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.