When it comes to improving the overall professionalism and education of the industry, one broker has suggested adopting an apprenticeship model.
“The basic mortgage agent course is a joke and leaves the student with little knowledge and no practical skills,” Brian Lambert of Real Mortgage Associates wrote on MortgageBrokerNews.ca. “We need a two part training system; first being basic knowledge with written exam and second part being placement with a brokerage of the student's choice for practical training.”
Lambert’s idea stemmed from his experience teaching in the medical field where, during his tenure, the teaching structure was reformed to split the education equally between written and practical exams.
“The [education] should be mandated by FSCO to sign off on that training and the broker [should] be responsible for proper supervision of all trades going forward. There should be an expectation from the student to complete (X) number of trades before being signed off on their training and supervision should continue for two - three year period before being recommended to apply for a broker’s License,” Lambert wrote. “If you work as a broker, it should be expected that you are full time in this business. If you cannot fulfill that obligation of full time status then you should be deemed a Mortgage Agent and be working under supervision of a broker.”
Brokers have been adding their own recommendations for improving the quality of broker education and professionalism following an article
about reforming broker designations and weeding out part-time brokers.
The Mortgage Broker Regulators’ Council of Canada (MBRCC) conducted a survey this past September -- that included responses from 1,113 mortgage brokers in Alberta, Ontario and Newfoundland -- that found that 55 per cent of brokers in Ontario admitted brokering mortgages was not their primary source of income. It also found that only 34 per cent of those surveyed have been licensed for at least five years.
Further, only 40 per cent of those polled admitted to doing their own industry-related research to keep up-to-date on trends and mortgage products.