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This Issue

28 November 2006

MIAA Will Change to MFAA
No More Nominators or Seconder
Discharge Time Limits
Three New Gadens Papers
Benefit for Members: Winebox Gifts and Baycorp Credit Checks

MIAA Will Change to MFAA

The MIAA will become the Mortgage & Finance Association of Australia (MFAA) from 1 February 2007, as voted by members (89% for 11% against) at last Thursday’s AGM. The Association will change its name officially on 1 February 2007 however we understand members may need a longer time to make the change in order to deplete existing stocks. The new logo is currently available if you need to print prior to 1 February 2007 - email pr@miaa.com.au if you require a copy.  View the brand guidelines.

No More Nominators or Seconder

One of the Constitutional changes approved at last week’s AGM was the removal of the requirement for all new applicants to be nominated and seconded by an existing MIAA Full Member. New application forms to be posted on the website shortly will require applicants to satisfy the membership criteria (but without a nominator or seconder) except where the applicant has less than 2 years’ experience in the industry, in which case an existing Full Member will be required to nominate the applicant and undertake to provide mentoring until the new member has achieved two years’ experience.

Discharge Time Limits

The apparent delays in discharge of loans by lenders as reported by many members recently has been the subject of discussion by the National Originators Committee and the Board. This problem is exacerbated by the fact that while under the UCCC there is a seven day time limit for the provision of pay out amounts, there is no time limit for discharging a loan. The Board has decided that after an analysis of the incidence of the delays, we will discuss the position with lenders with a view to seeking appropriate amendments to the UCCC so that consumers’ interests are protected in not having discharges unduly delayed.


New Gadens Papers

Visit the members only section of the website to view the below four new papers from Gadens:

MIAA checklist of Members' financial obligations to employees and contractors.

Can your borrowers repay their loans?

Unregulated loans riskier than UCC loans?

Lo Doc/No Doc/Assest lend Short Form report.

Baycorp Benefit for Members

An excellent offer has been struck with Baycorp Advantage so members can avail of savings on credit checks. Click here for more information.


The most recent meeting of the MIAA Board was enthused by the attitude of, and changes to COSL proposed by, the new COSL CEO, Raj Venga, who addressed the meeting. COSL will be announcing these changes shortly but the MIAA Board is confident these will address the concerns and issues members have expressed with COSL’s operations over the past year or so. MIAA has invited Raj Venga to participate in a compliance road show which MIAA will run in all states in early 2007.

Featured Member Benefit
A Special Christmas Thank You

Wine Box Warehouse has an exclusive selection of corporate wine gifts designed to impress someone special. This could be a client, supplier, employee or family and friends. The range includes; leather single and double wine carriers, handcrafted wooden gift box range, cardboard gift box range, wine carriers, premium wines and much more. For that added special touch, gifts can be personalised with your company logo (terms and conditions apply).

These gifts are available at special prices for members and include FREE delivery Australia-wide. Click here for orders or more information. For more information and order details click here.

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