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Mortgage Broker News | 17 Sep 2013, 12:00 AM Agree 0
Independent broker, Paolo Di Petta, will be meeting with Steven Del Duca, Liberal MPP of Vaughn and the man appointed to oversee the review of the MBLAA, on Thursday to discuss potential changes to the act – and he wants to collect and present broker feedback after a letter sent by CAAMP to the MPP did not represent brokers’ best interests.
  • Paolo Di Petta | | 18 Sep 2013, 08:05 AM Agree 0
    Thanks for the Coverage, Justin!

    I'll also accept feedback here in the comments section - just commenting so that I can get email updates.
  • Ron Price | 18 Sep 2013, 08:39 AM Agree 0
    Herein lies the fundamental flaw with CAAMP. It's not only an Achilles heel, it is a fatal flaw.
    In trying to represent the best interests of both Lenders and Brokers, CAAMP has an inherent conflict of interest since we are in direct competition with the banks.
    This will always be a problem and CAAMP cannot ever hope to satisfy its' membership.
    We endorse a new national association which exclusively represents mortgage brokers and we should be allowed to choose, rather than be forced to join CAAMP by our franchisor.
  • Jimmy the broker | 18 Sep 2013, 08:46 AM Agree 0
    Good luck Paolo and thanks from all of us for working on this. The playing field is not even with the banks and something needs to be done about it. Ive also had more and more clients tell me how they're bank is using tricks and lies to keep their business at the bank . For example, switching their mortgage to a collateral charge without really telling them what that is. Had a client say he was offered a (bank starts with an S) LOC after his mortgage was originally registered, but the rep didnt explain to him how this would cause problems with a transfer out later on. Sure enough he came to me for my rate on a mortgage renewal with another lender and got nailed with legal fees because of the collateral charge and having to do a refinance instead. S & T are notorious for this now. Beware.
  • Sylvia | 20 Sep 2013, 10:13 AM Agree 0
    Interesting. Two comments:

    1. You're saying CAAMP doesn't have the Broker's interest at heart, but then you quote a section that clearly indicates that they are trying to even the playing field between bank reps and brokers:

    “However, we believe strongly that when such employees are placing mortgage products with a lender who is not their employer, they are brokering and should be covered by the provisions of the MBLAA legislation including licensing,”

    2. REMIC's response says much the same thing about bank road reps, but I don't see any complaints about that.

    Seems people just like to complain.
  • M. Robertson | 20 Sep 2013, 11:17 AM Agree 0
    Ron... if your franchisor is forcing you to belong to an association, you should seriously reconsider your franchise. Associations have value only when their membership is engaged and has a vested interested in belonging. Forced membership devalues the association unless that association is the regulatory body for the industry - CAAMP is not that.

    To everyone else:

    As for CAAMP looking out for the interests of mortgage brokers - they are not a mortgage broker association, they are a mortgage association. They cannot side with one over the other - well... at least they shouldn't.
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