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Mortgage Broker News | 18 Aug 2011, 09:00 AM Agree 0
A leading broker is asking channel lenders to look at standardizing their instructing documents for lawyers, a way of easing the headache for legal and mortgage professionals, alike, but also creating a competitive edge for the industry.
  • Gord McCallum - First Foundation | 19 Aug 2011, 04:06 AM Agree 0
    Good suggestion Dan. I think most brokers have heard these complaints before. I do find that the law firms that have most of the trouble handling non-bank instructions are those that only dabble in real estate or who don't have sufficient volume to see every lender all the time.

    That said, if Jeff Kahane still thinks it's an issue worthy of consideration, then I suspect he's right as his firm does lots of business and he's well respected.
  • Kim D, British Columbia | 19 Aug 2011, 06:41 AM Agree 0
    As a former conveyancer turned Mortgage Broker in BC, I can relate. The biggest culprits are the Monolines who use a 3rd party companies, like First Canadian Title to issue their instructions. Because they are based on Ontario, their instructions tend to be based on the Ontario Land Title system and laws. The terminology and documents associated with conveyancing is slightly different in each of the Provinces. The companies issuing mortgage instructions SHOULD be aware of this, but tend to have an Eastern snobbish attitude to any province except Ontario!
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