Mortgage broker compliance – Qualifications Your Mortgage Broker Should and Must Have

Mortgage Broker Compliance

Do you know that every industry has its ‘Qualified Experts’ and every industry has it ‘Sudo Experts’ that are not qualified.

Well the mortgage industry is no different. While Mortgage Broking has been around for many years overseas and is now the preferred way of literally millions to gain a mortgage, the industry in Australia (40% of the market and growing) is quite young relatively speaking.

Since deregulation of the lending industry by the Keating Government you may have noticed a plethora of Mortgage Broking Aggregators and more so the number of consultants or individual brokers.

Now as with any new industry, it takes time for industry bodies, operating standards, defined rules of operation and consumer protection through governed regulations to emerge and be implemented.

This meant, particularly in the early days that professional conduct and qualifications of some operators was questionable to say the least.

Thankfully from a legitimate broker’s point of view consumers are now protected by governed regulations of operation and standards that control and ensure the conduct of Mortgage Brokers and Consultants.

Yes as a passionate Accredited Mortgage Consultant I take great pride in our industry and care that all Consultants are doing the ‘right thing’ for their clients and in their public conduct.

To this end I have included this mortgage broker compliance check sheet which is the very minimum of what you need to check in order to know that your Broker is suitably qualified and ‘legal’ to handle your mortgage needs.

Your broker must have…

Mortgage Broker qualification check (1)- Certificate IV in Financial Services (Finance/Mortgage Broking)(opens in a new window)

Mortgage Broker qualification check (2)- Mortgage Consulting Qualifying Certificate

Mortgage Broker qualification check (3) - MFAA Initial Compliance (opens in a new window)

Mortgage Broker qualification check (3A) - Service Certificate of Course Completion – MFAA Anti Money Laundering/Counter Terrorism Financing


Mortgage Broker qualification check (4) - Credit Ombudsman Service Certificate of Membership (opens in a new window)

Mortgage Broker qualification check (5) - Professional Indemnity Insurance ACE (opens in a new window)


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