MFAA Mentoring

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MFAA Mentoring: What the 2025 Standards Mean for New Mortgage Brokers
If you’re entering the mortgage and finance broking industry, mentoring isn’t just a “nice to have” — it’s a structured way to build competence, confidence, and trust as you move from learning to writing and settling loans.
The MFAA Mentoring Standards (March 2025) set out a clear framework for what quality mentoring should look like in our industry. Below is a practical summary of what those standards cover, what to expect from a mentoring program, and how to choose a mentor.
What are the MFAA Mentoring Standards?
The MFAA Mentoring Standards were developed to provide a mentoring framework that aligns with industry practice and expectations. They were created through consultation with brokers, lenders, aggregators, and mentoring professionals — and are expected to be reviewed over time as the industry and regulatory environment evolves.
At their core, the Standards aim to support:
  • Competence (doing the job well)
  • Confidence (knowing you can do it)
  • Trust (from clients, lenders, and the broader profession)
Who do the Standards apply to?
The Standards apply to anyone participating in the mentoring journey, regardless of qualifications, experience level, employment type, employer, aggregator, or other affiliations.
They apply to both mentors and mentees, so expectations are clear on both sides.
The 4 Quality Areas of a compliant mentoring program
The Standards are built around four “Quality Areas”. Each area includes criteria and evidence expectations that demonstrate the standard is being met.
Quality Area A: Qualifications and experience
This area focuses on ensuring both mentor and mentee have appropriate qualifications and experience.
Mentor minimum requirements include:
  • Current MFAA membership
  • Relevant experience in mortgage/finance broking and mentoring
  • Completion of the Diploma of Finance and Mortgage Broking Management (FNS50322) (or acceptable superseded versions)
  • At least four years’ loan writing experience and 50+ settled residential mortgage applications
Mentee minimum requirements include:
  • Current MFAA membership
  • Currently working or engaging in mortgage/finance broking
  • Completion of Certificate IV in Finance and Mortgage Broking (FNS40821) (or equivalent) and/or the Diploma (FNS50322)
Quality Area B: Participant support
This area is about transparency and protection for both parties.
A quality mentoring program should provide:
  • Clear information about the program content, terms, and conditions
  • A transparent schedule of fees and costs (including application/cancellation fees)
  • Clear roles and responsibilities for mentor and mentee
  • A written agreement/contract
  • Suspension/cancellation/termination procedures
  • A grievance (complaints) process with a transparent pathway
Quality Area C: Program
This area ensures mentoring is structured and fit for purpose.
A quality program should:
  • Be structured, comprehensive, and aligned to outcomes
  • Reflect the contemporary industry context and regulatory environment
  • Provide a program outline with activities, milestones, and assessments
  • Offer suitable delivery modes (virtual, face-to-face, phone, email, hybrid) with adjustments for the mentee’s circumstances
  • Clearly document communication methods and timeframes (often via a logbook)
  • Provide feedback at agreed intervals via progress reports
  • Maintain records of activities, outcomes, and communications
  • Allow for Recognition of Prior Learning (RPL) where appropriate
Quality Area D: Assessment, evaluation and review
This area focuses on measuring outcomes and improving the program.
A quality program should include:
  • Evaluations and assessments aligned to program outcomes
  • Recorded progress feedback provided to the mentee
  • Opportunities for mentees to provide feedback to mentors
  • Evidence that feedback is analysed and used to improve the program
  • Planned and documented review processes
What should mentoring cover? (Key focus areas)
While mentoring can cover many parts of a broker’s role, the MFAA requires (at minimum) focus across key areas such as:
  • Customer engagement (enquiry skills, interviews, note-taking, presenting options)
  • Administration and workflow (loan tracking, efficient processes)
  • Lending scenarios (first home buyers, refinances, construction, self-employed, debt consolidation and more)
  • Research, analysis and recommendation (policy research, matching scenarios, presenting recommendations)
  • Loan submission requirements (VOI, income verification, serviceability, living expenses, BID/BCOP/KYC, privacy consents, lender checklists)
  • Compliance (regulatory framework and professional standards)
  • Loan submission vetting and quality assurance (mentors quality-check submissions; the mentee should have applications vetted until at least 12 loans have successfully settled)
  • Business sustainability (planning, cashflow, lead generation, networking)
  • Self-management (capacity, stress, conflict, complaints)
Observations: what “good” looks like
The Standards also describe desirable observation practices, such as:
  • Mentees observing at least six (6) mentor (or similarly experienced) client interviews
  • Mentors observing at least six (6) mentee client interviews
Where live observation isn’t possible, the mentor should explain their approach and debrief the mentee after interviews.
How to choose a mentor (quick checklist)
Before you commit, make sure you can clearly answer:
  1. What outcomes and competencies will I achieve?
  1. What does the schedule look like (activities, milestones, assessments)?
  1. How will feedback be provided — and how often?
  1. What records/logbook will be kept?
  1. What are the fees, cancellation terms, and refund policy?
  1. What happens if the relationship needs to pause or end?
Want to build confidence faster?
At Walker and Miller Mortgage Broker Training, we’re big believers in structured learning and real-world capability. If you’re completing (or have completed) your Certificate IV or Diploma and want support translating study into confident, compliant loan writing, mentoring can be the bridge.
Next step: Contact us to discuss your experience level and what kind of mentoring support would suit your pathway.

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