More needs to be done in this regard, according to REMIC's president
The recent introduction of new educational and regulatory requirements for Ontario’s private mortgage brokers is a welcome development that should herald more changes in this direction, according to Joe White, president and owner of the Real Estate and Mortgage Institute of Canada.
Especially when compared to the relatively scattered regulatory landscape of decades past, “over time, things have gotten much better,” White told CMPTV. “The environment, the regulators, they have done a very good job at protecting consumers.”
At the same time, “there’s a lot more that needs to be done, a lot more education,” White stressed. “Is there a need for more education? Absolutely.”
Antoinette Leung of the Financial Services Regulatory Authority of Ontario (FSRA) confirmed as much recently, saying that ensuring the quality of brokers working in the private space is a top priority for the regulator.
“We want to make sure that when a consumer is working with a mortgage broker, they’re getting the mortgage that is suitable to them, and they also understand the features and any implications of that mortgage,” Leung said.
There are still some pockets of concern in Canada’s #mortgagemarket – but the outlook for the private space has generally improved in recent months, according to Todd Poberznick, VP of National Sales at Canadian Mortgages Inc. https://t.co/2shkYt5jNh#mortgagenews
— Canadian Mortgage Professional Magazine (@CMPmagazine) June 28, 2023
Given these trends, brokers should be ready to take a deep dive into ever-evolving technologies and strategize as needed.
“I think you expand your knowledge by being more curious,” White said. “Look for new trends, new technology. Look at what’s working well for people.”
“Don’t be afraid to fail,” he added. “Failing means you’re trying. Try new strategies, and you will constantly surprise yourself at how well you do.”
