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Mortgage Broker News | 23 Apr 2014, 10:46 AM Agree 0
Another truly independent brokerage head is offering his take on what remain the real advantages of working outside of a network. His analysis may surprise you.
  • www.paramountfinancial.biz | 23 Apr 2014, 02:34 PM Agree 0
    Agreed and very well said Bob. We are a small boutique commercial mortgage brokerage in BC - now in our 17th year!!

    Our business model is also based on relationships as well as maintaining a high level integrity and professionalism at all times.
  • Philip Slen | 23 Apr 2014, 05:07 PM Agree 0
    I congratulate Bod and all those independent brokerages out there for making a success on their own. It is not easy to be a standalone in current brokering environment for new entrances: min volume requirements, VB, lender status, etc. I agree 100% it's a relationship business. Your customers and referral sources deal with you because of you. The nature of mortgage brokering starts and ends with the relationship the broker/agent establishes with his/her customers and referrer sources. If your potential customers do not trust and believe you can help them in the manner they want, it does not matter what brand stands behind you. First and foremost, you are the brand, you are that relationship.
    The assessment of whether to join a large network and what value that could bring is correct; it is very different for different individuals. Once a brokerage (independent or network) has reached a certain size/volume, the disadvantages of being independent vs large network really reduces, there is no competitive advantage or disadvantage one way or the other. It just comes down to preference of how one wants to run his/her business.
    And independents need to know they are not alone from a technology perspective. They now have access to the most advanced independent technology platform to support their business and growth. You have choices from a few service providers. Simply compare and find the one that best meet your business needs. We have developed a system unlike any other in the Canadian mortgage industry. Simply click on the purple banner at the top of this article to find out.
  • Shocked | 23 Apr 2014, 05:47 PM Agree 0
    Isn't DLC facing a potential lawsuit in relation to this story?

    http://www.mortgagebrokernews.ca/news/mortgage-investors-blame-broker-for-200k-loss-177472.aspx

    Why didn't BrokerNews mention that?

    Read this: http://t.co/Z1f8siJYAL

    And why didn't BrokerNews allow comments on this article??

    Is it because you don't want to say anything bad about DLC and Gary Mauris? Are they a big advertiser or something?

    Be honest with your readers.

    Let people comment on this story.
  • Ron Butler | 23 Apr 2014, 06:22 PM Agree 0
    @ Shocked... you are a vile internet troll.

    What this is about is a horrible tragedy. Have some simple human mercy for the poor family who went through this ordeal and the business associates who are left to pick up the pieces.

    None of the allegations have been proven in court.

    It would not matter if this case was about someone associated with DLC or Verico or TMAC or Centum or any other firm. These stories (and there is a variation on the same theme every quarter somewhere in Canada) represent individuals who may make wrong decisions and bad mistakes that have NOTHING to do with their networks. So why even bring it up. I respect the fact MB News closed the comments on that story, it's a awful, sad, tragic event and while am also very sorry if investors were duped, this is a terrible price to pay if that's true.
  • Paul mangion | 24 Apr 2014, 01:58 PM Agree 0
    Ron is right. DLC cannot micro manage every agent. This broker could have been working with anybody. The fact that the lenders took a promissory not for a mortgage is ridiculous. Many investors do more research on a toaster purchase than they do on there investments. That makes predators job easier. Think about our business. Whether your a Realtor, mortgage broker or financial planner you will always have people that put there wallet first over the client. It is in our piggish nature and those that flock to this industry for a quick dollar always make the real mortgage brokers life difficult. If I am not willing to invest in a project then why would I expect another investor too? I would love to see bigger fines and more termination of licenses for the people that harm our industry.
  • Ron Butler | 24 Apr 2014, 02:31 PM Agree 0
    @ Paul, unfortunately, although no allegation has been proven; clearly there was the highest possible penalty paid in this case. Every situation is different, I do not blame the investors, likely they had good results over a long period of time and simply trusted the person that the good results would continue, just like every other Ponzi scheme.

    I have had 20 year relationships with investors and if I suddenly told some of them to bring in $200K cash and I gave them a hand written receipt for a bridge loan they would do it. Trust is trust. It is always horrible when trust is betrayed so even attaching slight blame to victim is a wrong approach.

    I have learned this over the years; you cannot legislate control over bad intentions . No set of rules or fines or even criminal prosecution will stop someone once they make they choice to go down the wrong path. It is true in our business, it is true among lawyers, realtors, stock brokers, bankers, the list goes on.

    Governments increase regulations and add restrictions in an attempt to curtail fraud and sharp dealings. I don't blame governments for that approach but in the end massive compliance mandates will never stop the person who decides to commit fraud, they will always find a way.
  • www.paramountfinancial.biz | 24 Apr 2014, 02:42 PM Agree 0
    Ron, you are correct. If someone wants to commit fraud, no rules or regulations will come in the way.

    Parties willing to engage in fraud will find a way or at least try and find a way.

    This then leads to added layers of paper work and due diligence for the rest of us.
  • Paul | 25 Apr 2014, 01:29 PM Agree 0
    I worked for a small independent in Pickering who all but went under. Told a good story to get people on board but at the end of the day he had no business plan, nor did he know what he was doing aside from the mortgages. Not capable of running a business or making a business model. One day he was A, the next B and so on. It was a joke so like everyone else I got out of there.
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