So what exactly is an Accredited Mortgage Professional? (they’re the ones that use the AMP designation behind their name)
An Accredited Mortgage Professional is someone who is a member the Canadian Association of Accredited Mortgage Professionals. As the mortgage industry in Canada continues to evolve, it is important that people helping consumers with mortgages adhere to some level of quality standard, and so the association was formed.
It’s purpose is to ensure members are committed to the highest standards of industry performance through continuous education and ethical business practices. This helps consumers because they know they are dealing with someone who is competent, and wants to operate their business successfully with good service and high quality. The Accredited Mortgage Professional benefits as well because of the extra credibility they gain with clients.
The association sets a national standard for those dealing with mortgages. To avoid some of the pitfalls experienced in the U.S., where unscrupulous mortgage brokers contributed to the financial and housing meltdown in 2008 by arranging mortgages for people who couldn’t afford them, Accredited Mortgage Professionals must act ethically and professionally at all times, and continue learning to stay up to date with the industry. Those failing to do so will lose their membership privileges, which will have a huge negative effect on their business.
And it’s not only consumers that want to make sure they’re dealing with someone professional when financing their home. The lenders have a huge interest in dealing with professionals as well. Just think – they’re in the business of borrowing out money. They don’t want to waste their time with borrowers who don’t fit their lending criteria, and they want to make sure they can trust every mortgage application they receive.
Consumers and lenders can rest assured that when they’re dealing with an Accredited Mortgage Professional, they’re dealing with the best the Canadian mortgage industry has to offer.