Bid to establish broker-run organization ramps up

Bid to establish broker-run organization ramps up

Bid to establish broker-run organization ramps up An industry player has ramped up his effort to establish a national broker-run organization in the wake of widespread dissatisfaction with CAAMP’s recent changes to its AMP designation.

“Some key people have responded, veterans in the industry who could make a significant contribution to the effort,” Blair Anderson of MortgageResource.ca told MortgageBrokerNews.ca. “I think it should grow some legs as long as someone takes the ball and maybe the onus is on me right now to do that.”

Anderson spoke with MortgabeBrokerNews.ca in October and explained the need for a broker-run organization.

“There are a lot of issues around running our broker channel that need representation on a national level,” Anderson said at the time. “I would like to propose the Canadian Mortgage Brokers Association (CMBA), and there needs to be equal representation between regions, and small and large brokerages.”

The idea sprung forth as a result of his own dissatisfaction with CAAMP when he brought the issue of a broker who mistreated a client to the organization.

“Long story short: They did nothing although they told me they would,” Anderson explained. “I gave them the details and they said, ‘absolutely this will go to our hearing and we’ll bring them in,’ but they wanted to wait and see how FSCO responded and when FSCO did nothing – which was equally bad – they decided to not do anything and they didn’t even update me.

“It was a really disappointing experience which ultimately lead me to say why am I associating myself with them  when they have this code of ethics that … are hollow words they don’t stand behind.”

And with more and more brokers airing their grievances with CAAMP, Anderson realizes there is a desire for an alternative.

“If people don’t already see the flaws in that model ... everyone likes to be inclusive but it’s inclusive to the point where there are conflicts of interest; you can’t represent everybody,” Anderson said. “I think over time if people get involved we will get the right association in place we deserve and it will take off.”

The next step, Anderson explained, is to organize a meeting with interested brokers – many of whom have already contacted him – before enlisting the support of provincial organizations.

“The provincial associations have to be behind this as well, that’s critical,” Anderson said. “I’ve reached out to my Ontario president at IMBA to see what sort of feedback he’s getting because he has implied that they are having some discussion about this with his counterparts. They may need a little more push from people like us.”
 
Anderson will be forwarding information about the next steps to those who have expressed an interest in participating. To get involved, contact him at blair@anderson.ca.