IMBA submits commentary to OSFI regarding Draft Guideline B-20 – Residential Mortgage Underwriting Practices and Procedures

Click here to read submission.

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SHOPPING AROUND, WITH SOME HELP

Albert Collu, president of Independent Mortgage Brokers Association (IMBA) of Ontario and president and CEO of Argentum Mortgage and Finance Corp., says one of the biggest differences between a mortgage broker and a bank lender is the range of choice. Many customers value the relationship that they have with their bank and often have other personal banking products and services there (such as chequing accounts, credit cards, and investments), as well as a mortgage, so this provides ease in managing all accounts and personal financial needs within one institution, says the CBA.

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The IMBA 2012 Annual Conference – The TRADE SHOW, the INTERACTIVE SESSIONS, the FOOD, the BUZZ – PHENOMENAL!

Congratulations to Chair Claudio Polito and his team for presenting what some people remarked as being, “the best mortgage industry conference that they’ve attended as long as they could remember”. The “Paramount” is now in many people’s minds for its fabulous food, easily accessible location, free parking and convenient layout.

The Dinner/Gala Evening

It was an outstanding success as a packed house of 400 people feasted on a gourmet dinner during a leisurely evening at beautifully decorated tables. The buzz continued into the charity casino and to the entertainment by the duelling pianists.

The Plenary Session

Hundreds of delegates listened intently to Craig Sweeney, Genworth Financial Canada’s Director of Risk Operations, speak about industry trends, statistics and economic conditions. Phillip Howell, CEO and Superintendent of the Financial Services Commission of Ontario, spoke about the state of the mortgage brokerage industry from a regulator’s perspective, including comments about the recent reduction of licencees and commonplace compliance challenges.

The Business Sessions

Standing-room only audiences witnessed lenders analyze and bid on real mortgage deals as they presented their unique perspectives and pricing on how and why they structured them. Brokers’ Advocate Wayne Sudsbury “kept the lenders honest” as he negotiated on behalf of the presenting brokers/agents.

Nirvina Shamshudin, Susanna Penning, Jeff Mayer and David Bulter shared the secrets to their success with the audience as they spoke frankly about what drives them, how they got to the top and how they intend to stay there.

Ben Molfetta of Core Marketing Strategies outlined what brokers/agents need to do to differentiate themselves in today’s noisy marketing world.

The Trade Show

As one exhibitor said, “We got our money’s-worth today”! An estimated 600 delegates toured the exhibitors’ hall to discover new products and services and to re-acquaint themselves with lenders and service providers. The MoneyBack Booklet coupons were a huge success as exhibitors were busy validating the delegates’ coupons.

The Food

Suffice to say, “Nobody went home hungry”. Thank you to the Paramount’s culinary staff.

Mark your calendars for mid-April 2013 for next year’s Conference and Trade Show.