The recently re-launched Canadian Mortgage Hangout aims to hold the industry accountable, and its latest segment focused on what the industry's largest association is doing to ensure the channel's voice is heard by the government.
The bi-weekly segment -- which is a web show hosted by Rob Campbell and Gord McCallum and features guests from across the industry discussing current mortgage-related events – made its return after a two year hiatus. Its third episode aired late Thursday.
“We wanted to bring it back because I really just got frustrated with the lack of discussion in the industry from the horse’s mouth,” Campbell, a broker with Broker Financial Group, and one of the founders of Canadian Mortgage Hangout, told MortgageBrokerNews.ca prior to the recent episode. “When you have members of the community, brokers or leaders, it’s easy for us to put these people to task via email and get a cookie cutter response.
“I feel like there’s nothing that beats the context of watching someone with your own eyes and hearing them with your own ears.”
The episode's guests were Paul Taylor, president of Mortgage Professionals Canada and MPC directors Dustan Woodhouse and Mike Cameron.
The focus of the segment was MPC’s involvement in government advocacy relating to the impact of October 3’s mortgage rule changes.
“I wanted to have Paul on so he could tell us what MPC is doing, what progress they’re making, and what stage of the game they’re at,” Campbell said. “I’m guilty of accusing MPC of not doing enough and I want to give them an opportunity.
“I’m not convinced enough has been done previously to this point and now I think we’re trying to bail the water out of the boat as it’s going down.”
MPC had a chance to discuss its advocacy.
Taylor said that during approximately 12 hours of Committee meetings in Ottawa over the past two weeks, he and other industry players discussed the most recent mortgage rule changes with government officials.
MPC has argued the recent changes make it much more difficult for first-time homebuyers to break into the market by reducing mortgage options. And that they have done very little to curb pricing in Toronto and Vancouver but will have an impact on depressed economies.
“The message is being received,” Taylor said during the Hangout.
Taylor said educating the government about -- and encouraging MPC members to contact MPs to voice their displeasure with – the recent changes and the impact they will have has been the association’s number one focus for the past four months. That has entailed several trips to Ottawa to discuss the changes with MPs and other government officials.
As a member, McCallum said he has appreciated the coordinated effort from the association to contact MPs and speak in front of committees.
“It’s been a welcome sight to see as a member,” he said.
For his part, Campbell admitted to the guests that he has questioned the advantages of MPC membership as well as the efforts it has put forth to advocate for the industry, but that he now appreciates the efforts it has put forth to educate the country about the ramifications of the mortgage rule changes.
“(I feel) better now about joining an association that rallies behind the industry to the government,” he said.
To see the episode in its entirety, which includes great insights from the guests and both hosts, click here.
You can catch the Mortgage Hangout every other Thursday at 1pm Eastern Time.
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