Formal agreement strengthens ties, boosts collaboration
To enhance collaboration between them, the Mortgage & Finance Association of Australia (MFAA) and the Commercial & Asset Finance Brokers Association of Australia (CAFBA) have entered into a strategic partnership for the benefit of their members.
The partnership, formalised through a memorandum of understanding (MOU), aims to strengthen ties and benefit the combined membership of over 15,000 mortgage and finance brokers represented by the MFAA and the more than 1,000 firms and commercial finance brokers under CAFBA’s banner.
The MOU establishes a framework for cooperation on issues of mutual interest, fostering innovation, and promoting a finance broking profession that adheres to high standards.
“We have enjoyed a close relationship with CAFBA over many years, and we’re excited to see this relationship formalised,” said MFAA CEO Anja Pannek (pictured above right). “We believe this MOU will strengthen both our associations and pave the way for a united front on key industry issues.”
One of these issues is the safe and ethical use of artificial intelligence in the mortgage broking industry, for which the MFAA has recently provided clear guidance to brokers.
“By working together, we can enhance our efforts on behalf of our members and leverage resources to innovate and deliver superior resources,” Pannek said.
CAFBA CEO David Bushby (pictured above left) echoed Pannek’s sentiments, stating CAFBA and the MFAA had repeatedly found that working together, sharing resources and aligning advocacy efforts provided “ real benefits to all our members”.
“The benefits for our members and the wider industry of a strong relationship between the two associations will only become more important as the broking industry further grows and evolves,” said Bushby, who will join Pannek in a panel discussion at National Finance Brokers Day 2024 on August 21.
“I am delighted that this relationship is being formalised by the signing of this MOU and look forward to CAFBA and the MFAA continuing to deliver even more for our members and the industry.”
The MOU also allows the two organisations to expand education and professional development initiatives through joint programs, aiming to ensure members meet the highest standards of capability and professionalism in the finance broking sector.
What are your thoughts on this partnership between the MFAA and CAFBA? Let us know in the comments below.
