Dear Forumites

[Rolf Latham]

Hi BBG

let me butt in

AMC TLA for Accredited Mortgage Consultant is a term used by an 'associate" member of the MIAA, Mortgage Industry Association of Australia.

Its ONE of several industry assocations that attempts to provide consistency in the industry and in some way pseudo regulate at least some basic things, because governments have shown they cant.

Tight rules of conduct, mandatory PI insurance, minimum training standards and continung development combined with a complaints system work to provide a reasonabel framework.

In terms of reputation, I would strongly urge that clients do NOT use a broker that isnt accredited with the MIAA or the FBAA (Finance Brokers Assocation). It wouldnt make that person shonky, it just gives you little leverage if you need it.


ta

rolf

 

[bbg2003]

thanks for the input Rolf.

Basically then it's the mortgage industry regulating itself.

Precedents seem to point out that "self regulation" does'nt work either.
It's very difficult for goverments to regulate those service industries because they always find loopholes around their regulations.

I urge people to do their own negotiating & research so that they can actually learn something.

bbg2003

 

[geoffw]

Rolft,

Sorry, what's "AMC TLA"?

I know "TLA" is "Three Letter Acronym", but I can't work out the other bits

 

[Rolf Latham]

GW

AMC is a three letter acronym for Accredited Mortgage Consultant

Ta

rolf

 

[Kristine..]

And Rolf ...

each broker must be accredited with each lender, and each lender also has their own specific criteria regarding brokers representing them.

The Mortgage Industry Associaton of Australia website is

www.miaa.com.au and members can be searched on line.

As with all industries, there is often a lot of jargon tossed about. The MIAA use the term AMC - Accredited Mortgage Consultant, which is a good generic description, fairly accurate and one which the general public can identify at first glance.

bbg2003, accreditation usually implies meeting a third parties assessment. If you own the Dodgy Brothers Car Yard, and you are a Dodgy brother yourself, then to say you have met your own criteria is simplistic to say the least. If, however, the Automotive Industry Association, seeking to establish Best Practice in a self regulated industry, invited all car yards to apply for Membership but membership entailed having a properly registered business, abiding by a Code of Ethics, agreeing to disciplinary action by the Association Disciplinary Committee, carrying full insurance cover, undertaking ongoing training including comprehensive induction training of car yard employees etc etc and the Dodgy Bros applied for and met all membership criteria, then the yard would be a Member and all the sales staff Accredited etc

Bit like being a Member of the Royal College of Surgeons. Bit like having any qualifications at all. As Rolf mentioned, sometimes governments simply can't deal with everything and some industries are very good at regulating themselves, whether by choice or by default. Anyway, it's easy to say 'Oh, what a lot of bosh, putting a description after your name lessens your credibility with me (oompa, oompa, boomph!!)' and maybe you'd prefer to buy a Genuine College Diploma over the internet (saves years of tedious study).

But some of us, bbg2003, from Garbologist to Rocket Scientist, actually take our occupations seriously enough to undertake education, further research and study in order to be the best we can be, no matter what that is. Even the best Accredited Dodgy Brothers Used Car Salesperson.

Won't you join us?

Warmest regards

Kristine
Licensed Estate Agent
Cert Business Studies (Adv Cert Accounting)
Cert IV in Business (Estate Agency Practice)
Member MIAA - Accredited Mortgage Consultant

and all round (well, that's the shape) nice person.

Cheers

 

[Rolf Latham]

Hi Kristine

I AM a Rock Scientist :O)


ta

rolf

 

[Kristine..]

Yeah, well, Rolf

We always knew you were more than just a pretty face!

He he he

 

[bbg2003]

Rocks are a very "real" part of my real estate Rolf.

I've obviously been dealing with people not correctly qualified in the field!


bbg2003

 

[Kristine..]

Just a little postscript ...

Today I get to play with the big kids!

To my immense amazement (or should that be, How amaze me!)
I have been invited to join a major national mortgage aggregator. Oooh, aaah, I hear you say, so what?

Well, the what is, all sorts of veeery interesting types of finance, including commercial, leasing and of course, residential products.

So my evening has been spent foraging about in the software, finding out how it all works, who lends what, where and how.

Anybody want to buy a Caterpillar Traxcavator? Ask me in a couple of weeks how that deal would work. In the meantime, yours truly will be on a very sharp learning curve.

What was that about the deal of a lifetime coming round every Tuesday? Isn't it exciting how we can wake up in the morning, and by the time we go to bed, the world has spun a revolution and our own private world has changed.

Now, how would I put a deal together for a Combine Harvester???.....

Yours gleefully

Kristine

**********************

Confucious say: She who has laptop and think everything exciting will go a long way.

 

[D.T.]

Hi Kristine,

That sounds great. Congratulations.

May I ask if you will do this from home or from an office or something?

-Regards

Dave

 

[Kristine..]

Hi Dave

As I have mentioned before, I have a state-of-the-art office in my laundry! The builder who developed this estate had an issue with laundries - they are all huge!

However, I would like to have a proper office, probably in Croydon or Mooroolbark, as the files will start to take up more space and the laundry will start to shrink, plus I will probably need a clerk within about six months, and not everybody really wants a visitor to their home.

I have already had one interview at the 'medical centre', because that customer didn't want people at his shared house to know his financial business.

Anyway, working from home means you never stop, but at the same time the house and family get neglected.

The cornflakes will settle in the box, but my first task is to really get a grip on all these new loans! More than 1,000 - I feel like a kid in a lolly shop!

Thanks for the encouragement

Kristine

**********************

Confucious say: She who has laptop and think everything exciting will go a long way.