The Mortgage Brokers of Atlantic Canada (MBAAC) have officially welcomed five new members to the board of directors table as the organization looks to strengthen its position in the mortgage market.
The new members included a new V.P. are expected to bring a lot to the table as the organization is currently working with regulators to establish and edit guidelines in New Brunswick and Nova Scotia
“The last time the regulations were (altered) in Nova Scotia
was in 1966 while there weren’t any regulations for mortgage brokers to be licensed,” Janet McKeough, president of the MBAAC, said in an interview with MortgageBrokerNews.
“It used to be that the business you were for served as a license but the regulations will require broker the business and the broker to be licensed. We’re working closely with regulators and we’ve had some good dialogue.
The president said that there will also be educational requirements and disclosure documents as part of the proposed changes.
The MBAAC continue to grow and are trying to find their place in an area where mortgage broking is still relatively new. With limited lenders and a huge geographical area presents a unique sense of challenges.
“We’ve been making a lot of effort to get out there and enhance our professionals and be aggressive within the market and we talked a lot about that at our AGM in December.”
The new members are as follows:
Audrey Wamboldt – Vice President
James Shinners – Secretary
Bernadette Kenny – Director of New Brunswick
Marc Mahoney – Director of Newfoundland
Trevor Gordon – Director of Prince Edward Island
One provincial broker organization announced the appointment of five professionals to its board of directors.