CAAMP has opened up its broker education program to “those who deal with mortgage brokers or want to expand their knowledge about the industry.”
Some brokers, including Enza Venuto, principal broker of Centum Streetwise Mortgages, would rather see that effort put into better educating agents and brokers.
“They should talk about improving the agent and broker education, not the general public,” says Venuto. “Right now it’s all about a numbers game; it should be a quality game. Every Tom, Dick or Harry shouldn’t have a licence.”
CAAMP is launching its Ontario Mortgage Broker Education Program next week, primarily aimed at agents wanting to become licenced brokers or aspiring to become principal brokers. According to the literature, it is also of benefit to those “specializing in mortgage compliance or looking to explore career development opportunities or upgrade their qualifications.”
“We are pleased with the turnout, with those who have already registered for the course,” says Jim Murphy, president and CEO of CAAMP. “Our instructors will speak to what the Ontario regulator has set out in the standards for the province.”
The courses are designed in two phases; the first phase is an online course, followed by a five-day in-class session for Phase 2. And Murphy is confident that the program does, in fact, speak to the current dictates of the brokering industry.
“There will be examples of case studies in the classroom, reflective of current trending issues in the industry,” he says.
Still some brokers are concerned any move to allow non-agents to take the course could undercut those objectives.
“Just using my own brokerage as an example, we have a 90/10 split,” says Venuto, referring to the rule of 10 per cent of brokering agents doing 90 per cent of the deals. “The onus should be on educating the agent before we educate the public. We have some agents in the channel who don’t even know how to talk to a client."