About Me

My photo
GTA, Ontario, Canada
A New Sales Record Has Been Achieved By The Jackie Goodlet Team Who Work Out Of The Whitby Office And Specializes In High End Resale And New Home Sales. According To Broker Dave Pearce The Jackie Goodlet Team Wrote More Transactions Than Anyone Else In The 30 Year History Of Our Firm. Their 255 Transactions Had A Total Volume Of More Than $185,000,000 (185 Million). With Over 25 Years Experience In The Business The Jackie Goodlet Team Has Acquired A Wealth Of Knowledge In All Areas Of Real Estate Including Resale, New Builds, Cottages, Lease, Condos, Vacant Land, Investment And Commercial Properties. With Exceptional Negotiating Skills We Are Confident We Can Save You Time And Money On All Your Real Estate Endeavours. We Look Forward To Hearing From You And Your Referrals Are Always Welcome And Rewarded!

Wednesday, November 18, 2015

Mauris: New broker regulation disaster in the making

FICOM’s proposed disclosure rules changes for British Columbia brokers could have a disastrous impact on the industry across the country, according to one major network head.

“What happens on April 1, 2016 (when the proposed change goes into place) – on that day, instantly, it could be almost the beginning of the end for our industry,” Gary Mauris, president of Dominion Lending Centres, told a packed room at this year’s CAAMP national conference in Toronto.

Mauris said the rule change – which would require brokers in B.C. to disclose all income made on transactions – could erode broker market share from 30% to 15% overnight. He argues bank specialists -- who still won't be required to disclose their commissions -- will use it as a way to sway clients.

“FICOM isn’t trying to hurt the economy … they’re not trying to hurt us. I truly believe they don’t understand the consequences,” Mauris said, noting that DLC has a very good relationship with FICOM. “What FICOM hasn’t realized is the minute our market share dramatically (falls) … it affects everyone in this room (including lenders).”

FICOM is putting forth a new interpretation of a regulation that requires mortgage brokers to detail for clients how much they earn from lenders on the deal.

“We are actively consulting with MBABC, CAAMP and directly with leaders in the BC mortgage broker community on implementation,” Chris Carter, Deputy Registrar of Mortgage Brokers at FICOM, recently wrote in an email to MortgageBrokerNews.ca. “We are mindful that industry members may need to make adjustments to respond to the new requirements.”

Mauris called on brokers to get involved, arguing that its impact will reach much further than British Columbia.

A number of industry professionals, including brokers and lenders, are set to meet Tuesday morning in Toronto to discuss the pending change.

“We know that FICOM doesn’t want to destroy the industry, but I don’t think they understand,” Mauris said. “Most importantly it affects the Canadian public.”

The MBABC has launched a petition against the proposed disclosure requirement.

MBN

We hope you are finding our Blog informative and enjoyable to read while keeping you up to date with the ever changing real estate market.

Please feel free to contact me via Direct/Text or e-mail at any time and my team will be pleased to assist you, family members and friends with all your real estate needs. Referrals are always welcome!

Posted by at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)