Consumer Guide 2015 mbabc.ca | 19
province. Upon passing the final exam, an
aspiring mortgage broker must first find a
sponsor company, and then undergo a rigorous
screening and registration process with FICOM.
"You can't just hang your own shingle,"
explains CEO Gale. "You have to go through an
interview process and find someone who will
take you on. Once you do that, the designated
individual of that company completes an
application and sends it to FICOM."
Each candidate goes through a suitability
review process with FICOM prior to certification.
The process, says Gale, adds another level
of protection for consumers, while raising
the standards of the profession even higher.
"FICOM will make sure they don't have
any outstanding issues," explains Gale.
"Issues would include a criminal record,
disciplinary action from other regulators,
unpaid civil judgments and any other issues
that may come to the forefront."
Continuing the qualification
process with education after
licensing
Once mortgage brokers are up and running
in B.C., with education, sponsorship and
certification all completed, they can avail
themselves of the benefits of membership
in MBABC, including the post-licensing
course offered by the 1,200-member
industry association. MBABC president
Ajay Soni says the non-mandatory, two-
day course supports new brokers with
the basics of what they will encounter as
working mortgage brokers.
"We also provide continuing education
opportunities throughout the year
culminating in an annual conference and
trade show where mortgage brokers are
able to attend workshops and seminars on
cutting-edge mortgage topics," says Soni.
While Soni agrees that the continuing
education of B.C. mortgage brokers has
greatly improved in recent years, he
believes one of MBABC's future goals
should be raising educational standards
even higher. To enhance the image of
the industry, and to protect the public, he
believes the practical, post-licensing course
should be mandatory. He is also advocating
for a mandatory course for brokers who
want to open and run their own businesses.
"Those looking to open up a company
would have to take additional course work
– we believe that should be mandatory, and
