New broker association hits the launching pad

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Make room, IMBA, AMBA and MBABC: there’s a new provincial mortgage broker association in Canada, and it’s focused on four provinces grappling to promote tighter regulation and facing their own brand of lending challenges.

“The MBAAC – Mortgage Brokers Association of Atlantic Canada – is a completely independent association,” said President Glen Ward, also regional VP for Mortgage Architects in Atlantic Canada.  “We launch next week and will draw membership from not only mortgage brokers but lenders, insurers – basically anybody who is a part of our industry.”

The idea of a professional association for the region, mirroring those in Ontario and the West, has been kicked around for years, said Ward, who “received positive feedback from brokers and decided to go ahead with it.” He also drew on the support of those other provincial organizations.

Development has been a year in the making, with an appointed board of directors now in place for the independent association. Those mortgage professionals will be replaced with an elected board in 2013, said Ward, a financial services veteran and a licensed broker for the last five years.

Part of the group’s mandate is to grow the number of those regulated mortgage professionals across the Atlantic region.

Currently, only Ward’s province, Nova Scotia, and Newfoundland license brokers. New Brunswick and PEI are being encouraged to move in the same direction, although many brokers in all four jurisdictions want to see the industry more tightly regulated.

“Currently there is no educational component to licensing in any of the four provinces,” said Ward. “Our goal, as an association, is to provide a voice for the industry with government regulators.”

While MBAAC will count lenders among its members – offering both a broker membership level and one for other channel partners – it may, in fact, need to take up broker concerns around access to funding.

Mortgage professionals outside Halifax and other metropolitan centres point to some lender reluctance to fund deals in rural areas. Minimum volume requirements, given lower home prices, is another point of contention.

In other parts of the country, potential conflicts between brokers and their lenders are now stirring calls for a national association with an exclusively broker membership. MBAAC opted not to go in that direction.

“Our goal is be inclusive of all parts of our industry,” he told

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  • Eric Putnam on 2011-11-18 4:14:01 AM

    As a former broker for many years in Atlantic Canada I congratulate all concerned on this initiative and look forward to watching their development from a distance

  • David O'Gorman on 2011-11-18 4:37:50 AM

    Congratulations to the brokers of Atlantic Canada!!...for having the foresight & intelligence to see that provincial/regional associations of mortgage brokers are the future, not a national association of bank reps.
    When can we expect a national " summit" of only provincial/ regional associations ?

  • John Dearin on 2011-11-18 9:54:23 PM

    Never been contacted by anyone on this, spoke to two other brokers in St. John's and the same. maybe this is a Maritime organization? Frankly I see no value added to being part of an organization where the lenders are involved. Like CAAMP they will rule the nest.

  • Finn Larsen on 2011-11-19 3:59:51 AM

    In BC we have some lenders involvement and our model works extremely well. It provides great dialogouge between professions. great to hear that Atlantic region will have support to the brokers

  • Paul Bojakli - AMBA on 2011-11-19 4:11:55 AM

    Congratulations to you and your team Glen. What MBAAC is doing is very positive not only for brokers and industry partners but for your consumers as well. Let AMBA know if we can assist in anyway.

  • Ingrid Menninga - JOLT Marketing on 2011-11-24 8:50:29 AM

    Congratulations Glen! Thrilled to see your involvement in this organization and look forward to hearing your upcoming announcements.

  • Ontario Broker on 2011-11-25 4:13:15 AM

    I think that this is great for our industry, and to see Broker Associations being created is really great. CAAMP does not represent the broker community, they represent the mortgage community - including banks and lenders, insurers, other suppliers, etc etc. My only caution is this: CAAMP and MBABC recently struck an agreement to essentially "merge" their memberships. CAAMP does not like the provincial associations and they are pushing to be the ONLY national voice. I understand that both IMBA and AMBA have said no to the same kind of link with CAAMP than MBABC has done. I say - WELL DONE! I only wish that MBABC had the foresight to do the same. IMBA if you join ranks with CAAMP, my membership will be pulled.

  • John Dearin on 2011-12-10 2:26:18 AM

    Well, I had a very informative call from Ms. Michelle Drover this morning. I certainly have taken a difefrent view of this with Michelle involved. Based on her involvement and the information provided, I will be joining MBAAC and offering support where and when I can.

  • Glen Ward on 2011-12-10 6:06:13 AM

    Mr. Dearin, thanks for your comment. I'm glad that a professional like Michelle helps you feel at ease with our association. The comment in the article about a year of development was not a year of talking with brokers, it was a year getting the logistics of a not for profit in place so we would have a launching pad to now speak with brokers. Now that it is launched we are reaching out to the mortgage industry. We will be pleased to have you involved.

  • Glen Ward on 2011-11-18 11:35:14 PM

    Hello, Mr. Dearin, as you can see from the title of this press release, this association is just launching now, and that, therefore, is the reason you have not heard of it. Our goal over the next few months is to contact as many brokers across Atlantic Canada as we can to build membership. I'm sorry you feel that lenders will not add any value to the association, our executive disagrees and we are pleased to have the support of our industry partners and are looking forward to building a local association that can create value for our regional brokers on many levels. Please stay tuned for more information before you make a final decision. Thank you.

  • John Dearin on 2011-11-26 5:43:08 AM

    Hello back to you Mr. Ward.

    the press release states this has Development "has been a year in the making". I am pointing out that I was not consulted or called or solicited about this during that year. Hopefully it won't take as long now that the association is up and running. I am a skeptic to the value this will offer, but I am certainly open to discussion. I look forward to hearing from someone.

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

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