Requirements to Become accredited with Australian banks and other Lenders
Once completing Certificate IV in Financial Services (Finance Mortgage Lending) FNS 40810, A mortgage broker would need to be accredited with a lender or bank in order to sell the lenders products and receive payment from that lender. For a broker to properly assist their potential clients they would need to be accredited with a variety of different lenders, banks credit unions and non bank lenders.
Each financial institution has its’ own accreditation system and requirements but as a rule, most lenders would require a broker to complete the following requirements:
Completion of the Certificate IV in Financial Services (Finance Mortgage Lending) FNS 40810. Followed by:
1. You need to become accredited with the MFAA of FBAA and be able to provide a copy of your membership certificate.
2. You need to have completed UCCC (uniform Consumer Credit Code) education and AML-CTFA (Anti Money Laundering, Counter Terrorism Funding Act) tests. ,
3. You need to complete the Lenders Third Party Banking Product Accreditation test (either online or in a face to face meeting)
4. The Accreditation application from the lender to be completed and supplied along
with a copy of:
– Driver’s Licence or Passport (for I.D. checking)
– Current Professional Indemnity Insurance showing minimum cover of $1
– Your current resume (to allow for reference checks) outlining industry
– Evidence of completion of any relevant training courses
5. Attend a specific Product Accreditation training session (to learn the products)
6. Accreditation is complete once you have completed the training session, and received your unique agent number (to allow loan submission tracking).
Western Australian brokers will need to provide a copy of their Broker Licence as part of their accreditation applications.