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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.

  • Kim Luxton: Planning for the future Kim Luxton: Planning for the future (views 13100)

    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 15239)

    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 17308)

    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 15000)

    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 15577)

    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.