The hot debate continues after one industry player used MortgageBrokerNews.ca 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 MortgageBrokerNews.ca. “(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.”