CAAMP will bring revamped broker education to Ontario by the end of February, announcing it has opened registration for the course it now takes over from a competing provider.
That program, solely administered by the association, is mandatory for all agents looking to move up the licensing ladder to “broker” but also those with their hearts set on someday starting their own brokerage firm.
CAAMP will provide the instruction after FSCO accepted its bid proposal last year, ending Seneca College’s longstanding stewardship. The Ontario institution will continue to offer the agent licensing course, in addition to others across Canada’s biggest broker market.
Industry insiders are hoping the curriculum under CAAMP will address some of the course’s shortcomings.
“I hope they overhauled the program.” Harry Singh, director of the Independent Mortgage Broker Association of Ontario and a past instructor of the mortgage broker program at Seneca College, said last fall. “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.”
Singh is only one of many industry players arguing broker education has been too focused on developing administrative skills rather than building brokering know-how.
“My beef was never with Seneca -- the college did a good job in delivering the course,” he told MortgageBrokerNews.ca last October. “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.”