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Mortgage Broker News | 29 Sep 2015, 08:15 AM Agree 0
It’s not just lawyers charging extra fees for monoline files, with one broker intervening on behalf of a client saddled with a large bill from a trusted referral partner
  • @kiltedbroker | 29 Sep 2015, 09:48 AM Agree 0
    Well done Jamie for both doing the spot check in the first place and then making it right with your clients when the notary gouged them.
  • Darlene | 29 Sep 2015, 09:57 AM Agree 0
    It would be helpful to know who this gouging notary firm is, so we can stay far from sending our clients to them.
  • Dustan Woodhouse | 29 Sep 2015, 12:08 PM Agree 0
    It seems to me that the real Headline here should read:

    'Mortgage Broker Jamie Joseph proactive in aiding clients in avoiding significant penalties down the road, and upfront surcharges'

    That is the heart of this story.

  • Foys | 29 Sep 2015, 12:26 PM Agree 0
    The issue here is why are lawyers and notaries wanting to charge more. The monoline lenders need to get their act together and simplify their documentation process so that the lawyers will want to charge less not more.

    This issue has been going on for years. Why don't the monolines do something about it. They have the opportunity here to simplify the whole process, making it simpler for the lawyers. Some monolines just don't care. They allow their in house lawyers create more and more useless paperwork for the clients' lawyers to deal with.
  • Dustan Woodhouse | 29 Sep 2015, 02:55 PM Agree 0
    Congrats Jamie on some quality pro-active Brokering! And on taking ownership of a situation and doing the right thing. That was an excellent investment in your business, expense it under 'marketing'.
  • Walid Hammami | 29 Sep 2015, 11:22 PM Agree 0
    I spoke to notaries about their revenues (In Quebec notaries have an exclusivity on real estate deals) With cut-throat competition between them they are having hard time making a good living. FCT is also killing them. FCT uses notaries for their transactions but they pay them about a 100$/transaction. If the notary does the transaction without FCT then he makes about 200-400$/transaction. So if a monoline is asking for too many points to be checked then it might not be a profitable transaction that's why they charge more.

    The lenders are solving the problem by dealing with FCT on refinance (FCT does not do purchase deals) FCT charges between 695-795$ does all verifications and then lets the notary meet the clients to verify ID and collect signature for a 100$.
  • Sean Binkley | 05 Oct 2015, 02:03 PM Agree 0
    On the other hand, perhaps (not that it happens often enough) solicitors should be allowed to charge for their time. The paperwork, changes, systems and overall difficulty in using an alternative lender or even monoline does cause the solicitor more work. I think many solicitors have seen many brokers fees for non-A lenders and they are expected to do more work for the same cost. We are all professionals. More work = more time = more money. Nothing wrong with than IMHO
  • Sean Binkley | 05 Oct 2015, 02:10 PM Agree 0
    Good to help a client out, but on the other hand, perhaps (not that it happens often enough) solicitors should be allowed to charge for their time. The paperwork, changes, systems and overall difficulty in using an alternative lender or even monoline does cause the solicitor more work. I think many solicitors have seen many brokers fees for non-A lenders and they are expected to do more work for the same cost. We are all professionals. More work = more time = more money. Nothing wrong with that IMHO
  • Gord | 16 Mar 2017, 12:09 PM Agree 0
    Mortgage instructions from some mono-lines are double, or triple, the amount of paperwork. This is not true for all mono-lines, but some lenders make the notary/solicitor job very frustrating. For example, if the job/industry section of the Identification Form does not match the broker submission, the lender will not advance funds. This will/may require a second meeting with the client if the form is not to their liking. I tell the notary if there's any questions contact the broker. Most often, the lender requires the same paperwork that the broker already had signed, re-signed; commitment, PAD form, Void Cheque, Source of DP Funds (although not the proof, just the source, ie borrowed, equity, savings, etc.). This is probably the reasoning of the extra fee but I try to help the legal side, makes them say good things about my service too.
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