Mortgage Broker

CMB MAGAZINE cmba-achc.ca fall 2016 | 55 namechange Mortgage brokers across the country recognize the need for a common brand. "at logo will distinguish us from mortgage specialists that work at the branch level but call themselves brokers to the public," says Janet McKeough, past president of the CMBA – Atlantic and founder of Success Mortgages in Halifax. "It is our goal to ensure that the public knows the difference. A mortgage broker is a licensed representative who requires specific educational training to obtain or maintain their licence, but a mortgage specialist doesn't. e key is to ensure the consumer is aware of the difference." According to a 2015 Genworth Canada survey of first-time homebuyers, 73 per cent rated mortgage brokers or specialists a "very or somewhat important" source of mortgage information. However, McKeough believes there is still a great opportunity to educate the public about the benefits of using a mortgage broker. "From a national perspective, there is a huge opportunity for consumers to have a better understanding of who we are and what we offer," she says. "Unfortunately, there is still a bit of a perception that we are who you approach when all other options have been exhausted. In fact, we're the first people you should call." Mortgage broker Raj Babber, vice president of CMBA and owner of CLN Mortgages in Toronto, agrees that the MB brand is a welcome symbol for the profession. "e idea is to really show off the MB; it's sort of similar to the realtor 'R' – everyone sees that as a symbol. And when we're doing a national ad campaign, we don't have to say, 'Brought to you by CMBA – Ontario.' We can just say, 'Brought to you by CMBA. Look for the mark of membership.' It allows us to work closely with each other." In Ontario, says Babber, the regulator has reviewed a special version of the MB logo for provincial mortgage agents. "Mortgage agents can use the MB logo with the words 'mortgage agent' underneath it." The French connection Soon the CMBA will be inviting mortgage brokers from Quebec to join the CMBA and form their own Quebec mortgage brokers association. ere is currently no provincial association representing Quebec's roughly 800 mortgage brokers, whom Gale recognizes as culturally different. "ey have distinct legislation from the rest of the country, so I think they need some focus on their own province with a view to being connected to the other provinces," she said. "We're offering membership and the chance to join [as] CMBA – Quebec." e national association will offer resources to help Quebec brokers develop a branding and communications plan that will elevate their market presence – at a time, says Gale, when every industry group needs representation. "We want CMBA to be a truly national association. e idea is to still keep our provincial strengths, but besides Quebec there are other provinces with a strong French contingent. So we now have a French logo, CH, which stands for courtier hypothécaire." Gale adds that she believes government is tightening up on the financial industry. "Representation is more important now than at any other time. ere is a focus on real estate professionals, and mortgage brokers are shuffled in with that sector, so we need the voice." CMBA was created to ensure that voice is clear, consistent and on message. "We need to communicate in a sensible way to government and have harmonization across the provinces," Gale emphasizes. "But we need harmonization that makes sense and is balanced. We want consumer protection rules that are healthy for the industry and don't kill it. at's our purpose: to be that voice and make sure government is aware of the industry's concerns." Eventually, says Babber, the goal will be to harmonize educational offerings for mortgage brokers across the country. "ese are the discussions that we're having; we're trying to get to that level, but it takes time. Right now the focus is on the branding, but the goal is to get to that point. So we're taking baby steps, but it's very exciting." CMBA members are the only ones who can use the MB logo that identifies them as a professional mortgage broker

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