By Will Ashworth
In an effort to protect investors while enhancing their image, a select group of private lenders has now formed the Association of Mortgage Investment Professionals (AMIPROS) -- a non-profit group also bringing three new certifications to the table.
Private mortgages and syndicated lending have grown substantially in the past few years as individuals and property developers seek out alternative sources of funding. AMIPROS represents several different mortgage investment disciplines; its advisory council is led by Joseph White, a 20-year veteran of the mortgage industry.
The new association’s goals include creating policies and procedures to protect investors, implementing educational standards for companies and individuals to adhere to, developing best practices based on existing regulatory framework, advocating for the industry with regulators, governments, etc., and providing companies and individuals with the tools necessary to operate in an ethical and professional manner.
AMIPROS will offer three designations with the Certified Investment Mortgage Professional (CIMP) being the highest designation available. CIMP designees will be competent in investor protection, private mortgage investments and syndicated mortgage investments.
As White points out, “AMIPROS designees will be duly licensed in their prospective provinces, and will be committed to promoting private lending, and the associated private and syndicated investments, with integrity, fairness and professionalism.”
It’s important to remember that AMIPROS isn’t intended to stand alone but rather to complement existing education and licensing standards working alongside existing mortgage industry associations.
White’s reaching out to all members of the mortgage industry adding, "It’s a big table, and we want everyone seated at it.”