REGULATIONS AND GOVERNMENT RELATIONS

We work on behalf of our members.

This is done by communicating with policy and legislation staff at the Ministry of Finance and MLA’s on matters of 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.

PROVINCIAL

FEDERAL

Letter to The Honourable Carole James from the Coalition for Small Business Tax Fairness

The Coalition for Small Business Tax Fairness has sent a letter requesting provincial assistance on the taxation of passive investment income.

LETTER TO BC FINANCE MINISTER

School Tax Hike on Residential Properties Assessed at Over 3 Million

CMBA – British Columbia has appealed to the BC government’s Finance Minister, the Hon. Carol James, outlining how this new tax policy actually decreases housing affordability – across their entire constituent base – and works in opposition to their own stated affordability goals.

LETTER TO BC FINANCE MINISTER

BC Empty Homes Tax

READ THE DETAILS HERE

BC Government 2018 Budget Announcement

The BC Government recently announced their 2018 budget, including a 30-point plan addressing housing affordability.
Of note, the plan calls for the elimination of the BC Home Partnership Program (HPP), championed by the BC Liberals and launched in 2017.
The HPP offered down payment assistance for prospective home buyers in the form of a second loan, with interest and payments deferred for five years.
“We are concerned that there is nothing significant in the government’s new housing program for people entering the housing market,” says CMBA-BC Chief Operating Officer Samantha Gale. “The only program in place to help people needing assistance with down payments in Canada’s most expensive housing market will be dismantled, and there are no real measures which will increase the supply of market housing.”

READ FULL STATEMENT HERE

CMBA-BC’s submission to the BC Law Institute regarding the Employment Standards Act – Employees vs Independent Contractors

CMBA-BC was requested to make submissions concerning the BC Law Institute (BCLI) Project Committee’s consultation paper on redrafting the Employment Standards Act (ESA).

READ THE SUBMISSION HERE

CMBA-BC’s submission to the BC Law Institute regarding the Employment Standards Act – Wage Liens and Impact on Mortgages

CMBA-BC was requested to make submissions concerning the BC Law Institute (BCLI) Project Committee’s consultation paper on redrafting the Employment Standards Act (ESA).

READ THE SUBMISSION HERE

CMBA-BC comments on the Financial Institutions Act and Credit Union Incorporation Act Review – Preliminary Review

The CMBA-BC submits comments regarding the above noted preliminary set of recommendations concerning the restructuring of the Financial Institutions Commission (FICOM), in relation to mortgage broker regulation.

READ THE COMMENTS HERE

Responding to Announced Money Laundering Crackdown

A recent Globe & Mail story calling attention to alleged drug money laundering via the real estate sector has prompted a response from the BC government.
Attorney General, David Eby, has promised a crackdown to close loopholes that the government believes enables lenders to launder money through mortgages.
“We need to distinguish between private lenders who are licensed under the Mortgage Brokers Act and criminals who lend money as part of a money laundering scheme,” says CMBA-BC Chief Operating Officer Samantha Gale.

READ THE PRESS RELEASE HERE

The Application of Debt Repayment Agent Licensing to Mortgage Brokers in BC

Letter to the Honourable Suzanne Anton, Q.C.
Minister of Justice and Attorney General

READ THE LETTER

Additional submissions regarding the application of section 17.3 of the Mortgage Brokers Act (MBA)

Letter to Carolyn Rogers
Registrar of Mortgage Brokers

READ THE DOCUMENT

The Registrar’s Proposal to Amend the Form 10

Letter to The Registrar of Mortgage Brokers dated October 9, 2015

READ THE DOCUMENT

Letter to Financial Consumer Agency of Canada

CMBA-BC submits a letter regarding bank employees identifying as mortgage brokers, misleading the public as to their position and who they are working for – the borrower or the institution they represent.

READ THE LETTER HERE

Submission to the Rental Housing Task Force

CMBA-BC submits 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 (RTA).

