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Mortgage Broker News | 23 Dec 2010, 10:00 AM Agree 0
The Financial Services Commission of Ontario (FSCO) has released a proposal that would see continuing education (CE) become mandatory for mortgage brokers. The proposal is out for public comment until February 28. In spring 2011, FSCO plans to release its decision on its website.
  • Greg Stanley CFP AMP | 24 Dec 2010, 07:07 AM Agree 0
    Education just makes us stronger as professionals. BC and Alberta have already led the way with CE education. Difference is that RECA includes their course with their licensing fees; while FICOM outsourced so there are additional fees. As a CFP I've been required to complete 30 hours per year of education for over a decade but I am allowed to pick any educational provider or education source that is applicable to my practice. An accounting course would count for example as it helps This allows a professional to seek out education that is specific to one's practice and specialty; it also allows a 'free market' for keeping eduction 'per hour' costs to a minimum. It is very easy to keep track of CE as education providers issue certificates at the end of any course. As a CFP we only need to self declare and keep our CE certicates in our personal file.
  • Elfie Hayes | 25 Dec 2010, 03:04 AM Agree 0
    As a full time licensed Mortgage Agent of 12 years I know the value of continuing education and I think FSCO is correct for insisting on it. However I think it's time that those who fail to meet compliance should be dealt with in a more stringent manner. With Mortgage fraud running rampant perhaps we should focus on cleaning up the industry as much as educating those who choose it as a career and want to act in the best interest of the consumer.

    I've been around long enough to hear the story of the person who gets fired for committing fraud and then I see them sign up with a different broker only to continue conducting business as before. Maybe those who are relieved of their position for committing fraud should not be able to sign up with a new broker without a fine or time out for bad behavior.

    I'm all for education but perhaps a bit more focus on the industry's lack of compliance would also go a long way.

    The statement:only 53 per cent of principal brokers had complied with the legal requirement to file information about their mortgage agents’ education qualifications (as of October 290, 2009). In addition, only 70 per cent of mortgage brokerages met the legal requirement to maintain errors and omissions insurance.” Should support my comment!
  • Sean Binkley | 29 Dec 2010, 05:20 AM Agree 0
    Continuing education must be mandatory in all provinces. The requirments for PB's must be even greater than others. Also going to a conference once a year to buy 10 credits and showing up at one session isn't continuing education. Well, unless you are studying the teachings of Jonnie Walker and Jack Daniels... Let's see more best practice sharing (by those in our industry - not some high-priced speaker) - true continuing education in my opinion!
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