Q1 : Is there a legal requirement for the home loan customer to engage the services of an Accredited Mortgage Consultant (AMC)?
Q2 : What is the cost involved for engaging the services of an AMC?
Q3 : How do I apply for AMC Course?
Q4 : How to be a MFAS Member and which membership category should I apply for?
Q5 : How do I know whether my membership will be accepted once I complete my application forms?
Q6 : Do need any educational qualification or licenses to becoming a mortgage broker?
Q7 : How do I gain access to a wide variety of lending institutions?
   
Q1 : Is there a legal requirement for the home loan customer to engage the services of an Accredited Mortgage Consultant (AMC)?
A1 : There is no legal requirement, but it is advisable that you engage the service of a mortgage professional. All MFAS registered AMCs must adhere to an industry Code of Practice which requires professionalism, ethical behaviour and commitment to work to the interest of the borrower.
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Q2 : What is the cost involved for engaging the services of an AMC?
A2 : There is practically ZERO cost to the clients as AMCs are compensated by the banks/financiers that the clients take up the loan with. However, in some unique cases where exceptional work is called for, clients may be charged some professional fees, in any case in instances like that the AMC will communicate beforehand the relevant fees to the clients.
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Q3 : How do I apply for AMC Course?
A3 For AMC Course Enquiry, please call Global Creatif Financial at 6227 3282 / 6227 9692 (Mon - Fri 9.30am to 5.00pm ) or via email to marketing@globalcreatif.com
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Q4 : How to be a MFAS Member and which membership category should I apply for?
A4 To apply for MFAS membership, please refer to Guidelines to application for MFAS membership and application form. More on Membership Enquiries, click here. There are different membership types of MFAS membership. They include :-
  1. Full Membership - this is for individuals, firms, companies, corporations, partnerships predominantly or substantially engaged in the mortgage and business finance industries.

    You can either join as an individual Full Member or you would like your organization to become a Full Member.
  2. Associate Membership - for companies providing products or services to the industry i.e. IT or Education
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Q5 : How do I know whether my membership will be accepted once I complete my application forms?
A5

Your membership will be accepted if you are invited to attend the AMC Course and upon passing, you may use the AMC license.

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Q6 : Do need any educational qualification or licenses to becoming a mortgage broker?
A6 MFAS recommends that to be a practicing AMC, you will join a Mortgage Consulting Company in Singapore which is registered as a Full Member with MFAS. To enquire if your intended mortgage consulting company is registered with us, please e-mail your request to info@mortgagefinance.com.sg.
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Q7 : How do I gain access to a wide variety of lending institutions?
A7

In Singapore, banks do not officially deal with individuals; they only work with registered firms. However, if you start a mortgage consulting firm and are not able to deliver the minimum volume of loans that the bank requires, you may not be able to sustain that banking relationship.

To gain the access to lots of lenders without having to worry about minimum volumes etc, some brokers will enlist the support of an 'aggregator.' The aggregator holds the individual agreements with the lenders, and individual brokers use the aggregators' agreements to submit their loans. The minimum volumes are made up by the loans being submitted by all the individual brokers, using the agreements of the aggregator. The aggregator will usually support by providing services such as software, training support, general business support and back office administration.

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For more information on availability of such Aggregator companies in Singapore, please e-mail request to info@mortgagefinance.com.sg.
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