Mortgage Professionals Canada is a non-government association of institutions that operate within the mortgage or lending industry. They are representing the interests of mortgage brokers in Canada.
Who are Mortgage Professionals Canada?
Mortgage Professionals Canada is an association of institutions that operate within the mortgage or lending industry. They are a non-governmental association that acts and speaks on behalf of mortgage brokers for what they believe is in the interests of the industry as a whole, which includes the consumers.
They have found the association on the basis of promoting three main principles:
- Competition: Competition keeps prices down, consumer-focused innovation, and results in a thriving and dynamic industry.
- Choice: Not everyone’s the same and has the same needs. Mortgage lenders should have the freedom to be able to provide this choice.
- Professionalism: To foster a culture of trust, excellence, and commitment within the lending industry.
They regularly meet with government to discuss their concerns regarding new regulations as well as their impact on the industry and its consumers. After all, there would be no industry without their consumers. They also run numerous advocacy campaigns to hear consumers concerns and pass these on to government to hopefully have them addressed.
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What is their New Consumer Focused Advocacy Campaign about?
No one year needs to be reminded of the soaring housing costs that have been facing Canadians year-on-year now for the last two decades. It has seen record housing costs pass by one after the other in a seemingly endless sequence. Although there is still a lot of debate over the exact causes and what can be done to bring us out of it without harming the economy, one thing is for sure: Canadians are feeling the squeeze.
In a bid to cool down the market, the government has tightened rules regarding lending regulations and eligibility requirements that lenders should enforce. While some blame these rules for actually making the problem worse, it is fairly clear that it has certainly not curbed or slowed down the rise in prices.
This leads current and new homeowners being attacked from both sides. On the one hand, housing prices are at unprecedented highs. On the other, new mortgage regulations and eligibility rules mean that fewer and fewer people can qualify for a loan from a traditional financial institution or bank. Statistics already show that 90% of Canadians can’t afford a home without a mortgage.
It’s all too easy for many of us to sit back and complain, thinking that there is nothing we can do to change the situation or persuade those in government to hear us out. Making this possible is what’s behind the new Consumer Focused Advocacy Campaign by Mortgage Professionals Canada.
They want to remind consumers that they can make a difference by contacting their Members of Parliament directly and relate to them the impact it has had on their life as well as the need to resolve the problem. Let’s not forget that the democracy and parliament we Canadians are so proud of consists of elected officials that are elected by and responsible to their constituents.
If enough voices and concerns are heard, our MP’s will act or have to account to their voters in the next election.
To do this, they have launched a new website specifically for this purposes. Here they provide you with easy to use tools to write a letter detailing your experiences and pass it on directly to an MP.