Mortgage Broker

CmB magazine cmba-achc.ca spring 2017 | 55 of the people who may not have been as reputable." MacIver adds that while she appreciates the licensing process and believes it's good for industry, she doesn't think the self-study licensing course, administered by Mortgage Professionals Canada, contained much useful information for seasoned industry professionals. "For the mortgage broker itself, I don't think it did anything; I really don't," she says. "As far as actually helping us underwrite a mortgage, I don't recall seeing anything that would assist us to do our jobs better." And when it comes to charging consumers a fee in advance of residential funding, MacIver says that isn't a common industry practice anyway. "On the residential side, I think [the regulations] took away some of the maybe not so reputable mortgage brokers in the city. Should there be fees charged for some of the more difficult residential deals? I never have; I always got paid when the mortgage is funded." Ultimately, MacIver feels the new regulations haven't changed the way she does business at all. "Our company had already been providing disclosure information on interest paid; I don't charge fees and never have, so there was nothing to report there. Premier Mortgage is pretty organized; even before the regulations, all our documentation had to be in place." Sylvie Messer of Key Mortgage Solutions INVIS in Fredericton, a 10-year industry veteran, says that the new regulations haven't made any waves for her, either. "I've always conducted my business with professionalism and integrity, and that has not changed," says Messer. "I always did the full disclosure with my clients and always provided all the information that would help them make an informed decision. "With the new regulations, all I really do differently is the suitability form. I used to write on the files and on notepads; now, I just do the suitability form." Messer says the licensing course helped her learn about the new regulations, but since she has never charged an upfront fee when arranging traditional residential mortgages, that new rule has not affected her. Another Fredericton broker, Mike Laking of Mortgage Intelligence, also tells Canadian Mortgage Broker that not much has changed in the industry on a day-to-day basis. A nine-year industry vet, Laking says the only change – which his firm implemented well in advance – was a fixed credit disclosure designed to ensure consumers fully understand what they are paying in interest. Like MacIver, Laking didn't find the mortgage broker licensing course very challenging. "Overall, I'd say the course covered all the basics," he says. "I'm in the process of adding a new team member who is brand new to the industry; I think the course is great for them. In the past, I had to do a lot of that training myself and it's very time consuming. So from that perspective, it allows me to gauge their level of understanding." Laking says everyone in his office supported the educational component of the licensing process because it ensures industry professionals possess a minimum basic knowledge. "At the same time, it could help people identify areas of opportunity. You have no choice but to go back and review sections you had trouble with," he says, noting that the broker course was "heavily focused on new rules and regs from a business compliance perspective." Laking adds that he also disagrees with charging a fee in advance of funding, except in the case of some commercial mortgages where there is significantly more work involved. He has spoken to some New Brunswick brokers who focus on commercial mortgages and they would like to see a separate set of rules for those deals. New Brunswick mortgage professionals must pay a fee to renew their licence annually on April 1; industry newcomers must pass the one-time course prior to a licence being issued. Laking also feels that dealing with a licensed professional helps put consumers' minds at ease and creates a more professional environment. "It's always great as a member of the general public to be protected. e fact that we can now say we're a licensed broker gives them a bit more comfort and security," he explains. "People are more comfortable knowing that we are accountable to the regulator." "People are more comfortable knowing that we are accountable to the regulator." – Mike Laking, Mortgage Intelligence Janice MacIver, Premier Mortgage Centre Sylvie Messer, Key Mortgage Solutions INVIS

• Cover