Change is Good In The Canadian Mortgage Industry

PropertyWire.ca recently published an interesting article about continuing education for mortgage brokers and agents, including the Financial Services mandatory re-licensing Education for Ontario Mortgage Brokers and Agents. Read below!

As it is in industries that are subject to rules and legislative bodies, once in awhile there are sweeping changes that are introduced, with an eye to strengthening the industry from the inside out, as well as enhancing customer relationships and interactions with the members of the industry.

In client centric business, like the mortgage brokerage industry, having a collective voice speak on behalf of individuals can do much to inspire trust. Publically raising the bar removes the screen and promotes transparency.

While there are changes being planned and implemented across the country, Propertywire.ca has taken a closer look at two in particular: FSCO’ s Mandatory Re-Licensing Education for Ontario Mortgage Brokers and Agents, and the new requirement for Mortgage Brokers in Alberta to carry Errors & Omissions Insurance.

Back to School in Ontario

The Financial Services Commission of Ontario now says that “The goal of the 2012 course is to improve the mortgage broker industry’s compliance with Ontario’s laws on mortgage broking. During consultations, mortgage broker stakeholders recognized the need to raise compliance rates and supported re-licensing education.”

Click here for the full story