REMIC re-licensing course ups the ante

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Ontario’s re-licensing race just got more interesting, with industry trainer REMIC introducing a course loaded with extras and for as little as $30 – an offer designed to challenge CAAMP’s own free online invitation to members.

“Mortgage agents and brokers often find themselves competing against the banks, who will undercut them on pricing, and as they know, it’s necessary to compete on value,” said Joe White, president of the Real Estate and Mortgage Institute of Canada Inc. (REMIC).  “It’s that brokering philosophy that has inspired REMIC to provide its course with additional value.”

That value is focused on several bonuses, including a customized marketing video and a video tutorial on competing with the banks. The free package has a combined value of over $300, said White, and is being offered to all brokers and agents registering before December 1, 2011.

“These tools are designed to help agents and brokers increase their market penetration and overall success, a philosophy that REMIC is dedicated to,” said White.

Each broker and agent will pay $30 for the online course or $50 for REMIC’s in-class version.

The pricing announcement follows CAAMP’s decision to offer its own online re-licensing course free of charge to members. The national association hasn’t yet released prices for in-class instruction for members, although non-members will have to pay for the course, whether online or in-class.

REMIC’s pricing strategy should allow it to pick up Ontario brokers and agents who are not CAAMP members at the same time challenge the national association’s fee structure for non-members.
    
Neither IMBA nor Seneca College – also approved to offer the mandatory course – have published their pricing schedules for programs expected to go live as soon as next month.

To be completed by March 31, 2012, the course will bring Ontario mortgage brokers and agents in line with counterparts in Alberta and British Columbia. They already submit to similar education requirements as a condition for license renewal.

That new requirement may ultimately encourage as much as 15 per cent of Ontario’s licensed brokers and agents to quit the business rather than submit to the rigors of testing, said CAAMP President Jim Murphy and other industry veterans.

“In the last license renewal period in March 2010, 15 per cent of Ontario licensees – agents and brokers – did not renew their license,” Murphy told MortgageBrokerNews.ca last week. “In the 18 months since ….They have made up for the 15 per cent loss. Brokers and agents in Ontario this time must also take a re-licensing course, which they did not have to do last time (and) my guess would be (the loss could be) 10 per cent to 15 per cent.”

  • Linda Pinheiro on 2011-10-19 4:08:30 AM

    CAAMP moved in the right direction by offering re-licensing course free of cost for the members. Why will its members go anywhere?

  • Toronto Broker on 2011-10-19 4:18:26 AM

    Finally someone get's it. I'm a CAAMP member, and I might take this course anyways. Where can you get a customized video for less than $500? I appreciate CAAMP giving the course for free, but that doesn't help me grow my business.

  • An Ontario broker, AMP on 2011-10-19 4:21:36 AM

    I think that this is an indication that this re-licensing course that FSCO has made mandatory for us, is not being taken seriously.

    Why are the course providers twisting this into a competition on who can gets the most students (online or in class).


  • john centum broker on 2011-10-19 5:22:50 AM

    Its refreshing to see REMIC come out and offer the re-licensing course to the broker community.
    REMIC is focused to help grow our business by offering the free videos.
    We as mortgage brokers such take the re-licensing courses seriously since we should look upon ourselves as professionals and REMIC by offering this provides us the tools

  • verico broker- ontario on 2011-10-19 6:42:36 AM

    i applaud the REMIC offer, i don't see this as a competition for attracting students or course participants, but more as a clear example of an industry participant focused on really adding value to our profession rather than focusing on $'s.
    well done REMIC!

  • Karen on 2011-10-19 11:17:07 AM

    I think the free offer makes this a bit of a joke and cheapens the industry somewhat. Why would agents not renew if the course is free? As a real estate broker we must take a 6 hr mandatory update every two yrs and pay close to $100 for it. If we really want to clean up the industry a fee for the course would be more effective .

  • Angela Wong-Liao, Invis Inc on 2011-10-19 1:04:10 PM

    I took some courses via REMIC and I find Joe White and his team are very good and seasoned business instructors. Eventhough, I am a CAAMP member, I will still take on the REMIC courses to renew my license in 2012, it does not matter whether I have to pay or free, it is a FSCO requirement for us to renew our license and if we are serious about our profession, the costs should not have any impact.

  • Sudershan Kaur from DLC on 2011-10-20 7:08:30 AM

    I will take on the REMIC courses to renew my license in 2012,as they are adding value to our profession and are helping to grow our busniness by providing us the right tools.

  • Gurde Sing Jawanda, GNE Mortgages Inc. on 2011-10-24 5:50:34 AM

    I and with my all brokers/Agents will take this course at the earlist date the REMIC course, to renew License in 2012, as it will add value to the Mortgage business.

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