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What's in a Name? A lot.
August 22, 2017 @ 11:59 AM by: Homeguard Funding Ltd.

In a June 30, 2017, advisory to the financial services and mortgage sectors, Carolyn Rogers, the Assistant Superintendent, Regualtion Sector at OSFI, warned against the use of the words 'bank' and 'banking' by entities which are not authorized by OSFI to act as banks.  In particular, she discouraged the use of designations and slogans like:  'Commercial Banking Centre', 'Welcome to Canada's newest online bank', 'Automated Banking Machine', '...for all your banking needs' and 'Come do your banking with us'.

 

By the same token, the mortgage broker industry owns the right to use the words 'mortgage broker' given that they, and not the employees of banks, are licensed under provincial legislation to act as mortgage brokers.  The words 'mortgage broker' resonate with the public, who clearly understand the role and function of a mortgage broker.  For others, such as bank reps or bank mortgage specialists, to use these words is not only improper, it confuses people who are seeking to use the services of an impartial intermediary in the mortgage origination process.  The CMBA has created the MB trademark for its members (and only its members) to use, to ensure that the public knows they are dealing with a true mortgage broker professional.

 - Corey Van Ieperen, CMB Magazine, Summer 2017 (pg. 11)

 

At Homeguard Funding Ltd., our Agents are members of the CMBA!