A forum for mortgage brokers within the OACIQ

Article Number: 120760
February 21, 2012 - 15:33

Are you a mortgage broker? You will be pleased to learn that the OACIQ has just set up a mortgage brokerage task force in collaboration with the Canadian Association of Accredited Mortgage Professionals (CAAMP). Consisted of various “banners” and members of the CAAMP, this group represents the vast majority of mortgage brokerage professionals.

Topics of current interest

The members of the group will meet regularly to discuss issues that concern and interest you. For this purpose, they have held their first meeting on January 24, 2012. Many topics were discussed, which augurs well for what is coming next. These will lead to further work and information documents. Here is an overview:

• Developments regarding certain legislative and regulatory amendments including contracts and declarations as well as Bill 24;

• Advertising campaign including a capsule about mortgage brokerage;

• Collaboration and ongoing work regarding examinations with content experts and representatives of educational institutions;

• Continuing education :

  • Reminder to mortgage brokers informing them that in order to keep the three fields of activity, they must take the training on the new elements and amendments made to forms;
  • Development of an education activity in the form of “start-up session” specific to new mortgage agencies in 2012;

• And other topics such as :

  • Incorporation of brokers within agencies,
  • Compliance with the exclusivity of a mortgage brokerage contract,
  • Some issues relating to the advertising of interest rates,
  • Electronic document management,
  • Identity verification and mortgage broker responsibility.

Finally, be assured that we will keep you informed of the work progress of this group.

March 12, 2012 : a date not to be missed

As an eloquent example of the good cooperation between the OACIQ and mortgage brokerage professionals, please note that the Organization has contributed directly to the development of content of Quebec Mortgage Fraud Summit, which will be held on March 12, 2012, at Sheraton Laval hotel.

Come and listen to what industry leaders, policemen, senior officials and jurists have to say about the various forms of mortgage fraud and how to detect and prevent them. To view the agenda of this Summit to which we participate, click here.

Discussions are also underway about the possible participation of the OACIQ in the symposium organized by the CAAMP, which will be held on May 3, 2012.

Stay tuned!