“I’ve had numerous in-person and phone conversations [with FICOM] ... when [FICOM announced the rule change], there was nothing in the language that clearly stated they were going to require a dollar amount. They just said they would be implementing a more robust disclosure requirement,” Paul Taylor, CEO of Mortgage Professionals Canada, told MortgageBrokerNews.ca. “With speaking with Chris [Carter, Deputy Superintendent, Real Estate and Deputy Registrar, Mortgage Brokers], they said they are moving forward with [requiring] a dollar figure.
“We’re disappointed for sure; it’s difficult to make clear what our next public steps are until the full language is released.”
Taylor has also had meetings with a number of other provincial and federal regulators with the hopes of building relationships and championing mortgage brokers.
“I’ve had meetings with FICOM, FSCO, OACIQ, OSFI, Manitoba Securities Commission ... so I can introduce myself,” Taylor said. “[If] anything like [the FICOM requirement] comes across the country, we will focus on [providing feedback].”
Taylor took the helm of Mortgage Professionals Canada in January. Since then, another major focus for the national association has been to spread awareness about the industry across the country.
Mortgage Professionals Canada increased its budget for promoting brokers through its Value of a Mortgage Broker Campaign by about 200% this year, according to Taylor.
It also plans to create tools on its website for potential homebuyers to connect with brokers and provide leads for members.
Going forward, Mortgage Professionals Canada will focus on three pillars:
“Increase consumer awareness and understand value of using a mortgage broker, increase our government relations activity – both provincial and federal, and increase our membership and overall member engagement,” Taylor said.
The major broker association has been critical of FICOM’s upcoming disclosure rule change. And deterring other regulators from adopting similar requirements is one of its major focuses going forward.