The final two providers of Ontario re-licensing courses have now revealed their own hands, with IMBA effectively matching CAAMP’s “free” offer to its members.
While members of Canada’s largest provincial mortgage association, IMBA, will pay $25 for its online course, that charge will be applied to their next membership fee as a $25 credit, according to a press release issued Friday.
Non-members of the association will pay the same $25 fee, IMBA applying that as a credit toward any new membership taken out within 60 days of course registration.
The tie-in is meant to grow members for the provincial organization and mirrors a similar offer CAAMP is making to non-members, although IMBA has set its threshold lower.
While CAAMP will offer its online version of Ontario’s mandatory re-licensing course free to its members, non-members are required to pay a fee.
Seneca College is also preparing to open its online course to registration, starting Nov. 7, with all students paying $45 for the instruction, arguably the priciest of the four approved programs.
“We have a quality product and we support it with technical suppor,t but also an assigned instructor to help students as they learn,” Beverley Malcolm, chair of Seneca’s mortgage programs, told MortgageBrokerNews.ca.
Industry trainer REMIC is rolling several bonuses -- including a customized marketing video and a video tutorial on competing with the banks -- into its $30 online course fee.
IMBA is highlighting its modulized curriculum as one of its own key selling points, aside from pricing. It allows students, to take the course at their own pace, but tests them at the end of each of those seven units, before allowing them to move onto the next.
That reinforced learning may work to quiet broker fears about the mandatory course.
To be completed by March 31, 2012, the course will bring Ontario mortgage brokers and agents in line with counterparts in Alberta and British Columbia. They already submit to similar education requirements as a condition for license renewal in those Western provinces.
That new Ontario requirement may ultimately encourage as much as 15 per cent of the province’s licensed brokers and agents to quit the business rather than submit to the rigors of testing, said CAAMP President Jim Murphy and other industry veterans.
“In the last license renewal period in March 2010, 15 per cent of Ontario licensees – agents and brokers – did not renew their license,” Murphy told MortgageBrokerNews.ca. “In the 18 months since ….They have made up for the 15 per cent loss. Brokers and agents in Ontario this time must also take a re-licensing course, which they did not have to do last time (and) my guess would be (the loss could be) 10 per cent to 15 per cent.”
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