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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.
  • Kim Luxton: Planning for the future Kim Luxton: Planning for the future (views 13103)

    With slowing business, now is a great opportunity for brokers to focus on the bigger picture, says Kim Luxton, Director, Broker Sales for ING Direct. She says it's time for brokers to focus on client needs, not just today, but for the future and to help them achieve their long-term financial goals, which could result in better residuals and more referrals for the broker.

  • The Big Story: Why brokers do sell creditor insurance: Part II The Big Story: Why brokers do sell creditor insurance: Part II (views 15241)

    On today's Big Story and Part II of our look at creditor insurance, we spoke to Kim Luxton of ING Direct, Ian Tenggardjaja of The Mortgage Centre Mortgage Professionals, Kelly Price,of Mortgage Protection Plan and Mauro Di Cosola of Dominion Lending Centres Mortgage Village.

  • The Big Story: Creditor insurance - Part I The Big Story: Creditor insurance - Part I (views 17311)

    On the average broker’s to-do list, creditor insurance is usually near the bottom. But as brokers look for ways to boost their bottom line, ancillary products like creditor insurance are starting to look more appealing. Still, it’s often a tough sell and that’s coming from the industry itself. Overcoming these challenges is the first step say some brokers. On today's Big Story and Part I of our look at creditor insurance, we spoke to Kelly Price,of Mortgage Protection Plan, Ray McMillan, of Home Mortgage Consultants and Mauro Di Cosola of Dominion Lending Centres Mortgage Village. Price acknowledges that brokers feel selling creditor insurance is someone else’s job and that rings true for McMillan, who says in fact that “somebody else” is also sending them referrals. While apprehension can be a stumbling block for some brokers, it’s not insurmountable, says Di Cosola. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis and

  • The Big Story: Online lead generation The Big Story: Online lead generation (views 15007)

    On today’s Big Story we spoke to Drew Donaldson, an agent with Verico Safebridge Mortgage Solutions, Nick Kyprianou, CEO of Equity Financial Trust and Brad Compton, an agent with Invis. Some feel however, that experienced brokers who know how deal with rate shoppers and offer them more than just a mortgage, but a financial plan, can use these online leads to their advantage.

  • Albert Collu: Mandatory re-licensing education in Ontario Albert Collu: Mandatory re-licensing education in Ontario (views 15581)

    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.