CAAMP: online re-licensing course 'free' for members

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CAAMP will offer the online version of Ontario’s mandatory re-licensing course free to its members – an effort, said its CEO, to “promote member value.”

 

 “This is an added benefit of being a member of CAAMP,” Jim Murphy told MortgageBrokerNews.ca Wednesday, just after making the announcement. “There will be a fee for in class courses as we have to cover costs such as rooms and lecturers.  There will also be an online fee for non-members. However, for  CAAMP members the relicensing fee will be included in their membership.”


The move comes ahead of any pricing announcements from the three other course providers approved by the Financial Services Commission of Ontario to offer the mandatory program, focused on improving broker compliance with provincial laws. All four are pledging to offer both online and in-class instruction.


To be completed by March 31, 2012, the course will bring Ontario mortgage brokers and agents in line with counterparts in Alberta and British Columbia. They already submit to similar education requirements as a condition for license renewal.


"We are approved in Ontario to offer re licensing course only," said Murphy. "We would offer same pricing if approved in other provinces."

 

In Ontario. CAAMP, IMBA and industry trainers REMIC and Seneca College are all pledging to begin their respective programs as early as Nov. 1.


The CAAMP decision to offer its online course free of charge, but only to members, may garner it a competitive edge over those other course providers, given the national association’s existing membership reach across Ontario. It may also limit their own price ceilings, effectively encouraging them to keep costs for students below CAAMP membership dues.


For many existing CAAMP members the online deal has effectively sealed the deal.

 

 “It’s free.” said Graham McWaters, an agent with The Mortgage Centre - Unity Financial Mortgage Services Inc. “Great.”

 

Mortgage professionals have, in fact, been largely supportive of the new licensing requirement, with both CAAMP and IMBA actively lobbying for it.

 

In Ontario, the course – generally, five hours – will provide brokers and agents with details on complying with disclosure and other requirements set out in the Mortgage Brokerages, Lenders and Administrators Act, 2006, and its regulations.

  • CAAMP Broker on 2011-09-30 6:24:53 AM

    Well they have to spend that 4.2m somewhere. LOL

  • CAAMP Broker on 2011-09-30 6:31:15 AM

    From the Competition Act
    Subsection 79(1) sets out three essential elements that must be found to exist for the Competition Tribunal to grant an order. The Tribunal must find that:

    1. one or more persons substantially or completely control, throughout Canada or any area thereof, a class or species of business;
    2. that person or these persons have engaged or are engaging in a practice of anti-competitive acts; and
    3. the practice has had, is having or is likely to have the effect of preventing or lessening competition substantially in a market.

    The Tribunal has a number of remedies at its disposal to overcome the effects of anti-competitive acts and restore competition. The most common remedy is an order that requires the anti-competitive conduct to stop. The Tribunal may also impose an administrative monetary penalty on the company that was found to have abused its dominant position. This penalty can be for any amount up to $10,000,000 for the first order and $15,000,000 for any subsequent order made by the Tribunal against the same company.
    I'm not in Ontario and it concerns me my fees are subsidizing an Ontario only initiative.

  • @MortgageNancy on 2011-09-30 7:09:18 AM

    As a CAAMP member in BC, I am hopeful that CAAMP would be looking to provide a subsidy of an equal amount to all their members across the country for the cost of re-licensing courses/fees. This would avoid giving non-Ontario members the sense that they are subsidizing the cost of members in a select province.

  • Ontario Broker on 2011-09-30 11:21:34 PM

    I was wondering how long it was going to take the rest of the country to wake-up & look at CAAMP subsidizing Ontario members at the expense of the rest of the country. Even I don't think its reasonable, but thank you anyway.
    Another indication of the despiration &/or lack of intelligent thought by the CAAMP leadership. Call/email your Board member & Jim Murphy to voice your anger over this subsidy to the province that is home of most of the national "super" brokers.
    The business is may finally up to the fact that value for dollar in a CAAMP membership equals a big fat zero.

  • Bob Duneidan on 2011-10-01 1:30:07 AM

    Is it not now obvious that CAAMP overcharges for membership, its CE courses, etc?
    AND, if they can give s subsidy of $40 or whatever the RE course costs, then they should refund everyone that same amount in every other province. OR, and here's an idea, use the money to PROMOTE BROKERS!!!

