Mortgage professionals have to constantly keep up with changing guidelines, products, regulations, and procedures. Demands on their time often make classroom training impractical.
CAAMP, the industry’s biggest trade organization, understands this. In response, it has launched a brand new web-based tool called the Learning Management System (LMS).
LMS lets industry professionals get their fill of continuing education 24/7, from the comfort of their couch. Brokers who log in will have access to:
Free continuing education (CE) courses. Sixteen are available now.
Specialized mortgage training offered at a reasonable cost.
Pre-accreditation courses (like the one for the AMP designation)
Licensing courses (Including the “Introduction to the Canadian Mortgage Industry” program used for FSCO licensing in Ontario. A Saskatchewan licensing course is also available.)
Mark Webb, V.P. Education and Professional Affairs, says CAAMP will keep adding new content to keep the site fresh.
From our test-run, LMS courses seemed to be sufficiently interactive and stimulating. The videos, quizzes, and charts keep you engaged while ploughing through dozens of pages of material.
For brokers with Accredited Mortgage Professional (AMP) designations, LMS adds further convenience. The AMP designation requires brokers to attain 12 CE credits a year to keep in good standing. Webb says: “People will be able to fulfill all 12 of their AMP requirements online if they choose.”
LMS may someday have online licensing courses for all Canadian provinces with educational requirements (wouldn't that be nice!).
“The goal is to have a harmonized proficiency course on this platform than spans different provinces, subject to regulator guidance and approval,” says Webb.
Provincial regulators met in June to discuss harmonized education requirements, and will reportedly meet again soon. Consistent and reciprocal inter-provincial licensing would add tremendous efficiency and competitiveness to the mortgage market. (Since brokers could compete nationally with greater ease.) Hopefully the provinces will indeed make progress with licensing standardization.
How to Access LMS:
LMS is currently accessible only by registering for an online course. In the near future CAAMP will launch a dedicated education microsite with direct access to the platform.
Sidebar:CAAMP also offers a free online LMS course for consumers called “The Dream of Home Ownership.”
The course has various home buying tips and was produced in partnership with Credit Canada. You can take the course here.