Dominion Lending Centres at the Standing Committee Hearing on Finance In Ottawa

Dominion Lending Centres is the only mortgage company in Canada to be invited to speak. As you saw last week, even when we are not present at the meetings, our name gets mentioned and our brief (see link and video below) is referenced. 

We will continue to make sure sure your voices are heard at the highest levels of Government so we can keep providing the right mortgages at the best rates for all Canadians. 

On February 1st, Mike Lloyd from DLC Canadian Mortgage Experts made a five minute presentation to the Committee and was an awesome representative for the entire mortgage broker industry.

Myself, Gary, Dr. Sherry Cooper, Rich Ulvild, Lisa Amor and others worked hard over the last few weeks to put together a submission that highlighted the amazing work you do each and every day; the reasons why Canadians depend on mortgage brokers; the need for Ottawa to reevaluate these new mortgage rules and real stories of how Canadians – your clients – are being impacted.

Below, is a 15 minute video summary from nearly four hours of testimony on January 30th. These clips showcase how our brief was referenced (see 5:48 in the video); just how much spinning the Office of the Superintendent of Financial Institutions and CMHC did to slip in their points (all throughout!); and just how much disdain Carolyn Rogers from OSFI has for mortgage brokers (10:34 to near the end of the video) and she actually scoffs at our brief when Gary’s name is mentioned (11:31).

Please remember, that Ms. Rogers also scoffed at the notion of “shadow flipping”; that she was – as B.C. Premier Christy Clark put it – “asleep at the wheel” for issues in the real estate market when she headed up FICOM and then of course, Ms. Rogers abruptly left her post two months later when public sentiment turned ugly. So, take her comments for what they are worth.

In fact, read this excellent piece from Canadian Mortgage Trends’, Rob McLister, entitled Commentary: OSFI’s Testimony.

Rest assured, we will continue to represent you and amplify your voices with government…but we need your help!

Watch the video, read how the new rules will impact clients and learn how YOU can use the resources below to get our industry’s points – and more importantly YOUR points – across. 

“Change of Space: New Mortgage Rules” Internal DLC Broker Edition Document – UPDATED December 5th

The latest edition published on December 5th, is not meant to be shared with clients – this is some updated information pertinent to mortgage professionals.

We have put a date at the top of the page as we anticipate making changes / updates over the coming weeks. As we make these changes, we will update the document and forward to you.

You can download a copy of this document by clicking the blue button below. If you have any questions about the content in the document, please contact Rich Ulvid, VP, Lender and Franchise Relations (rich@dlc.ca).

Want to speak to your MP about these new mortgage rules?

If you want to make your voice – along with thousands of other mortgage professionals across Canada – heard, now is the time! MPC has an EXCELLENT set of tools that help you easily and quickly send off an email letter to your MP and speaking points for when you secure that face-to-face meeting.

Put your voice to good use by clicking the links above today!

As always, if you have any questions or comments, please let me know.

All the best!