What is the Canadian Mortgage Brokers Association (CMBA)?

The Canadian Mortgage Brokers Association (CMBA) serves as an umbrella organization for provincial mortgage broker associations. This means that it represents and supports various regional associations, helping to unify the interests and standards of mortgage brokers across Canada. By providing a collective voice, the CMBA is able to advocate for the profession, enhance industry standards, and promote education and training for its members.

The CMBA does not regulate mortgage interest rates, as regulation in this area typically falls under governmental bodies or financial regulators rather than an industry association. Additionally, the CMBA is not a federal agency overseeing mortgage insurers; such oversight would be the responsibility of other regulatory entities. Lastly, while the CMBA may engage with lenders, it is not specifically a group of lenders providing direct mortgage solutions, as its primary role centers on advocacy and representing mortgage brokers rather than directly facilitating lending. Thus, the correct understanding of CMBA's role is that of an umbrella organization for provincial associations.