The silver lining as a result of mortgage rules


The industry has banded together like never before in a bid to educate the government about the impact of mortgage rule changes

Industry players have, for many years, called for improved teamwork among competitive associations and networks when it comes to furthering the industry.

It seems that time has come.

Recently, a number of industry stakeholders – including Ajay Soni, national president of the Canadian Mortgage Brokers Association, Paul Taylor, president and CEO of Mortgage Professionals Canada, as well as a number of broker representatives – attended a government meeting with the hopes of educating policymakers about the roadblocks recent mortgage rule changes have put in front of potential homebuyers.

“What we’re doing is we’re fighting regulator perception as to where we should go,” Soni recently told CMP. “My worry is that we’ll get overregulated and that will work against some of the value proposition that is so inherent in mortgage broker and mortgage broker services.”

Since the launch of CMBA in April of 2015, a major focus has been government lobbying; an attempt by the industry to be taken seriously by policymakers and to have its voice heard.

It’s something the country’s other national association has always focused on – and one it has ramped up its dedication to.

Paul Taylor recently admitted on the Canadian Mortgage Hangout that he has visited Ottawa a number of times since the introduction of new mortgage rules last October.

Those new rules have seemed to a light a fire under the industry and it has forced competitors to work together to achieve a common goal.

As a result, they have created a movement to hold the government accountable.

Let’s hope the government is listening.

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