Tit for tat: Let's call ourselves 'mobile specialists'

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What goes around should come around, argues one broker. Specifically, if road reps can casually refer to themselves as mortgage brokers, then mortgage professionals should perhaps consider calling themselves mobile mortgage specialist. There may in fact be a real benefit to that name change.

“If bank road reps are borrowing titles, I would like to be able to do so too,” says Derek Rowley, mortgage agent for Real Mortgage Associates in Aylmer, Ont. “I would like to be able to use Mobile Mortgage Specialist because its explains clearly what I do – I travel around and I specialize in mortgages.”

Unfortunately, Rowley says, licensed brokers in Ontario are governed by strict regulations that restrict them to using only the terms mortgage broker and mortgage agent in their business cards and other forms of advertising.

“Should I get caught using the title mobile mortgage specialist, it could mean a fine or other forms of so called punishment,” Rowley said.

Controversy over the legitimate use of the title “mortgage broker” erupted once more soon after MortgageBrokerNews.ca posted a story about road reps admitting that they “borrow” the name to “explain” to their role to clients.

Rowley, and many others, argue it is unfair for road reps to appropriate the broker title because it is a licensed designation. Still, he also suggests it may be advantageous for brokers to lobby regulators for more marketing latitude, especially considering the sizable percentage of consumers unaware of what exactly a mortgage agent does.

“When I had the title (Mortgage Consultant ) no one ever asked me what a Mortgage Consultant was, but I am asked ‘what is a mortgage agent,’” he says.

 

  • Mark P. on 2012-09-20 5:44:43 AM

    Well isn't this an interesting turn of events. If I go back 25 years to when I became a mortgage broker, you wanted to do everything to not be associated with that group of slime. The one or two Bank road runners that did exist, did everything within their power to make sure they were not interpreted as a "mortgage broker". So along came Bob Ord and other many others who are now brokering on behalf of St. Peter, and some professionalism and creditability came to what has now become a profession. CIMBIL, now CAAMP was created, along with government regulation and licensing and although bank road running don't have to be licensed (but they should be)they want to be looked on as a "mortgage broker". What a difference Bob Ord and 25 years makes.
    Take it as a compliment and use your knowledge and professionalism to show the mortgage public who the real mortgage broker is.

  • Ontario Broker on 2012-09-20 7:25:08 AM

    Dear Mark P
    It took a whole lot more people & organizations than Bob Ord & that abomination called CAAMP to make this a profession. While CAAMP's senior employees & Board members sit around with their collective finger in the orifice of your choice, the banks that support CAAMP continue to allow their employees to muddy the waters around our profession, and sully our legally defined titles, then the problem isn't the industry,is it?

  • Jim A - Toronto and Durham Broker on 2012-09-20 11:41:23 PM

    The point to remember is the client needs to be cleared on the issue of who this mortgage rep works for. If explanation needs to be made then what we as mortgage agents/brokers can do is explain we have and work alongside more them 1 if not all the 5 major banks and over 25 + more lenders. Once this is explained then the road reps from one bank can not say the same....unless they work for one bank and I actually do not think that is allowed...but then again who knows with these road reps.

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