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 28 - 36 of 91

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.
  • The Big Story: The most effective social media tool The Big Story: The most effective social media tool (views 10365)

    Brokers are as gung ho about social media and its power to win leads as other salespeople. But which one -- Twitter, Facebook, et al -- provides the biggest bang for a broker's buck? MBN finds out.

  • The Big Story: Lenders and grow-ops The Big Story: Lenders and grow-ops (views 11368)

    Brokers are generally supportive of registering former grow-op properties, but will monolines and banks ever lend on those rehabilitated homes?

  • The Big Story: The Mortgage Summit 2013 The Big Story: The Mortgage Summit 2013 (views 9111)

    Here's the highlights of the 2nd-annual Mortgage Summit, powered by CMP and bringing together more than 500 industry players for two days of professional development and networking.

  • The Big Story: The CMAs take the stage The Big Story: The CMAs take the stage (views 8583)

    Toronto was host to the 7th annual CMAs, theatre-styled gala honouring 21 industry players from brokers to underwriters. Take in the sights and sounds of this extravaganza.

  • The Big Story: Fighting doom and gloom The Big Story: Fighting doom and gloom (views 9173)

    The real estate forecasts of some big players have receive even bigger media attention. That's bad news for brokers sitting on preapprovals. But there is a way to encourage ready buyers into the market.

  • The Big Story: Rate Madness The Big Story: Rate Madness (views 13414)

    When one of the Big Five announced it would match any rate a competitor offered, brokers sat up and took notice, and then they got busy...

  • How to be a disruptive force How to be a disruptive force (views 9068)

    Industry trainer and broker Greg Williamson (Mortgage Professionals Academy) wants brokers to be a distruptive force for change, turning the tables on the banks and the rate wars. He`ll lay out his strategy at the upcoming Mortgage Summit (May 9 - 10) in Toronto during a luncheon workshop open to all registered attendees. For more information on the workshop, visit www.themortgagesummit.com/workshop.

  • Mapping out your marketing plan Mapping out your marketing plan (views 10262)

    Mortgage professional Michael Mullis -- the Mortgage Teacher -- is helping brokers master the art of multimedia marketing, with a session at the upcoming Mortgage Summit revealing all the tricks of that increasingly important trade.

  • Benefit from BMO's 2.99 Benefit from BMO's 2.99 (views 10471)

    Brokers weren't impressed by BMO's 2.99 per cent on its 5-year no-friller, says Centum's Paul Therien, but the offer has highlighted the need to provide clients both rate and expertise.