TORONTO, Oct. 30, 2012 /CNW/ - Mortgage broker regulators from across
the country have partnered to establish the Mortgage Broker Regulators'
Council of Canada (MBRCC). Regulators from participating provinces now
have a collaborative forum to improve consumer protection, develop
national solutions to shared concerns and promote harmonization of
Canada's mortgage broker regulatory practices.
"It is critical to work more closely together now," said Kirk Bacon,
Chair of the MBRCC. "Mortgage risks are becoming increasingly
prevalent, the market is growing more complex and many regulations need
to be modernized to keep up."
The partnership signals a new era of coordination and information
sharing among regulators as well as a national approach to identifying
and addressing issues in the mortgage broker industry.
The MBRCC strategic plan for 2012-2015 has also been released, outlining the strategic priorities and
initiatives of the organization for this period.
One important initiative is the development of competency standards and
curriculum requirements for mortgage brokers.
In addressing consumer protection concerns, the MBRCC committed to
assessing practices that ensure mortgages are suitable and will also
review the information consumers receive about the material risks
involved in a mortgage.
"We believe the next three years will bring about positive changes not
only to protect mortgage consumers in Canada, but also in industry
standards and professionalism," Bacon added. "The MBRCC looks forward
to working closely with consumers, industry and other interested
stakeholders in bringing these changes to fruition."
The MBRCC is an inter-jurisdictional association of mortgage broker
regulators that seeks to improve and promote harmonization of mortgage
broker regulatory practices to serve the public interest. Its members
work together and with stakeholders to identify trends and address
common regulatory issues through national solutions that support
consumer protection and an open and fair marketplace.
MBRCC members represent the nine provinces that currently have
legislative and regulatory frameworks governing mortgage brokers or
have an interest in developing one; British Columbia, Alberta,
Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia and
Newfoundland & Labrador.
SOURCE: Mortgage Broker Regulators' Council of Canada
For further information:
Financial Services Commission of Ontario
L'Organisme d'autoréglementation du courtage immobilier du Québec
1-800-440-7170 ext. 8693