Mortgage Broker Industry Council
| November 16, 2021
Summary of activities since August from Clarence Lee, Chair
Though the renewal season is officially behind us, the busy times never cease at RECA and on the Mortgage Broker Industry Council.
I want to thank all of the mortgage licensees who renewed on time and who take their role in a regulated environment seriously. It speaks to the professionalism of the mortgage industry that we are consistently among the earliest industries to fully renew.
Over the summer and into the fall, the Industry Council has been focused mainly on the divestment of pre-licensing education. I hope you all had an opportunity to take part in the various consultations related to education divestment.
Earlier this year, we consulted broadly on an Education Framework along with the Board and other Industry Councils. From that starting point, those of us on the Industry Council approved mortgage associate and mortgage broker competency profiles for consultation. The two validation surveys for these competency profiles were open to all mortgage licensees in October and November, and just recently closed. I’m pleased to report that the response rate among mortgage licensees was the highest of all the competency profiles released for consultation so far. I sincerely thank all of you who took the time to respond. I understand that the surveys were long and at times arduous. There are a lot of competencies a mortgage licensee must have, and taking the time to validate each one is not a short process. So again, thank you.
The Industry Council will review the feedback on the proposed competencies at our next meeting and determine if we need to make any adjustments. Once approved by the Industry Council, these competencies will be used by third-party course providers to ensure the courses they offer create competent, work-ready mortgage licensees.
RECA is entering a period of obtaining feedback for the purpose of strategic planning. The Board is responsible for RECA’s strategic direction, however, the Industry Councils will provide extensive feedback to the Board on our respective industries to aid the process.
So let us know what you think RECA should be focused on for the mortgage industry, now and in the next few years. Feel free to fill out the strategic planning form on reca.ca and provide input directly to the Board and the Industry Council. You can also reach us directly at mortgageIC@reca.ab.ca. The Industry Council sees every email that comes to that inbox.
Other Industry Council Activity
RECA recently created a Mortgage Brokerage Policies and Procedures Template for use by mortgage brokers when creating their own brokerage policies and procedures. This is an important document, reviewed by the Industry Council, and offered in partnership with the Alberta Mortgage Brokers Association. Brokers can use whichever parts of the template they need and brand for their brokerage accordingly. This is an excellent resource for brokers to comply with the requirement to have a brokerage policies and procedures document, and an excellent example of cooperation with our industry partners.
RECA also recently hosted a mortgage brokers forum. This is an opportunity for managing brokers to meet with RECA staff in a mostly informal discussion on what trends we’re seeing out there and any issues with particular standards of practice. Topics included how to increase professionalism in the industry, emerging technologies and their effect on mortgage brokering, and how the industry can best protect consumers. A few Industry Council members, including myself, had the privilege of participating as observers, and it was great to hear the discussions, and to hear the passion our industry leaders have for mortgage brokering, professionalism, and supporting a strong regulator. Thank you to all of you who attended.
I also want to take a moment to thank the RECA staff and management for their support and diligence through these exciting times in our industry. Their support and knowledge are appreciated. Self-regulation is not a right, but a privilege, and having excellent staff support the Industry Council in ensuring mortgage brokerage remains a self-regulated industry in Alberta really helps.