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Mortgage Broker News | 03 Apr 2013, 12:00 AM Agree 0
While CAAMP is effectively asking the B.C. government to tinker with the province’s Mortgage Brokers Act, some brokers are calling for a complete overhaul, one that clearly places brokers at the reins.
  • Samantha Gale, MBABC | 03 Apr 2013, 02:43 PM Agree 0
    Sandy Higgins is right. The MBABC is of the view that the British Columbia Mortgage Brokers Act needs more than just being tinkered with - it needs a complete overhaul, which includes a fresh new approach to regulation. This 40 year old piece of legislation is seriously outdated and needs modernization to bring it into line with current mortgage broker practices. The MBABC has been talking to BC brokers at town hall meetings, and on a continuous basis as well- BC brokers and other BC industry groups representing realtors, notaries and MICs have all clearly vocalized their support for the self regulation of mortgage brokers. The concept behind self regulation is one of democracy and industry representation, where the BC industry has a say in how it is regulated rather than a case of having government impose a structure on unwitting individuals. On an other issue, BC brokers have a strong reciprocal relationship with their Alberta counterparts, and accordingly the MBABC has been in contact with RECA on the question of the regulation of private mortgage lenders - from our discussions it appears that RECA will continue to regulate private mortgage lending in Alberta. I would suggest that this is good news for BC private mortgage lenders.
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