"I think it's far too easy to get the license"
For Nick Kyprianou, president and CEO of RiverRock Mortgage Investment Corporation, elevating the standards of what makes a mortgage professional is as important as ongoing education for industry players.
“I think it’s far too easy to get the license,” Kyprianou said in a recent episode of CMPTV. “I would like it to be much more difficult to get an agent license or a broker license.”
Part of this stems from Kyprianou’s assessment of the current education requirements being “very simple”.
“I think when you make something very easy to get, it lowers the bar,” he said. “And there are a lot of great mortgage brokers and there’s some good mortgage administrators out there. But when the bar is so low, you bring down the level of quality. So I would like to see that improved.”
Kyprianou believes that the stress test was the “greatest thing” that has ever happened to the brokerage space, as shown by the surge in demand for professional advice from mortgage brokers.
“Why are [brokers] fighting that? You know, that didn’t make any sense to me,” Kyprianou said. “Somebody’s helping you to get more business and then you’re fighting it like you don’t want more business. [That’s why] I would like to see more regulation with respect to education, with respect to getting licensing and everything else.”
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