The council of mortgage broker regulators hopes that new guidelines will help achieve a consistent standard in courses for the broker industry.
The Mortgage Broker Regulators’ Council of Canada (MBRCC) wants to create a comprehensive accreditation process for all brokers across Canada and says that its new user guide is an important step in this aim.
"Each province establishes the licensing requirements for mortgage brokers within their jurisdiction, including education requirements," says Cory Peters, Chair of MBRCC.
Although the guide does not supersede existing legislation or regulatory requirements in any jurisdiction but MBRCC recommends that course providers will implement the standards over the next four years.
"The harmonized standards outlined in our User Guide will help ensure licensed mortgage brokers across Canada are equipped with the skills, knowledge and competency levels needed to better protect the interests of consumers and strengthen industry integrity," added Peters.