TORONTO, Oct. 21, 2014 /CNW/ - We are pleased to announce the creation of the non-profit Association of Mortgage Investment Professionals (AMIPROS). The Association's goal is to become the collective voice of the private mortgage investment industry, with the aim of better protecting investors, setting higher industry standards, and providing practitioners within the mortgage industry greater education and certifications under the AMIPROS name.
Changes to legislation and mortgage lending practices since 2008 have led to the dramatic growth of private lending and syndicated mortgages, as people and businesses have sought alternative sources of funding for both residential properties and real estate development projects.
Accompanying this growth have been calls for greater education and higher standards within the mortgage industry, which has led to the creation of AMIPROS.
AMIPROS represents several mortgage investment disciplines, including syndicated mortgages and private mortgages. The Association's founding Advisory Council consists of some of the most highly recognized and respected individuals and organizations in the industry, and is led by Joseph White, a 20-year mortgage industry veteran and founder and president of the Real Estate and Mortgage Institute of Canada.
"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," said White. "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."
AMIPROS is designed to be a complimentary effort to existing education and licensing practices, as well as existing mortgage industry associations. White added, "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."
According to White, the goals of the association are to:
1. Assist the industry develop and maintain appropriate policies and procedures designed to provide appropriate protection for consumers who are either investors/lenders or borrowers;
2. Certify those companies and individuals that/who meet AMIPROS' rigorous educational standards and agree to abide by AMIPROS's Codes and Bylaws;
3. Provide standardized Best Practices for private and syndicated mortgages within existing regulatory frameworks;
4. Advocate on behalf of the private and syndicated mortgage industry to regulators, governments and other appropriate bodies; and
5. Provide resources to AMIPROS certified companies and individuals to help them achieve the highest level of ethical behaviour and moral conduct.
White also added, "We welcome participation from any and all members of the mortgage industry, and would ask that those wishing to become involved in helping us build and grow AMIPROS to reach out to us. It's a big table, and we want everyone seated at it."
AMIPROS' three designations will consist of a core course on investor protection, as well as in-depth courses in the designation's specialization. The CMIP is the highest designation awarded by AMIPROS and encompasses all specializations.
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.
To obtain an AMIPROS designation in Ontario, a person must be licensed as a mortgage agent or mortgage broker by the Financial Services Commission of Ontario (FSCO).
For more information and learn more about AMIPROS, visit: www.amipros.org or call 1-888-959-2975.
SOURCE: Real Estate and Mortgage Institute of Canada Inc.
For further information: or to schedule an interview with Joseph White please contact Mr. White at [email protected] or by phone at 1-888-959-2975