“This initiative is designed to create more paid international trips for the execs of the associations. National governments get together to share info because they spend our tax dollars on themselves to do it; this new international association would, in effect, be wasting my membership dues.
We have so many pressing issues at the national association level that our association could spend every dollar and every waking moment on serious government relations issues that are a clear and present danger to the Canadian public and the mortgage brokers who serve them. Worrying about commissions from New Zealand can wait another decade.”
“Alliances with these markets will allow us to innovate. These more mature markets have learned certain lessons some time back; if we use this opportunity to learn from their experience and integrate these lessons, we can be ahead of the curve and get a bigger market share.
The fact is, the Canadian market is very behind relative to other similar markets. In the UK, 71% of mortgages are handled by brokers; in the US, 65% of the market is handled by non-bank lenders. In Canada, it’s no more than 30%. No matter how you cut it, the banks dominate here.”
“The International Federation will play a positive role and not encroach upon brokers’ autonomy. In a time of unprecedented change, the federation will provide a great forum for broader conversations to happen.
As the agenda starts to take shape re: commission-sharing and referrals, I am always mindful of the challenges of scaling. What works well for one country may not always be right for another, given differences in policies, regulations, risk appetite, cultures, etc. I remain optimistic and comfortable that we will have the right people at the table to ensure we act when and where it makes sense.”