Over two years of discussion has resulted in the formation of the Canadian Mortgage Brokers Association – a national group bringing together provincial players.
“It was determined that the formation of a national umbrella organization, CMBA, would not only enhance already strong regional representation but also promote higher standards and awareness across the country,” an official release from CMBA states. “CMBA will be an organization by mortgage brokers for the entire mortgage broker industry.”
The goal of the association is to promote the use of mortgage brokers and increase market share.
“Mortgage broker regulation is provincially regulated and is the core focus of provincial associations,” the release states. “However, CMBA can provide a national voice for mortgage brokers on any issues, which are inter-provincial or national in scope.”
Currently MBABC, MBAAC, IMBA
have joined. Missing from the announcement are AMBA
and Saskatchewan’s representation.
“We are in discussion with Alberta,” Janet McKeough, president of MBAAC told MortgageBrokerNews.ca.
In February 2014, a group – spearheaded by AMBA
– announced a tighter working relationship within the provincial associations.
“In November 2013, a first meeting was held in Toronto with the executives of the Canadian Association of Accredited Mortgage Professionals (CAAMP
), the Mortgage Brokers Association of British Columbia (MBABC), the Independent Mortgage Brokers Association of Ontario (IMBA
), the Mortgage Brokers Association of Atlantic Canada (MBAAC) and AMBA
to discuss whether there was interest in working together to coordinate our efforts, reduce duplication and ensure the best interests of the memberships are well served,” AMBA
president, Gord Appel wrote in a letter sent to AMBA
members, obtained by MortgageBrokerNews.ca at the time. “We are pleased to say that all those in attendance agreed that the time is right for this discussion to happen and that the goal of integration in some form is needed.”