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The RMIT Online Mortgage Finance Professional (MFP) Program is the first university-level mortgage broker qualification available in Australia.
As part of the program, MFAA is offering the Mortgage Finance Professional Australia (MFPA) designation, available exclusively for experienced MFAA mortgage brokers.
MFAA brokers who successfully complete the MFP Program and go above and beyond what is recommended, factoring in professionalism, ethics, and client engagement, could be eligible for the MFPA professional designation.
This was announced at a welcome event for the MFAA’s National Conference.
MFAA CEO Anja Pannek said there are five themes that form the professionalism of any industry, including broking: ethics, education, experience, examination, and entity.
The MFP aims to address these core elements to drive professional development.
It includes three modules: Personal Leadership, Customer Engagement, and Business Management. There is also an elective to choose from, either SMSF Lending or Financial Analysis for Mortgage Finance Professionals.
Pannek said there have been five years of research and planning that have gone into the MFPA and the broker association has worked collaboratively with RMIT to make it a reality.
The program was made reality through the support of leading educators from RMIT Online, subject matter experts, learning designers, technical specialists, and highly skilled brokers.
MFAA’s executive, professional development and member engagement, Dan Walsh, said the designation “has the potential to transform our industry” by generating greater trust between consumers and brokers.
Those who receive the accolade can leverage themselves as professionals with the backing of a university-level credential.
“Borrowers gain confidence from knowing that brokers who hold the designation are highly qualified, experienced and uphold the highest professional standards,” said Walsh.
Finance broker Kate Sadler participated in the MFP pilot program. The founder and director of The Broker Society said it helped her to advance leadership skills and growth mindset.
“It gives brokers the opportunity to step outside their own business bubble and look at things from a broader and more strategic perspective,” Sadler said.
“When we’re working in our business every day, it’s really easy for us to fall into our own routines, miss opportunities for improvement or innovation. 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.”
The program is available exclusively to MFAA members who meet CPD requirements. They must hold the Diploma of Finance and Mortgage Broking Management, have a minimum of five years’ experience as a practising mortgage broker, and have settled a minimum of 250 loans. They must also provide two endorsements, one from an aggregator.
[Related: Finance Specialist: Why brokers can’t afford to stand still]
