When Michael Sjerven, principal broker at Verico Vivid Mortgage – looks to the future, he sees a significantly different industry than the one now facing professionals both in and outside his Vancouver market.
“I do believe most of these changes will be here by 2020,” he tells CMP, “although, it could end up being only a few. It’s hard to predict, not unlike where interest rates are headed.”
But if brokers want to stay alive long term and compete with the Big Five, argues Sjerven, “then I believe changes need to be made and this list reflects that coming reality.” My hope is that these ideas will encourage some leaders to start working together on positive change for the industry.
The future of mortgage brokers in 2020?
- One national licence tied to one designation:
A national licensing body will simplify the registration process and allow for out-of-province deals. It will likely combine a designation (eg. CGA/AMP) with licensing and so add more credibility to the profession.
- One (national) broker association, combined with provincial associations:
Considering there is already some overlap with regard to conferences, especially with MBABC and CAAMP, by 2020, it will have made sense to roll all associations into one. Now, not all brokers can afford to pay all membership fees, and the synergy created by combining all associations into one have been viewed as beneficial to everyone.
- One national ad fund for brokers – supported by all brokers, networks and lenders:
This fund will be targeted, promoting "Mortgage Brokers" much like the ones Realtors and insurance brokers have. It may also be tied to the national designation (e.g. AMP). All networks, brokerages, suppliers and lenders contribute about one per cent of gross commissions.