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Tuesday, 18 October 2011

The Accredited Mortgage Professional - what is it?


The Accredited Mortgage Professional (AMP): A higher standard of excellence

The Canadian mortgage industry is undergoing a dramatic change that will benefit both consumers and real estate industry professionals alike: the introduction of a national designation for mortgage professionals.

Launched early 2004, the Accredited Mortgage Professional (AMP) is the standard of excellence guiding the mortgage industry. The AMP was developed by the Canadian Institute of Mortgage Brokers and Lenders (CIMBL) as part of an ongoing commitment to increase the level of professionalism in Canada’s mortgage industry.

The AMP designation is unique because it sets a single national proficiency standard for Canada’s mortgage professionals. To earn a designation, a person must have a combination of education and real world mortgage business experience.

Why work with an AMP?

When your mortgage agent has earned his or her AMP designation, it demonstrates a personal commitment to the mortgage industry.

You can be sure that your agent is proficient and understands the mortgage process, since they would have met the high standards of education and training that is required. Additionally, your AMP is committed to constant improvement because they invest time each year towards continuing education in the mortgage industry.

What are the standards for qualification?

A typical mortgage agent can become licensed within a matter of months, after taking the basic mortgage agents course. To earn an AMP designation however, your advisor would not only have completed the basic course, they must satisfy these five components: Education, Work Experience, Ethics, Continuing Education and Membership.

Specifically, in order to be accredited, your AMP would have at least two years experience in the mortgage industry as a broker, lender or insurer.  Furthermore, they would have completed CIMBL’s Ethical Practice in the Mortgage Industry seminar and agree to commit at least 10 hours per year towards mandatory professional development/continuing education courses.

Finally, the mortgage agent would have to be a member in good standing of CIMBL and abide by its formal Code of Ethics.

The introduction of an AMP designation is the dawn of a new day for the Canadian mortgage industry. Both consumers and real estate industry professionals will benefit from this national standard, which raises the bar of performance, credibility and accountability, to a higher level. 

When working with an AMP, you will have comfort in knowing that the person helping you is passionate about their work, committed to their industry and fully accountable you.

Next time you speak with a mortgage agent, ask them if they are accredited, you’ll be glad you did.

Apply Now for your mortgage or contact MortgageQuote.ca for details at 1-866-948-7283.