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MFAA Prosper : Mortgage and Finance Brief 07
Preferred vendors for new education requirements The MFAA has named its preferred vendors for the delivery of Certificate IV Financial Services (Finance/Mortgage Broking) FNS40804 and Diploma Financial Services (Finance/Mortgage Broking Management) FNS50504 only. For more information about these vendors, turn to page 58. Reminder: anyone who now joins the MFAA must have completed their Cert IV and have either started or completed their Diploma. Line-up confirmed for the 2011 MFAA Excellence Awards Tickets are still available for next month's presentation dinner, so make sure you don't miss out on the industry's hottest event of the year. Taking place on 4 March at the Crown Towers in Melbourne, the event will be hosted by media personality Andrew Daddo, while singer/performer Rachael Beck (pictured) will join ten-piece show band DEjAVU to provide the night's entertainment. For tickets call 02 8905 1320 or email firstname.lastname@example.org. MFAA CEO Phil Naylor joined with the CEOs of the Canadian Association of Accredited Mortgage Professionals (CAAMP) and the US Mortgage Bankers Association (MBA) on an International Panel at the CAAMP Mortgage Forum in Montreal at the end of last year. As part of a wide-ranging discussion covering current issues in the three countries, Phil emphasised the need for a more competitive lending market in Australia. While in Canada he also spent time in discussions with the Canadian Housing and Mortgage Corporation, a government agency that facilitates the issuing of Canadian Mortgage Bonds and mortgage-backed securities. This has had the effect of promoting competition in the Canadian mortgage market by enabling the operation of several strong non-bank lenders. MFAA is urging the Federal Government to consider the implementation of a similar model in Australia. Promoting competitive lending -- in Canada Victory for Association as NCCP deadline extended Changes to the NCCP regulations that were announced by the Treasury came as a direct result of lobbying by the MFAA. The MFAA has been in constant communication with the Treasury over recent months, and as a result the National Consumer Credit Amendment regulation that was released late last year is far more broker-friendly than the original. Unfortunately the hiatus period that resulted from the federal election delayed this process for several weeks and as a result the MFAA strongly urged the Treasury to postpone the operation date of the new regulations until 1 April 2011, simply because brokers will not have time to alter their systems to comply by the originally proposed date of 1 January 2011. In direct response to MFAA's concerns about the short timeframe available to be ready for commencement on 1 January 2011, the regulations contain an exemption until 1 April 2011 from the requirement to provide credit guides, quotes, and credit proposal documents. If a licensee provides to the borrower details of the licensee's external dispute resolution (EDR) scheme; and, if a credit assistant (broker) charges for their services, there must be a written agreement specifying the amount and when the borrower must pay. 14 | Mortgage & Finance brief MFAA news 2011 ExpoMart space selling fast Space at this year's MFAA National Convention is selling fast, and the early-bird discount for exhibiting at the ExpoMart ends on 26 February. A 15% discount is available for early-bird bookings, while first timers are eligible for substantial savings. To book your stand, call Paula on 02 8905 1320, while for a preview of the Convention, which takes place at the Brisbane Conference and Exhibition Centre on 1-3 June 2011, turn to page 44. For more information, visit www. mfaaconvention.com.au.
Mortgage and Finance Brief 06
Mortgage and Finance Brief 08