Brokers vent No. 1 frustration at CAAMP

The broker panel at CAAMP always fosters unfettered and honest discussion and this year’s was no different, with several veterans calling on lenders to step up to the plate and push back against the regulators.

“I feel such an obligation to push back against the destruction of productivity in our business,” Croft Axsen of Jencor Mortgage said during CAAMP’s broker panel discussion Monday. “And yet it is so hard because the lenders are just accepting this role …It’s gone too far. At some point the lenders have to take back their jobs.”

Other members of the panel were just as candid in voicing real concerns about underwriting that sometimes appears to sacrifice commonsense for conformity to guidelines.

The panel also included Kerri Reed, a broker with Verico Premier Mortgage Centre; Mike Lloyd of Dominion Lending Centres Canadian Mortgage Experts; and Peter Mancini of The Mortgage Centre I Direct Mortgages.

When asked the root of most brokers’ frustration, one panelist took a lighthearted dig at lenders.

“Can we get all the lenders to leave the room?” said Reed, facetiously asked during the panel session.

Much of the discussion revolved around regulations and how they have impacted lenders and, of course, brokers.

According to Axsen, one thing the new federal government should take a step back and allow lenders to determine prudent lending practices.

“Regulators should let lenders be lenders,” Axsen said, noting that OSFI shouldn’t determine how lenders lend their money.

Axsen led the charge against the current regulatory environment in the discussion, but he wasn’t alone in airing frustrations.

“There is a lot of frustration. The clients are frustrated … the lenders are frustrated. There is some uncertainty … but I think what works best is when everyone works together,” Reed said. “The completion of a file today (takes) so much more than it used to … it’s a challenge.”

MBN

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