The new group, the International Mortgage Brokers Federation (IMBF), was launched in Canada today (16 October) by founding partners the Finance Brokers Association of Australia (FBAA) and the Canadian Mortgage Brokers Association (CMBA).
As well as including Australian and Canadian broking associations, the new federation also comprises members from the USA, New Zealand and the United Kingdom.
According to the executive director of the FBAA, Peter White, the new broker federation will help foster greater collaboration between member countries and will help deliver greater understanding of international regulation around broking.
Further, brokers can utilise the federation as a “global referral network” should their clients move abroad. It is hoped that this will enable brokers to maintain contact with their client once they move to a member country through the new cross-border group.
Mr White commented: “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.”
He added: “From today, the IMBF is the leading global forum for bringing the international mortgage broking community and its suppliers together to collaborate.”
The head of the FBAA said that he hoped the federation would become a strong body to influence regulation and legislation through global advocacy.
“The organisation also aims to develop and adopt new and existing standards that enhance the industry and promote strong ethical practices by its members,” Mr White said.
A board of governors has been established and the executive team will be announced shortly.
Several other countries who use third-party origination networks to distribute loan products have also been invited to join.
Article written by Annie Kane – The Advisor