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REGULATIONS AND GOVERNMENT RELATIONS

We work on you behalf communicating with policy and legislation staff at the Ministry of Finance and MLA’s to work on legislative reform, including self-regulation, personal mortgage broker corporations, fee issues, better and more simplified disclosure, mortgage investment and mortgage syndication issues, more even handed and less heavy handed enforcement processes, regulation of bank broker reps and a host of other issues.

Bulletin: The impact of COVID-19 on the Appraisal process
Date
: April 13, 2020
Region: National
The bulletin represents our understanding at the time of writing (April 13, 2020). The situation is subject to quick changes. Specific practices will vary between appraisal companies. You should contact the appraiser to discuss any specific issues.

CMBA-BC’s Appeals to Minister for Urgent Relief for Mortgage Brokers
Date: March 23, 2020
Region: BC

In light of these dire circumstances, pending fee increases scheduled for implementation on April 1, which represent a 250% hike, seem badly timed.

CMBA-BC’s Submissions to the Mortgage Broker Act Review
Date: March 6, 2020
Region: BC
In response to a Finance Ministry invitation to provide industry feedback, CMBA-BC has prepared a number of submissions related to potential changes to the Mortgage Brokers Act.

Broker Registration Fees Consultation
Date:
July 24, 2019
Region:
BC
Our Association has outlined the concerns expressed by our Members about the proposed fee structure and highlighted several potential alternative solutions.

Real Estate Sector Anti-Money Laundering Statement
Date: March 28, 2019
Region: BC
As an industry, we have come together to commit to shared best practices and make recommendations to government.

CMBA’s Submission on Anti Money Laundering Measures
Date
: March 21, 2019
Region: BC
Our Association recently presented to the BC Expert Panel on Anti Money Laundering measures and prepared a formal submission.

CMBA’s Submission on Open Banking
Date:
Feb 11, 2019
Region:
National
The provincial mortgage association members of CMBA recently submitted a comment letter to the Finance Canada Panel reviewing open banking in Canada.

CMBA-BC’s submission to the BC Law Institute regarding the Employment Standards Act
Date
: August 29, 2018
Region: BC
CMBA-BC submission concerning the BC Law Institute (BCLI) Project Committee’s consultation paper on redrafting the Employment Standards Act (ESA).

Letter to Financial Consumer Agency of Canada
Date: August 7, 2018
Regions: BC, National
CMBA-BC submits a letter regarding bank employees identifying as mortgage brokers

Submission to the Rental Housing Task Force 
Date: July 9, 2018
Region: BC
Recommendations to the Rental Housing Task Force in response to the government’s current public consultation on rental housing and the BC Residential Tenancy Act.

CMBA-BC comments on the Financial Institutions Act and Credit Union Incorporation Act Review – Preliminary Review
Date
: June 19, 2018
Region: BC
Comments regarding the above noted preliminary set of recommendations concerning the restructuring of FICOM in relation to mortgage broker regulation.

CMBA Commentary on syndicated mortgage transactions
Date
: June 5, 2018
Region: National
The CSA proposal contemplates that the regulation of syndicated mortgages currently within the jurisdiction of mortgage broker regulators will transfer to or remain with securities regulators. The proposal therefore attempts to harmonize securities regulation relating to syndicated mortgages from province to province.

Letter to The Honourable Bill Morneau from the Coalition for Small Business Tax Fairness
Date: May 15, 2018
Region: National
Coalition for Small Business Tax Fairness – Suggested approaches on how to protect past passive investments

Anti-Fraud Standards for Mortgage Brokers
Date
: March 5, 2018
Region: National
Samantha Gale, CMBA, responds to comments made by S&P Global regarding their opinion of mortgage brokers having less incentive than lenders to prevent fraud.

School Tax Hike on Residential Properties Assessed at Over 3 Million
Date
: March 2, 2018
Region: BC
Appeal to the BC Finance Minister outlining how this new tax policy actually decreases housing affordability and works in opposition to their own stated affordability goals.

Response to the elimination of the BC Home Partnership Program
Date
: February 21, 2018
Region: BC
The BC Government recently announced their 2018 budget, including a call for the elimination of the BC Home Partnership Program launched in 2017.

Response to Announced Money Laundering Crackdown
Date
: February 20, 2018
Region: BC
CMBA-BC urges policy makers to utilize the criminal code as well as the Registrar’s existing powers under the MBA to enforce noncompliant conduct.

Housing Stakeholders Position Paper
Date
: February, 2018
Region: BC
Construction, housing industry and real estate associations in BC have collaborated to identify several recommendations to improve housing supply. Some of the recommendations can be achieved by municipal governments, but the provincial government can also encourage or assist these processes.

CMBA Joins Coalition for Small Business Tax Fairness
Date:
August 30, 2017
Region:
National
The Coalition for Small Business Tax Fairness, representing hundreds of thousands of independent businesses, professionals and taxpayers, submitted a letter to the Honourable Bill Morneau regarding the proposed tax changes

CMBA Submission to OSFI RE: Residential Mortgage Underwriting Practices
Date: August 17, 2017
Region: National
The Canadian Mortgage Brokers Association (CMBA) submission to OSFI concerning the Draft Guideline – Residential Mortgage Underwriting Practices and Procedures.

CMBA Bulletin on Purchases and Sales Involving Non-resident (Capital Gains Tax)
Date:
June 30, 2017
Region:
National
A mortgage broker forewarned with knowledge about the capital gains tax, as it applies to sales of real estate by non-residents, is better forearmed to assist in avoiding later delays and collapsing of transactions.

CMBA Bulletin on Mortgage Brokers Issuing Promissory Notes
Date: June 30, 2017
Region: National
Mortgage brokers in Canada who arrange loans from clients using promissory notes may, at least in some circumstances, be breaching securities legislation.

Consumer Protection and Oversight in Relation to Schedule I Banks
Date: June 6, 2017
Region: National
Letter to the Standing Committee on Finance

Down Payment Assistance from BC Government for First Time Home Buyers
Date
: December 15, 2016
Region: BC
Press release regarding the BC Government’s new program announcement.

Application of GST to Mortgage Broker Fees/Commissions
Date: August 20, 2016
Region: National
Do mortgage broker fees/commissions attract GST?

The Application of Debt Repayment Agent Licensing to Mortgage Brokers in BC
Date: August 17, 2016
Region: BC
Letter to the Honourable Suzanne Anton, Minister of Justice and Attorney General

CRA’s new NOAs Create Fraud Risk
Date
: June 2, 2016
Region: National

FSCO Priorities Feedback
Date: May 31, 2016
Region: Ontario
IMBA provides feedback in response to FSCO industry survey

Letter to the REM Editor: Help your clients with mortgage shopping
Date
: May 19, 2016
Region: National

Changes to Definition of “Institutional Lender”
Date: December 15, 2015
Region: BC
Letter to Jack Olsen, Ethics Advisor, The Law Society of British Columbia

Additional submissions regarding the application of section 17.3 of the Mortgage Brokers Act (MBA)
Date: October 30. 2015
Region: BC
Letter to Carolyn Rogers, Registrar of Mortgage Brokers

The Registrar’s Proposal to Amend the Form 10
Date: October 9, 2015
Region: BC
Letter to Carolyn Rogers, Registrar of Mortgage Brokers

Offering Memorandum Investor Caps
Date: July 6, 2015
Region: Atlantic
Letter to the Nova Scotia Securities Commission regarding offering memorandum exemption.