Mortgage brokers to promote designation

The Canadian Institute of Mortgage Brokers and Lenders (CIMBL) has announced it will transform itself from an industry association to a professional association over the coming year, built around the Accredited Mortgage Professional (AMP) designation.

The designation was launched by CIMBL in January 2004, with almost 45% of the group’s member qualifying for the designation since then. Incoming CIMBL president Ron Swift says Canadians deserve professional advice on their mortgages, since it is the largest single debt they are likely to incur in their lifetime.

A poll conducted by Pollara for CIMBL in September found 83% of current mortgage holders support the development of a national accreditation for mortgage professionals.

“Clearly the Canadian public has a strong desire to see professional accreditation in the mortgage industry,” Swift said at the group’s annual conference in Toronto on Monday morning. “Additionally, we surveyed our membership and mortgage professionals also indicated the same strong desire so CIMBL has responded with this move towards professional accreditation.”

Swift says the group’s membership must participate in advancing the AMP designation, facing the same challenge as many designations within the financial services industry. Meanwhile the organization will continue to market the designation across the country through advertising campaigns and increased media exposure, which will necessitate an increase in membership dues.

As part of CIMBL’s transformation, the group will rename itself in 2006 to reflect its new nature, though what that name will be has yet to be decided. The title of president will be changed as well and the staff will become full-time workers, rather than the current system of using volunteers from the industry.

A recent CIMBL report entitled “The State of the Canadian Mortgage Industry” predicted the mortgage credit market in Canada will reach $660 billion by the end of 2005, rising an additional 10% in 2006.

Filed by Steven Lamb, Advisor.ca, steven.lamb@advisor.rogers.com