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Mortgage Broker News | 20 Apr 2011, 10:00 AM Agree 0
Controversial statements from another RBC mortgage specialist have now resurfaced – again in B.C. and again attracting broker ire.
  • Julia Krause | 21 Apr 2011, 04:05 AM Agree 0
    Just want to say THANK YOU John Ribalkan for speaking up.
  • Rob Campbell | 21 Apr 2011, 06:07 AM Agree 0
    Here we go again.
    And again with RBC.
    It’s really too bad that RBC hasn't rolled up their sleeves and tried to roll out something that will sooth the tension that is growing, as well as implement a train session for their reps in conjunction with CAAMP to make sure that all of their reps are fully aware of the Brokers Act and what our responsibilities are.
    Like I mentioned in another comment section this week, us Brokers cannot gauge the ripple effects that these comments from RBC’s reps will have out there in the market. We need to keep our clients well educated with what we do and how we do it.
    Good on Mr. Ribalkan for giving his thoughts.
    Just my two cents.

    [twttr] @therobcampbell
  • www.bcmortgagedeals.com | 22 Apr 2011, 03:36 AM Agree 0
    What is interesting as well is that RBC employee's are not salary employees (besides a base); they are able to offer lower rates to a client if they reduce their commission on a deal. A broker OR specialist always have some opportunities to do what is best for themselves rather than their client; but they won't have a client base for very long if they do.
    I have sent files to bank specialists, received files from bank specialists and even done a mortgage for a bank specialist.
    We all have a place in this industry, but bad mouthing, trashtalk and slander will only muddy the waters and make us ALL look bad to the public and our potential clients. The last thing we need to do is afvertise like politicians. I will ensure I continue to promote myself with positive services I can offer for my clients and not spit ill informed babblings about my competions. I hope we can all do the same.
  • Robert Mogensen - Active Mortgage Corp. | 22 Apr 2011, 03:48 AM Agree 0
    I am very happy to see this brought out in the open as so many people believe inaccurately that they are being given unbiased advice when working with their "Big Bank Broker" (read mortgage specialist). I am amazed that those clients have been lead to believe their bank rep is a mortgage broker and that their are only subtle differences between a FICOM licensed mortgage broker and the bank specialist. This is a golden opportunity to set the record straight and I hope that CAAMP and MBABC use it as such. [twttr] @activemortgage
  • Ontario broker | 22 Apr 2011, 04:08 AM Agree 0
    Here's something for you to research...John Ribalkin is absolutely correct...When RBC declines a mortgage application, they will then send that mortgage to other lenders...this has been going for several years now... I'm not quite sure how the process works but I know that this started with Carol Tarasio, a former Independent Mortgage Broker and former Mortgage Broker with Invis. If you look at CAAMP's directory you will see Carol listed as working for RBC on Bay st.... but if you search her name on the Ontario Financial Services Commission (FSCO)website, you will see her registered as a Mortgage Broker with Only Mortgages Incorporated (anyone see a conflict here?) Now do a search under Only Mortgages incorporated and you will the brokerage is owned by Debbie Forget.. I tried finding a website but couldn't locate one... So what's really going on here? Is RBC taking their declines and farming them out to 3rd party lenders? How can one person be registered as working for a Bank and also be registered as being a Mortgage Broker? Could there be a conflict of interest?
  • Chad in Ontario | 22 Apr 2011, 05:51 AM Agree 0
    I have a major issue with RBC in Ontario. They offer private financing both for borrows and lenders with no paperwork, Hometrust mortgages, equitable Trust and many more. They are working as brokers. When I called FSCO and CAAMP I was told too bad they are under the BANK act. I guess RBC is trying to become mortgage brokers. Funny since they seem to hate us so much.

    Someone ie CAAMP, FSCO, AMBA etc needs to crack down on RBC and not let them be the industry bully. Anyone want to start a class action law suit maybe that might get their attention. If they want to license their reps and provide proper disclosures I have no issue. They do not tell the public that a RBC rep gets paid based on what rate they sell.
  • themortgagemachine.ca | 22 Apr 2011, 09:19 AM Agree 0
    So not only are they selling bad insurance products to their clients, they are spreading false information about what they can and can't do? RBC seems to be a hot spot for these issues.
  • How RBC Outsources Declines | 23 Apr 2011, 02:55 AM Agree 0
    Once declined, the mortgage specialist refers the client to RBC's Alternate (Alt A) Mortgage Specialist. The Alt A specialist essentially act as a broker trying to place mortgage with a B lender on their list. The original mortgage specialist is out of the picture after the referral. They may get a small referral fee; can't remembered. How the Alt A is licensed, I do not know. A member search on RECA site for a known Alt A specialist does not show up.
  • Robert Stanfield | 26 Apr 2011, 05:12 AM Agree 0
    being in the industry for 15 years, I know how we are held accountible for our actions, which is the way it should be. Unless you are an employee of the bank. Considering there are numurous RBC "specialists" and branch staff that hold the AMP designation, when is CAAMP going to do something about incidents like this? RBC should be held responsible for the actions of their agent and if nothing is done, RBC should be put on probabtion by CAAMP. Is that not what a governing body is to do? Do we really think RBC cares what we say or how we feel?
  • Lorne Rackel Jayman Financial | 29 Apr 2011, 07:01 AM Agree 0
    I had an incident with a BMO specialist in Edmonton. I got a copy of her rate sheet that she left at one of our show homes. She had downloaded our company logo and copied it to her rate sheet. It looked like she was part of Jayman Masterbuilt. She had no approval to do so. When I asked her about it she said it was a business practice she did all the time and believed strongkly that she did nothing wrong.
  • Set This Straight | 19 May 2011, 03:15 AM Agree 0
    For all those mortgage brokers out there slandering RBC. RBC mortgage specialists do not get paid a varible rate based on what rate they sell, nor do they have the option to lower their rate and get paid less, or raise their rate and get paid more. On the otherhand- Scotia Bank Mortgage specialists do,Just as Mortgage Brokers do.RBC has this in place to avoide the coruption that takes place in many other organizations.
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