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Mortgage Broker News | 10 Nov 2016, 08:15 AM Agree 0
Under its Mortgage Broker Conflict of Interest Guidelines, FICOM is trying to force networks to disclose all bonuses. But does the regulator have that power?
  • David O'Gorman | 14 Nov 2016, 08:58 AM Agree 0
    Fighting any regulator on full disclosure to consumers is just pulling on the tiger's tail, & the tiger can& will bite.

    furthermore I would suggest that if you are acting as an agent of a client and you are not disclosing every benefit, financial or otherwise, there is a chance you could be charged under the Criminal Code for receipt of a secret commission.which could generate the kind of publicity all brokerages want( not)!.

    The networks that are not disclosing volume bonuses to agents or clients,are in my opinion, fools loooking for bigger problems
  • Dave | 14 Nov 2016, 11:06 AM Agree 0
    The Mortgage Brokers Act in BC is explicit that mortgage brokers and related parties must disclose their commissions.
    That head offices would seek to hide the kickbacks they're receiving by claiming they're not related parties is really weak.
    I suspect that franchise agreements stated all transaction fees would flow to the mortgage brokers and instead head offices have been pocketing hidden fees.
    Some of these guys are facing big retroactive payouts.
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