  • Alberta Broker on 2011-10-01 1:44:08 AM

    OPP's did you forget Jim that you are a national association????? How does this give me value as a member in Alberta...our regulatory only offers the re-licensing program??? If you are offering the Ontario brokers the course for free because it is included in their membership fee and if you won't be offering me the re-licensing course then my fee for membership should be reduced because there is no way I'm going to paying for the Ontario members to take their course free. So if you reduce my fee and you charge the Ont member for the re-licensing course in their membership guess what it isn't free! Plus it is not free for all CAAMP members in Ontario you are charging for in classromm sessions...Jim my question to you are you a national association? If you answer YES to this question then get on with being a national association and let the provinces do their job and you do yours...quite creating chaos in the industry.

  • AMP Member on 2011-10-01 3:11:49 AM

    CAAMP is doing a great job guys. The sooner they take out the provincial associations the better. CAAMP has millions of dollars in the bank, time to use those funds to blow the provincial associations off the map. Kudos to Jim and the board at CAAMP.

  • Sylvia on 2011-10-01 3:43:59 AM

    I'm in Ontario and think it's great that since the credits are mandatory by FSCO, CAAMP didn't take advantage and make the price ridiculously high knowing brokers would have no choice! Re-licensing education in BC is over $100 each, you have to take 2, and you have no choice of who to get the education from - the article said that if they were allowed to offer re-licensing in other provinces, it would be free for members there too. It's too bad that Alberta and BC have shut the door on letting more than 1 company offer the course. At least in Ontario we have a choice of providers. If you don't like CAAMP then you can take it from another company. I'm not saying CAAMP is perfect but I think this is a step in the right direction.

  • AMP member 2 on 2011-10-01 7:35:54 AM

    "AMP Member", you think it a good thing to spend millions of members' dollars to blow the other associations out of the water???? How about spending that money to PROMOTE BROKERS!

  • AMP Member on 2011-10-04 9:41:47 AM

    CAAMP already spends all the AMP money on promoting AMP's. DLC does a great job promoting all brokers (Thanks to all the DLC Brokers) CAAMP is wise to spend its money consolidating the associations. Hopefully they can convince BC and Alberta to accept Ontario's stringent standards as well. CAAMP is doing a great job for us.

  • Mark on 2011-10-05 3:59:19 AM

    AMP Member: Is that you Jim?
    How does "taking out" the three provincial associations make CAAMP anything but a monopoly?
    Dust off the resume Jimbo.

  • XAMP on 2011-10-07 5:33:47 AM

    to you whining fellow mortgage originators: Get with the program. It's not the Canadian Institution of Mortgage Brokers (and Lenders)you are bitching about. What's this concern about promoting Mortgage Brokerage with CAAMP revenues? It's not about you. It's about Accredited Mortgage Professionals not mortgage brokerage.

  • sarkar Khan on 2013-11-23 9:13:24 AM

    I have been associated with organization, it was CIMBAL, progressed under leader ship of
    many Presidents, they worked with one objective to promote mortgage industry & create trust of public in Mortgage Brokers as well Agents.

  • Mortgage Alliance on 2014-02-14 12:36:11 PM

    Re-Licensing course

  • Mortgage Alliance on 2014-02-14 12:37:55 PM

    Re-Licensing Exam

  • Mortgage Alliance on 2014-02-14 12:42:05 PM

    Re-Licencing with Mortgage alliance

  • Ontario Mortgage Professional on 2011-10-05 4:47:35 AM

    "AMP Member," so, let me see if I understand your thinking. Even though we, as Mortgage Brokers, are regulated provincially, you would have CAAMP "blow the provincial associations off the map." Let's see, how many other industries are there in Canada that are regulated provincially, but have a national association overseeing them. Oh, yeah...NONE. You should be asking yourself how it is that CAAMP has $4.5MM in funds in the first place.

    Oh, and look at the slate of people running for the CAAMP board in Ontario...let's see: Financial Planner/Broker, Broker, Compliance Person, Lender BDM, Broker/Sales Manager/Recruiter/CAAMP Mortgage Agent Instructor, President of a Superbroker, District Manager for a Bank Mortgage Sales Force (and with an AMP, no less!), President of another Superbroker, Sales Manager for a third Superbroker, and a Product Manager for Brokers and Virtual Banking at a Schedule 1 Bank. How many of these people have written more than 50 deals - as a Broker or Agent - in the past year? One? Two? Wow, that really represents the Broker community.

    So, what exactly does CAAMP stand for? If it wasn't for the provincial associations, the voice of the Broker or Agent would never be heard. I think you've got it backwards, "AMP Member" - either that, or I wonder if you would even qualify for your AMP under the new rules.

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