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Mortgage Broker News | 29 Jun 2011, 08:00 AM Agree 0
A Northern Ontario broker is sounding the alarm about what he calls the large number of mortgage agents flying solo in smaller markets, without the benefit of in-house broker guidance. It’s a trend that may chip away at the industry’s bragging rights.
  • Christopher | 30 Jun 2011, 03:53 AM Agree 0
    I don't like the generalization. I'm 'flying solo' and affiliated with a superbroker and have been in the industry for over 35 years.

    I suspect I could teach the quoted brokers a thing or two about the business.
  • Julia Krause | 30 Jun 2011, 04:01 AM Agree 0
    Seriously? "...the new regulations in Ontario did away with the requirement to have a licensed broker on site"?? Unbelievable! Mr. Tassone, you are right about the damage inexperienced & untrained mortgage brokers will do along the way, and it will affect the reputation of ALL mortgage brokers. What a perfect opportunity for 'the voice of the Canadian mortgage industry' (aka CAAMP) to step in and provide some kind of training and guidance to newer mortgage brokers. Unfortunately, CAAMP doesn't care about any mortgage broker in business less than 2 years... In the span of 2 years, those brokers can do a lot of damage to our industry.
  • Steve | 30 Jun 2011, 04:09 AM Agree 0
    I agree somewhat... there are hundreds, yes hundreds of unqualified 'Mortgage Agents' and Bank 'Mortgage Specialists' out there... Contact FSCO and make a complaint...but make sure to point to specific issues and examples...I have a bigger problem with the Bank 'Mortgage Specialists'...The public thinks that because you carry a bank logo, that you are a well qualified mortgage professional... we all know that's not the case with many of these road warriors.... they are sales reps.. working on commission with no accountability.. no FSCO registration.....let's work to get these people licensed, regulated and accountable... just look at the recent RBC rep out west...her outrageous marketing docs attempted to slam brokers... how could anyone be allowed to continue their job after that....?
  • Camilo Rodriguez | 30 Jun 2011, 04:13 AM Agree 0
    Yes, I agree, going on your own when you are coming in the industry is not beneficial to anybody. The agent will be frustrated and he/she may hurt clients. It is very important to have a system to train and develop people in the industry.
    www.mortgagecalculatorloan.ca
  • Dan McKay | 30 Jun 2011, 04:17 AM Agree 0
    I fully agree with Mr. Tassone. I've been a Mortgage Associate for just under 3.5 years, and there is no way I would have even considered being on my own during my first 2 years. You cannot learn this business in a classroom, in a book, or online. The only way you can learn it is by watching someone experienced actually doing it, and by having someone experienced directly supervising you and being right there to help. Wow, Ontario really dropped the ball on this one.
  • Mike Distefano DLCBTB Mortgage Solutions Niagara | 30 Jun 2011, 04:26 AM Agree 0
    I AGREE 100% , agents should be supervised by a broker. Period. FSCO needs to make this happen or better yet our industry should to protect the industry. Too many agents running around town with broker network without proper supervision.
  • Paul Mangion | 30 Jun 2011, 04:31 AM Agree 0
    Our industry is turning into a joke. We may as well be used car salesmans. It is too easy to become a broker, set up shop and sell a dream of few hours to make hundreds of thousands to lazy people. Then they can rape and pillage the industry before they move on. Maybe start a tax preperation business or buy a cab.
  • David | 30 Jun 2011, 04:59 AM Agree 0
    If there was an organzation that spoke ONLY for mortgage brokers & agents or was a federation of provincial/regional mortgage brokers and agents associations, we might be heard. But CAAMP is not doing it. You can't have financial institutions paying big bucks & not let them have a say in the organization. What is in the best interest of an FI is not always in the best interest of the the mortgage brokerage profession, e.g. the RBC rep in BC. Wait to see what CAAMP's professional standards committee does with that complaint. CAAMP has been steering the changes to mortgage brokerage law in Ontario & look what it has got us? Unlicensed bank reps coming out the wazzoo, a 5day monkey course & now a manditory 5 hour continuing education requirement!! That will drive good people into the business won't it? Education for the industry isn't everything but its a start, but when the bar is so low any snake can crawl under it, why bother with the bar ?
