The Mortgage Origination Regulatory Council of South Africa is a registered Non-Profit Company (with Members) with CIPC and its Memorandum of Incorporation sets out the following:
Purpose
The main purpose of the Company is to establish an Industry association for purposes of serving, supporting, and representing the Members and the interests of Consumers.
Objects
Main objects of MORCSA are as follows –
- to ensure the long-term sustainability and credibility of the Industry
- to serve, support and represent the Industry within the wider financial services industry
- to create and maintain a register of Members and Key Individuals that are in good standing and have proved that they comply with the accreditation criteria set out in the Accreditation Rules
- to maintain appropriate standards, qualifications and codes of conduct which Members and/or Key Individuals must comply with in order to render Mortgage Origination Services in the Industry, thereby creating legitimacy as an Industry to support appropriate regulation and standards within the Industry to the benefit of Members and Consumers
- to engage with any regulatory authorities and make submissions and representations on behalf of the Industry
- to promote the Industry’s development, growth, public standing, and the general society's confidence therein and knowledge of the Industry, by such means as may be deemed appropriate from time to time engage with credit providers and related industry regulators and practitioners on matters affecting the Industry, and
- to protect and promote Consumer rights and the improvement of control and quality with regards to the Mortgage Origination Services rendered by the Industry to Consumers.