Broker calls for unity among brokerages

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The hot debate continues after one industry player used to propose a broker-run organization modelled after the Canadian Chamber of Commerce; and despite the many naysayers, one broker thinks he’s now come up with a workable implementation strategy.

“I’ve always been opposed to CAAMP because they are dominated by the lenders,” Jerry Rose of Verico Allendale Mortgage Services said on “(And) I believe the head offices of the respective brokerage houses would see the merit in having a broker-riented operation.”

The problem, as Rose sees it, with trying to unify a group of brokers to represent industry interests under one organization is the challenge of corralling enough members to form an effective voice. However, with so many brokers now working under major networks, it becomes easier to found an organization actively supported by superbroker help.

“I think that the majority of brokers, right across the country, are aligned with Dominion Lending, Verico and the other major brokerages,” Rose said. “It would be too difficult to go to each individual independent broker because it would be like herding cattle; to go to the major organizations and get them to get their members on a board to deal with government it would work.”

This sort of organization would provide a knowledgeable group to consult on matters such as industry changes.

“I’m hoping the outcome of such an organization would be that when Flaherty tinkers with the market it would have a knowledgeable group in the industry to (respond),” Rose said. “Right now they only talk with the banks, which is self-serving.”

Right now the only major organization representing the broker channel is CAAMP, which many players aren’t satisfied with, Rose included; and he believes brokerage participation would benefit the industry as a whole.

“It should be relatively easy to get participation through our respective broker (networks) lending a unified voice by the brokerage industry to deal with various government levels on legislation,” Rose concluded. “(It) would be of great benefit to all brokers and mortgage agents.”


  • M. Robertson on 2013-11-01 9:37:06 AM

    For all the naysayers out there, you only have to look at the Mortgage Forum delegate roster to see who is really supporting CAAMP. By far the largest number of delegates are from lenders and service providers. That may very well change as more brokers register for the conference, but I have my doubts. You also need to consider that CAAMP’s membership actually dropped last year, and given the additional turmoil this year, I would not be surprised if it did again this year.

    There are two choices here. (1) Start a new member organization as has been suggested. (2) Change the hierarchy at CAAMP and bring someone in who will actually listens to their membership. Unlike Mr. Murphy and the other executives who are too filled with self importance to actually care enough to make changes.

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