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 105

The Big Story: Catching unlicenced brokers

Are regulators doing enough to crack down on unlicenced brokers? Should FSCO push harder for tougher penalties? MBN finds out.

Video transcript below:

Reporter: Everyone wants to be a mortgage broker these days or so FSCO says. The problem is that some of them just don’t want to get a license. Is FSCO doing enough? It’s license to catch on this week’s Big Story.

Putting up a poster, advising clients, is it that easy to do business as a mortgage broker? Well it is for some. But how easy is it to stop them? Brokers may have a role to play.

Anne Brill, Centum Metrocapp Wealth Solutions Inc.

Anne Brill: Licensed brokers should anytime report anyone they see that they feel is unlicensed to FSCO, so we can stop this. The unlicensed individual is not sure of possibly disclosures, doesn’t have a certification and upto date information to be able to successfully sell a client.

Reporter: FSCO act on complaints, reactive not proactive. Is that enough?

James Laird, COO, True North Mortgage

James Laird: The mortgage broker industry is regulated by two entities. We are regulated day to day by the lenders we submit to and they audit for risk, tolerance, credit etc. and that is well taken care of by the lenders. FSCO’s job is to make sure that our customer service is what it should be and that we are delivering what we promise to our customers, so because there is inherently another auditor, which is our lenders in the industry, I think that complaints driven process is sufficient.

  • 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 14413)

    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 14224)

    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 14051)

    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 14025)

    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 13003)

    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 13519)

    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 14712)

    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 15726)

    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 17293)

    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.