A world-first international federation of mortgage brokers has been launched in Canada.
The new International Mortgage Brokers Federation (IMBF) is an initiative of the Canadian Mortgage Brokers Association (CMBA) and the Finance Brokers Association of Australia (FBAA).
FBAA executive director Peter White said the planning started for an international body two years ago and will represent all mortgage and finance brokers.
He said, “I was doing the FBAA’s global research paper in 2016 after discovering that Canada was also looking at establishing a collaborative international group of finance brokers.
“One of the catalysts for creating the federation was the realisation that finance regulators in each country had been talking to each other and sharing knowledge and regulatory outcomes, and we felt we would benefit tremendously by doing the same thing.
“We worked with the CMBA to form the IMBF on a platform of sharing ideas, referring clients, gathering market intelligence, identifying trends, and keeping up to date on regulatory matters and industry best practices.
“From today the IMBF is the leading global forum for bringing the international mortgage broking community and its suppliers together to collaborate.”
White said beyond collaboration, the federation will become a strong body to influence regulation and legislation through global advocacy.
“The organisation also aims to develop and adapt new and existing standards that enhance the industry and promote strong ethical practices by its members,” he added.
The federation also creates the first global referral network where brokers can refer clients overseas if they move, yet still stay in contact with their client through the new relationship.
The composition of the federation is one association per country and includes Canada, Australia, the USA, New Zealand, and the United Kingdom. Other counties who use third party origination networks to distribute loan products have been invited to join.
A board of governors has been established and the executive team will be announced shortly.