If you are an Edmonton resident looking to obtain an Edmonton mortgage, your first step should be to choose a reliable, ethical and resourceful mortgage broker. Easier said than done, right? Especially for first time, inexperienced home buyers.
So how exactly do you know that the mortgage broker you are looking at is qualified, educated, experienced, and resourceful?
Answering the above question may be easier than you think, thanks to the Canadian Association of Accredited Mortgage Brokers, better known as CAAMP. CAAMP is a national association dedicated to educating and representing the Canadian Mortgage industry. CAAMP membership has well over 10,000 members. Ask your prospective Edmonton mortgages broker if they are one of CAAMP’s members.
According to CAAMP, if your mortgage broker is CAAMP certified, that means that they:
1. Are a CAAMP member in good standing and abide by the CAAMP Code of Ethics.
2. Have a minimum level of experience in the mortgage industry, demonstrate proficiency
AND provide proof of experience using Option 1 or Option 2 below
Option 1 - Proficiency Course
• Provide proof of at least two years of experience in the mortgage industry AND
• Provide proof of successful completion of the CAAMP Challenge Exam OR a CAAMP approved proficiency course.
Option 2 - Five Year Rule
• Provide proof of five or more years of experience in the mortgage industry AND
• Provide letters or e-mails of reference from two AMP members in good standing. The
References must recommend that the applicant be granted the AMP and may be included as one of the documents used to provide proof of experience.
3. Complete CAAMP's mandatory pre-accreditation course, Ethics and Responsibilities for Mortgage Professionals, either online or in seminar format
The above information is an excerpt from this CAAMP PDF
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