CAAMP to provide broker ed program

by |

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.

  • 2004 broker on 2012-10-30 5:27:34 AM

    I am not sure how familiar Joe White is with the program offered by Seneca... My own experience with Seneca was less than... satisfactory... and I am being generous in my assessment of their old program...

    Without being too exhaustive, here are, in my opinion, some of the shortcomings of the program I had to go through:
    1. At least two - three of the 14 courses (required back in 2004, when I graduated) were useless for someone that has been in the industry for over two years...
    2. Two of the courses were taught by one particular teacher that was reading straight from a solutions book... one time he forgot the booklet at home, prompting one student to openly question his knowledge of the material... ouch...
    3. Two of the courses (14% of the entire program) concentrated on appraisals... I never intended to become an appraiser, all I need(ed) to know is how to read an appraisal... not how to do one!
    4. Only one of the teachers offered a student assessment of his course... that's one out of 14!!! Basically, the general attitude was: you have no choice, we're the only game in town...
    5. Some of the people attending at the same time had no previous experience in the industry... Here is a real situation: one of my younger colleagues stood up in class, a mere two months prior to graduating, when we were discussing credit bureaus, and asked, to everyone's amazement, something along the lines: "hold on, what the heck is a beacon score?"...

    While I considered the 14 course-course program an over-kill, I think the two courses that were required as of late are a bit on the insufficient side... I hope CAAMP will be able to strike the right balance, for the benefit of the general public and that of mortgage agents, working for the new crop of brokers that will be graduating from the CAAMP program...

    V.A.

  • Dave B on 2012-10-30 5:33:43 AM

    The question is, how much will the course cost? I bet it will be less than Seneca and if so, I bet that CAAMP members from around the country will be helping to pay for it!

  • Cheryl on 2012-10-30 6:23:42 AM

    I have done both programs (the first one lapse and i had to do the new program). Neither is really worthwhile. The old program had too many courses that had nothing to do with helping clients with their mortgages. It taught about torts and contracts, how to do an appraisal etc. The new program took a completely different twist, it only taught what is in the Mortgage Broker Act and trips people up on the difference on what a broker SHOULD do versus what a broker HAVE to do. Both are useless to me. Also having agents with our brokerage I have found out the Agent course isn’t much better. I still have to go over what a credit bureau is, how to read an appraisal or worse yet what is needed for an agent to start the mortgage process for a client. More changes are needed.

  • Jacques on 2012-10-30 9:34:12 PM

    I am not sure that it is helpful that one industry body such as CAAMP will now be teaching this course. Seneca is a provincially recognized and credible educational institution. From the public's perspective a qualification from Seneca will carry more weight than say CAAMP who many people have not heard about. I am very happy for CAAMP and IMBA to work with FSCO to determine the course content, but I think it would have been better for it to be taught by Seneca.
    I also don't know how helpful it is that FSCO has given one industry body an advantage over another.
    Glad to have completed my Brokers course under Seneca.

  • John Dearin RPA,. AMP. on 2012-10-31 12:31:05 AM

    just thrilled to see where my CAAMP & AMP fees are being spent. I need to move to Toronto.

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Name (required)
Comment (required)
By submitting, I agree to the Terms & Conditions