A new industry association aims to become collective voice of the private mortgage investment industry.
The goals of the Toronto-based non-profit Association of Mortgage Investment Professionals (AMIPROS) are to better protect investors, set higher industry standards, and provide mortgage practitioners with greater education and certifications.
AMIPROS represents several mortgage investment disciplines, including syndicated mortgages and private mortgages. The association’s founding advisory council is led by Joseph White, a 20-year mortgage industry veteran and founder and president of the Real Estate and Mortgage Institute of Canada (REMIC), which provides the Ontario mortgage agent course for licensing, often referred to as the Ontario mortgage agent licensing course.
“The explosion in growth of retail investing in private and syndicated mortgages over the past few years has created a need for higher standards and increased education, and AMIPROS was created to address that need,” said White. “AMIPROS will set high quality industry standards designed to protect investors and ensure the continued integrity and viability of this portion of the mortgage industry.”
AMIPROS is designed to be a complimentary effort to existing education and licensing practices, as well as existing mortgage industry associations. White added, “AMIPROS designees will be duly licensed in their respective provinces, and will be committed to promoting private lending, and the associated private and syndicated investments, with integrity, fairness and professionalism.”
White also added, “We welcome participation from any and all members of the mortgage industry, and would ask that those wishing to become involved in helping us build and grow AMIPROS to reach out to us. It’s a big table, and we want everyone seated at it.”
AMIPROS’ three designations will consist of a core course on investor protection, as well as in-depth courses in the designation’s specialization. The designations are:
> CMIP: The Certified Mortgage Investment Professional
The CMIP designation, the highest awarded by AMIPROS, certifies that the designee is competent in investor protection, syndicated mortgage investments and private mortgage investments. The CMIP is the highest designation awarded by AMIPROS and encompasses all specializations.
> CSM: Certified, Syndicated Mortgages
The CSM designation certifies that the designee is competent in investor protection and syndicated mortgage investments.
> CPM: Certified, Private Mortgages
The CPM designation certifies that the designee is competent in investor protection and private mortgage investments.
To obtain an AMIPROS designation in Ontario, a person must be licensed as a mortgage agent or mortgage broker by the Financial Services Commission of Ontario (FSCO).