Mortgage Broker-CPD-Activities

All mortgage brokers are required to complete Continuous Professional Development requirements annually.The MFAA and FBAA like all professional industry associations require members to undertake Continuous Professional Development (CPD) activities to maintain and improve their skills and knowledge.

MFAA members are required to do a minimum of 30 hours CPD each year to maintain their membership. ASIC requirements are 20 hours .

There are many ways to earn CPD hours as a mortgage broker and most mortgage brokers have no difficulty in fulfilling this obligation. MFAA, FBAA, Aggregators, Lenders and Mortgage Broking Groups continuously offer a variety of training and development options .

This training and development qualifying as CPD could involve one on one meetings, formal mentoring programs, industry media organisations providing updates, webinars, Professional Development days and multi day national conferences.

As a guide to Mortgage Broker CPD activities, below is a list of MFAA CPD activities that would qualify:

MFAA CPD Activity Allocation

Formal activities

Structured courseDelivered by recognised practitionerContains a comprehensive set of learning objectivesDelivers a specific learning outcome
SeminarsA presentation delivered to an audience on a particular topic or set of topics
Technical trainingThe process of learning how to more accurately and thoroughly perform the technical components of your role
Certificate IV or Diploma of Mortgage BrokingCompletion of these courses will provide 18 hours of CPD for the Certificate IV of Mortgage Broking and 30 hours for the Diploma of Mortgage Broking
Other relevant qualificationsNationally accredited industry qualificationCompletion of relevant units/subjects within a qualificationSuch as a degree or MBA.
Financial planningQualified financial planners can have a maximum of 12 hours of financial planning CPD also contribute to their MFAA CPD hour requirements.

Informal activities

On-the-job trainingIn a normal working situation, using the actual tools, equipment, documents or materials that members will use when fully trained
WorkshopsA brief intensive course emphasizing interaction and exchange of information among a (usually small) number of participants
ReadingReviewing relevant papers, such as in a book, magazine, newspaper, whitepaper, or notebook, or of electronic displays, such as computer displays, television or e-readers. A maximum of 6 hours per year can be credited for reading.
Audio/video contentVideo on demand or audio and video on demand which allow members to select and watch/listen to video or audio content as needed

Peer and professional interaction

Mentoring or being MentoredFor a member identified as a mentor who meets the MFAA mentor guidelinesFor a new entrant with <2 years experience being mentored by a member identified as a mentorMentors and mentees are allowed 18 hours of CPD per year
Demonstrating a technical applicationA method of teaching by example rather than simple explanation
Discussion groupAn online forum for individuals to discuss various topics amongst each otherAn active member of a group of people asked about their perceptions, opinions, beliefs, and attitudes towards a product, service, concept, or solution
Structured meetingsRepresentation as a Broker on the MFAA or an industry board, forum, committee or tribunal panel that has been convened for the purpose of achieving a common goal through verbal interaction, sharing information and reaching agreementNote: CPD hours allocated only to those actions that “advance our profession”

Contributions to our profession

Presenting researchFollows a specific, coherent format for articulation of research study results either oral or written with the purpose to inform, persuade or build good will
Design and/or presenting a courseThe process used to design a course; analyse, design, develop, implement and evaluateOral presentation of a structured course
Writing industry related articles/papersProduction of an article/paper for a recognised industry publication or forum

Click for more information on becoming a broker For details of the next course please call: 1300 136 947 or (02) 9922-5198 Book Now to Ensure your success as a Mortgage Broker