Mentoring Guidelines

Membership Requirements
Under MFAA membership requirements, an applicant with less than 2 years experience (over the past five years) in mortgage lending, mortgage broking or finance broking must be nominated for membership by another member (or member’s representative) who undertakes to mentor (or ensure the mentoring of) the applicant (mentee) until they have at least 2 year’s experience.

Mentee
A mentee is not bound to the same mentor during the mentoring period, however, any subsequent replacement mentor must satisfy MFAA criteria.  The Mentee must advise the MFAA of the new mentor by completing a Change of Mentor form

Mentor
The mentor is required to declare at the mentee’s first and second membership renewal (or on attainment of 2 year’s experience, whichever occurs first) that the mentee has undergone a mentoring program which ensures the mentee is able to operate as a ‘competent’ loan writer.

The mentor must be an MFAA member (or representative of an MFAA member) who:

  • has at least 4 years experience as a loan writer or equipment and general business finance writer

OR

  • in the case of a residential mortgage loan writer or an equipment and general business finance writer who has less than 4 years but more than 2 years’ experience, has written at least 50 successful loans or finance applications,

OR

  • has held a Western Australian B Class Finance Broking Licence for at least 2 years.

Note:  ‘Experience’ and ‘applications’ in each case above means ‘experience’ and ‘applications’ relevant to the mentee’s field of activity.

  • A mentor may act as mentor to more than one new member, however, the MFAA State Council has the discretion to determine in individual cases on the adequacy of the mentoring arrangement.
  • A mentor does not have to be physically located closely to the new member but must be able to satisfy the standards required are being met.
  • If a member whilst under a mentoring program becomes the subject of a disciplinary matter the mentor is not to be held responsible for the member’s conduct unless it is clear to the Tribunal the mentor has been guilty of some misconduct.

Mentor not prepared to sign off mentees MFAA renewal

If the mentor is not prepared to sign off the second renewal of the mentee because their “Competency” requirements have not been met then there are two options:

  1. Is there another person who would satisfy the mentoring criteria (see paragraph 4) verify and certify that;
    • the mentee has had 12 loans vetted by a competent person (for who the mentor will vouch); and
    • 6 interviews have been witnessed by a competent person (for who the mentor will vouch);
  2. The mentoring period will be extended for an additional 12 months on application in writing by the mentor and mentee to and, on approval by, the Executive Director, Governance and Administration.

(note: if this is the case and the mentee does not meet the requirements by the third renewal - ie: mentor will not sign off mentee’s “Competency” - then mentee’s membership will be cancelled.) 

Taking Meeting Notes

  • All mentees must keep up-to-date records (in writing) of the outcomes of discussions, meetings and communications with their mentor and other appropriate persons for later verification and/or evidence of “Competence”.
  • Such records should be counter signed or endorsed by the mentor and mentee.  Such endorsement can be verification from the mentor by email of the meeting content, date and times.

‘Competent’ means:

  • The mentor is satisfied the mentee can satisfactorily conduct a client interview unassisted, (including, where relevant, involving a First Home Buyer Grant) including completion of the loan/finance application form and carrying out stamp duty and LMI calculations.

    It is acknowledged different mentees will progress at varying speeds depending on their level of experience and aptitude, however, in attaining the required level of competency it is recommended the mentee will have witnessed at least six interviews by the mentor or another similarly experienced loan/finance writer.
  • The mentee has had at least 12 applications vetted and signed off by the mentor or a similarly experienced delegate.
  • The mentee has maintained a diary/log of all relevant loan/finance writing activities during the mentoring period.
  • The mentee must have achieved the required CPD points for the period of membership.
  • As an alternative to the above, a declaration by a mentor that the mentee has satisfied the requirements of a mentoring program which has been ‘recognised’ by the MFAA, will satisfy these mentoring guidelines.

In order to be so recognised, a mentoring program would need to be submitted to the MFAA Head of Professional Development at learn@mfaa.com.au for certification as a recognised mentoring program.

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