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.
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.
Is having fewer mortgage brokers a good thing or a bad thing? With mandatory relicensing education requirements now in effect in Ontario, fewer brokers is a distinct possibility. Some in the industry are predicting a loss of upto 15%, with most of that coming from part-time and newer brokers. Requiring brokers to take more education can only help the industry as a whole, but if some brokers choose not to submit to that requirement that may also be a good thing in the opinion of many.
Linh Ly, Mortgage Agent, Unity Financial Services Inc.
Linh Ly: I feel that losing 15% of mortgage brokers due to the relicensing course is not a bad thing. We are able to retain the solid mortgage brokers that truly want to be in this industry. I also feel that continuing education is such an important aspect of our business.
Sharon Ferguson, Mortgage Agent, The Mortgage Centre - Durham
Sharon Ferguson: Ontario is expected to lose up to 15% of their brokers due to relicensing qualifications in Ontario. I think that that’s a great thing only because if this is a fulltime profession we need to make sure that those that are working in it have put the time, the effort and the commitment into growing this industry.
John Tenpenny: The new requirements are also a step in the right direction towards improving the consumers perception of mortgage brokering as a profession. Sandra Cockburn, The Mortgage Centre, Durham.
Sandra Cockburn, Mortgage Agent, The Mortgage Centre - Durham
Sandra Cockburn: I like the relicensing of brokers. Our industry needs to be accountable to ourselves and to the public. Knowledge is power and new information and revisiting old is nothing but a benefit to brokers. Relicensing of brokers is a good thing, this business deserves your full attention and so do our clients as well as the lenders. Committed brokers are diligent, driven and have a passion for this industry.
John Tenpenny: In the end the industry in Ontario will come out stronger for having increased the standards for its practitioners.
Danny Kellman, Broker, VERIOCO – The Mortgage Leader
Danny Kellman: I have heard that Ontario will be losing 15% of their brokers due to the relicensing course. I think it’s a good thing, because it’s called natural selection, the strongest will survive and hopefully in that process, this will raise the standard in our industry.