Over the past 12 months, the membership of the Mortgage and Finance Association of Australia (MFAA) has continued to grow strongly, resulting in total membership soaring past 14,000 for the first time in the Association’s history.
This ongoing growth in membership is critically important in strengthening the Association’s ability to continue investing in advocacy at both a national and state level, professional development in the form of education and events, research, mental health initiatives and many other activities that benefit members and the industry.
As the peak national body representing professional mortgage and finance brokers across the country, the MFAA requires – and assists – brokers to meet the highest educational and professional standards in the industry to receive and maintain their 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 industry standards offered by the MFAA,” said MFAA Chief Executive Officer Mike Felton.
“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.
“Whilst 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,” Mr Felton said.
During 2021, the MFAA has produced five comprehensive education modules, covering reference checking, breach reporting, remediation, design and distribution obligations, and ethics that are available to members free of charge until 31 December 2021. These new modules are additions to the broad library of existing learning modules that the MFAA 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. 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,” Mr Felton said.
The MFAA also continues to produce the highly respected Industry Intelligence Service reports and Quarterly Market Share data. Both provide reliable, accurate and timely market intelligence for the mortgage broking sector and are referenced widely as a key source of knowledge across the industry.
“Our record membership comes alongside continued record market share as an industry. With close to 60 per cent 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,” Mr Felton said.
“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 our economy, and the value and competition you provide for your customers, and for all Australian home buyers.”