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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: 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 14420)

    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.

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  • The Big Story: Vancouver brokers have their say The Big Story: Vancouver brokers have their say (views 14065)

    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 14042)

    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.

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  • The Big Story: Fewer brokers a good thing? The Big Story: Fewer brokers a good thing? (views 13523)

    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 14720)

    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 15733)

    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.

  • The Big Story: Lender incentives for Realtors The Big Story: Lender incentives for Realtors (views 17302)

    The latest weapon in the war between the Big Banks and mortgage brokers is Realtor incentives and the newest trick was one bank’s offer to Realtors of 50 bps for every referral that ended in a closed deal.