Execs at the country’s newest mortgage broker association may want to take a bow, having helped sell another province on the need to “professionalize” its mortgage brokers.
The Nova Scotia government is now proposing new legislation mandating an educational component for broker licensing, among other key changes making them more accountable to clients and their industry.
It’s a step many of the province’s 125-plus brokers have called for, with executives of the fledgling Mortgage Brokers Association of Atlantic Canada actively lobbying for it.
“MBAAC has developed a strong relationship with the Deputy Registrar of Nova Scotia and has provided feedback to his team,” association president Glen Ward told MortgageBrokerNews.ca. “The current proposed Bill 22 is now in second reading and then will pass onto the Law Amendments Committee where MBAAC will have the opportunity to forward formal requests for amendments and suggestions to the Bill before it gets passed, likely in the fall of 2012.”
This week Service Nova Scotia Minister John MacDonell billed the legislation as a way of keeping the province’s industry up to date with other jurisdictions. It would also move it ahead of much of the rest of the region.
Currently to become a broker in Nova Scotia, a person would only have to pay a licensing fee and pass a criminal background check – what one broker laughing calls the fogging-a-mirror test.
Brokering in his home province demands more, said Ward, but also in the three others represented by the association.
“We are in favor of the update to the Mortgage Broker Act in Nova Scotia and have been integral in forming its content,” he said. “Our overall goal as a local association is to help lobby the other three provinces in Atlantic to adopt similar legislation. We have been in contact with Government officials in all four provinces and have meetings and communication set up in the coming weeks.”