Ongoing advocacy and education initiatives spur membership base past 16,000
The Mortgage and Finance Association of Australia (MFAA) now boasts more than 16,000 members, according to a Monday press release from the peak mortgage broking industry body.
MFAA chief executive Anja Pannek (pictured) first made the announcement at last week’s MFAA National Conference in Melbourne.
“Surpassing 16,000 members is a fantastic result for the association and the MFAA team,” Pannek said. “As the industry continues to grow to meet the demands of consumers and business owners, it’s pleasing to see the immense trust brokers are placing in the MFAA, to be their voice and represent their views when talking to government, regulators and other key stakeholders.”
The independently audited membership figures show a 9% growth over the past two years, with more than 97% of members being individual mortgage and finance brokers.
Education and advocacy to the fore
Recounting recent achievements, Pannek said that the launch of the MFPA designation on 22 July was a major highlight.
“The MFPA clearly demonstrates we are committed to the highest standards in broker education. This is what our members have asked of us. The designation is a crucial step on our journey toward professionalisation,” said Pannek.
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).
The MFAA also continues to advocate for a fairer deal for brokers in the ongoing Payroll Tax Act inquiry, joining other industry bodies in fighting the imposition of payroll tax on aggregators and the subsequent flow-on effect for brokerages.
In March, Pannek told the inquiry: “Significant ambiguities still exist with payroll tax, presenting a real threat to the viability of small broking businesses and the ability of NSW borrowers to access a competitive home loan.
“We know this is a key issue for brokers, not only just in New South Wales, but across the country, given laws are harmonised across most other states.”
