Mortgage Brokerage Within Canada
Within Canada it is the provincial government who determines the laws that regulate mortgage brokerage. Mortgage brokerage companies in the majority of provinces must carry a provincial license. There are three major insurance companies in Canada that insure high ratio loans: Canada Guaranty, Canada Mortgage and Housing Corporation and Genworth Financial.
Canada's mortgage brokerage business has a nationwide organization referred to as the Canadian Association of Accredited Mortgage Professionals, or likewise called CAMMP for short. People who are members of the CAAMP are referred to as an "Accredited Mortgage Professional." These people are committed to providing the highest level of service available and adhering to the highest ethical standards. They have extensive business knowledge and are considered the best in their field.
The national proficiency standard is the AMP, which is just available to mortgage professionals within the nation. It guarantees that the professional level in Canada's mortgage industry remains high and encourages constant education and ethical behavior.
Individuals who are looking for a mortgage broker to help them find a good deal with a lender is encouraged to seek out professional with an AMP designation. Services that are provided by each broker would usually be free of charge. Lenders generally pay them a "finder's fee" upon approval of the application for taking the application, gathering the supporting documents, and getting approval. In rare conditions, a fee will be charged to the consumer, but it is always disclosed to the client before a commitment is made.
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