Mortgage professionals say FSCO should allow a larger number of institutions to provide broker education in Ontario to ensure that learners have a wider range of choice.
“I think in general, the more education providers you have, the better,” said Graeme Moss, broker, at VERICO Fair Mortgage Solutions in Hamilton, Ont. “It will be more convenient for prospective brokers located away from city centres and learners will have the benefit of choice.”
For instance, with multiple education providers available, students need not be compelled to take the program from a single institution even if the location or instructors in that institution does not suit the learner, said Moss.
He also noted that courses for the mortgage broker re-licensing in the province is available from five providers chosen by FSCO.
This and similar concerns were recently aired by some brokers even as the regulating body reviewed the recent applications for the contract to develop and deliver mortgage broker education program in the province. MortgageBrokerNews.ca tried to contact FSCO but the regulating did not return our call or emails.
Over the past four years, Seneca College had been the sole provider of the education program in Ontario. That contract is up for renewal and the regulating agency in June this year, put out a call for proposals to offer the service.
The successful proponent will be required will be required to develop and deliver a mortgage broker education program using qualifying standards provided by FSCO, the regulating body said it the request for proposals it posted on the government online tender site MERX.The deadline for submission of proposals expired on August 24, but FSCO has not yet announced has been awarded the contract.
The program provider will recover its cost from tuition fees it charges students and will not be paid by FSCO. The term of agreement is for a period of four years with an option for FSCO to extend it to an additional year.
“I don’t know why FSCO want to sign up a single provider when people wanting to become brokers come from all over the province. Maybe they want to have a tighter rein on the course content and quality of instruction,” Moss told MortgageBrokerNews.ca.