REMIC asks brokers to sign MBLAA petition

REMIC asks brokers to sign MBLAA petition

REMIC asks brokers to sign MBLAA petition

An industry player has presented a list of recommendations for the MBLAA review – one of them concerning regulation of bank reps – and he is asking brokers to sign a petition to be presented at the next MBLAA meeting.

“On October 28th REMIC will be participating in a roundtable discussion of our concerns and recommendations (and) in this session REMIC will discuss, among others, its recommendation that bank "road reps" who engage in mortgage brokering be regulated under the MBLAA,” Joe White, president of REMIC said. “To reinforce this position REMIC is asking all members of the mortgage industry who agree with this statement to sign a petition (and) REMIC will present this petition at this upcoming meeting.”

White met with Steven Del Cuca – the MPP charged with overseeing the MBLAA review – and offered a list of recommendations which were solicited from over 1,000 brokers.

“We had a roundtable meeting with several stakeholders and Mr. (Steven) Del Duca and he told us he was looking for frank comments; I got the impression he was looking for honest feedback on how to go about that,” Joe White, president and CEO of REMIC told in September. “Whether that will translate into actual changes remains to be seen but he seemed genuinely interested in what everyone had to offer.”

He’s hoping that procuring broker signatures on the petition will help sway Del Duca to make the changes brokers want to see.

“I strongly urge you to participate in this petition if you agree with it, and pass it on to anyone and everyone else who supports this position,” White said. “Our industry needs a united voice to ensure that this matter is addressed, which means we need your support.”

To view REMIC’s recommendations, click here.