New org draws comparisons to similar successful entity

New org draws comparisons to similar successful entity

New org draws comparisons to similar successful entity Brokers are already providing suggestions on a focus for The Canadian Mortgage Brokers Association and its role in shaping the industry.
“When we get to the end of the journey I kind of like to assess where it is but I’m all for national standards on everything; nomenclature, qualifications, rules and regulations, I’m totally in favour of that,” Ross Taylor of Mortgage Intelligence Ross Taylor & Associates told “I used to be in the securities industry and it bothered me that we had all those different commissions and whenever we needed to get compliant we had to approach each commission individually. I see the same issues in the mortgage industry.”
Brokers are applauding the formation of the Canadian Mortgage Brokers Association as a united voice for brokers across the industry.
“These folks have gone way beyond just linking up: they have developed a brilliant trademark similar to the Realtor trademark that will be perfect to promote the Broker space,” Ron Butler of Verico Butler Mortgage wrote on “They can provide and common vehicle for media advertising that all mortgage brokers will appreciate.”
A national designation would rival the AMP and could set up the new association as a future governing body for self-regulation, suggest some observers.
The national group bringing together provincial players, founded by various provincial organizations, including MBABC, MBAAC, and IMBA, was announced Tuesday.
“It was determined that the formation of a national umbrella organization, CMBA, would not only enhance already strong regional representation but also promote higher standards and awareness across the country,” an official release from CMBA states. “CMBA will be an organization by mortgage brokers for the entire mortgage broker industry.”
The goal of the association is to promote the use of mortgage brokers and increase market share.
Some, however, are taking a “wait-and-see” approach before crowning it as the industry’s saving grace.
“I kind of tune out when I see announcements like this; it’s kind of like I’ll believe it when I see it,” Ross Taylor said. “I just find it laughable that we have so many different associations we can’t even agree what we call ourselves (brokers or agents), whether it’s the AMP designation or not.”
  • Blair Anderson 2015-04-23 11:02:35 AM
    This is the right path for mortgage brokers. I'm delighted to see mortgage brokers standing up for themselves and controlling their own destiny. A national association, borne out of the provincial associations, exclusively representing mortgage brokers, was the best origin to establish the CMBA.

    With CAAMP out of the picture, the CMBA can effectively move our profession into the 21st century. I’m not sure there is any future for CAAMP. The conflict of interest between origination channels, is a fundamental flaw in CAAMP’s constitution. They may have other issues, but this is the nail that finally sealed their fate. Mortgage Brokers need to advance their profession, in a very competitive industry, and CMBA has all the hallmarks to help see that happen.
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  • bc broker 2015-04-23 1:30:43 PM
    Well said Blair
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  • Brice 2015-04-23 1:32:38 PM
    Well said Mr. Anderson.

    Unlike CAAMP, CMBA seems to be based on an appropriate foundation to service mortgage brokers.

    CAAMP not only has execution problems but has problems which go to its very core - CAAMP does not identify servicing mortgage brokers, but rather servicing a much broader sector in which mortgage brokers are seen as minions, as its reason for existing. This leads to CAAMP muddling the needs of mortgage brokers with a bunch of other needs (including CAAMP's own profit making needs). None of them (particularly those of the "minion" mortgage brokers), except CAAMP's, seem to be furthered.

    At least with CMBA, the appropriate foundation is already in place. The appropriate foundation from the perspective of mortgage brokers is that the reason for the existence of CMBA is to service mortgage brokers' needs.

    It appears CMBA is to be led by mortgage brokers for mortgage brokers purposes, whereas CAAMP appears to be led by non-mortgage brokers for CAAMP purposes.

    Granted CMBA will need to ensure it executes on the foundation in place, however in its short life it is already ahead of CAAMP. CAAMP has already failed on both the laying of the foundation and in executing anything worthwhile to mortgage brokers.

    To put it briefly, CMBA has given the mortgage brokering industry hope while it appears CAAMP is simply hopeless.
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