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Mortgage Broker News | 02 Apr 2015, 10:27 AM Agree 0
Another banking veteran, now a broker, is criticizing the increasingly close relationship between Realtors and some of the big six banks, suggesting it comes at a disadvantage to clients.
  • Chris Murphy | 02 Apr 2015, 12:37 PM Agree 0
    Glad to see this brought out in the open although this is common knowledge. Where is CAAMP and the Provincial regulatory bodies on this? No disclosure to the realtor's client is unethical. Realtors are supposed to give out three names at times but it's the first one they lead to the customer. If I helped the realtor go to conferences or sent them a big screen TV, I would have to disclose to the client but the realtor doesn't. Clients are getting treated badly with this practice.
  • Ron Butler | 02 Apr 2015, 02:06 PM Agree 0
    Couple of points, CAAMP has absolutely nothing to do with bank reps, we really need to stop wasting our typing on that issue and Realtors ABSOLUTELY need to disclose any form of income or any form of compensation they receive that is tangential to every transaction. I am not saying that they do every time but it's a fact they have to. We need to keep the facts straight. Bank reps are Federal Law nothing to do with FSCO or CAAMP and realtors have just a tough or tougher disclosure as mortgage brokers.
  • Chris Murphy | 02 Apr 2015, 03:40 PM Agree 0
    I knew that but we should expect CAAMP to ensure a level and ethical playing field. They are working the Federal Finance Minister as well as provincial regulatory bodies. If the realtors disclosure is as tough, we aren't they filling in they get points or BBQ's or TVs. The referral points are significant enough to disclose.
  • Broker | 02 Apr 2015, 07:13 PM Agree 0
    Interesting how this guy now has a problem with road rep practices yet he was good with it when he had the opportunity to do such. What a complete Hippocrates.
  • Chris Murphy | 02 Apr 2015, 07:38 PM Agree 0
    Been an independent broker 13 years. Check your facts before you make accusations. Check your spelling too.
  • Tammy | 03 Apr 2015, 06:20 PM Agree 0
    Far worse products and rates? No. All mortgages are collateral? No again. Realtors MUST disclose any incentive to their client and they will not receive any incentive until a form is signed by home buyer indicating they are aware of any incentive. Brokers and bank reps both get paid for selling mortgage protection insurance, so whats your point? Percentage penetration is a guideline. An ethical broker OR bank specialist will not sell their client insurance they don't need. Offering a discount to the interest rate is NOT tied to insurance or bank accounts. Who did you interview for this article?? Poorly written, misinformed and highly inflammatory.
  • Mortgage Delivery Guy | 04 Apr 2015, 05:56 PM Agree 0
    Notice how once again Collateral mortgages is under spot light.
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