Network head: ‘Let’s stay positive’

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In the face of new mortgage rules that have materially impacted the channel, one industry executive is urging brokers to keep calm and carry on.

Albert Collu, president of Verico, is sending a positive message to industry players in a letter sent to

You can read that letter below.
Industry friends,

By now we’re well aware that we are collectively experiencing some major changes to the mortgage market place but we need to take some comfort in knowing that many of the industry major stakeholders have taken to major mediums to educate all those affected by the impacts of these policy changes and have also been in Ottawa voicing salient points on the matters at hand to educate policy makers.

I do not discount for a moment the materiality of these changes because they are dynamic changes that will call for the need to sharpen and adapt but I do not share the sense of gloom amid many participants for we have demonstrated ourselves to be pliable, adaptable, and resilient over the years. 

Let's take a look at what's transpired since 2007 and it might give you solid reason to keep your confidence high and your chins up:

1. We’ve seen the worst credit crisis as a result of the subprime meltdown and literally had lenders shut down over night
2. LTV and Amortization policies changed immensely
3. CMHC premiums increased
4. Down Payment rules have been modified and increased
5. Anti-money Laundering Act combined with Know Your Client legislation dramatically changed the manner in which lenders underwrote mortgage deals
6. We’ve seen major lenders reel out of the broker channel. I.e. First Line and ING

So with all this, what do you think has happened? Let me tell you…

1. Brokers increased their market share by double digit growth
2. We’ve experienced record origination years in the past few years
We are industry participants with many questions and uncertainties. It only stands to reason that Canadian borrowers are feeling even more uncertain about what this means to them so let’s stay positive and demonstrate a collective leadership approach when the market place is calling for such a need. This is a wonderful opportunity to rally as an industry and to catapult our true value proposition as mortgage professionals.

We are resilient, my friends. Chin up.
  • Gunther Kaschuba on 2016-10-12 9:15:49 AM

    Thank you Albert for stating publicly what many of us have been thinking privately

  • Barbara Cook on 2016-10-12 9:37:45 AM

    Thank you for your positivity and insights...Leadership at its best!!!!

  • Tomas on 2016-10-12 9:38:56 AM

    Any views on which direction the $140B aggregate CMB and NHA MBS volume goes with these new regs? Up, down, flat?

  • Bill Dietrich on 2016-10-12 10:02:29 AM

    Love this positive attitude Albert. Thank you for sharing your inspiration.

    Whatever it takes!


  • Catherine on 2016-10-12 11:39:39 AM

    Thank you for this Albert. Perspective is important as is our voice to be heard when big decisions, such as this, are being made.

  • David Hetti on 2016-10-12 11:50:57 AM

    You are absolutely right. We have to adopt change. Change is essential to success. These are inspiring words. Thank you for that and best wishes to you.

  • Ad Lakhanpal,Mortgage Broker on 2016-10-12 1:26:06 PM

    Great thoughts!!

    Lets explain this to the entry level buyer that she can not qualify anymore and will have to wait for her income to go up.

    Lets explain this to new condo buyer that he can not close that deal coming up in 3 months anymore.

    Lets tell this to some one who wanted to,but can not buy a condo for his ageing parents so that they can live with dignity.

    Lets tell a home owner that he can not access his equity by refinancing to payout his high interest debts and avoid bankruptcy without selling his house.

    Lets discourage people from investing in rental properties, even though there will be increased demand from people who can not buy. Double whammy!!

    Yes, the industry can and should keep its chin up but what about the consumers? Who is looking after their interest?

    The Government????

  • Hal on 2016-10-12 1:41:54 PM

    Good words Albert!

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