Mortgage Broker

Consumer Guide 2015 mbabc.ca | 7 W elcome to the 2015 Mortgage Broker Consumer Guide. We have a saying, "Your best mortgage advice comes from a mortgage broker." We believe this, and are certain you will too once you read this guide. e Mortgage Brokers Association of British Columbia ( MBABC) is pleased to publish this inaugural issue to give mortgage consumers insight into what mortgage brokers do. e MBABC's mission is to provide its members with the best educational opportunities, ethical guidance and professional representation, while increasing consumer awareness by advocating mortgage brokers as the number-one choice for mortgage financing. e MBABC was established in 1990, and in 2015 we're celebrating our 25th anniversary. From being a small industry that started prior to the implementation of mortgage broker licensing in 1971, to being the multibillion-dollar financing machine that it is today, B.C.'s mortgage brokers have a large economic impact on not just the economy but on the well-being of citizens. Homebuyers rely on our members' services to obtain the best mortgage financing and independent representation in a complex mortgage market. Without mortgage brokers, many potential mortgage borrowers would simply never obtain mortgage financing. e Canadian mortgage market is estimated to total over $200 billion per year, of which B.C. accounts for approximately 25 per cent. Of this total, B.C.'s mortgage brokers negotiate over $15 billion a year in mortgage deals for borrowers. Be it a mortgage loan for first-time homebuyers or move-up buyers, a refinancing to take advantage of lower rates or extra funds, a construction or development loan, or a multimillion-dollar commercial mortgage, the list of services mortgage brokers provide is long. B.C. has some of the highest licensing standards for mortgage brokers in Canada, including the mortgage broker's course at the University of British Columbia, a "post-licensing" course for new mortgage brokers offered by the MBABC, and then mandatory re- licensing education every two years through our sister organization, the Mortgage Brokers Institute of BC (MBIBC). In addition, mortgage brokers attend workshops and seminars on cutting-edge mortgage topics at the MBABC's annual conference and trade show. e MBABC demands strong ethical and professional behaviour from its members. A code of ethics is in place to ensure that members follow protocols and meet the highest level of standards. We are happy to report that we receive very few complaints from the borrowing public. Mortgage brokers in B.C. are regulated by the Financial Institutions Commission of BC ( FICOM) and the BC Securities Commission. e MBABC and the MBIBC work closely with FICOM to ensure the rules, regulations and educational standards of the Mortgage Brokers Act of B.C. are adhered to. When looking for a mortgage, make sure you are dealing with a licensed mortgage broker. Many financial institutions offer services from mortgage specialists. However, their services are not that of a mortgage broker, nor are they able to legally use the term "mortgage broker." ese specialists represent only the particular products of their employer lending institution. A mortgage broker member of the MBABC is a licensed professional who represents a vast array of different mortgage products from well-known bank brands and credit unions as well as lesser-known, multibillion-dollar mortgage lenders that work exclusively with licensed mortgage brokers. A licensed mortgage broker offers an independent representation of the vast array of mortgage products that are available to you, and our member mortgage brokers work to find you the right mortgage for your particular needs. When looking for a mortgage broker, make sure he or she is a member broker of the MBABC (look for the distinctive logo). You can search for members on our website, www.mbabc.ca, and also confirm that the financial institution providing your mortgage financing is a corporate member in good standing. Once you have finished reading this guide, we are certain you will have both more insight and more questions about MBABC's mortgage brokers. Call a member broker today, and remember: "Your best mortgage advice comes from a mortgage broker." • Samantha Gale CEO Mortgage Brokers Association of BC Your best mortgage advice comes from a mortgage broker MISSION STATEMENT The Mortgage Brokers Association of British Columbia's mission is to provide its members with the best educational opportunities, ethical guidance and professional representation, while increasing consumer awareness by advocating mortgage brokers as the number one choice for mortgage financing.

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