we're working with FICOM on this," says
Soni. "The standard overall in B.C. is one of
the highest in the country, but we believe it
can be even better."
While post-licensing courses are currently
optional, re-licensing education is not.
In compliance with educational standards
set by FICOM, B.C. mortgage brokers must
participate in re-licensing education every
two years, a program administered through
MBABC's sister organization, the Mortgage
Brokers Institute of B.C. (MBIBC).
"The MBIBC produces some very
high quality courses mostly on regulatory
compliance issues, particularly ones that have
become a priority for the regulator," says Rob
Regan-Pollock, president of MBIBC. "At license
renewal, mortgage brokers will be rescreened
to meet FICOM's ongoing requirements."
Regan-Pollock, a long-serving
member on both the MBABC and MBIBC
boards, says re-licensing is an important
component of the profession, and supports
an industry that has grown significantly in
20 | Consumer Guide 2015 mbabc.ca
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How to Choose a Mortgage Broker
When looking for a mortgage broker it
is important to ensure you are dealing
with a licensed mortgage broker. Many
financial institutions offer services via
mortgage specialists who represent
only the particular products of a single
lending institution, their employer.
There are some 3,200 licensed
mortgage brokers in B.C. Industry
association MBABC boasts some
1,200 members, each a licensed
professional who represents a vast
array of different mortgage products
from well known banks and credit
unions to lesser known mortgage
lenders that are for the exclusive use
of licensed mortgage brokers.
When looking for a mortgage
broker, consumers can go to the
FICOM website and search a
database of registered brokers.
FICOM (www.fic.gov.bc.ca)
encourages consumers to ask the
following questions before agreeing
to work with a mortgage broker:
• Are you a registered mortgage
broker?
• What services do you provide
and how will you help me?
• Do you represent the borrower,
the lender, or both?
• How will you be compensated?
• How many and which lenders
do you work with?
MBABC CEO Samantha Gale
suggests word of mouth is a good
place to start.
"Ask friends or colleagues for
recommendations," she says.
—Source MBABC, FICOM
