The MFAA is thrilled to reveal a major step forward in the professionalisation of the Australian mortgage broking industry – the Mortgage Finance Professional Australia (MFPA) designation.
Developed in conjunction with the Royal Melbourne Institute of Technology Online (RMIT Online) and offered exclusively to experienced MFAA mortgage brokers, the MFPA is the first professional mortgage broker designation in the country. The RMIT Online Mortgage Finance Professional (MFP) Program breaks new ground as the first university-level mortgage broker qualification to be offered in Australia.
MFAA brokers who successfully complete the MFP Program and who demonstrate excellence and a commitment to professional standards in ethics, education, conduct and customer engagement will be awarded the MFPA professional designation.
“The MFPA is the result of five years of careful research, planning and hard work,” MFAA CEO Anja Pannek said. “We have worked closely with RMIT Online, a renowned international university known for its innovation and leadership in technology, design and business education.”
“This is a defining moment in broker education, signalling the next stage in the industry’s journey to professionalisation. I’m incredibly proud that the MFAA are leading the way on advancing industry standards and supporting members to create greater value for themselves and their clients.”
Ms Pannek announced the new program at a welcome event on the eve of the MFAA’s National Conference on 23 July in Melbourne.
She said experienced brokers who choose to enrol and complete the MFPA are purposely investing in their careers, growing their businesses and differentiating themselves in a competitive broker market.
“There are five themes which are a core part of professionalisation of any industry – ethics, education, experience, examination and entity. The MFPA Program rounds out the elements of what the MFAA already supports members with – through already having the highest education standards in industry.
“This is the perfect opportunity for MFAA members to demonstrate their professional standing across all five elements.”
RMIT Online CEO Nic Cola said the organisation was thrilled to support this partnership as part of its mission to help build a future-ready workforce.
“The MFAA’s commitment to strengthening the professional capability of its members is both timely and commendable,” Mr Cola said. “By championing lifelong learning, the MFAA is helping its members not only navigate change, and also stay ahead of emerging skills, particularly in areas that focus on exceptional client experience and sustainability.”
Dan Walsh, Executive, Professional Development and Member Engagement, said the creation of the MFPA had been a major achievement.
“We’ve had the support of some of the sharpest minds in professional development – leading educators from RMIT Online, subject matter experts, learning designers, technical specialists and highly skilled brokers,” Mr Walsh said.
“The introduction of this professional designation has the potential to transform our industry. The benefits to brokers, customers and the industry are enormous.”
Mr Walsh said brokers who received the designation could build greater trust with their clients, be recognised as a leader in their sector, and gain a competitive edge by having university-level credentials.
“Borrowers gain confidence from knowing that brokers who hold the designation are highly qualified, experienced and uphold the highest professional standards.”
The MFP Program is a world-class self-paced learning opportunity, involving up to 40 hours of study. The MFP Program is hosted on RMIT Online’s Canvas Learning Management System and comprises the core MFP course, and electives.
Completing the MFP Program involves successfully completing the core modules – Personal Leadership; Customer Engagement; and Business Management – plus one elective (either SMSF Lending or Financial Analysis for Mortgage Finance Professionals).
Finance broker Kate Sadler is the director and founder of The Broker Society, a sole operator brokerage based on Queensland’s Sunshine Coast.
Ms Sadler has been part of a select group of brokers who participated in the MFP pilot program. She has completed the core course and has now received her MFP Credly badge.
Ms Sadler described the MFP as a practical and insightful business-focused program that helped brokers level up their leadership strategy and growth mindset.
“It gives brokers the opportunity to step outside their own business bubble and look at things from a broader and more strategic perspective,” Ms Sadler said.
“When we’re working in our business every day, it’s really easy for us to fall into our own routines, miss opportunities for improvement or innovation.
“The MFPA challenged me about reassessing how I lead my team, how I make business decisions and how I communicate value to both my clients and my team members.”
Ms Sadler said the MFP Program pushed her to develop skills and refine her vision for her business and “align some of my daily operations with my long-term goals, which I hadn’t done previously”.
“I love the emphasis on client value propositions and leadership … we know client experiences are important, but for a really successful and sustainable brokerage, we need to have leadership frameworks and I’m applying these concepts to my business.”
Brokers who take part in the MFPA must meet the following criteria:
To find out more about the MFPA, go to mfaa.com.au/mfpa
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