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Mortgage Broker News | 17 Oct 2013, 12:00 AM Agree 0
An industry player has presented a list of recommendations for the MBLAA review – one of them concerning regulation of bank reps – and he is asking brokers to sign a petition to be presented at the next MBLAA meeting.
  • Joe White | 17 Oct 2013, 08:09 AM Agree 0
    The link to our recommendations can be found at http://www.remic.ca/Public/REMIC_comments_MBLAA_%20Review.pdf
  • Blair Anderson | 17 Oct 2013, 08:48 AM Agree 0
    Critical mass and solidarity is important if this petition is going to have the desired effect. Please, everyone take a moment and sign it. Change is needed, and it is up to us!!
  • rob | 17 Oct 2013, 09:03 AM Agree 0
    I think the first paragraph of the petition should state "whether brokered through a mortgage broker or ORIGINATED by a bank or other financial institution".

    The way it reads seems to add validity to road reps beiong brokers....
  • Joe White | 17 Oct 2013, 09:09 AM Agree 0
    Thanks for your comment Rob. Your point is exactly why I propose we hold consultations on addressing this issue. We need various opinions to address issues that individually we may not have thought of but collectively we will.
  • John | 17 Oct 2013, 10:16 AM Agree 0
    Excellent initiative, Joe. I hope everyone gets on board and supports this. The fact that the banks and FIs are involved in the associations means this type of petition may go against their interests. Maybe this is why this is the first time we've seen something like this. About time this was said formally to the government.
  • Paolo Di Petta | dipettamortgage.com | 17 Oct 2013, 01:09 PM Agree 0
    This is definitely a step in the right direction. Glad to see REMIC sticking up for us!
  • Dave B. | 18 Oct 2013, 09:11 AM Agree 0
    Perhaps this is something we should be doing more of to get the government to start paying attention to us. Petitions are names and names are votes.
    Great work Joe and REMIC. I'm going to send the petition link to my facebook contacts.
  • Rohan | 19 Oct 2013, 05:05 AM Agree 0
    It's time our customers knew the risks of the mortgage they're getting, no matter where the money is coming from. Bank or broker.

    But do banks tell you up front about the big cost of the penalty?

    No. But we have to.

    About time to have everyone play by the same rules.
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