Peak body sees membership soar to new high
Membership in the Mortgage and Finance Association of Australia (MFAA) has exceeded 14,000 for the first time, the association has announced.
The MFAA said its membership has grown strongly over the past 12 months. This growth is critical in strengthening the MFAA’s ability to continue investing in advocacy at a national and state level, professional development, research, mental health initiatives and other activities that benefit its membership and the industry as a whole, the association said.
The MFAA, the peak national body representing mortgage and finance brokers in Australia, requires brokers to meet – and assists them in meeting – high educational and professional standards in order to receive and maintain membership.
“As finance broking continues the transition from an industry to a profession, education and professional standards become increasingly important, so it’s encouraging to see so many brokers embracing the higher standards offered by the MFAA,” said MFAA CEO Mike Felton (pictured above). “Our record membership further strengthens our ability to continue our strong advocacy and defense of the industry as we approach a further review of mortgage broker remuneration by the Council of Financial Regulators and the ACCC in 2022.”
Felton said the association’s bolstered membership will allow it to prepare to address regulators’ concerns.
“While we have already conducted considerable advocacy work in preparing for 2022 and feel that reforms and strong industry data leave our industry well-positioned to confidently lean into the impending scrutiny, we’re pleased that the association is well-placed to mount another campaign such as the ‘Don’t kill competition’ campaign should it be deemed necessary,” he said.
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This year, the MFAA has produced five education modules, covering reference checking, breach reporting, remediation, design and distribution obligation, and ethics. Those modules are available for free to MFAA members until Dec. 31. The new modules are in addition to the broad library of existing educational modules the association has created for its members.
“It’s also important to recognise that broking is a diverse industry, and we have initiatives to support and expand this diversity,” Felton said. “For example, our Opportunities for Women initiative aims to support the growth of female brokers and other diverse people in the industry, and our Young Professionals Forum is a group of passionate and dynamic early-career brokers leading the way for the future of broking.”
The association also produces the highly respected Industry Intelligence Service reports and quarterly market-share data. Both are widely referenced as a key source of knowledge in the industry, the MFAA said.
“Our record membership comes alongside continued record market share as an industry,” Felton said. “With close to 60% of all new mortgages being written by brokers, and brokers increasingly assisting small businesses, it’s clear our members provide a valuable service to the community. I’d like to thank all our members for upholding the MFAA standards and being active participants in the association. Without your support and hard work, we wouldn’t be in the position we are today to defend and promote your role in the economy, and the value and competition you provide for your customers and all Australian home buyers.”
