Mortgage professionals are putting their associations on notice, insisting they use their clout to stop road reps from calling themselves “brokers.”
“It is time for associations such as IMBA and CAAMP here in Ontario to oblige government bodies like FSCO to order banks to stop this practice immediately,” said Jerry Rose, broker of record for Verico - Allendale Mortgage Services in Barrie, Ont. “The practice of road reps calling themselves brokers is unfair to us who took the time to take training and pass exams to obtain that designation.”
The call for action comes on the heels of a MortgageBrokerNews.ca article detailing the casual and increasing use of “mortgage broker” by mortgage specialists looking to better explain their role to prospective clients.
At least one Ottawa road rep uses the designated title to to communicate to clients but also in addressing media queries. He was recently quoted in one of the country’s most influential newspapers as a mortgage broker for the country’s sixth largest bank.
That practice doesn’t sit well with brokers, who’ve sounded their frustration in a deluge of comments to that initial MortgageBrokerNews.ca article Monday.
“We can look at it as a compliment that road reps appropriate the title mortgage broker when dealing with clients,” said Rose, “but the truth is they haven’t earned that designation and that is unfair to those that worked hard for it.”
Others want their broker networks in tandem with industry associations to take the concern directly to the banks and the regulators to stop any misappropriation of the term “mortgage broker.”
“In view of the confusion, all national brokers should now inform bank CEOs, through our associations, that bank employees MUST call themselves exactly what they are; namely, ‘bank mortgage loan officers,’” writes one MortgageBrokerNews.ca reader.