Embattled broker resigns from NZMBA board
Sue Tierney resigned from the board of the New Zealand Mortgage Brokers Association (NZMBA) yesterday.
Wednesday, February 24th 2010, 4:11PM 
6 Comments
by Jenha White
NZMBA chairman Darren Pratley says the board has completed an inquiry around claims made about Tierney in the media.
Last month it was reported that Tierney had liquidated her company and created a new one under the same name which left a court-ordered debt relating to trail commissions, behind.
Pratley says the NZMBA board has had an opportunity to consider the information received to date and correspondence obtained by the board, and it has concluded from that information, that no issues have arisen that would cause the board to review Tierney's membership.
"However, given the public nature of this dispute, Sue would prefer to lessen the spotlight on her and her decision to resign is largely a result of this."
The board says it understands the reasons for Tierney's decision to resign, and supports her maintaining her full membership with the NZMBA.
"We thank Sue for her contribution to the NZMBA board and the industry to date."
Tierney is the president of the Auckland Property Investors Association, founder of Mortgages by Design and she was the winner of the Mortgage Broker of the Year Award in 2002.
Tierney changed Mortgages by Design's name to PIN two weeks before placing the company into liquidation on December 23, 2009.
On the same day as the name change she also formed a new company called Mortgages by Design.
Both companies had the same registered address and ownership structure.
The liquidator's report by Meltzer Mason Health for PIN states the company (formerly Mortgages by Design) had debts of $421,895 and no assets.
"The company traded as a mortgage broker and was subject to a claim by a former contractor. Ultimately the court found in favour of the claimant, however the company is not able to meet the debt awarded by the court. The shareholders concluded that the company be placed into liquidation," the report said.
This made many headlines in the Sunday Star Times, Herald on Sunday and some specialist websites.
Tierney didn't wish to comment on her resignation. She told Good Returns that she doesn't understand why mortgage brokers would care about her decision.
Jenha is a TPL staff reporter. jenha@tarawera.co.nz
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Comments from our readers
It is disappointing (however frankly, not surprising) that the NZMBA has taken no action against Ms Tierney. The irony of course is that the NZMBA considers itself a suitable body to help direct and regulate the industry moving forward. How can the Association promote a brand which is centered on trust and ethics, when they clearly don’t have the balls to terminate the membership of a broker who has so blatantly acted in an unethical way? I would suggest that it is only due to Ms Tierney’s’ history with the Board that she is still able to maintain a membership in the association – however this is by no means an acceptable reason for her actions to go without consequence.
I urge Darren Pratley to step up and appropriately represent the industry principals, and direct to the board to give further consideration to Ms Tierney’s actions. If not, no intelligent broker (or consumer) will hold value in an association which holds no value in its own creditability.
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If we, as members of the NZMBA, stand by and say it's okay for her to continue to be a member, then it brings the whole reputation of the association into disrepute. I will reconsider my membership to the NZMBA as I'm sure many others will this year also.