Mortgage Broker

18 | Consumer Guide 2015 mbabc.ca A s the number, complexity, and sophistication of mortgage products available to consumers in British Columbia has increased in recent years, so too has the level of education, training and professionalism among those who work to secure mortgages for consumers: B.C.'s mortgage brokers. There are four key groups in B.C.'s mortgage brokering industry, each playing a vital role in elevating and sustaining the highest professional standards within the industry while protecting the borrowing consumer and maintaining the public trust. The three institutions – the University of B.C. (UBC), the Mortgage Brokers Association of B.C. (MBABC), the Mortgage Brokers Institute of B.C. (MBIBC) are engaged in an ongoing dialogue concerning, training, education, licensing and the regulation of mortgage brokers with B.C.'s regulator, the Financial Institutions Commission (FICOM). Their combined activities not only raise the bar for working mortgage brokers, they also provide consumer confidence that B.C. has one of the highest licensing standards for mortgage brokers in Canada. "We have had the Mortgage Brokers Act, a mortgage broker licensing regime in B.C., since 1971, so we're one of the front- runner jurisdictions throughout the world," says Samantha Gale, CEO of industry associations MBABC and MBIBC. "At the end of the day you have a very well- established, very professional mortgage brokering industry in British Columbia." Educating mortgage brokers That professionalism begins with the "Mortgage Brokerage in British Columbia Course" at UBC's Sauder School of Business. Industry regulator FICOM's Registrar of Mortgage Brokers sets education requirements under the Mortgage Brokers Act, and to qualify for registration B.C. brokers must complete the approved qualification education provided by Sauder. "We work very closely with FICOM and the Registrar of Mortgage Brokers to make sure the courses we provide satisfy the requirements they have and the requirements under the legislation," says David Moore, director of Licensing Education at Sauder. The program includes face-to-face lectures, online tutorials, and workshops available throughout the province, says Moore. Mortgage brokers have one year to complete the required assignments and must sit the final exam in person. Prior to 2005, the course was combined with Sauder's real estate program, but as the mortgage brokering industry started gaining significant market share in the early 2000s, Sauder was directed by the Registrar of Mortgage Brokers to create a separate program that better addressed the needs of both the industry and the consumer. "That was a great move and the course since 2005 has been specific to mortgage brokering," Moore explains. "And as of 2007 everyone has to take the course to operate as a mortgage broker in this province." In addition to FICOM's legislated contribution, other industry stakeholders have real and ongoing input into the program, which is updated each year to reflect industry trends and regulatory changes. "Industry is really going to be the first responders, in a sense, to changes in the regulations," says Moore. "We don't just take direction from the Registrar of Mortgage Brokers. This ensures that the program covers off the topics that not only consumers and the Registrar would consider most important from a consumer protection perspective, but our feedback from industry is that the courses we offer are the ones they find most useful as they start their practice in the field." Sponsorship and registration Education is the first step along the road to becoming a fully licensed mortgage broker in B.C., but the Sauder course alone does not entitle a mortgage broker to work in this B.C. mortgage brokers raise industry standards and boost consumer confidence through collaboration, education and regulation By Mike Roberts MORTGAGE BROKER A PROFESSION OF EXCELLENCE

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