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Albert Collu: Mandatory re-licensing education in Ontario
Albert Collu, president of Argentum Mortgages, discusses Ontario's mandatory re-licensing education course, which will begin Nov. 1 and what it will mean for brokers in the province. 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 and billed as a way of improving compliance with provincial laws on mortgage brokering.
Video transcript below:
Albert Collu, President, Argentum Mortgages
What is re-licensing and why is it necessary?
Recently FSCO invited four parties to the table to discuss re-licensing education for the next renewal period on March 31st, 2012 for Ontario agents and brokers. Those four parties have been given a general outline in terms of what the curriculum must consist of and it’s now the responsibility of those four parties to come back to FSCO in August to submit their proposals and the curriculum if you will for approval. Once those four bodies or entities are approved from FSCO, the course will be delivered as early as late October but probably early November. This course is definitely compulsory, it’s mandatory we must all have it by the next renewal period as I discussed which is March 31, 2012. There will be a bit of a grace period there but it is essentially in a tight time frame. We you know in terms [AMBA] are completely sold on the idea that it is incredibly important to have a refresher course if you will to remind us of the compulsory items as they relate to compliance and regulation because the industry has really changed dramatically over the last two years so we welcome this and we are going to look forward to delivering the course of to our members and non-members across Ontario.
The Big Story: Collateral charges
Collateral charges: They're not going away, and brokers will have to adapt, say industry professionals, but are the banks going to make it easier to deal with those onerous mortgages?
The Big Story: Attracting new agents
Brokers have been hiring new agents from time immemorial, but new pressures around commission splits and training are adding to the challenge. At the CMP Mortgage Summit, The Big Story spoke to industry veterans Gord Dahlen, of Dominion Lending Centres, and Ron De Silva, from RMAI Financial Group for their take on the issue.
VIDEO: The 2012 Canadian Mortgage Awards
More than 500 of the industry's best were on hand in Toronto to honour their peers at the sixth annual Canadian Mortgage Awards at The Carlu. A Roarin' 20s theme was the backdrop as mortgage industry leaders were recognized for their achievements.
The Big Story: At The Mortgage Summit
More than 500 of the industry's best attended the two-day Mortgage Summit in Toronto, which was focused on giving brokers the tools, the insights and the knowledge they need in this dynamic market. That was the collective message of more than 40 speakers on two stages. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.
Building a better broker-underwriter relationship
Clear communication between brokers and lender underwriters is the key to ensuring a strong mutually beneficial relationship says Equity Financial Trust CEO and Mortgage Summit panelist Nick Kyprianou.
The increasing amount of B business available is one way for brokers to improve their bottom line, says Home Trust executive and Mortgage Summit panelist Agostino Tuzi.
Being more competitive
The mortgage origination market is only going to become more competitive, says Top 50 Broker and Mortgage Summit panelist Calum Ross, and brokers who don't invest in themselves in order to differentiate their business might not be around for long.
Getting SYNCED at The Summit
One of the benefits for brokers of attending conferences is the opportunity to meet with others in the industry. With this in mind, Chris Davis, events and conference manager for KMI Publishing, talks about SYNCED a new meeting software being used at The Mortgage Summit to help brokers get the most out their time at Canada’s only independent business event for the Canadian mortgage brokering industry.
The future of private lending
According to New Haven Mortgage president and CEO and Mortgage Summit panelist David Vyner, the outlook for private lending may depend on proposed refinancing rules and their potential effect on home prices.