PolitiKit

Consultant In effect since Apr 26, 2024

Consultant Sajjid Lakhani of IMPACT PUBLIC AFFAIRS

Consultant lobbyists

• Sajjid Lakhani Former public office holder

  Formerly Constituency Assistant, Office of Ron McKinnon, MP, House of Commons (2020–2022)

• Sajjid Lakhani Former public office holder

  Formerly Constituency Assistant, Office of Ron McKinnon, MP, House of Commons (2020–2022)

Institutions they may lobby: Bank of Canada, Canada Mortgage and Housing Corporation (CMHC), Finance Canada (FIN), House of Commons, Innovation, Science and Economic Development Canada (ISED), Office of the Superintendent of Financial Institutions Canada (OSFI), Prime Minister's Office (PMO), Senate of Canada

What they're lobbying on (6)Hide details

• Working with the government to ensure that all flood maps are up-to-date to help homebuyers understand the area they are buying into.
• Over reliance on Automated Valuation Methodologies (AVMs) poses a significant risk for Canadian consumers, lenders and the financial system. The best option to minimize the lending risk for mortgage properties is to have an on-site appraisal conducted by a third-party appraiser to determine the occupancy, the condition of the property, the neighborhood characteristics, and ultimately, the existence of the property.
• Downward pressure on appraisal fees and increasing demand for quicker turnaround times, combined with the restrictions on accessing good and reliable data, may ultimately drive professional appraisers away from completing mortgage finance work. This places a much higher risk for lenders and for Canadian consumers.
• Canadian consumers require additional education on the full range of fees associated with mortgage financing and refinancing as well as the role of various professionals involved in the transaction. A disclosure of all fees incurred as part of obtaining a loan should be a mandatory requirement for all lending institutions - federally and non-federally regulated – to ensure that Canadians understand the financial commitment involved in what is often the largest investments in their lifetime. This includes the appraisal management fee and the appraisal fee.
• AIC members must complete appraisal reports and other valuation assignments in accordance with the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP). Compliance with CUSPAP, in part, requires access to a full range of data on the subject property - including information on sales history. This data has traditionally been in the public domain but access has become limited.
• AIC is supporting Office of the Superintendent of Financial Institutions (OSFI) Residential Mortgage Underwriting and Mortgage Insurance Practices and Procedures encouraging Federally Regulated Financial Institutions to employ sound valuation practices to determine the value of collateral used to secure and insure mortgages. AIC has recommended that these same guidelines extend to non-federally regulated institutions or organizations offering mortgage financing to Canadians.

Registration 952904-373042-2. Look it up in the official Registry