10
Profession Broker February 2013
11
Profession Broker February 2013
MBRCC
Establishment of the Mortgage
Broker Regulators' Council
of Canada:
To even better meet consumers'
mortgage brokerage needs
The OACIQ welcomes the establish-
ment of the new
Mortgage Broker
Regulators' Council of Canada
(MBRCC)
. This Council brings toge-
ther all mortgage regulators from
across Canada.
In the context of an increasingly complex
market, the implementation of this new
collaborative forum will allow mortgage regu-
lators to work together and discuss key issues
facing mortgage brokerage in each province.
In addition to harmonizing professional skills standards for mortgage bro-
kers, the Council would like to standardize the regulations. In this
regard, it is particularly committed to assess the practices aimed at
ensuring that consumers get mortgage products that best suit their
needs.
As a result, it's the consumers' trust in mortgage brokers that will be
enhanced. This will have a beneficial effect on all those practicing the
profession in Canada.
To learn about the MBRCC strategic plan for 2012-2015, visit our
website and read article no. 122165, entitled:
Provincial regulators
partner to increase consumer protection and improve mortgage
broker standards
.
· It acted as an expert in developing the new
training for mortgage agency start-up sessions,
offered by the OACIQ
Inspection Department
;
· It provided its comments and observations
concerning the work on the return of the man-
datory basic training;
· At the request of the group, a new section dedi-
cated specifically to mortgage brokerage has
been created and available since October 24,
2012 on
Synbad, the OACIQ extranet;
· Certain concerns raised by the group resulted
in an article about interest rate advertising,
published on
page 8
of this newsletter.
Other projects are also planned for 2013.
Indeed, it is expected that the working
group on mortgage brokerage will:
· be called upon to comment a mortgage broker-
age guide of practices;
· take part in preparing a Syndic's tour within
mortgage agencies;
· help develop the content of the upcoming sym-
posium of the CAAMP;
· participate in an opinion survey about mortgage
brokerage continuing education activities.
Furthermore, mortgage brokerage is well repre-
sented wherever useful, as at the Real Estate
Summit and within the FARCIQ.
Therefore, there is no lack of mortgage brokerage
projects in 2013. Keep an eye on our commu-
nications for more details about the progress of
achievements!
Working group on
mortgage brokerage:
After only one year of existence, the working
group on mortgage brokerage created by the
OACIQ, in collaboration with the Canadian
Association of Accredited mortgage Profes-
sionals (CAAmP), took concrete and very
positive actions for mortgage brokerage in
Quebec.
Indeed, very fruitful discussions regarding professional practices
have already resulted in many achievements:
· At the Mortgage Fraud Summit organized by the
CAAMP
on
March 12, 2012, the OACIQ delivered a speech on the same
topic;
· The group took part in the discussions surrounding the par-
ticipation of the OACIQ in the Mortgage Brokerage Sympo-
sium in Laval on May 3, 2012;
· The group completed the mortgage brokerage contract
update that was added at the beginning of the year to the
Filogix tool. It also participated in the work aimed at raising
awareness of the mandatory statements that must be
included in this contract;
Useful and
necessary for
brokers
This group represents the vast majority of mortgage brokerage
professionals in the province. The verdict is unanimous among
members of the group: such a forum is very useful and absolutely
necessary for all mortgage brokers in Quebec.