Mortgage brokers now have a new way to stand out in a competitive industry with the launch of the Mortgage Finance Professional Australia (MFPA) designation – the country’s first professional recognition for brokers.
The launch coincides with record-breaking growth in the broker channel, with 76.8% of new home loans now written by brokers and total residential settlements reaching nearly $379 billion over the year to September 2024, according to the MFAA Industry Intelligence Service.
Developed by the Mortgage & Finance Association of Australia (MFAA) in partnership with RMIT Online, the MFPA is awarded to experienced MFAA members who complete the new Mortgage Finance Professional (MFP) Program.
“The MFPA is the result of five years of careful research, planning and hard work,” said MFAA CEO Anja Pannek (pictured). “This is a defining moment in broker education, signalling the next stage in the industry’s journey to professionalisation.”
Pannek said the new designation reflects five pillars of professionalism: ethics, education, experience, examination and entity.
“This is the perfect opportunity for MFAA members to demonstrate their professional standing across all five elements,” she said.
The announcement comes as the MFAA’s national event draws hundreds of brokers, lenders and industry leaders to Melbourne’s Convention and Exhibition Centre for two days of learning, networking, and recognition.
The MFP Program is the first university-level qualification for mortgage brokers in Australia, delivered via RMIT Online’s Canvas Learning Management System. It includes three core modules – personal leadership, customer engagement, and business management – plus an elective in either SMSF lending or financial analysis.
“By championing lifelong learning, the MFAA is helping its members not only navigate change, but also stay ahead of emerging skills, particularly in areas that focus on exceptional client experience and sustainability,” said RMIT Online CEO Nic Cola.
Dan Walsh, MFAA executive for professional development and member engagement, called the program “a major achievement” supported by expert input from educators, designers, and brokers.
Sunshine Coast-based broker Kate Sadler, director of The Broker Society, completed the pilot MFP Program and has now received her MFP Credly badge.
“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.
“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.”
She also praised the emphasis on leadership frameworks.
“We know client experiences are important, but for a really successful and sustainable brokerage, we need to have leadership frameworks and I’m applying these concepts to my business,” Sadler said.
To qualify, brokers must:
Walsh said the MFPA designation “has the potential to transform our industry” by enhancing trust and professionalism.
“Borrowers gain confidence from knowing that brokers who hold the designation are highly qualified, experienced and uphold the highest professional standards,” he said.
Pannek added, “I’m incredibly proud that the MFAA is leading the way on advancing industry standards and supporting members to create greater value for themselves and their clients.”
Get the hottest and freshest mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter.
