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Article: Mortgage brokers' move to planning rankles advisers; Feel it could taint their profession's reputation.(News)
- Article from:
- Investment News
- Article date:
- January 22, 2007
CopyrightCOPYRIGHT 2007 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Jeff Benjamin
DETROIT - Mortgage brokers, known largely for earning commissions based on the size of the loans they write, might seem to represent the opposite of fiduciary responsibility, but a growing number of these brokers are finding opportunities in financial planning.
The CMPS Institute in Ann Arbor, Mich., which trains mortgage brokers to act and think more like financial advisers, has grown to 2,700 members since it was established in August 2005. It offers three-day seminars culminating in tests for the designation of certified mortgage planning specialist.
"We're trying to get to the point where our industry has something ...