The Mortgage And Finance Association Of Australia Essay
Legal practitioners who advise the finance broking industry should have working knowledge of the Mortgage & Finance Association of Australia (MFAA) and its Code of Practice.
MFAA is a national body providing services and representation to professional finance brokers, being mortgage brokers, finance brokers, mortgage managers and mortgage aggregators. Generally, mortgage managers are those who manage credit contracts or leases on behalf of a credit provider or lessor under their own brand, and mortgage aggregators act as a wholesaler between lenders and mortgage brokers.
MFAA has identified that the mortgage and finance industry 's key regulator is ASIC, and other regulators such as the Australian Prudential Regulation Authority can influence key partners in the industry.
MFAA stated that the association’s purpose is to help its members be recognised as trusted professionals and be the first choice of clients. There are over 12,000 MFAA members. MFAA has created codes of practice and guidelines for members to abide by. It is useful to note here that breaches of the principles set out in these governance documents will be dealt with through the MFAA Disciplinary Rules. Membership may be suspended or cancelled, and members may be expelled. Expelled members’ details are published and accessible by the public.
MFAA’s webpage “Governance” (https://www.mfaa.com.au/AboutUs/Governance/Pages/Home.aspx) provides…