It has been over six months since federal Finance Minister Bill Morneau announced significant new rules for mortgage insurance and eligibility requirements. Through the government’s ongoing defence of these changes, we continue to advocate for consumers and the mortgage broker channel. Members of Mortgage Professionals Canada are seeing firsthand that many consumers are frustrated with and affected by the impacts of these new rules.
To assist consumers in making their voices heard by government, the association has launched a new campaign to share those consumer frustrations with Members of Parliament (MPs) via a new website: www.tellyourmp.ca.
This initiative provides a quick and easy tool for consumers to send a letter directly to their MP to demonstrate the negative impact these new rules are having. The goal of this campaign is to increase support for common-sense adjustments to the new rules that will increase competition and encourage affordable home ownership.
This consumer outreach campaign builds on the efforts that have been made since October, to educate MPs and decision makers about the industry’s concerns. Mortgage Professionals Canada has met regularly with Department of Finance officials, political staff and over 100 MPs to demonstrate the impacts these changes are having on competition, choice and price within mortgage industry.
Canadians are proud of the parliamentary democratic process; elected representatives are accessible and will respond to their concerns and frustrations. It is extremely important for those who have been impacted to let their MPs know how they have been affected personally by these changes.
MPs are the best advocates to encourage the Minister of Finance to make adjustments to the new rules. However in order to convince MPs to take up the cause they need to hear directly from their constituents and this grassroots campaign is the best way to help achieve that.
Please visit www.tellyourmp.ca and help spread the word to anyone you know who has been frustrated by these changes.
To read more about the advocacy efforts of Mortgage Professionals Canada and the precise adjustments for which they are advocating, click here.