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Mortgage Broker News | 02 May 2011, 08:00 AM Agree 0
First hurdle cleared: CAAMP will in fact mount an investigation into that RBC document responsible for setting off a firestorm of criticism, MortgageBrokerNews.ca has learned, fueling hopes the bank will ultimately be held accountable.
  • William Vasiliou | 05 May 2011, 06:34 AM Agree 0
    As a former Assistant Superintendent of Financial Institutions and Registrar of Mortgage Brokers I had first challenged the banks in the 90's, on their "Road Warrior" programs . Although the banks managed to technically classify these individuals as employees under the income tax act, if one examines their service contracts these are independent brokers who can open trust accounts and earn third party commissions by sending/taking borrowers to other lenders when their primary lending institution turns them down. The road warrior's are self employed and their contracts may need to be re-examined. It may be time for their exemption under the MBLAA Act to be revoked.
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