Canadian Mortgage Brokers Association
Only two years old, CMBA has already made tremendous strides in its attempts to bring increased understanding, accountability and consumer advocacy to the mortgage industry. CMBA’s trademark distinction, its own version of REALTOR, is already seen as a mark of legitimacy and its president, Ajay Soni, was recently invited to act as an expert witness in the federal government’s parliamentary Finance Committee hearings around new mortgage regulations, in February.
In addition to enhancing the public’s perception of what his industry does, Soni is also determined to improve the symbiotic relationship between mortgage brokers and other professions, not just limited to real estate agents, who may see a broker’s job as nothing more than finding the lowest rate for their clients.
“The spectrum of the services of a mortgage broker is very broad and very encompassing, which really works in favour of a Realtor,” says Soni. “You don’t want anything to go sideways when your real estate deal is dependent on financing. We’re going to come up with the appropriate solution that is best for that client, which will work in the favour of the Realtor.”