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Mortgage Broker News | 27 Jan 2011, 09:00 AM Agree 0
Canada’s mortgage brokers are voicing concerns that negative press in the United States is hurting their business, and their reputations.
  • Mike from Milhaven | 28 Jan 2011, 05:05 AM Agree 0
    Time to get out of the "institute" & get on the street....nobody is comparing Cdn MBs to American MB's, anymore than they are comparing Cdn doctors to witch doctors....you are just looking for a little publicity for your "institute" & unfortunately you are doing it by making highly unsubstantiated statements of a negative nature, scientifically & statistcally unproven, about our industry. You will be remembered...for all the wrong reasons.
  • Joe White | 28 Jan 2011, 05:28 AM Agree 0
    Thanks for your comments, Mike, however I think you've misinterpreted the survey. With over 500 respondents, many making detailed comments about their experiences, I feel it is inaccurate to say that they do not have these experiences. While I'm glad you haven't experienced this, many report that they have.
    As I stated, "Canadian mortgage brokers typically employ sound business practices, are highly regulated and ongoing surveys show that their customers exhibit high levels of customer satisfaction." This is a positive statement that reflects the professionalism of our industry in comparison to those in other countries. I firmly believe that every consumer should be using a qualified mortgage broker, a core belief of both REMIC and our members.
  • George from Red Deer | 28 Jan 2011, 05:58 AM Agree 0
    Talk about living in a bubble. Mike every aspect of caandian life is affected what happens south of the border. The other night on CTV national news one of their lead stories was announcing Oprah had a long lost sister. In my practice I have clients ask me directly about and I quote "these subprime mortgages", "why are you suggesting a take a mortgage from a non bank lender like Street Capital or First National,aren't they like that Country Wide that went bankrupt in the US." Granted there were of these types of quesions in the past couple of years; but everytime there is a story about US foreclosures, mortgage defaults, etc. clients have concerns. Living in area that has seen unstable real estate prices, I have felt first hand the impact of "cross border" issues. Not sure if you are broker Mike, but it seems to me that you maybe well be remembered for the wrong reasons as well; making some strong and rather rude comments.
  • Rodney from Moncton | 28 Jan 2011, 06:08 AM Agree 0
    I don't really agree that US news about mortgage brokers had had a huge impact on us Canadians brokers! A little maybe but I am not that concerned. Not sure if Joe and Mike know each personally but i hope so with the Joey, Joey, Joey. Where I am from people wouldn't call me Roddy Roddy unless they knew me well, my response wouldn't have been as polite as Joe's,and not neccesarily a verbal reponse.
  • Joey from Mississauga | 28 Jan 2011, 06:51 AM Agree 0
    Clients are definetly more consciousness about Cdn brokers now. Vince is right in that we have to educate our clients.. but we shouldn't discount the effect of American media on our industry. People generally only know what they hear through popoular media outlets. In any case, I don't know what Mike is on about - it seems these types of cross border-industry issues have always been prevelant.
  • melissa | 28 Jan 2011, 08:47 AM Agree 0
    I'm not sure if I understand your comment Mike. Many companies across Canada (and the US) conduct surveys, and the results are what they are...even if you don't agree with them. I read this as 72% of brokers agreed with the statement; how can you argue with that? And doesn't every institute or company want publicity? Not sure mike where you're going with this, other than what sounds to be a personal attack. Oh, and it's easy to do this without disclosing who you are or what company you work for...isn't it? Anyhow, interesting info REMIC
  • Zoltan M Padar MortgagePRO Ltd. | 28 Jan 2011, 11:20 AM Agree 0
    Let me get into this and I would like to start with I just airing my oppinion, however I am really confused:
    Would somebody explain to me who is REMIC and how did they enquired the name of Real Estate and Mortgage Institute of Canada and under who’s authorities are they acting, what is their mandate and in who’s name are they conducting surveys and most of all who’s opinion they are voicing. Are they licensed or function under the authority of any government agency or ministry. What is the authority they have and how do they get here. The name is fine if there is real authorized organization behind it, however if not, where did you get the idea to appear like you have authority? Like I can call my company Mortgage Bureau of Canada, as the name is not taken yet, however the name would be totally miscommunication the purpose of my very existence as a mortgage brokerage. Misguiding, misinforming and misinforming even one person in our country will give a bigger black eye to the industry than any dozens of USA brokers, whom don’t forget are doing business as mortgage brokers longer than you are driving, never mind doing business.
    On the other hand, if you are legitimate and really and Association of Realtors and Mortgage Brokers Across Canada I would like to belong. I will pay you the member fee, you rule and regulate me, and later when you big, take my license because I did not follow your rules.
    This is only a discussion no offence and can you answer me? At least your organization have a face.
  • Joe White | 28 Jan 2011, 01:18 PM Agree 0
    Hi Zoltan and thank you for your question. I invite you to visit us at our website at www.remic.ca and have a look at who we are and what we do. We are dedicated to helping the industry increaes its market share through free online resources as well as training and education, such as our commercial mortgage brokering seminars and our FSCO approved agent course for licensing purposes in Ontario.
  • Zhiping She | 28 Jan 2011, 05:24 PM Agree 0
    I am a new Mortgage Agent. I will start my business very soon once I receive the license number. I would like to receive more mortgage market information, mortgage case study, and how to find clients.
    Thank you!
  • Mario | 30 Jan 2011, 02:24 AM Agree 0
    I’ve been a broker now for the past six years and have heard more of these kinds of questions from clients in the past couple of years than before. What I find odd is that people like IMBA say that basically there is no problem and consumers will continue to use brokers. Sounds like they have their heads in the sand. Is 20% or whatever the number is of Canadians using brokers a good number? I don’t think so. Why isn’t IMBA and CAAMP trying to help us get more business? Why does they say that we’re in good shape cause the amount of Canadians using brokers hasn’t dropped?? We’ve been stuck at these numbers for years now, even before I got into the business, and everyone is okay with that? At least it seems to me that REMIC is trying to help. We need to know the cause of the problem before we can solve it instead of pretending there is no problem. Just my two cents worth
  • Steve in Toronto | 30 Jan 2011, 02:44 AM Agree 0
    I work with Mario and we both just went on to the remic website and joined up. While I haven’t check everything out it looks like a lot of good stuff. Finally someone willing to share what they know. Nobody I talk to (except Mario lol) wants to help me with my business. Keep up the good work!
  • Steve Fabian at REMIC | 03 Feb 2011, 03:26 AM Agree 0
    Mario,
    As one of the lead instructors at REMIC, I am glad to hear you are getting our message. Our goal is to truly support the mortgage broker industry to better itself. We will continue to add a plethora of free resources along with more and more value added training, workshops and seminars and licensing courses. Cheers and looking forward to seeing you at one of events.
    Cheers!
  • Expat | 03 Feb 2011, 07:00 AM Agree 0
    For the last 6 years, I have been a Mortgage Broker/Loan Originator in the USA. I am putting together a presentation which addresses and de-mystifies this very issue. intend to present it in a series of seminars across Canada.

    Stay tuned.

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