Media continues broker witch hunt

Yesterday, The Australian ran an article stating that anyone can become a qualified mortgage broker and MFAA member in just five days.

“According to a spokeswoman from industry training group the International Institute of Technology, obtaining a Certificate IV qualification consists of applicants attending a two-day workshop,” the article read.

Responding to these claims, MFAA chief executive officer Phil Naylor said the article was poorly researched and made claims that were incorrect.

“To claim in the articles that our credit advisers can complete a Certificate IV qualification and diploma of finance and mortgage broking management ‘in a total of five days’ shows a complete lack of understanding about the industry’s training,” Mr Naylor said.

“The diploma course takes into account the experience of the broker, who also has to pass a face to face and written assessment process, a mentoring program, and demonstrate both technical and theoretical skills in credit advice.”

The diploma requirement for those with less than two years of mortgage broking experience takes up to 12 months, while those with more than two years' experience may take up to six months to complete the diploma program.

The days referred to in the article to achieve diploma qualification apply only to the workshop component of the bridging program from Certificate IV, with applicants required to complete many hours of study and assignments.

“It is a shame that an industry that successfully raises the bar in its professional standards should be the subject of ill-informed and biased attacks by a journalist who demonstrates little understanding of how mortgage brokers operate and are trained,” Mr Naylor said.