“CAAMP’s focus should be squarely centred on working with the provincial regulators to create uniform education and licensing requirements,” Paul Therien, vice president with Centum said in the comments section of MortgageBrokerNews.ca. “It does not have to be managed at the federal level, it can still be provincially managed, but to have a uniform educational requirements – that must be administered by accredited educational institutions – would go a long way to creating a stronger industry.
“Once this is done, then and only then, do you have the teeth you need to demand pre-requisites for obtaining a recognized designation.”
Therien’s comments were made in response to one broker’s strides in establishing a broker-run organization
, still they encompass the changes CAAMP recently announced to its designation.
“By definition to belong to CAAMP you should automatically be an AMP, after all it is the ‘Canadian Association of Accredited Mortgage Professionals,’ and with the exception of one or two regions, you have to be accredited by the regional regulatory body,” Therien said. “With the licensing requirements many of the members of CAAMP are
accredited by a university or other institution, in addition to being so by the regulatory body.
“To tell these people that that are not – simply because they do not pay the extra fees or take the courses – accredited … that presents a challenge.”
The AMP designation is set to become exclusive to brokers on July 1, though the announced change may not be enough to convince all industry players to opt in.
“If a broker was to say to a consumer ‘I am a member of the Canadian Association of Accredited Mortgage Professionals’ the consumer is most likely to assume that the person is accredited,” Therien said. “Why would they think otherwise? It is very reasonable to assume that you must be accredited to be a member of an association named as such.
“Therein lies the rub, how do you then suggest to this mortgage broker that he or she must pay an additional $200-300 and take extra courses to be accredited?”
Broker doubts AMP changes are sufficient
Bid to establish broker-run organization ramps up
One executive at a broker network is sharing his thoughts on CAAMP’s move to overhaul the AMP designation and his suggested priority list for the association.