Mortgage Broker

EquitableBankREV.indd 1 15-07-30 11:22 AM MORTGAGEBROKER mbabc.ca summer 2015 | 41 cmbaorigins light on many aspects of the mortgage brokerage industry: the myriad differences between licensed mortgage brokers and mortgage specialists, and what they offer; the standards licensed brokers abide by; the ability of licensed broker members to represent a vast array of different mortgage products; and the huge impact licensed brokers have on the Canadian economy. Soni, Babber and McKeough began formal discussion to create CMBA three years ago. "e notion of some sort of unified, national entity had been kicking around for years, so we met in Toronto in late 2013 to figure out exactly how to harmonize ideas and content," says Soni. at meeting included the Alberta Mortgage Brokers Association (AMBA), the Canadian Association of Accredited Mortgage Professionals (CAAMP), and about 30 presidents and directors of all five organizations. "We agreed that the time had come to do something," says Gale. "Historically, the mortgage broker was perceived as the option of last resort for 'bottom of the barrel' clients, and we needed a national vehicle that would instill pride in our profession as well as educate the public about the benefits of dealing with brokers rather than just going to the bank, which is still too oen the option people lean towards." A second meeting of the five associations took place in Calgary in 2014, then a third meeting in Regina two months later. "ese meetings were facilitated by a third party," says McKeough, "and it was agreed that if any party didn't proceed, the remaining parties could if they so chose." A meeting of presidents and directors was held in Toronto in August of 2014, followed by phone exchanges and work sessions; shortly aer CMBA was incorporated, MBABC created the simple yet effective MB brand. If generational trends are anything to go by, CMBA's message will likely resonate the most with young people. "ey tend to do things differently and shop around for services," says Gale. So far, reaction to CMBA's creation has been overwhelmingly positive. "Our industry partners – lenders, lawyers, appraisers, technologists – are extremely pumped," says Babber. "We're getting a lot of inquiries from other professionals about how they can be part of the association. Given this enthusiasm, I have no doubt that we'll see a noticeable increase in our market share within a few years." Gale agrees. "Last year, the Canada Mortgage and Housing Corporation conducted a study showing that 50 per cent of people go directly to brokers instead of dealing with the banks, and this year that percentage climbed to 55 – so the tide is changing in our favour. We're hoping the percentage will continue to climb as CMBA's influence grows." Soni summarizes the sentiments of his colleagues when he says, "We've finally become the national organization that mortgage brokers across the country can point to and say `is is mine'."

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