Unique idea to improve broker education

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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.
  • Rayanne Soderberg on 2015-03-16 12:42:51 PM

    I think that sounds like a great solution and will help those who don't have a strong background find confidence, form strong due diligence practices and provide clients with a more experienced POV for mortgage choices/options.

  • abe on 2015-03-16 2:04:26 PM

    Why re invent the wheel?
    The training course I went to over 20 years ago was one of the best I have ever attended.
    5 days in Toronto, put on by The Mortgage Centre, presented by our own CCAMP president himself, Dan Putnam and and Dan Laframboise with FLT at the time.
    Where dose stuff like this go??
    It was an awesome course
    Thanks again Dan and Dan

  • Faye Drope on 2015-03-17 1:36:33 PM

    Abe sounds familiar. I went to a 5 day course on the lower mainland pertaining to CMHC 25 years ago it was fabulous. We did all kinds of demo's of what had been done and why we should do it this way. I came back confident and ready for any deal that came my way... of course that was when I was still a banker. I know MBABC does some good stuff here in BC with after licensing training. My daughter went and she said it was great, although shortly after she quit the industry.

  • Lana on 2015-03-17 4:50:35 PM

    I welcome the idea of a mentor. I find I am struggling and would greatly appreciate the strategies and experience that a mentor would bring. These days we spend so much time with social networking to find that customer and then we are stuck in what strategy or to which lender to go with.

  • Walter K on 2015-03-18 8:45:52 AM

    Thank you abe. Some people feel the urge to re-invent the wheel...

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