Who is MFAA?

Corporate Profile
The Mortgage Industry Association of Australia (MFAA) is the peak body for Australia's residential and commercial mortgage industry. Established in 1982, the MFAA works closely with the financial services sector, the Federal Government, and all State Governments, to set the direction and standard for Australia's mortgage industry.

With membership ranging from small organisations to international banks, the MFAA seeks to provide infrastructure and back-up support to assist industry participants in achieving their common goals. In so doing, the MFAA seeks to raise the industry profile, foster high standards, and ethical growth and development of the industry. The MFAA deals with industry issues on behalf of its members - providing a united voice where and when required. The MFAA is also the backstop for borrower concerns, with all MFAA members belonging to an independent dispute resolution scheme or service, such as the Mortgage Industry Ombudsmen Service.

Members of the MFAA include mortgage managers, mortgage brokers, mortgage marketers, banks, credit unions, building societies, legal firms, mortgage insurers, trustees, fund managers, valuers, and real estate related industries.

All members are bound by a strict code of ethics to ensure the highest levels of service, integrity and professionalism.

Mission
As the peak industry body, the mission of the Mortgage Industry Association of Australia (MFAA) is to ensure the orderly and ethical working of the mortgage industry in Australia.

Key Objectives
To be the recognised authority in Australia on all aspects of the mortgage industry.
To maintain quality standards within the industry.
To offer training for members and their staff.
To support the development & range of mortgage products available to the public.
To embrace best practice customer services.
To develop the mortgage industry in Australia.
To elevate the role of mortgage intermediaries to a Profession.

What is the COSL

About the Credit Ombudsman Service
The Credit Ombudsman Service (“COSL”) has been established by Credit Ombudsman Services Limited (“the Company”) as an External Dispute Resolution Scheme providing to Consumers an alternative to legal proceedings for the resolution of disputes with Members of the Company (“Members”).

Who is Credit Ombudsman Service Limited?
This is an incorporated company. The Members of the Company are individuals and companies that operate in the Mortgage Industry who agree to be bound by the MIOS Rules and the Code of Practice of the Mortgage Industry Association of Australia (“MFAA Code of Practice”).

The Company has a board of directors which comprises:

an independent Chairman, and
an equal number of representatives of Consumers and representatives of Members of the MFAA.

What are the main objectives of the Company?
The main objectives of the Company are to:

act as the primary dispute resolution body for the Mortgage Industry, and
to actively facilitate the resolution of disputes concerning all aspects of the provision of credit and associated services to Consumers by Members.

Who are the Members of the Company?
The Members of the Company are those Members of MFAA who are required by the MFAA’s Constitution to be Members of the Company.