READ THE SUBMISSION HERE

Housing Stakeholders Position Paper

The below listed construction and housing industry associations, primarily in market housing, 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.
Real Estate Board of Greater Vancouver
Fraser Valley Real Estate Board
BC Real Estate Association
Real Estate Institute of BC
Greater Vancouver Home Builders’ Association
Canadian Home Builders’ Association – Fraser Valley
Canadian Home Builders’ Association – BC
Urban Development Institute – Pacific Region
LandlordBC

READ THE PAPER HERE

Down Payment Assistance from BC Government for First Time Home Buyers
(BC Home Owner Mortgage and Equity Partnership Program)

Press release regarding the BC Government’s announcement made December 15, 2016

CMBA-BC Press Release Dec 15, 2016

Changes to Definition of “Institutional Lender”

Letter to Jack Olsen, Ethics Advisor
The Law Society of British Columbia

READ THE DOCUMENT

CMBA Joins Coalition for Small Business Tax Fairness

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.

READ THE LETTER HERE

CMBA Bulletin on Purchases and Sales Involving Non-resident (Capital Gains Tax)

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 PURCHASE & SALES INVOLVING NON RESIDENT BULLETIN

Application of GST to Mortgage Broker Fees/Commissions

Do mortgage broker fees/commissions attract GST?

READ THE BULLETIN

CMBA Commentary on the CSA proposal regarding proposed amendments to prospectus and registration exemptions applicable to syndicated mortgage transactions

We appreciate the opportunity to comment on the CSA proposal, which contains a number of recommendations to amend available securities exemptions available to mortgage syndicators. 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.

READ THE COMMENTARY HERE

CMBA Submission to OSFI RE: Draft Guideline – Residential Mortgage Underwriting Practices and Procedures

The Canadian Mortgage Brokers Association (CMBA) submission to OSFI concerning the Draft Guideline – Residential Mortgage Underwriting Practices and Procedures.

READ THE SUBMISSION HERE

Consumer Protection and Oversight in Relation to Schedule I Banks

Letter to the Standing Committee on Finance

READ THE LETTER

CMBA Bulletin on Mortgage Brokers Issuing Promissory Notes

Mortgage brokers in Canada who arrange loans from clients using promissory notes may, at least in some circumstances, be breaching securities legislation.

CMBA PROMISSORY NOTES BULLETIN

New Mortgage Rules – Exemption Request and Recommendations

Letter to Hon Bill Morneau and Hon Jean-Yves Duclos

READ THE LETTER

Federal Government Mortgage Rules Changes Announced October 3, 2016

The new rules affect CMHC insured and Low Ratio Bulk Insured Mortgages.

READ THE PRESS RELEASE

CRA’s new NOAs Create Fraud Risk

New simplified NOAs remove several security features preventing mortgage fraud. CMBA sent recommendations to the Minister of National Revenue on this issue.

READ THE LETTER

Anti-Fraud Standards for Mortgage Brokers

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.

READ LETTER HERE

MORTGAGE BROKERS ACT ISSUES

  • Letter to the Honourable Suzanne Anton, Q.C., Minister of Justice and Attorney General regarding ‘The Application of Debt Repayment Agent Licensing to Mortgage Brokers in BC’ – Click here
  • Letter to Real Estate Magazine regarding Letter to the Editor: Help your clients with mortgage shopping – Click here
  • Letter to Registrar regarding Compensation Disclosure and the Registrar’s Open Letter to Mortgage Brokers – Click here
  • Letter to Law Society regarding Changes to Definition of ‘Institutional Lender’ – Click here
  • Letter to the Registrar of Mortgage Brokers regarding Disclosure of Fees to Borrowers  – Click here
  • MBABC’s comments on the Registrars proposal to amend Form 10 requiring Disclosure of Fees – Click here
  • Letter to the Minister for Core Review regarding the proposed self-regulation of mortgage brokers in BC – Click here
  • MBABC position paper on the Mortgage Brokers Act – Click here
  • Mortgage Brokers Act – Personal Mortgage Broker Corporations – Click here
  • Mortgage Brokers Act – Advance Fees Charged by Mortgage Brokers – Click here
  • MBABC Recommends solutions for unregistered BC mortgage brokers who collect fees – Click here