It’s an alliance seen as increasingly important for a challenged industry, with three provincial associations now formally banding together in partnership -- and with an eye to eventually creating a “professional designation.”
That last bit is only one of several outcomes the Alberta Mortgage Brokers Association (AMBA), the Independent Mortgage Brokers Association of Ontario (IMBA) and the newly-minted Mortgage Brokers Association of Atlantic Canada (MBAAC) have in mind.
“The association partnership will focus on sharing educational resources, training practices and professional development strategies and resources with the intent to create a national education program that exceeds the minimum criteria and eventually become recognized as a professional designation,” reads an AMBA release issued Friday.
More generally, their collaborative partnership will be focused on supporting, educating and unifying the Canadian mortgage brokerage industry.
“We “have aligned resources based on membership consensus pointing to specific areas of concern regarding education, self-regulation, errors and omissions insurance and regulatory bodies/government affairs,” according to the statement.
The partnership also aims to incorporate the self-regulation strategy into their collective educational programs and to grow their dialogue with consumers and regulators.
“We believe all associations should move to become professional associations, rather than trade associations,” says AMBA’s Paul Bojakli, “and this collaborative move is the first step to making this a reality.”