The Financial Services Commission of Ontario has named CAAMP as the sole provider of the mortgage broker education program in the province for the next four years, even as some brokers express the desire for multiple course providers.
“Mortgage agents seeking a mortgage broker license under the MBLAA must successfully complete CAAMP’s mortgage broker education program,” Jim Murphy, president and CEO of CAAMP said Friday in a press statement. “The program will be available by the end of February 2013.”
This ends Seneca College’s four-year command of the program which expired this year with FSCO issuing a Request for Proposal for a new provider in September.
At that time, some brokers also believe that FSCO should name more than one institution as a broker education provider to make it easier for prospective brokers from across the province to attend the courses.
“I don’t know why FSCO wants to sign up a single provider when people wanting to become brokers come from all over the province,” said Graeme Moss, broker at VERICO Fair Mortgage Solutions in Hamilton, Ont. “Maybe they want a tighter rein on the course content and quality of instructions.”
The head of a mortgage associate education organization, however, expressed optimism that CAAMP will be able to handle its new mandate well.
"I feel that Seneca provided an excellent program and served the brokerage industry well in its years of dedication to the industry and the program," Joe White, president of Real Estate and Mortgage Institute of Canada, told MortgageBrokerNews.ca. " I expect that CAAMP will continue to provide a program that meets the regulatory requirements and the requirements of Ontario's mortgage brokering community."
CAAMP also announced it is opening a new broker training campus west of the Greater Toronto Area on Highway 410 and Steeles Avenue to augment its existing GTA East training facility located at Highways 401 and 404.
The association's hold on broker education appear to be getting stronger as the Saskatchewan Financial and Consumer Affairs had also recently designated the organization as the provider of associate licensing program for the province. This followed the launch in June of CAAMP’s Nova Scotia Mortgage Broker course.
CAAMP also said it will be launching a similar course in Newfoundland and Labrador in the next six months.
Meanwhile, CAAMP said pre-registration for its Ontario broker education program will start November 12 this year.