The Accredited Mortgage Professional Designation (AMP)

The Accredited Mortgage Professional (AMP) is a designation used to recognize those who have achieved all the requirements of a certified mortgage broker. It is important to choose an AMP as it shows that the individual is credible in the mortgage field with a competitive advantage. With an AMP you are guaranteed a professional with the knowledge and training to set you up with the best mortgage option.

Here are the 5 requirements needed to become an AMP:

1. CAAMP Membership: An AMP must be an employee of a CAAMP (Canadian Association of Accredited Mortgage Professionals) member company.

2. Residential and Commercial Experience: Over the course of the last 2 years, the individual must have completed at least 24 funded deals and overseen a minimum of 100 deals per year for residential and must have completed at least 15 commercial funded deals with a value of $10 million per year.

3. Licenced & Insured: AMP requires all professionals to be licenced as a mortgage agent, broker, submortgage broker, salesperson, or associate in their appropriate province as well as carry Errors and Omissions Insurance.

4. National Exam: To receive the AMP designation, the individual must write a National Competency Exam and achieve a grade of 70% or higher.

5. References: The last requirement calls for two reference letters, one from a lender and one from an employer with at least one of the references being a current AMP.