In what is considered to be a “global first” for the mortgage and finance industry, the International Mortgage Brokers Federation is excited to announce its inaugural 2023 World Summit.
Established in 2018, the International Mortgage Brokers Federation (IMBF) was jointly developed by the Finance Brokers Association of Australia (FBAA) and the Canadian Mortgage Brokers Association (CMBA).
Hosted by the National Association of Mortgage Brokers (NAMB), the voice of the mortgage industry in the US, the 2023 World Summit will be held on September 8 at Caesars Palace in Las Vegas.
More than 100 brokers and stakeholders from Australia, Ireland, Canada, the US, the UK and other parts of the world will gather at the summit to workshop the issues and challenges facing brokers in their respective countries.
FBAA managing director Peter White (pictured above left) is the chairperson of the IMBF global board of governors. The president of NAMB is Linda McCoy (pictured above right).
The IMBF was formed to share ideas, refer clients, gather market intelligence, identify trends and stay up to date on regulatory matters and industry best practices, White said.
The aim is that this “international think tank” will result in the development of a white paper for the governments of the countries represented at the summit, highlighting solutions that will assist the industry in the future, he said.
“This has never been done before and will demonstrate to governments around the world that the broking channel is focused on best practice globally,” White said.
The summit would assist the industry globally to understand each country’s regulatory and lending journeys, White said.
This would help to shape informed positions, including within Australia, where White acknowledged that regulators use overseas outcomes to influence decision-making.
With a view that the mortgage and finance industry should be “ahead of that curve”, White said that where another country had experienced an issue or implemented a solution, other countries would likely benefit from having that information shared, including what the outcomes looked like.
“It’s an importance piece for us to be able to show our politicians and regulators that we are part of a global community, and we are working together for best practice in our industries,” White said.
What is the IMBF?
The idea for the IMBF was formed in 2015, when White said that the FBAA conducted international research on how commissions and clawbacks were being applied within third-party distribution channels.
The sharing of ideas and a “common vision” on the way forward resulted in the formation of a partnership with the Canadian Mortgage Brokers Association that would see the IMBF (which is independently run and operated) become established.
Over the last five years, IMBF has incorporated broking associations from across the world, including from the US, UK and Ireland.
Brokers, lenders, aggregators, encouraged to attend
Industry stakeholders from across the globe will attend the IMBF 2023 World Summit.
White encourages invested brokers, along with lenders and aggregators who want to be part of the global conversation and solution, to register for the event.
“It’s for people who want to be engaged in a bigger conversation … it’s about looking at what is happening around the world and in specific countries and bringing a resolution and resolve as to how best to deal with certain issues,” White said.
“It’s open to anyone in any market where there is third-party distribution.”
A white paper for each attending country, which the IMBF aims to develop after the World Summit, would acknowledge that the industry had met globally, identify issues associated with that country and “bring solutions to the table”, White said.
“We’re all doing basically the same thing – just at different speeds. We can learn so much from each other, as it’s more than likely that one of these countries has already been through it,” White said.
“This is the first time ever that something like this has been done – what it does do is give people the opportunity to meet brokers from all around the world in one spot. It’s a global first.”
The IMBF 2023 World Summit, hosted by NAMB, will coincide with its 50th anniversary. Registration for the one-day event includes both the summit and the NAMB conference. Registration details (including an early bird discount) are available on the NAMB website.
