokers were affected.
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