Broker news TV

Broker news TV brings you closer to the industry's most influential leaders and thinkers. Click on the videos below to watch the interviews:

Showing 91 - 99 of 106

Albert Collu: Mandatory re-licensing education in Ontario

Albert Collu, president of Argentum Mortgages, discusses Ontario's mandatory re-licensing education course, which will begin Nov. 1 and what it will mean for brokers in the province.  To be completed by March 31, 2012, the course will bring Ontario mortgage brokers and agents in line with counterparts in Alberta and British Columbia. They already submit to similar education requirements as a condition for license renewal and billed as a way of improving compliance with provincial laws on mortgage brokering.

Video transcript below:

Albert Collu, President, Argentum Mortgages

What is re-licensing and why is it necessary?

Recently FSCO invited four parties to the table to discuss re-licensing education for the next renewal period on March 31st, 2012 for Ontario agents and brokers.  Those four parties have been given a general outline in terms of what the curriculum must consist of and it’s now the responsibility of those four parties to come back to FSCO in August to submit their proposals and the curriculum if you will for approval.  Once those four bodies or entities are approved from FSCO, the course will be delivered as early as late October but probably early November.  This course is definitely compulsory, it’s mandatory we must all have it by the next renewal period as I discussed which is March 31, 2012.  There will be a bit of a grace period there but it is essentially in a tight time frame.  We you know in terms [AMBA] are completely sold on the idea that it is incredibly important to have a refresher course if you will to remind us of the compulsory items as they relate to compliance and regulation because the industry has really changed dramatically over the last two years so we welcome this and we are going to look forward to delivering the course of to our members and non-members across Ontario.

 

  • The Big Story: Can you police broker recruiting practices? The Big Story: Can you police broker recruiting practices? (views 17156)

    It might best be described as herding cats – trying to control the practice of mortgage brokerages recruiting agents from competitors. Some in the industry insist it’s just the nature of the business, but increasingly there are calls for some kind of code of conduct that brokerages could agree on when it comes to recruitment practices. On today’s Big Story, we spoke to Ron De Silva of Real Mortgage Associates, Jessi Johnson of VERICO Jessi Johnson Mortgage Team and Gino Tieri of MCAP. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

  • The Big Story: Is it time for monolines to take their message to consumers? The Big Story: Is it time for monolines to take their message to consumers? (views 14407)

    A broker names a non-bank lender and the client asks “what if they go out of business?” While brokers say a direct appeal by mono-lines to consumers would only strengthen industry credibility and counter negative perceptions about its lenders, the monolines say the idea has merit, but only if everyone in the channel gets on board with the plan.

  • The Big Story: Is graduated licensing the answer? The Big Story: Is graduated licensing the answer? (views 14208)

    Is there such a thing as too much education? When it comes to the training of new agents and brokers some think that the 2 year apprenticeship before being licensed effectively raise the bar on qualifying standards. Not everyone is in agreement though. Isn’t the system in place good enough? Why are brokers asking for this change and isn’t there already accountability?

  • The Big Story: Vancouver brokers have their say The Big Story: Vancouver brokers have their say (views 14029)

    CMP recently held a one-day workshop for brokers at the Vancouver Convention Centre as part of the Canadian Real Estate Investor Forum. Nearly 100 brokers attended four sessions, covering topics such as helping clients with their debt, private lending, the alt-a/sub-prime market and social media.

  • The Big Story: Should clients' legal and appraisal fees be covered? The Big Story: Should clients' legal and appraisal fees be covered? (views 14010)

    What have you done for me lately? Increasingly, that’s the attitude of refi clients who expect lenders and by extension brokers to cover legal and appraisal fees. Are these expectations out of line? More and more bank branches don’t think so. Most brokers, however, think that incentives should be offered sparingly, on n a case-by-case basis.

  • The Big Story: The role of lender BDMs The Big Story: The role of lender BDMs (views 12992)

    Some lenders want to switch up the roles of those Business Development Managers and take them away from the role as go-between and dispute mediator and focus them on attracting new brokers. Brokers, though have their reservations. They say BDMs may be better left in that traditional relationship-building role.

  • The Big Story: Fewer brokers a good thing? The Big Story: Fewer brokers a good thing? (views 13502)

    Is having fewer mortgage brokers a good thing or a bad thing? With mandatory re-licensing education requirements now in effect in Ontario, fewer brokers is a distinct possibility. Some in the industry are predicting a loss of up to 15 per cent. Most of that will come from newer and part-time brokers. On today’s Big Story, we spoke to Linh Ly of Unity Financial Mortgage Services, Danny Kellman of VERICO The Mortgage Leader, and Sharon Ferguson and Sandra Cockburn of The Mortgage Centre-Durham. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

  • Roy Deeks: Broker retirement plan Roy Deeks: Broker retirement plan (views 14694)

    With economic uncertainty and increased competition from the banks squeezing mortgage brokers, what options are available, especially for brokers looking to get out of the business sooner rather than later? For Roy Deeks, principal broker of Unity Financial Mortgage Services-The Mortgage Centre, the answer is syndicated mortgage investments.

  • The Big Story: Renewal fees The Big Story: Renewal fees (views 15705)

    Recent discussion around the issue of renewal fees has seen a proposal for an across-the-board 15 bps, an idea that is gaining traction on both sides. Lenders would dole it out whether the brokers take commissions straight up or opt for trailer fees. Either way, this mandatory renewal fee is proposed as a good way of eliminating a lot of the moving around that occurs at renewal. On today’s Big Story, we spoke to Ariel Santos of Unity Financial Mortgage Services, Drew Donaldson of Verico Safebridge Mortgage Solutions and John Bargis of Mortgage Edge. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.