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The Big Story: Association overhaul

More and more brokers are asking what their associations are doing to earn their dues. The answer, reports Jemima Codrington, depends on whom you ask.
 
Video transcript below:
 
Jemima Codrington, Mortgage Broker News
Jemima Codrington:  Regional, provincial, national, these days it seems Broker Associations are popping up faster than celebrity scandals.  But is it finally time for a single voice to represent broker needs?  Hi, I’m Jemima Codrington and welcome to the Big Story on Mortgage Broker News.
 
Some experts are calling for the creation of one national federally mandated association to lobby on behalf of  broker interests.  But is this really necessary?  And would it really help?
 
James Smythe, The Dominion Lending Centres Central
James Smythe:  As far as how many broker associations are across Canada, I like the fact we get sort of a national representation from CAAMP.  I think that I would like to see that reinforced and strengthened.  I would like to see more of a broker presence in the CAAMP forum, but I also like the fact that there are regional representations through Associations like AMBA.  I feel that they tend to tackle things that are more provincially focused and so I think that in most cases, having more than one association actually is to our advantage.
 
Jemima Codrington:  Some brokers believe that representations on numerous levels is a good thing.
 
James Smythe:  With respect to the idea that it’s time for one organisation to represent brokers, at this point in time I think that you know based on regional disparities, based on the fact that there is multiple legislations, you know depending on the province that you are in, I think it’s probably not a bad idea to have a two tier system.  I like the idea of thinking that there is somebody that represents us nationally and I also like the idea that somebody is looking out for regional needs.  So I think that probably at this point, it’s better to have two.
  • The Big Story: Housing market snapshot The Big Story: Housing market snapshot (views 13820)

    It’s been an ongoing debate for a while now. Housing bubble – no housing bubble. The latest numbers support the idea that the Canadian housing market will have a soft landing in 2012. In January, CREA reported that sales activity was down for the first time since August of 2011, while prices increased by a modest two per cent year-over-year. Forecasts for economic and job growth going forward vary widely for different parts of the country, meaning some markets may soften while others pick up. For experienced brokers, continuing to work with Realtor partners may be one key to surviving any drop-off in the market. As well, people will continue to buy, refinance and renew. So regardless of what the market may or may not do, brokers need to continue to show clients why brokers are an integral part of the home-buying purchase. On today’s Big Story, we spoke to mortgage broker Paula Roberts and mortgage agent Dena Kakaletris of The Roberts Group-Dominion Lending Centres. Find out on today’s

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    It’s becoming a broken record. Consumer debt levels rise and there are calls for the government to tighten mortgage lending. The latest rumour involves the lowering of the maximum amortization from 30 to 25 years. Many brokers disagree with the idea, suggesting 30-year amortizations are largely used to free up cash each month, money often better spent paying down high-interest debt. In addition to amortization rumours, some lenders have recently cut or altered their products for business for self and new immigrants. Some brokers think this may be short-sighted, while others say the industry will adapt, like it has always done. On today’s Big Story, we spoke to James Robinson of The Mortgage Centre-Mortgage Watch Inc., John Panagakos of Dominion Lending Centres-Home Financial Inc. and David Smith of Oriana Financial. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

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    2012 is sure to be another year of challenges for mortgage brokers as they face a flat real estate market, international economic uncertainty and increased pressue from banks and the accompanying low rates. MortgageBrokerNewsTV recently spoke to some brokers at the Mortgage Alliance 2012 Kick-Off Rally in Toronto, including Dan Balfour, Lisette Amalfi, Scott Ede, and Walter and Karen Monteiro to find out how they're going to meet these industry challenges head-on. Find out on MortgageBrokerNewsTV, your home for the industry’s best news, opinion and analysis.

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