While 33 per cent of brokers canvassed for the last CAAMP-Maritz survey characterized the number of mortgage professionals in Canada as “just right,” a whopping 61 per cent said “there are too many brokers” across the country. Only 7 per cent argued that “there are not enough.”
In January, FSCO revealed that as much as 10 per cent to 15 per cent of the province's 9,000-plus licensed agents are no longer working at a brokerage and, therefore, unauthorized to sell mortgages.
Those mortgage professionals have likely abandoned the business in the more than 21 months since the 2010 renewal period or have taken up administrative or management positions within the industry, IMBA Executive Director Joe Rosati told MortgageBrokerNews.ca. (Source, Mortgage Broker News.ca)
In my opinion 9000 mortgage broker’s is far too many. Many licensed mortgage brokers today are not doing enough volume to gain the experience needed to assist their clients in a professional manner, to give the best advice, and to navigate through the many challenges that an off center deal will pose in today’s strict lending environment. If you want the best financing for your needs, make sure you deal with a broker that has many years of experience and has dealt with a high volume of business in order to have handled most situations. That broker can bring that invaluable experience to you.
I have phoned some of my clients who said to me similar to this scenario: “oh, my wife’s best friend is a mortgage broker now so we felt obligated to give her a try. After that experience I’m coming back to you next time, it was a bit of a nightmare”. Most people think getting a mortgage transaction completed is easy as pie. In this environment lenders are tight and sticky about paperwork, so it takes a well heeled professional to get your deal through smoothly. If you didn’t hear of many problems during your transaction, that’s probably because you have the right broker on your side. Next time might not be so smooth if you veer off in the direction of choosing your mortgage broker because of a friends or family relationship.
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