A former instructor of Ontario’s mortgage broker course hopes the program – now to be delivered by CAAMP -- will feature revised course content rather than a rehash of what had been offered to agents in the past.
“I hope they overhauled the program.” said Harry Singh, director of the Independent Mortgage Broker Association of Ontario and an instructor of the mortgage broker program when it was still being offered by Seneca College. “It will be no good if only the delivering body was changed because the previous curriculum prescribed by FSCO doesn’t provide enough tools to prepare them for brokering.”
Earlier this week, FSCO designated CAAMP as the sole provider of the mortgage broker education program in Ontario until 2016. Seneca College held the exclusive rights to deliver the program during the last four years until FSCO put out a Request for Proposal for a new provider in September.
CAAMP president and CEO Jim Murphy said the organization’s goal is to provide prospective brokers with an education program as prescribed by FSCO.
“Our responsibility is to provide a broker education program that satisfies the requirements of the regulating bodies and the needs of the industry,” Murphy said.
Singh, who had earlier criticized broker education in the province for being focused on developing administrative skills rather than brokering skills, wants more information.
“My beef was never with Seneca -- the college did a good job in delivering the course,” he told MortgageBrokerNews.ca. “I was against how FSCO developed the course requirements in such a way that graduates come out ill-prepared for the real world. I hope that has changed.”
Singh’s concerns are shared by other brokers who also worry that the program has lowered the bar to becoming a broker.
“Our underwriters get very frustrated with many agents across the province because their submissions to us are just not up to a reasonable standard,” wrote one MortgageBrokerNews reader. “Either they have not had adequate training, adequate supervision or they just do not understand the needs of an alternate lender. The barriers of entry to the industry are now way too low. ”
Singh hopes the new CAAMP program will rectify the situation.
“The previous program was more compliance-based, focusing on what brokers should do rather than how to do things,” he said. “We need more subjects that deal with how to prepare mortgage documents, how to handle your business and do strategic planning.”