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The Big Story: What should Flaherty do?

This week we spoke to Enza Venuto, Paul Therien, Karim Talib, Aniruddh Raol and Jimmy Hansra. 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’s no surprise that this year’s Federal budget is focused on reducing debt.  But it’s not just government debt that concerns Finance Minister, Jim Flaherty.  With Canadian household debt on the rise and home prices slowing but not dropping, many are predicting the government would tinker with mortgage rules for the third year in a row and lower the maximum amortisation period. Not surprisingly most brokers do not agree with this option.  
 
Mortgage Broker News caught up with brokers at Centum’s inaugural conference - Vision 2012. Everyone would be better served if government focused on unsecured consumer debt and more importantly on improving financial literacy amongst the general public. 
 
Enza Venuto, Principal Broker, Centum – Finding the Right Mortgage
Enza Venuto:  Personally being in the industry for over 40 years , I have seen cycles like this happening, where the government likes to help and to assist consumers in reduction of debt.  I think the only way that we can all do this as a government and as a mortgage industry is we have to work together to educate our clients, to give them the education and the tools to help them reduce the debt.  As mortgage consultants our role is to help the client in relationship managing and helping them reducing the personal debt that they have.  Not just by having them incur more debt, but reduce the debt to allow their credit to be credible out there that will allow them to take the next step.
 
Paul Therein, Director of Business Development, Centum Financial Group
Paul Therein:  I think that the Federal government should be looking at mortgage debt.  However, they need to also focus on consumer credit, because that is the driving force for consumer insolvency in the country.  We need to have enhanced financial literacy programs and it’s the government as the chief educator in this country has an obligation to ensure that its citizens are educated on financial literacy and consumer credit and how to effectively manage it.
 
Karim Talib, President, Canada Compliance Support Network
Karim Talib:  Well I believe that the Federal government should have lesser changes in the regulation side for the mortgage aspect.  However, the Federal government should really focus on the unsecured debt that we have here in Canada.  
 
John Tenpenny:  Instead of amortisation changes, some think a better plan could be to increase the minimum down payment from 5 to 10%.  Helping Canadians borrow less and manage the debt they have should also be priority No.1.
 
Aniruddh Raol, Principal Broker, Centum Mortgage Achievers
Aniruddh Raol:  For the upcoming budget government should make some of the mortgage rules tighter and my suggestion would be to keep the amortisation same as before upto 30 years and change the down payment criteria from 5% to 10%.  So that way the monthly payment stays in control for everybody else and they can control their budget properly as well.  
 
Jimmy Hansra, Broker, Centum Fairtrust Financial Group
Jimmy Hansra:  I think the government should help individuals focus on unsecured debt as credit cards and unsecured lines of credit.  I don’t think mortgage debt is the big issue in Canada.  I think the issue is that a lot of individuals have household debt, but that household debt consists of credit cards and unsecured lines of credit.  I think the government should not scale back on their amortisations and help individuals focus on borrowing less and focus on more debt consolidating back to the debts that they currently have.
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    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 15220)

    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.

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  • The Big Story: Online lead generation The Big Story: Online lead generation (views 14990)

    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 15560)

    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.

  • The Big Story: Vancouver's increasingly competitive market The Big Story: Vancouver's increasingly competitive market (views 12939)

    If they say there’s a Tim Horton’s on every street corner in Canada, in Vancouver you’re likely to find a mortgage broker right next door. Throw in the highest housing prices in the country, banks that are fighting tooth and nail on interest rates and falling originations and you have a recipe for disaster. Or do you? On today’s Big Story we spoke to Vancouver brokers Peter Kinch of Dominion Lending Centres-The Peter Kinch Mortgage Team and Trish Pigott of VERICO Primex Mortgages as well as Equity Trust Financial CEO Nick Kyprianou. Kinch feels it’s imperative that brokers resist the temptation to take the banks head-on, while Kyprianou says there has been too much fixation on the market’s high-end prices. Pigott, for one, thinks those brokers who offer value over rate will succeed in the face of increasing competition from the banks. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.