With the current real estate market, mortgage brokers are more in-demand than ever. Given the inherent responsibility their position carries, it’s important that they stay abreast of everything from regulatory changes to developments in industry best practices. Therefore, the Financial Institutions Commission introduced new relicensing education requirements in 2010 to promote professionalism and instil consumer confidence in the industry.
The task of implementing the new requirements — in the form of professional development courses — was given to the
Mortgage Brokers Association of BC (MBABC). Incorporated in 1990, MBABC is a non-profit organization that supports and enhances both professionalism and ethical standards in the industry. MBABC needed to implement some changes to get the project underway. The first was to create a separate non-profit organization called the Mortgage Brokers Institute of BC (MBIBC) to facilitate the program. They then hired full-time education coordinator, Catherine Barry, to oversee the course writers and coordinates all education efforts, ensuring the modules are released in a timely manner.
Thus far, two modules have been released. The first is about recordkeeping and covers the appropriate ways to handle client, office, and electronic files; confidentiality; who owns records; recordkeeping duties; and privacy issues. The second module discusses advertising and goes over website use; misleading information; MBABC requirements; Consumer Protection BC requirements; and false advertising and/or statements. While still in the early stages, the program is already a success.
“We have received tremendous feedback,” says Executive Direction Tamera Olsen. “This is a dynamic program that engages the registrant and provides an outstanding educational experience.”
Future modules are currently in the works, with two launching in summer 2011 and another couple due by the end of the year. Future topics include Form 9 (regulatory compliance), mortgage calculations, marketing, credit reports, real estate law, mortgage law, and appraisals.
In 2010, the Real Estate Foundation awarded the Mortgage Brokers Association of BC a $25,000 grant to assist with development of the Relicensing Education Program. This project aligns with the Foundation’s mandate to support real estate related professional education. This program will go a long way towards ensuring the professionalism of the industry and will help to build strong relationships with current and future clients.
To learn more about the Mortgage Brokers Association of BC, visit their website
. More information on the Mortgage Brokers Institute of BC can be found here
By Alicia Olive