CAAMP is making several changes to its Accredited Mortgage Professional (AMP) designation, effective Saturday.
In case you’re a mortgage broker and haven’t seen the changes, here’s the list.
Most of the tweaks are fantastic and add strength to the designation, except this one: Elimination of the two-year experience rule.
Previously, those without two years in the industry were unable to get an AMP. The 2-year rule:
Established AMPs as having a minimum level of exposure to the business
Established a degree of staying power (most brokers give up before two years if they’re not successful)
Afforded a measure of exclusivity
Gave the public confidence that not everyone could get an AMP
Starting January 1, that will change. CAAMP will now award AMPs to brokers with less than two years experience if they demonstrate industry competency. CAAMP hasn’t specifically defined what “competency” means. (We asked them before the holidays but they weren’t able to respond in time.)
The primary reason for the change is simple. CAAMP wants to give hard-working new brokers a chance to be recognized. That’s understood. But eliminating a major objective standard to get more people into the program has repercussions.
Experience is categorically essential for properly advising mortgage clients. Until you’ve been in the business a few years, you don’t even realize what you don’t know. And what a broker doesn’t know can cost a client. Prior to now, the AMP provided at least a rough measure of a broker’s experience.
Virtually every other professional certification of value has a significant and clear-cut length of service, experience and/or educational requirement. The AMP should be no different.
Truth be told, it was disappointing to hear about this change. Hopefully CAAMP reconsiders the move, or establishes some other objective standard in place of the two-year rule, be it a volume minimum, number of deals closed, or something else. Barring that, a part of the AMP’s distinction will be lost.
More About the AMP: The Accredited Mortgage Professional (AMP) designation is a national proficiency standard for Canada’s mortgage industry. It was launched in 2004 as a way to promote professionalism in the mortgage industry. Learn more…