Canadian Mortgage Broker Regulators Partner for Success
| November 08, 2012
Integrity. Collaboration. Leadership. Transparency. Effectiveness. Commitment.
While such values are important to any number of companies, organizations,
associations or regulatory bodies – they are the heart of the newly-established Mortgage Broker Regulator’s Council of Canada (MBRCC). Just as mortgage brokers themselves are committed to those very things, so too are the regulators guiding the industry.
The MBRCC is a formalized group of mortgage broker regulators from across the country. This
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.
This isn’t about an additional level of regulation for the industry – but rather, a collaborative effort to ensure positive, harmonized regulation that is focused on improving the business and enhancing consumer protection.
MBRCC’s 2012-2015 Strategic Plan outlines five broad strategic priorities:
- Establish the necessary governance for the MBRCC.
- Develop and facilitate the implementation of common practices and occupational standards as appropriate.
- Enhance structured information sharing and coordination among regulators.
- Enhance coordinated engagement with external stakeholders.
- Identify and address emerging issues.
Within those broad strategic priorities, specific initiatives include the development of core competencies, the promotion of harmonized practice standards for mortgage brokers and work that will make it easier for licensed mortgage brokerage professionals to operate in more than one province. Licensed mortgage brokers – and consumers – from across Canada stand to benefit from the MBRCC’s work.
Prior to the establishment of the organization, Canada’s mortgage broker regulators had met informally on a bi-annual basis to exchange information and coordinate activities on issues of common interest. However, in 2011, the regulators engaged in a strategic planning session that resulted in a mandate calling for a greater degree of coordination and cooperation in the regulators’ efforts to serve the public interest across Canada.
To read more about the MBRCC and its strategic priorities, review the MBRCC 2012-2015 Strategic Plan.
Coming together is a beginning; keeping together is progress; working together is success.