Under MFAA membership requirements, an applicant with less than 2 years experience (over the past five years) in mortgage lending, mortgage broking or finance broking must be nominated for membership by another member (or member’s representative) who undertakes to mentor (or ensure the mentoring of) the applicant (mentee) until they have at least 2 years experience.
Applicants with less than 2 years experience must be mentored by an MFAA Certified Mentor™; an existing MFAA Full Member; or the nominated representative of a Full Member, until 2 years experience is held. If the applicant has already attained a Diploma in Financial Services (Finance/Mortgage Broking Management) then they have the choice of the above options for mentors. Those who do not yet hold a Diploma will be required to have a MFAA Certified Mentor™.
A mentee is not bound to the same mentor during the mentoring period, however, any subsequent replacement mentor must satisfy MFAA 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 2 year’s 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.
The mentor must be an MFAA member (or representative of an MFAA member) who:
· has at least 4 years experience as a loan writer or equipment and general business finance writer
OR · in the case of a residential mortgage loan writer or an equipment and general business finance writer who has less than 4 years but more than 2 years’ experience, has written at least 50 successful loans or finance applications,
OR · has held a Western Australian B Class Finance Broking Licence for at least 2 years.
Note: ‘Experience’ and ‘applications’ in each case above means ‘experience’ and ‘applications’ relevant to the mentee’s field of activity.
· A mentor may act as mentor to more than one new member, however, the MFAA State Council has the discretion to determine in individual cases on the adequacy of the mentoring arrangement.
· 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 clear to the Tribunal the mentor has been guilty of some misconduct.
Mentor not prepared to sign off mentees MFAA renewal
If the mentor is not prepared to sign off the second renewal of the mentee because their “Competency” requirements have not been met then there are two options:
- Is there another person who would satisfy the mentoring criteria (see paragraph 4) verify and certify that;
o the mentee has had 12 loans vetted by a competent person (for who the mentor will vouch); and o 6 interviews have been witnessed by a competent person (for who the mentor will vouch);
- The mentoring period will be extended for an additional 12 months on application in writing by the mentor and mentee to and, on approval by, the Executive Director, Governance and Administration.
(note: if this is the case and the mentee does not meet the requirements by the third renewal – ie: mentor will not sign off mentee’s “Competency” – then mentee’s membership will be cancelled.)
Taking Meeting Notes
· All mentees must keep up-to-date records (in writing) of the outcomes of discussions, meetings and communications with their mentor and other appropriate persons for later verification and/or evidence of “Competence”.
· Such records should be counter signed or endorsed by the mentor and mentee. Such endorsement can be verification from the mentor by email of the meeting content, date and times.
· The mentor is satisfied the mentee can satisfactorily conduct a client interview unassisted, (including, where relevant, involving a First Home Buyer Grant) including completion of the loan/finance application form and carrying out stamp duty and LMI calculations.
It is acknowledged different mentees will progress at varying speeds depending on their level of experience and aptitude, however, in attaining the required level of competency it is recommended the mentee will have witnessed at least six interviews by the mentor or another similarly experienced loan/finance writer.
· The mentee has had at least 12 applications vetted and signed off by the mentor or a similarly experienced delegate.
· The mentee has maintained a diary/log of all relevant loan/finance writing activities during the mentoring period.
· The mentee must have achieved the required CPD points for the period of membership.
· As an alternative to the above, a declaration by a mentor that the mentee has satisfied the requirements of a mentoring program which has been ‘recognised’ by the MFAA, will satisfy these mentoring guidelines.
MFAA Certified Mentor™
The MFAA has established the MFAA Certified Mentor™ programme, a comprehensive, ‘how-to’ program, which offers new industry entrants all the tools and the knowledge they need to be successful.
With the active engagement of your MFAA Certified Mentor™, you can expect the structure and ongoing support you need, in both ‘classroom’ and ‘in the field’ learning environments.
An MFAA Certified Mentor™ will help you:
· Achieve your industry and lender accreditations
· Write and review your mortgage broking business plan
· Establish scalable business systems and support structures
· Market and promote your business
· Research, compare and explain different home loan products
· Conduct home loan interviews
· Write home loans
· Cross-sell complementary products and services
· Manage client records
· Stay in contact and service your client’s ongoing financial needs.
Full support over the two years includes:
· Mentor programme workbooks and manuals
· Regular mentor workshop sessions
· Hundreds of downloadable tools, checklists, and tips
· Assistance with loan scenarios
· Assistance preparing for home loan interviews
· Assistance preparing loan submissions
· Validation of your first 12 loan applications prior to submission to the lender
· Ongoing phone and email access to your MFAA Certified Mentor™
MFAA applicants with less than two years’ loan writing experience who are mentored by an MFAA Certified Mentor or through an equivalent programme by an MFAA aggregator/broking group recognised as such by the MFAA, will have up to 12 months from the date of joining the MFAA to complete the diploma requirement and are eligible for MFAA Membership having completed the Certificate IV FNS40815 /FNS40811.