Forum

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Notify me of new replies via email
Mortgage Broker News | 10 Jun 2015, 09:00 AM Agree 0
Say it ain’t so – a new CAAMP report suggests bank reps are just as good at converting first time homebuyers into clients.
  • John B | 10 Jun 2015, 09:35 AM Agree 0
    Interesting that all of the current job postings on CAAMP's CMT website are for bank road reps. Have a look at it here: http://www.canadianmortgagetrends.com/canadian-mortgage-jobs
    Nice to see that CAAMP is helping the banks fill their road rep needs so they can compete with us.
    Our membership dues hard at work!
  • Ron Butler | 10 Jun 2015, 09:42 AM Agree 0
    CAAMP takes everyone's dues, if Bank Reps want to sign up they will take there money and banks are corporate members. Bottom line here is that banks and their sales forces are well funded, formidable competitors, mortgage brokers should quit bitching about it, get to work, give the consumer a better deal than the banks and win by offering better value.
  • Kim | 10 Jun 2015, 09:43 AM Agree 0
    What happened to CMHC's report that says 55% of first time homebuyers have closed using Brokers Vs banks? Where are you getting these 61%/75% numbers from?
  • Blair Anderson | 10 Jun 2015, 10:06 AM Agree 0
    John B, I'm sure you understand CAAMP's membership covers all origination channels. They want to be the voice and advocate of the whole industry. If you want to support that cause, keep paying your membership fees to CAAMP. Alternatively, if you are more interested in an association that supports your channel, exclusively, then CMBA is for you.
  • John B | 10 Jun 2015, 11:28 AM Agree 0
    Good points Ron B. and Blair A. I think it's time to change brokerages so I don't have to belong to CAAMP and can just belong to CMBA.

    Ron, the issue is about advocacy. If you have customers you can give them a great deal, buy down rates, provide better advice, etc.

    The point is we need one voice to advocate for the broker channel, not several fragmented voices, one of which promotes "the mortgage industry" as a whole.
    Does the "mortgage industry" need promoting?
    I've never heard anyone say, "wow, never heard of mortgages before, great that there is an association promoting the mortgage industry"

    I have heard people say, "wow, never heard about mortgage brokers before..."
  • Ron Butler | 10 Jun 2015, 11:42 AM Agree 0
    John B, those are perfectly correct remarks but please consider this about advocacy; the folks at CAAMP meet with deputy ministers in Ottawa several times a year, I don't think they Feds ever meet with any other association, at least not yet. I like CMBA a lot but we need to live in the real world, who has the money and the access and who does not.
  • John B | 10 Jun 2015, 11:44 AM Agree 0
    Another good point Ron.
    I honestly don't know enough about what CAAMP has done to influence Ottawa's policy to our benefit. That's either my fault or theirs for not communicating properly. Can you give some examples? I'm hopeful my dues haven't been paid in vain.
  • Blair Anderson | 10 Jun 2015, 11:48 AM Agree 0
    Point well made John B.
    Ron, as for you, you need to be more optimistic. Just because the status quo is not perfect, doesn't mean we shouldn't endeavor to do better. Change will not happen on its own, but it will happen when the right critical mass get behind it. CMBA is a move in that direction.
  • Ron Butler | 10 Jun 2015, 11:52 AM Agree 0
    Here's the thing about meeting with the government, no one ever says: "okay that's a good point, now we will make it government policy". Never happens.

    That being said CAAMP does publicize the meeting with the feds, I see from many sources. Heck, I don't think anyone really creates policy on housing and mortgages but can CAAMP advocate, yes, they do try.
  • Ron Butler | 10 Jun 2015, 11:54 AM Agree 0
    Blair, I am the pure, no BS realist, too late for me to change. I am 100% behind CMBA but that does not change the reality of today.
  • Blair Anderson | 10 Jun 2015, 12:01 PM Agree 0
    Ron, I don't want you to change your purest, no BS attitude. I respect that. I'm still keeping faith you have an open mind for change. As you just said, we're talking about "the reality of today". I looking at what will be the reality of tomorrow. Cheers!
  • John B | 10 Jun 2015, 12:32 PM Agree 0
    In that case Ron, I hate to be pessimistic, but I don't think that CAAMP has really done anything except meet with them. Lip service from the government so they can say they keep meeting with industry. Lip service from CAAMP so they can say they keep meeting with government.
    Meanwhile nothing happens.
    In fact, perhaps the government is confused over who really represents the broker industry. I know I am.
    I certainly hope CMBA does more than just advocate to the government.
  • Ron Butler | 10 Jun 2015, 12:38 PM Agree 0
    John B, respectfully what did you expect to "happen", the federal government does not care what mortgage brokers think, whether it is CAAMP or CMBA. The feds decide on their own housing a mortgage policies, they only "sort of" listen to the banks who are the richest most powerful entities in the country.

    I think CMBA may turn out to be a better method of promoting mortgage brokerage to consumers but as far as federal government advocacy is concerned for now its CAAMP.
  • John B | 10 Jun 2015, 12:43 PM Agree 0
    If that's the case, Ron, why advocate to the Feds at all?
  • Ron Butler | 10 Jun 2015, 12:46 PM Agree 0
    Because even if it has a tiny effect on the Feds thinking it is a good thing and we paid the dues anyway, they might as well use the money to try to exert influence no matter how little influence that is.
  • John B | 10 Jun 2015, 12:52 PM Agree 0
    Maybe so Ron, but I'd prefer real results.
    I'd rather have them doing something measurable with the dues we've already paid then meeting with politicians who, as you say, hardly pay attention to the billionaire banks, let alone the brokerage industry.
    It might not be, but it just feels like these are just all photo ops and networking for those involved.
  • John B | 11 Jun 2015, 08:35 AM Agree 0
    CAAMP's new stats were quoted in the Toronto Star today, but not in support of the brokerage industry. They were quoted in a story that argues renting makes more sense than buying a condo as a first time homebuyer.

    CAAMP gets its name out, but hurts our industry because it doesn't give any context to its research.
    A real shame.

    And a real shame that the comment from Frama has not been deleted (if it's gone then good for CMP. It was spam)
  • Ross Kay | 11 Jun 2015, 10:20 AM Agree 0
    This Report should be pulled. Any MB on this site knows 45% of transactions in Canada are not caused by first time buyers. MBs themselves know this is an impossibility.

    How many readers process Mortgages for first timers with more than 10% down?
    How many first timers had $67,000 down payments you processed.

    RE: CMBA-Article 10 prevents any forward movement for the industry. What CMBA should have created was a Minimum Standards of Practice requirement that was higher than provincial regulated and then publicly launched.

    When Associations are your voice, your business is threatened. CREA has destroyed the REALTOR profession in spite of owning the word REALTOR will 100% trademark enforcement in Canada.
Post a reply