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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.

  • The Big Story: Collateral charges The Big Story: Collateral charges (views 14850)

    Collateral charges: They're not going away, and brokers will have to adapt, say industry professionals, but are the banks going to make it easier to deal with those onerous mortgages?

  • The Big Story: Attracting new agents The Big Story: Attracting new agents (views 17215)

    Brokers have been hiring new agents from time immemorial, but new pressures around commission splits and training are adding to the challenge. At the CMP Mortgage Summit, The Big Story spoke to industry veterans Gord Dahlen, of Dominion Lending Centres, and Ron De Silva, from RMAI Financial Group for their take on the issue.

  • VIDEO: The 2012 Canadian Mortgage Awards VIDEO: The 2012 Canadian Mortgage Awards (views 17047)

    More than 500 of the industry's best were on hand in Toronto to honour their peers at the sixth annual Canadian Mortgage Awards at The Carlu. A Roarin' 20s theme was the backdrop as mortgage industry leaders were recognized for their achievements.

  • The Big Story: At The Mortgage Summit The Big Story: At The Mortgage Summit (views 14792)

    More than 500 of the industry's best attended the two-day Mortgage Summit in Toronto, which was focused on giving brokers the tools, the insights and the knowledge they need in this dynamic market. That was the collective message of more than 40 speakers on two stages. Find out on today’s The Big Story, on TV, your home for industry news, opinion and analysis.

  • Building a better broker-underwriter relationship Building a better broker-underwriter relationship (views 16073)

    Clear communication between brokers and lender underwriters is the key to ensuring a strong mutually beneficial relationship says Equity Financial Trust CEO and Mortgage Summit panelist Nick Kyprianou.

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    The increasing amount of B business available is one way for brokers to improve their bottom line, says Home Trust executive and Mortgage Summit panelist Agostino Tuzi.

  • Being more competitive Being more competitive (views 14170)

    The mortgage origination market is only going to become more competitive, says Top 50 Broker and Mortgage Summit panelist Calum Ross, and brokers who don't invest in themselves in order to differentiate their business might not be around for long.

  • Getting SYNCED at The Summit Getting SYNCED at The Summit (views 13076)

    One of the benefits for brokers of attending conferences is the opportunity to meet with others in the industry. With this in mind, Chris Davis, events and conference manager for KMI Publishing, talks about SYNCED a new meeting software being used at The Mortgage Summit to help brokers get the most out their time at Canada’s only independent business event for the Canadian mortgage brokering industry.

  • The future of private lending The future of private lending (views 15992)

    According to New Haven Mortgage president and CEO and Mortgage Summit panelist David Vyner, the outlook for private lending may depend on proposed refinancing rules and their potential effect on home prices.