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The Big Story: Can you police broker recruiting practices?

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.

Video transcript below:

John Tenpenny, Mortgage Brokers News TV
John Tenpenny:  Hi, I’m John Tenpenny, Editor of CMP Magazine and welcome to the Big Story on Mortgage Broker News TV.

It might best be described as herding cats, trying to control the practice of mortgage brokerages recruiting agents.  Increasingly some are calling for some kind of code of conduct that brokerages could agree upon for the recruitment process.  Others however feel that secrecy and confidentiality of the process would prohibit any kind of workable solution.

Ron De Silva, CEO, Real Mortgage Associates
Ron De Silva:
 As noble as it may be to try and establish rules and a code of conduct around recruiting, the recruiting process is shrouded in secrecy and confidentiality.  You don’t know where these events are taking place so you can’t govern exactly what’s being said to these brokers.  The best way to control this is to actually educate these brokers on the questions they should be asking these firms and then tell them how to evaluate the answers they get from these firms.  That’s the way you control this recruiting process.
John Tenpenny:  While some other professions do have recruitment policies, some feel that broker recruitment should focus on attracting people from outside of the industry.

Gino Tieri, Vice-President Sales, MCAP
Gino Tieri:
 I think when it comes to brokers recruiting from other firms, I think it comes down to a level of professionalism and respecting one another from not taking from another’s portfolio.  I think the real question here is what about growth, where we are we going to get growth from in our industry.  I think it’s necessary to recruit from outside of the industry entirely.  If we can bring in new blood, new talent we are going to bring in new opportunity, new referral sources, new sources of revenue to grow the industry in itself.

John Tenpenny:  Recruitment is just the nature of the business say some brokers but there are some practices that should be strictly out of bounds.

Jessi Johnson, President, VERICO Jessi Johnson Mortgage Team
Jessi Johnson:
 Well I think it’s a lot to actually ask to have some type of rule in place dictating who you can and can’t recruit.  I mean business is business, recruiting it’s the nature of beast.  So it’s a bit difficult to judge whether or not there should be something in place.  However when your brokerage trying to target an entire brokerage encroach all the brokers, that in my opinion is breaching the ethical boundaries in what we should and shouldn’t do.  Rather if you are just trying to target a couple of rock star brokers I think that should be acceptable.