The Mortgage Finance Professional Australia (MFPA) designation will be offered exclusively to MFAA members
The Mortgage & Finance Association of Australia (MFAA) has announced the launch of Australia’s first-ever university-level broker qualification.
Developed in partnership with Royal Melbourne Institute of Technology Online (RMIT) Online, the Mortgage Finance Professional Australia (MFPA) designation is billed as the first of its kind in the country.
Unveiling the initiative on the eve of the MFAA’s National Conference in Melbourne, MFAA chief executive Anja Pannek (pictured) said: “The MFPA is the result of five years of careful research, planning and hard work.
“We have worked closely with RMIT Online, a renowned international university known for its innovation and leadership in technology, design and business education.”
Pannek called it “a defining moment in broker education”, signalling the next stage in the industry’s journey to professionalisation.
“I’m incredibly proud that the MFAA is leading the way on advancing industry standards and supporting members to create greater value for themselves and their clients,” she said.
The announcement comes amid an elevated conversation around the sub-standard level of broker education in the country.
At MPA’s recent aggregator roundtable, LMG’s national director Rob Thomas said: “Why aren’t we going into schools and talking about lending and improving financial literacy before that generation leaves home? We just don’t talk about it as an industry. That’s what I want to change.”
Sub-par education has been blamed for the exceptionally high turnover rates that plague the broking industry.
Key Features
The MFPA is available only to MFAA members who meet rigorous criteria, including a minimum of five years’ experience, 250 settled loans, a Diploma of Finance and Mortgage Broking Management, up-to-date CPD, and two professional endorsements (one from an aggregator).
Participants must complete core modules in Personal Leadership, Customer Engagement, and Business Management, plus an elective (either SMSF Lending or Financial Analysis for Mortgage Finance Professionals).
Dan Walsh, MFAA’s executive, professional development and member engagement, said brokers who receive the designation can “build greater trust with their clients, be recognised as a leader in their sector, and gain a competitive edge by having university-level”.
“Borrowers gain confidence from knowing that brokers who hold the designation are highly qualified, experienced and uphold the highest professional standards,” he added.
The MFP Program, which is hosted on RMIT Online’s Canvas Learning Management System and forms the basis of the designation, involves up to 40 hours of study.
Finance broker Kate Sadler, director and founder of The Broker Society on the Sunshine Coast, was part of a select group of brokers who participated in the MFP pilot program.
“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,” said Sadler.
