QUEBEC MORTGAGE BROKERS TRANSITION TO AUTORITÉ DES MARCHÉS FINANCIERS

Prospective mortgage brokers must successfully complete specialized training

Along with the challenges wrought by the COVID-19 pandemic, mortgage brokers in Quebec have also recently transitioned to a new regulatory body, Autorité des marchés financiers (AMF).

In May 2020, the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) transferred supervision of the mortgage brokerage sector to the AMF, the regulatory and oversight body for Québec’s financial sector. OACIQ will continue to be responsible for protecting the public in the real estate brokerage sector.

The transition is the result of an act that came into force on May 1, 2020 aimed at improving the regulation of the financial sector, the protection of deposits of money and the operation of financial institutions. This

was also the day on which new regulations made by the AMF came into effect.

“The AMF welcomes this new mandate from the government,” said AMF president and CEO Louis Morisset. “For the past several months, we have been in constant contact with the various stakeholders in the mortgage brokerage sector and have developed a robust and effective framework aligned with the one previously established for other sectors involved in the distribution of financial products and services.”

In a statement, the AMF says it is aware that, for mortgage brokers, the changes resulting from the new provisions represent a significant challenge, particularly when coupled with the difficult situation caused by the COVID-19 pandemic. To address any concerns, the AMF has implemented a structure to provide personalized assistance.

“We’ve worked hard to gain a solid understanding of the mortgage brokerage industry, its participants and its specific characteristics and provide a framework that draws on best practices,” says Frédéric Pérodeau, AMF superintendent, client services and distribution oversight.

Along with the transition comes the requirement that prospective mortgage brokers must successfully complete specialized training with an organization recognized by the AMF before they can practise as mortgage brokers. The coursework is based on the Mortgage Broker Qualification Program and training is currently offered at Académie de l’entrepreneurship québécois and Collège CEI, both in Montreal. For those who choose to study online both these training bodies offer online courses and programs. Mortgage Professionals Canada is also authorized to provide online training.

The courses (minimum qualifications training is currently not available in English) cover the wide range of competencies required by mortgage brokers from the basic concepts related to the mortgage market to distinguishing the provisions of the Civil Code of Québec (C.C.Q.) that apply to the sector.