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/407986
TD Bank Canada Trust.indd 1 14-10-14 3:16 PM requiredresilience are removed on a purchase transaction. A mortgage broker still risks zero compensation for that oen highly intense week or more of work on a file leading up to the subjects removal date. Staying in tune and on top of every detail for as long as six months between subject removal and completion is not easy. An 80-hour workweek with not one dollar of income to show can make it exceedingly challenging to show up for work the following Monday morning with a smiling face and the energy for another 14-hour day. Are we all just gamblers doubling down and rolling the dice for a bigger win next week in the face of a loss this week? Rare is the broker who at some point has not questioned his or her own sanity in the face of a string of collapsing files. Perhaps it is the potential of that big payday when several files close at once that carries us through the long, dry weeks of no pay at all. How does one remain positive and upbeat in the face of this challenging compensation system? Simply put, because there is no other option but optimism. Is the current regulatory system likely to change? Not likely. Advance fees, fees billable at subject removal, fees billable at 'File Complete' status with lenders – they are all, in my opinion, wishful thinking. Too complicated to police and to regulate effectively. Too laden with potential for fraud that risks giving the entire industry a black eye, the industry that those who came long before me have invested thousands upon thousands of hours elevating in the consumers' minds via increased education, understanding of, and respect for what it is a mortgage broker does. e energy spent wishing for another way is perhaps better spent focusing on taking the high road with that client who has not completed a deal at the eleventh hour. Step aside graciously and offer continued support with an annual review moving forward. You will not regret it; nor will the client. e residential mortgage broker must, in my view, be a hard-wired eternal optimist. And for any of those who attend MBABC, CAAMP, and the variety of other industry forums and events, this air of optimism tends to shine through again and again. It is a love of helping people, of doing quality work, and of working within a circle of similarly optimistic professionals with a shared mutual respect that binds us to our chosen profession. In this we are quite similar to all other professionals. ese positive attributes keep us coming back each day with a smile, no matter how daunting the challenges ahead, no matter how challenging the week behind. Today I work with people I like and respect in a profession that I love. Tomorrow I am compensated – maybe. And that is OK. at is brokering! • MortgageBroker mbabc.ca fall 2014 | 39