One of the leading mortgage broker course providers announced Tuesday it is launching the non-profit Association of Mortgage Investment Professionals (AMIPROS) with the goal of providing higher standards and education to the private lending industry.
“The explosion in growth of retail investing in private and syndicated mortgages over the past few years has created a need for higher standards and increased education, and AMIPROS was created to address that need,” Joe White, president of REMIC
said in an official release. “AMIPROS will set high quality industry standards designed to protect investors and ensure the continued integrity and viability of this portion of the mortgage industry.”
Many have called for higher education and licensing requirements for private mortgage providers and AMIPROS aims to do just that. The goals of the association are to:
- Assist the industry develop and maintain appropriate policies and procedures designed to provide appropriate protection for consumers who are either investors/lenders or borrowers;
- Certify those companies and individuals that/who meet AMIPROS’ rigorous educational standards and agree to abide by AMIPROS’s Codes and Bylaws;
- Provide standardized Best Practices for private and syndicated mortgages within existing regulatory frameworks;
- Advocate on behalf of the private and syndicated mortgage industry to regulators, governments and other appropriate bodies; and
- Provide resources to AMIPROS certified companies and individuals to help them achieve the highest level of ethical behaviour and moral conduct.
“AMIPROS designees will be duly licensed in their respective provinces, and will be committed to promoting private lending, and the associated private and syndicated investments, with integrity, fairness and professionalism,” White said.
The organization will provide three unique designations and can only be earned by licensed mortgage brokers or agents. They are as follows:
CMIP: The Certified Mortgage Investment Professional The CMIP designation, the highest awarded by AMIPROS, certifies that the designee is competent in investor protection, syndicated mortgage investments and private mortgage investments.
CSM: Certified, Syndicated Mortgages The CSM designation certifies that the designee is competent in investor protection and syndicated mortgage investments.
CPM: Certified, Private Mortgages The CPM designation certifies that the designee is competent in investor protection and private mortgage investments.
Related: FSCO warns of unlicensed mortgage developer