Recommendation to allow alternative mortgage course providers

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CAAMP has been the sole provider of the accredited mortgage broker course for just under a year, but it may not be for much longer, following recommendations that the government take up concerns over whether one provider is enough.

“The Superintendent should … give consideration to other suggestions from the sector, such as whether there should be multiple course providers for the mortgage broker course,” Steven Del Duca, MPP and Parliamentary assistant to the Ontario Minister of Finance wrote in his official MBLAA recommendations.

Since February 2013, CAAMP has been solely responsible for providing the accredited mortgage broker course. Some mortgage brokers have actively questioned whether it is really in the best interest of the industry to have just one course provider or should it be opened up to several, or even two, as a way of ensuring quality through education.

“We’ve seen too many of what I call ‘Five-day Wonders,’ come into the business and disappear just as quickly, because they simply are not cut out for the business,” David O’Gorman, president and principal broker at MortgageLand told in February 2013, days before CAAMP would become the sole course provider. “It is a shame that a lot of these agents rise or fall on whether they had a decent trainer, and most times the training isn’t there.”

Still, multiple course providers isn't likely to stiffle criticism of the course without significant tweaks.

“I sincerely hope (CAAMP doesn’t) screw up as badly as the community colleges have,” O’Gorman said at the time.
  • Paolo Di Petta | on 2014-01-27 9:33:33 AM

    As someone part of the last Seneca College Mortgage Broker class before it was handed over to CAAMP, I take issue with that “I sincerely hope (CAAMP doesn’t) screw up as badly as the community colleges have,” comment.

    The program was VERY well run at Seneca, thorough in curruculum, and it actually came from an education provider that is well recognized among clients.

    Having the program at an accredited college give it more transparency, instead of having a group like CAAMP managing it - who also performs other industry functions that create a conflict of interest.

    If we want to straighten this industry out, we need to put it back in the colleges and universities, not take it away.

  • BC Broker on 2014-01-27 12:41:32 PM

    It's ironic that CAAMP is pushing hard on BC and Alta to allow multiple providers

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