REMIC asks brokers to sign MBLAA petition

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An industry player has presented a list of recommendations for the MBLAA review – one of them concerning regulation of bank reps – and he is asking brokers to sign a petition to be presented at the next MBLAA meeting.

“On October 28th REMIC will be participating in a roundtable discussion of our concerns and recommendations (and) in this session REMIC will discuss, among others, its recommendation that bank "road reps" who engage in mortgage brokering be regulated under the MBLAA,” Joe White, president of REMIC said. “To reinforce this position REMIC is asking all members of the mortgage industry who agree with this statement to sign a petition (and) REMIC will present this petition at this upcoming meeting.”

White met with Steven Del Cuca – the MPP charged with overseeing the MBLAA review – and offered a list of recommendations which were solicited from over 1,000 brokers.

“We had a roundtable meeting with several stakeholders and Mr. (Steven) Del Duca and he told us he was looking for frank comments; I got the impression he was looking for honest feedback on how to go about that,” Joe White, president and CEO of REMIC told in September. “Whether that will translate into actual changes remains to be seen but he seemed genuinely interested in what everyone had to offer.”

He’s hoping that procuring broker signatures on the petition will help sway Del Duca to make the changes brokers want to see.

“I strongly urge you to participate in this petition if you agree with it, and pass it on to anyone and everyone else who supports this position,” White said. “Our industry needs a united voice to ensure that this matter is addressed, which means we need your support.”

To view REMIC’s recommendations, click here.

  • Joe White on 2013-10-17 8:09:35 AM

    The link to our recommendations can be found at

  • Blair Anderson on 2013-10-17 8:48:00 AM

    Critical mass and solidarity is important if this petition is going to have the desired effect. Please, everyone take a moment and sign it. Change is needed, and it is up to us!!

  • rob on 2013-10-17 9:03:42 AM

    I think the first paragraph of the petition should state "whether brokered through a mortgage broker or ORIGINATED by a bank or other financial institution".

    The way it reads seems to add validity to road reps beiong brokers....

  • Joe White on 2013-10-17 9:09:09 AM

    Thanks for your comment Rob. Your point is exactly why I propose we hold consultations on addressing this issue. We need various opinions to address issues that individually we may not have thought of but collectively we will.

  • John on 2013-10-17 10:16:16 AM

    Excellent initiative, Joe. I hope everyone gets on board and supports this. The fact that the banks and FIs are involved in the associations means this type of petition may go against their interests. Maybe this is why this is the first time we've seen something like this. About time this was said formally to the government.

  • Paolo Di Petta | on 2013-10-17 1:09:59 PM

    This is definitely a step in the right direction. Glad to see REMIC sticking up for us!

  • Dave B. on 2013-10-18 9:11:33 AM

    Perhaps this is something we should be doing more of to get the government to start paying attention to us. Petitions are names and names are votes.
    Great work Joe and REMIC. I'm going to send the petition link to my facebook contacts.

  • Rohan on 2013-10-19 5:05:35 AM

    It's time our customers knew the risks of the mortgage they're getting, no matter where the money is coming from. Bank or broker.

    But do banks tell you up front about the big cost of the penalty?

    No. But we have to.

    About time to have everyone play by the same rules.

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