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Mortgage Broker News | 23 Jul 2013, 12:00 AM Agree 0
Ontario’s mortgage broker act could take a clue from the real estate sector, suggest brokers, who feel beefing up licensing requirements and improving enforcement can only benefit them.
  • Paolo Di Petta | dipettamortgage.com | 23 Jul 2013, 08:30 AM Agree 0
    It's important to set educational standards for our industry, but I don't think looking to the Real Estate Industry is the right way to go about it.

    While the mandatory core courses for Real Estate Licensing have a high level of sophistication and depth, there's a ton of elective courses that are simply fluff.

    I once saw a course on "Stratus/MLS for iPad" at the TREB show. And there's a bunch of others just like it. Outside of the core curriculum, most of the courses look more like a cash grab. And with CAAMP's reputation, giving them the power to mandate courses is giving them free reign over our pocketbooks.

    Our credits should be coming from accredited institutions. I'm very disappointed by FSCO's move earlier this year to pull the Broker Course from Seneca College, only to give it to CAAMP.

    Personally I trust Seneca over CAAMP any day, and professionally, it's something more recognizable to clients.

    Additionally, there's no chance of any conflict of interest issues with Seneca (or any other independent, accredited provider), whereas, CAAMP has their fingers in too many pies. They're trying to be our regulator, our lobby group, and our educator, all in one.

    I'm all for tougher standards, but we only have one chance to get this right. Let's make sure we set up a robust, unbiased system to help us and our clients.
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