AMBA and IMBA have come together in a partnership to strengthen support and educational opportunities for their members – but also with the potential to better market mortgage brokers.
“We share many challenges and see the real benefit of being able to work collectively on professional development and as a joint voice to regulators,” Albert Collu, president of the Independent Mortgage Brokers Association of Ontario, told MortgageBrokerNews.ca. “There is also the potential to work together on marketing to consumers, to help raise the profile of mortgage associates and agents. It will emphasize the advantages our members offer consumers such as choice and convenience.”
The partnership, in fact, evolved over the last two years in discussions between IMBA and AMBA, said Collu.
It deepens ties that already existed between the two provincial associations, which will remain independent organizations.
They will, however, move to share educational, training and professional development resources. The intention is not only to create uniformity in content, but to raise the knowledge and professional standards of mortgage brokers and associates in both jurisdictions.
The move comes on the heels of provincial reciprocity agreements that make it easier for brokers to win licensing in other provinces, although no one regulatory issue spurred formation of the partnership, said Collu.
Still, the more-formal relationship should strengthen individual efforts to lobby government around educational standards as well as policy and compliance issues.
The partnership will likely see AMBA and IMBA better align themselves and their members on key issues: Mortgage Investment Corporations, RRSP tax and mortgage rule changes, Errors & Omissions insurance, fraud awareness and self-regulation.
“AMBA is committed to our mission and goals of the association and this partnership with IMBA brings together two associations whose continued success hinges on the ability to innovate and to respond to industry change,” said AMBA President Paul Bojakli, in announcing the partnership last Friday “It’s our goal to better the industry and through teamwork, I truly believe we will enhance industry professionalism.”