Provincial regulators partner to increase consumer protection and improve mortgage broker standards
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