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Mortgage Broker News | 07 Aug 2015, 09:00 AM Agree 0
Brokers argue there aren’t enough ramifications to deter brokers from falsifying documents, but some suggest reporting them to a database such as REDX is a good start
  • Tomas | 07 Aug 2015, 02:09 PM Agree 0
    Incorrect --- Home Trust named Interfinance Mortgage Corp in this National Post story:

    http://business.financialpost.com/investing/home-capital-group-inc-is-used-to-critics-who-say-its-vulnerable-to-a-housing-pop
  • Blair Anderson | 07 Aug 2015, 02:13 PM Agree 0
    FSCO makes offenders, and their offences, public on their website. They also send out press releases for the same. Check out the "Enforcement Actions" link on their website.

    I am also considering creating a page on my industry portal, www.MortgageResource.ca, to help warn the public about said offenders.
  • Walid Hammami | 07 Aug 2015, 07:35 PM Agree 0
    There is also a legal side to it that under the heat of the moment we didn't think of clearly.

    A lender can decide not to deal with some brokers without providing any reason, it's a business decision and no one will contest that. But publishing the names of these brokers requires a different approach. They need to be found guilty. And how is the lender going to do that? Even if lenders collude and share a list, it will get known at some point and will expose them to a nasty legal action. I can tell you this though : banks have black lists of lawyers, realtors, notaries, financial planners and accountants that they keep internal. Even their reps don't see it. These lists are available only to their compliance departments.
    (I worked for 3 banks before becoming a mortgage broker)
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