Provincial mortgage broker associations join forces

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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.”

 
  • Frank on 2015-04-21 3:52:12 PM

    Great News! Need proper national voice that stills cares about regional issues. Good Story MBN

  • Robert Gascon on 2015-04-21 3:58:23 PM

    Long over due!!!

  • Gord on 2015-04-21 4:01:43 PM

    interesting that AMBA and CAAMP (who were part of the original discussion) weren't part of the announcement.

  • Sue on 2015-04-21 4:11:15 PM

    I'm confused. Not sure we need yet another organization? Already having trouble understanding what CAAMP does for the industry as it is....

  • Nick Bachusky on 2015-04-21 4:11:24 PM

    So are CAAMP and this new faction still separate? Will CMBA focus on education at all? Anything that will benefit Canadians in making strategic and knowledgeable decisions and save them money in the process is a good thing. I look forward in seeing what the CMBA can do for our noble profession!

  • Courtney on 2015-04-21 4:15:41 PM

    What I believe is unique about CMBA is that they are adopting an universal symbol "MB" that can be used to promote mortgage brokers across Canada. This is brilliant branding that is long overdue!

  • Ron Butler on 2015-04-21 4:19:13 PM

    Let's all take the time to thank the executives of all of our provincial associations for having the intelligence, foresight and the bravery to turn a great idea into reality. Getting mortgage brokers to agree on anything is like herding cats so clearly some people put in some real effort here.

    An independent national voice JUST FOR MORTGAGE BROKERS is a fantastic idea. I am not a virulent CAAMP basher but I think most of us see the need for "brokers only" point of view.

    These folks have gone way beyond just linking up: they have developed a brilliant trademark similar to the Realtor trademark that will be perfect to promote the Broker space. They can provide and common vehicle for media advertising that all mortgage brokers will appreciate.

    Although I am very grateful to all the provincial association execs for their very hard work, since I live in Ontario I want to say a direct thank you to Raj Babber who has spent hundreds of man hours helping to make this project happen. Raj has taken a lot of time from his practise to help create this new organization that will benefit every mortgage broker in this country. Thanks Raj, you really came through in a huge way.

  • Michael I. on 2015-04-21 4:56:08 PM

    Let's not go into hyperbolic statements and call the formation of a mortgage broker group anything close to bravery, ok?

    thanks.

  • Ron Butler on 2015-04-21 4:59:24 PM

    Michael, creating something new always requires a leap of faith and a certain amount of bravery.

  • Blair Anderson on 2015-04-21 5:14:55 PM

    This is a good step forward, but let’s wait and see how the dust settles before passing judgement. Anything less that exclusive representation of mortgage brokers is a waste of time.

  • John Bargis on 2015-04-21 6:32:58 PM

    The formation of CMBA is a great accomplishment, and is the result of countless hours invested by some key players from the regional associations.

    CMBA has chosen to pay close attention to the industry's ongoing call for the recognition and promotion of the "Mortgage Broker" as a profession direct to the consumer, and this step brings us that much closer to making this a reality.

    This will one day be viewed as a milestone in the history of our industry, and brokers and agents across the country should step up and show their support for this refreshing new national concept.

    Congratulations CMBA!!!

  • Mal Eccles on 2015-04-21 7:39:38 PM

    As being one of the Proud Founders of IMBA, I am not only just excited but absolutely extactic of this accomplishment. If one is to consider that the Provincial Mortgage Broker Regulators of Canada have joined together and formed the MBRCC , the Mortgage Brokers Regulators Council of Canada. www.mbrcc.ca,,, to deal with The Mortgage Brokering Industry across Canada. It is only natural evolution that the Provincial Mortgage Brokerage Associations of Canada would evolve and form a Parent body to represent them on the National level.
    CAMB will work with MBRCC to establish National Guidelines regarding Fraud, National Standards of Education, Standards of Ethics, Reciprocal Licensing between Provinces , and various other areas of National Concern that will take our Industry into the 21st Century.

  • Bc broker on 2015-04-21 9:24:20 PM

    It's been a longtime coming. CAAMP wasn't really a broker group.
    CAAMP is just a front for lenders and head office types. Ask them how much of the membership fees they kickback to the head offices to push the brokers to join.

  • Ross Taylor on 2015-04-22 9:54:14 AM

    My pet peeve is the fact that in some provinces I am considered a mortgage broker, and here in Ontario I am a mortgage agent. This new organization is for mortgage brokers. Am I excluded?

    Industry publications, and even internal brokerage communications constantly refer to us all as mortgage brokers, but if I utter or publish the term, the compliance police are upon me in a trice.

    I respect the people above who say this is a good thing, but as a peon from the peanut gallery, I must say this whole business of multiple associations must be confusing to the great unwashed, myself included.

  • John Bargis on 2015-04-22 10:31:24 AM

    Hi Ross

    The decision to differentiate Mortgage Brokers and Mortgage Agents in this province was the regulators after much feedback from the industry, and has nothing to do with this new association, or any other for that matter.

    As for your comment about multiple associations and how they may potentially serve to confuse the masses. Respectfully, it is only the masses that don't take the time to educate themselves that may end up confused. It's no different than a client in the market for a mortgage, who simply looks at a product from one dimension, only to determine that the product came with strings attached.....

    Smart consumers will ask many questions and make the right choices.

  • Ross Taylor on 2015-04-22 11:22:06 AM

    Ouch John! If one is not catering to the masses then to whom does one cater? And yes clients do often look at a product from one dimension - perhaps most of them do.

    Smart consumers will wait and see, rather than prematurely invest their energy.

    As for agents and brokers, personally I am fine being called an agent. My point is when the new organization, old associations, and countless others misuse the terms, then how is that a good thing for we, or more important, the consumer.

  • Chris Richards on 2015-04-22 12:06:40 PM

    Double ouch John B. Did you just blame the masses (including mortgage brokers/agents/associates) for being confused?

  • Blair Anderson on 2015-04-22 12:08:20 PM

    Point well made Ross. Perhaps this is an area both the regulators, and CMBA can work together on, so that the consumer is less confused with who works in the industry.

  • John Bargis on 2015-04-22 12:50:21 PM

    Ross....You know I have nothing but respect for you, but you appear to have taken my comment out of context, and may have missed the point of one of the main objectives of CMBA - Educating the public on the role of the "Mortgage Broker" industry, (regardless of designation), and the benefits it offers the consumer.

    Chris....This isn't about blame, it's about reality. The fact is that the masses don't take the time to properly educate themselves in general, whether it be about politics, consumer products, or our own industry related issues.

    Look no further than the masses who accept a collateral mortgage, or a restrictive deep discounted mortgage product without investigating the pros and cons, only to determine that the product may not have been the best option.

    Awareness and education is key is what I am saying.

  • Steve on 2015-04-22 4:39:16 PM

    Certainly be interesting to see if AMBA does join, and if the new org turns out to be more than just a "social club"

  • Mortgage Guy Geoff on 2015-04-23 12:19:05 PM

    Hey Ross...not to get too far off on a tangent from the point of the article, but what about eliminating the "Agent" designation in Ontario and forcing all that want to practice go through the additional education etc... of becoming a Broker? Would solve the issue of public confusion and also might weed out some who are currently licensed simply because they managed to get 72 out of 120 multiple choice questions correct.

    As John says "awareness and education is key" so why make that any harder than it already is?

    (Sorry to those across the country for the Ontario only nature of my message.)

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