The call has been made not by regulators but by mortgage brokers like Dominion Lending Centres’ broker Walid Hammani who told CTV News: "These guys not only give us bad press, but they are also unfair competition.”
He likened the issue to drugs scandals in sport where a few bad apples bring everything into disrepute. Meanwhile, Blair Anderson of Anderson Associates noted that raising the bar on the qualifications to become a broker could help.
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The allegations of falsified client information that led to the dismissal of dozens of mortgage brokers by Home Capital has prompted calls for tougher regulations.