Mortgage Broker

8 | summer 2015 mbabc.ca MORTGAGEBROKER Summer 2015: A giant leap! report from the president It's realIty. e Canadian Mortgage Brokers Association has arrived. When I look at the cover of this issue of Canadian Mortgage Broker, I am struck by the momentous nature of what we – MBABC – have helped to create. CMBA is an association created by mortgage brokers that is for mortgage brokers. However, given that the interests of mortgage brokers are intertwined with those of our lenders, insurers and other service providers, CMBA will undoubtedly be an organization that works for the betterment of the entire Canadian mortgage broker industry. e origins of CMBA really go back several years. As everyone is keenly aware, there has been much talk about the need to consolidate the mortgage brokers associations across Canada. Several collaborative efforts culminating in various forms of loose partnerships have been formed in the past, but their lack of structure and focus limited what they could achieve. Ultimately a group of mortgage brokers got together in November of 2013 to restart the idea of forming something "new." ere was no presence from paid management from any associations participating in this meeting, just board members of the various industry associations, almost all of whom were mortgage brokers. e five associations in attendance – MBABC (Mortgage Brokers Association of BC), CAAMP (Canadian Association of Accredited Mortgage Professionals), MBAAC (Mortgage Broker Association of Atlantic Canada), IMBA (Independent Mortgage Brokers Association of Ontario) and AMBA (Alberta Mortgage Brokers Association) – agreed to meet again within a few months. Only the presidents or chairs of each association would continue to meet. e idea was to work together to generate a new association concept with a neutral facilitator, who would ensure that self-interests would be minimized and logical decisions could be made within a realistic timeline. We all agreed to a set of working principles. One of the most important principles was that if at any time one or more associations didn't want to proceed with the plan, then those remaining associations le at the table would continue with the creation of this "new" national association. During 2014, meetings of the working group were held in Calgary, Regina, Toronto and Montreal. By the end of the year, it was clear that not all associations would continue with the formation of the new organization under the agreed-upon framework, leaving the provincial associations to continue to hammer out a new structure. Ultimately we designed a new "umbrella organization" that would empower the provincial associations with a national voice by giving equal votes to each province or region. Empowered and enabled provincial associations are essential, as they have a grassroots connection to the industry and know what is best for themselves and the mortgage broker industry within that province. is is particularly true given that all mortgage broker and land title legislation is provincial and not federal. Where the national organization would be most useful is in branding and communicating the value proposition of mortgage brokers to the public, providing infrastructure efficiencies and addressing issues at a federal level when required. e organization needed to have a board of directors that would be made up of the elected presidents or chairs of each province. Most importantly, all the presidents of the member associations needed to be working mortgage brokers. Ultimately this led to the "Giant Leap," and the result was the Canadian Mortgage Brokers Association or CMBA. MBABC's contribution to the creation of CMBA has been significant. One of the most visible contributions is the MB logo which sits within the CMBA logo itself. MBABC and its members pioneered the use of this trademark over the last 18 months, and now consumers in B.C. have started to recognize it as the symbol of an MBABC member mortgage broker. Soon, consumers will recognize this membership mark across the country as the provincial members of CMBA start using the trademark as well. As your MBABC president I am proud of the role your association has played in helping form CMBA. Small steps truly do result in giant leaps! Ajay Soni President ajaysoni@mbabc.ca One of the most important principles was that if at any time one or more associations didn't want to proceed with the plan, then those remaining associations left at the table would continue with the creation of this "new" national association.

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