Mortgage professionals eagerly await adoption of regulations
MONTREAL, Oct. 6 /CNW/ - The Canadian Association of Accredited Mortgage Professionals (CAAMP) is looking forward to the adoption of licensing regulations included in the new Loi sur le courtage immobilier adopted by the National Assembly in May 2008. These regulations are designed to bring transparency to real estate brokerage operations. Their enactment is the result of a long process of cooperation within this service industry.
Under the new law, the Association des courtiers et agents immobiliers du Québec (ACAIQ) will remain in charge of regulating mortgage brokers, but will be renamed Organisme d'autoréglementation du courtage immobilier du Québec.
"Thanks to the support and efforts of all stakeholders, including CAAMP, the industry is now ready to operate under new rules that will eliminate ambiguity and provide necessary transparency," said CAAMP Chair Pierre Martel, CHA. "We will move from the current law which simply specifies two types of licenses (real estate broker or agent), to new rules, approved in 2008 which significantly clarify the roles of each real estate professional."
There will be four types of licenses issued: a real estate broker license, a mortgage broker license, a real estate agency license, and a mortgage agency license. The mortgage brokerage regulations are a new addition to the current law. Currently, brokers and agents who are exclusively or primarily engaged in real estate mortgage loan brokerage operations hold a real estate broker/agent certificate. This confusion in the marketplace will now be clarified once the new regulations come in to force.
Martel believes the new law and regulations about to be adopted will help industry professionals and consumers understand the roles of the various industry players.
Insurance or securities representatives, and other independent agents regulated by the Loi sur la distribution des produits et services financiers who are authorized to engage in brokerage operations related to loans secured by immovable hypothec will be entitled to a mortgage broker or agency license whether they work as part of a firm or at an independent company.
"This legislative update is more than welcome," Martel added. "We look forward to the government moving ahead in a timely manner to adopt these important confidence enhancing measures."
Established in 1994, the Canadian Association of Accredited Mortgage Professionals (CAAMP) is Canada's national mortgage industry association. CAAMP has assumed a leadership role in the industry it serves and has set the standard for best practices for Canada's mortgage practitioners. In 2004, CAAMP created the Accredited Mortgage Professional (AMP) designation as part of an ongoing commitment to increasing the level of professionalism in Canada's mortgage industry.
As a membership-based organization, CAAMP strives to develop its network of professionals and to represent the interests of these individuals to government, media and consumers. CAAMP has attracted over 12,000 members and 1,500 companies from across Canada - representing over 90% of Canada's mortgage activity. CAAMP members make up the largest and most respected network of mortgage professionals in the country. CAAMP's membership base consists of mortgage lenders, brokers, insurers and other industry participants.
CAAMP's other primary role is that of consumer advocate. On an ongoing basis CAAMP aims to educate and inform the public about the mortgage industry. Through its extensive membership database, CAAMP provides consumers with access to a cross-country network of the industry's most respected and ethical professionals.
For more information, visit www.caamp.org
SOURCE Canadian Association of Accredited Mortgage Professionals
For further information: For further information: Megan Ainscow, Media Profile, (514) 750-0887 (ext 100), Megan.Ainscow@mediaprofile.com