REMIC head on the continuing value of mortgage education

"Over time, things have gotten much better"

REMIC head on the continuing value of mortgage education

For Joe White, president and owner of the Real Estate and Mortgage Institute of Canada (REMIC), the growing appreciation for continuous education in the Canadian mortgage space over the past few years have been starkly apparent.

“Over time, things have gotten much better,” White told CMPTV. “The environment, the regulators, they have done a very good job at protecting consumers.”

Emblematic of these developments are the updated educational and regulatory requirements recently mandated for Ontario’s private mortgage brokers.

“Where we’re at right now with this private mortgage course, I think this is a step in the right direction,” White said.

Late last year, the Financial Services Regulatory Authority of Ontario (FSRA) stressed the importance of ensuring that brokers’ knowledge is continuously updated despite market volatility.

“The environment today is tough,” the FSRA said at the time. “Some homeowners will be unable to qualify for traditional lending. Some homeowners may turn to private lenders, which can provide a short-term solution, but which can erode all the equity accumulated over a lifetime of work, or include terms that are unfair to the consumer.”

Still, White believes that the improvements should herald more changes in this direction.

“The regulators have done a very good job at protecting consumers, [but] there’s a lot more that needs to be done, a lot more education,” White said.

Much of the impetus should come from the mortgage professionals themselves, he added.

“I think you expand your knowledge by being constantly curious,” he said. “Look for new trends, new technology. Look at what’s working well for people… Share ideas, share successes, share failures.”

The last point is especially important for White, who described failure as the lifeblood of success.

“Don’t be afraid to fail,” he added. “Failing means you’re trying. Try new strategies, and you will constantly surprise yourself at how well you do… Implement the strategies [you] learn, and don’t be afraid to fail at them.”

Watch now: How can agents and brokers expand their knowledge?