for Nikki
Mortgage Industry Proposes Uniform Professional Standards for Members
Consumer Protection, harmonization of industry regulations seen as
benefits
TORONTO, Nov. 19 /CNW/ - The $500 Billion Canadian mortgage industry is
taking steps to develop a formal accreditation process for its members,
ultimately leading to the designation -- Accredited Mortgage Professional
(AMP). The accreditation process will be operated by the Canadian Institute of
Mortgage Brokers and Lenders (CIMBL) -- the 5000 member organization that
represents major mortgage industry stakeholders. The AMP accreditation program
is being presented to CIMBL members at the organization's 8th annual
Conference and Expo in Toronto November 23-25. For a complete conference
program visit the CIMBL website at www.cimbl.ca and check the Conference tab.
"Accreditation will bring the mortgage industry into line with other
financial services sectors, such as Certified Financial Planners who have
already developed professional designations," noted CIMBL President Michael
Beckette. "When consumers are making, what for many, is the largest financial
decision of their lives, they feel more confident knowing they are dealing
with a professional who has met various qualifying standards and who is bound
by a code of professional conduct."
"Accreditation is a logical and necessary step as the mortgage industry
seeks to become self-regulating," said 2003-04 CIMBL President Colin Dreyer.
"When Financial services regulators are considering industry self-regulation,
they want to ensure that there is adequate consumer protection in the form of
professional qualifications and enforcement of ethical standards." Mr. Dreyer
noted that the accreditation program will also be an important step in
harmonizing mortgage industry standards across Canada.
Highlights of the program include:
- development and standardization of mortgage industry licensing
courses
- mandatory participation in professional development programs
- ongoing continuing education
The AMP designation process is being developed by CIMBL Senior Director
of Professional Affairs, Mark Webb, who has extensive experience in
accreditation of professionals in the financial services industry.
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