The majority of provinces require their mortgage brokerages to carry a provincial license. There are three main insurance businesses in Canada which insure high ratio loans: Genworth Financial, Canada Guaranty and Canada Mortgage and Housing Corporation.
The Canadian Association of Accredited Mortgage Professionals or also called CAMMP for short is Canada's national mortgage brokerage association. Members of this group are given titles as "Accredited Mortgage Professionals." These individual are devoted to providing the highest level of service available and adhering to the highest ethical standards. They have extensive business skill and are considered the best within their field.
The AMP is the national proficiency standard and is the only designation available within Canada for mortgage professionals. It guarantees that the level of professionalism within the country's mortgage industry remains high and encourages constant ethical behavior and education.
Those 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 which are provided by each and every broker will normally be free of charge. Lenders generally pay them a "finder's fee" upon approval of the application for gathering the supporting documents, taking the application, and getting approval. In rare situation, a fee will be charged to the consumer, but it is always disclosed to the consumer before a commitment is made.
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