Your MFAA mentoring experience, over a two-year period, partners you with an experienced broker to develop your knowledge, skills and abilities. The Mentor helps you and your business grow by:

• Explaining the practical elements of customer engagement and loan writing
• Guiding you through a defined set of lending scenarios and associated workflow processes
• Assisting you in submitting high quality loan applications to your lender partners
• Assisting you in gaining new business and building a network
• Helping you understand the industry, key relationships and your overall responsibilities.

During the mentoring period and upon completion your Mentor will be asked to observe your:

• Technical competence
• Adherence to compliance responsibilities
• Understanding of customer needs and objectives in providing solutions.

Your Mentor will:

• Be a current MFAA member
• Have four years’ experience in loan writing (or have settled 50-plus finance applications)
• Preferably be working under the same aggregation group
• Have a structured program to guide you or utilise the MFAA’s Mentoring Program
• Put in place a written agreement that states the parameters of the mentoring process and what it will deliver, particularly if payment for services is involved
• Sign off your completion of the Mentoring process at your first annual membership renewal and upon completion of the two-year period. This is done by completing the Mentor Declaration Form.

Key Focus Areas

Whilst a mentoring relationship can cover many areas of broker responsibilities, the MFAA insists, as a minimum, a focus is shown on the following key areas:

• Customer engagement
    - Customer enquiry skills
    - Customer interview skills including:
        - Loan qualification
        - Product choice meeting needs and objectives.
• Compliance
    - Ensuring you operate within the regulatory rules and framework and the MFAA’s Code of Practice
    - Completing the loan application process in a compliant and professional manner.
• Administration and workflow
    - Ensuring you have workflow, administration and loan tracking processes set in an efficient manner.

In addition, the following aspects should form part of the minimum mentoring activities:

Observation

The Mentee should witness at least six interviews conducted by the Mentor or a similarly experienced loan writer

Loan Submission Vetting & Quality Assurance

The Mentee should have at least twelve settled loan applications vetted (submission quality checked) by the Mentor.

When packaging loans for submission to the chosen lender, it is imperative that through your Mentoring process you are made aware of each lender’s quality benchmarks.

As a new broker you should be following a ‘Loan Submission Checklist’ to ensure high quality applications are submitted to all lenders that your clients choose.

Items that should form part of the checklist, but are not limited to, include:

Broker declaration and lender checklist

Customer identity checks

Income verification

Serviceability calculator and worksheets

Living expense worksheet

Exit strategy (if applicable)

Reason for refinance (if applicable)

Contract of sale

Customer loan requirements

Reason for lender and product choice

Reason for adverse history

Responsible lending interview guide

Privacy consent

Disclosure Documents

 

Scenarios Presented

During the mentoring period, as a minimum, the scenarios below should be submitted by the Mentee or have been discussed or demonstrated by the Mentor.

Lending Scenario Coverage

First home purchase (and grants)

Non-first home buyer

Refinance

Construction

Debt consolidation

Loan with guarantors

Investment purchase

Trusts

Off-the-plan purchase

Personal loan and auto finance

Self employed lending

Bridging finance

 

Mentor Changes

Ideally you will have the same Mentor for the two-year period, however, there may be a requirement to request a change of Mentor. Providing the subsequent Mentor satisfies the MFAA Mentor criteria, the Mentee must advise the MFAA of the new Mentor by completing a Change of Mentor Form.

 

Mentor & mentoring process feedback can be directed to professionaldevelopment@mfaa.com.au