Mortgage Broker is the magazine of the Canadian Mortgage Brokers Association and showcases the multi-billion dollar mortgage-broking industry to all levels of government, associated organizations and other interested individuals.
Issue link: http://digital.canadawide.com/i/354755
report from the president MORTGAGEBROKER mbabc.ca summer 2014 | 7 If the national mortgage brokering market share grew from the current 30 per cent to 50 per cent this could result in more than $40 billion of increased mortgage funding. Building Bridges . . . a B.C. Solution for B.C.'s Mortgage Brokers FOUR IMPORTANT PLAYERS in the British Columbia mortgage brokering industry have the power to change our industry for the better. It's time for FICOM, MBABC, MBIBC and the University of British Columbia (UBC) to combine the goodwill these organizations have created and leverage it to improve the standards and professionalism of mortgage brokers in B.C. Increased standards and professionalism will further protect the public, raise awareness of mortgage brokers and help us increase market share. If the national mortgage brokering market share grew from the current 30 per cent to 50 per cent this could result in more than $40 billion of increased mortgage funding. It really is a win-win situation for all parties. Your two industry bodies, MBABC and MBIBC, work closely with our regulator FICOM. I am sure many of you remember the adversarial relationship that existed between industry and FICOM. However, we now have bridges between the regulator and industry. FICOM worked with our relicensing provider – MBIBC – when it realized there was a void in relicensing education amongst mortgage brokers. In retrospect it seems amazing that we didn't have this relicensing standard in the past. FICOM works with MBABC and MBIBC to further the goal of protecting the public by consulting with the B.C. industry on significant matters. e communications channels are always open and the dialogue is robust. However, MBABC needs to further our goal of raising educational standards even higher. e industry desperately needs a designated individual course. As much as B.C. has led the country in mortgage broker pre-licensing it has now lagged behind other provinces in legislating a mandatory course for those mortgage brokers who want to run their own businesses. e current situation, simply allowing two years of licensing without demonstrating competence, is not the best way to protect the public or enhance the image of the industry. e other missing educational component is a practical or post- licensing course for mortgage brokers entering the industry. Currently MBABC offers our revamped post-licensing course. is supports new brokers with the basics of what they will encounter as a mortgage broker. A recent study has shown that there is even more demand for practical education. MBABC along with MBIBC are well poised to take on this role, but we need help. A change requiring mandatory post- licensing education, similar to that required by realtors, would be a major benefit for all industry players. e other key player is UBC. is respected B.C. institution provides the pre-licensing course for potential mortgage brokers. MBABC and UBC have a great relationship: Both recognize the important role each plays in the B.C. mortgage brokering landscape. Both parties have an open dialogue about the need for improvements to the pre-licensing course. UBC has attended the MBABC post-licensing course to observe the industry professionals' teaching the curriculum. e good news is that UBC is open to adding practical education to its pre- licensing course. At the same time we are happy to see UBC promote the MBABC post- licensing course. With the great relationship that these four B.C. institutions play in shaping the standards for B.C. mortgage brokers we have high hopes for increased standards and education in the near future. On behalf of the Board of Directors and staff at MBABC we wish you all the best for the summer. As always I welcome your feedback. • Ajay Soni President ajaysoni@mbabc.ca