Who can be your Mentor ?
Your mentor must be an MFAA member (or representative of an MFAA member) who holds a Diploma of Mortgage Broking, who:
- is an MFAA member with at least four years' experience as a loan writer or equipment and general business finance writer using their own mentor program; or
- is an MFAA member who has written at least 50 successful loans or finance applications (in the case of a residential mortgage loan writer or an equipment and general business finance writer who has between two and four years' experience) using their own mentor program.
A person who is being mentored as part of their MFAA membership cannot be an MFAA mentor.
How Mentoring Works
The Mentee is required to engage a Mentor to support them as a Finance Broker until they have achieved a minimum of two years loan writing experience. The Mentor is required to declare at the point of the Mentee's first and second membership renewal (or on attainment of two years' 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.
In order to be recognised as a 'competent' loan writer, the following must be met:
- the Mentor is satisfied that the Mentee can satisfactorily conduct a client interview unassisted, (including, where relevant a First Home Buyer Grant) including completion of loan/finance application forms and carrying out stamp duty and LMI calculations;
- the Mentee has completed a minimum of 12 settled loan applications vetted and signed off by the Mentor or a similarly experienced delegate;
- the Mentee has maintained a log of all relevant loan writing activities during the Mentoring period;
- the Mentee must have achieved the required CPD hours for the period of membership; and
- the Mentee has completed a minimum total of two years loan writing experience gained within the previous five years through Mentoring including any previous relevant loan writing experience in that time.
Note: it is recommended the Mentee will have witnessed at least six client interviews by the Mentor or another similarly experienced loan writer during the mentoring period.
A Mentee engaging a Mentor will have up to 12 months from the date of joining the MFAA to complete the Diploma Finance and Mortgage Broking Management.
All Mentees must keep up-to-date records (in writing) of the outcomes of the relevant discussions, meetings and communications with their Mentor and other appropriate persons for later verification and evidence of 'competence'. Such records should be counter-signed or endorsed by both the Mentor and Mentee. Such endorsement can be verification from the Mentor by email of the meeting content, date and times. A Mentee may wish to record their meeting using the Mentoring Activity Log.
A Mentee is not bound to the same Mentor during the mentoring period. However, any subsequent replacement Mentor must satisfy the MFAA Mentor criteria. The Mentee must advise the MFAA of the new Mentor by completing a Change of Mentor form.
The Mentor is required to declare at the Mentee's first and second membership renewal (or on attainment of two years experience, whichever occurs first) that the Mentee is able to operate as a 'competent' loan writer. If the Mentor determines that the Member is insufficiently experienced, the Member must apply to the MFAA for an extension of the mentoring period.
Note: 'experience' and 'applications' in each case above means 'experience' and 'applications' relevant to the Mentee's field of activity i.e. either residential or equipment and commercial financing.
When choosing a Mentor:
- A Mentor may act as Mentor to more than one new member.
- 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 clearly established that the mentor has been guilty of some misconduct.
Mentee not yet 'competent'
If the Mentor is not prepared to sign off the second renewal of the Mentee because their 'competence' requirements have not been met then there are two options.
1. Is there another person who is an MFAA member and satisfies the MFAA's Mentor criteria and will verify and certify that the Mentee has:
- had 12 successfully settled loan vetted by a competent person (for whom the mentor will vouch); and
- attended six interviews which have been witnessed by a competent person (for whom the mentor will vouch); and
- completed a minimum of 2 years loan writing experience; then that person may complete the Mentor Declaration.
2. The mentoring period may be extended for an additional 12 months on application in writing by the mentor and mentee to and, on approval by, the MFAA.
Note: If the Mentee does not meet the requirements by the third renewal - i.e. the Mentor will not sign off mentee's 'competence' after a three year period - the Mentee's membership will be cancelled.