CAAMP awaits new mortgage broker license in Quebec

CAAMP awaits new mortgage broker license in Quebec

New Quebec licensing regulations that differentiate mortgage brokers and real estate brokers (as well as mortgage and real estate agencies) are expected to soon be pre-published for review, according to CAAMP.

"We will move from the current law which simply specifies two types of licenses (real estate broker or real estate agent), to new rules approved in 2008 which significantly clarify the roles of each real estate professional," said CAAMP chair Pierre Martel, noting that there has been some delay in getting the regulations approved by the Ministry of Justice and passed on to the pre-publication stage.

As it stands in Quebec, all real estate professionals - including those who deal primarily in mortgages - hold a real estate broker/agent certificate because there is no separate education or license requirement for mortgage professionals.

To differentiate industry roles, the provincial Ministry of Finance and the real estate industry's governing body, ACAIQ, have created four new licenses: real estate broker, mortgage broker, real estate agency and mortgage agency. There are close to 900 mortgage brokers and 38 brokerage firms in Quebec, Martel said.

"The most important thing for us is to have recognition of the mortgage broker position in the actual bill," he pointed out, adding he is hoping the new regulations will be in place by early 2010.