CAAMP will offer the online version of Ontario’s mandatory re-licensing course free to its members – an effort, said its CEO, to “promote member value.”
“This is an added benefit of being a member of CAAMP,” Jim Murphy told MortgageBrokerNews.ca Wednesday, just after making the announcement. “There will be a fee for in class courses as we have to cover costs such as rooms and lecturers. There will also be an online fee for non-members. However, for CAAMP members the relicensing fee will be included in their membership.”
The move comes ahead of any pricing announcements from the three other course providers approved by the Financial Services Commission of Ontario to offer the mandatory program, focused on improving broker compliance with provincial laws. All four are pledging to offer both online and in-class instruction.
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.
"We are approved in Ontario to offer re licensing course only," said Murphy. "We would offer same pricing if approved in other provinces."
In Ontario. CAAMP, IMBA and industry trainers REMIC and Seneca College are all pledging to begin their respective programs as early as Nov. 1.
The CAAMP decision to offer its online course free of charge, but only to members, may garner it a competitive edge over those other course providers, given the national association’s existing membership reach across Ontario. It may also limit their own price ceilings, effectively encouraging them to keep costs for students below CAAMP membership dues.
For many existing CAAMP members the online deal has effectively sealed the deal.
“It’s free.” said Graham McWaters, an agent with The Mortgage Centre - Unity Financial Mortgage Services Inc. “Great.”
Mortgage professionals have, in fact, been largely supportive of the new licensing requirement, with both CAAMP and IMBA actively lobbying for it.
In Ontario, the course – generally, five hours – will provide brokers and agents with details on complying with disclosure and other requirements set out in the Mortgage Brokerages, Lenders and Administrators Act, 2006, and its regulations.