    When are we going to have an organization tha speaks just for the brokerage community???
  • Faye | 30 Jun 2011, 05:23 AM Agree 0
    David hit the nail on the head. When will brokers see that deregulation of our industry and less supervison will be the death of us. Banks are laughing at our stupidity. Shame on FSCO.
  • Another Broker | 30 Jun 2011, 06:00 AM Agree 0
    I have actually found that the national brokers seem to be letting their dogs loose without a leash. I have run across many agents looking for help or to change companies that have taken the courses, have been hired on by the nationals and don't know the right hand from the left hand. Great situation for the client who has listened to the ads or heard about what amazing professionals CAAMP designated agents are and then left in the lurch. It's a numbers game guys. Hire anything that breathes, hope they place mortgages and make money. The bigger the better. The lenders are afraid of saying anything to the nationals about any of their people because they're afraid they might have their volumes cut. The U.S got hit by the same game and we're next. Good luck guys.
  • Kevin Power, President Power Mortgages Inc | 30 Jun 2011, 06:54 AM Agree 0
    Well said Nick and I concur totally with your position.
  • @kiltedbroker | 30 Jun 2011, 07:00 AM Agree 0
    I agree, I think it would be a great idea to have a National Association that represented mortgage brokers. Who wants to get that started? I am certainly looking forward to the conference in Calgary put on by Mike Cameron in a couple weeks, might be a start in the right direction.
  • AB Broker | 30 Jun 2011, 07:25 AM Agree 0
    Another Broker is RIGHT! I have picked up a ton of deals as a result of a lack of knowledge by other associates in my market place. It's time the big brokerages houses did some culling. In Alberta I have seen several mortgage associates get fined by our governing body, RECA, for wrong doing and I think it's high time RECA fines the brokerage too. If the brokerage was responsible for their hires, the industry would change! If those same brokerages continue to be fined, then they broker of record should lose his or her license, period!!
  • Claire Drage | 30 Jun 2011, 08:28 PM Agree 0
    I totally agree.. one of the reasons I started The Lions Share Group was to add more mortgage agent specific training so that we can elevate our industry. Noone else is going to do it for us and the licensing course is enough to just get a license.. not operate as a professional mortgage agent or broker and provide your clients with added value...
  • CAAMP | 01 Jul 2011, 04:57 AM Agree 0
    CAAMP is very concerned with the wide range of practice standards being applied to agent supervision among some of the country’s brokerages.
    As we continually work towards harmonizing the various regulations and legislation governing the industry we will make this a high priority of our Government Relations and Education committees.
    Traditionally Legislation and Regulations set out minimum compliance. We as an industry must take the lead and raise the bar professionally. We believe our Mortgagecampus.org which we will be launching in the next few weeks will in some small way point the industry in the right direction.
  • Glenn | 05 Jul 2011, 02:05 AM Agree 0
    Regarding David's comments above - Depending on the province you are in, you DO have an industry association devoted to the interests of Brokers and Agents only - MBABC in BC, AMBA in Alberta and IMBA where I am in Ontario.

    Provincial Broker Associations need people with your passion to be members, get involved, and help us ensure our interests are protected around those tables. When the FSCO regulations were being written, there were only two mortgage brokers at the table providing input - and they were IMBA Board Members. Mandatory review of the regulations is coming in the next year as well, and there are several items we want on the table to protect the interests of brokers and agents across the province.

    I welcome you to visit www.imba.ca and get involved - or email me directly at glenn dot may-anderson at imba dot ca if you have questions, or would like to get involved (should you practice in Ontario).

    Regards,

    Glenn May-Anderson
    Vice-President
    Independent Mortgage Brokers Association of Ontario
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