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Mortgage Broker News | 31 Aug 2015, 08:15 AM Agree 0
MortgageBrokerNews.ca has obtained closing documents that illustrate the unnecessary instructions so frustrating to real estate lawyers and leading to extra fees for monoline clients
  • Broker | 31 Aug 2015, 11:50 AM Agree 0
    Monolines can cause more work for us as brokers as well but we use them in order to find the CLIENT the best option. It has nothing to do with them paying us more but rather a better rate or product for the CLIENT.
    Everyone loves to talk about the stress and work that they had to go through and they forget why we are even in this business, we are here to help families become home owners and if that involves an extra hour of work, pull up your big boy pants and work through it.
  • Broker in Victoria | 31 Aug 2015, 01:05 PM Agree 0
    Sounds like a file wherein outstanding conditions were made to be solicitor conditions to redirect the work the broker should have done.

    If the broker had indeed satisfied the conditions that were put back onto the lawyer, then the monoline needs to be called out on this.
  • james | 01 Sep 2015, 09:44 AM Agree 0
    Assuming Broker did their job. ONE phone call solves this.

    But why bother when an extra charge can be levied right?
  • Underwriter in Victoria | 02 Sep 2015, 06:47 PM Agree 0
    It is the underwriters responsibility to do due diligence on every file. I am surprised that they would instruct solicitor with strata docs and title searches. That could break the deal at the last moment.
  • Jamie Joseph | 24 Sep 2015, 10:51 AM Agree 0
    A recent 'straight up' refinance transaction completed by a local Notary firm (in the same town as Daryl), saw my clients being charged and additional $500.00 for the preparation of the doc's because the lender was 'a non-standard lender'. I obviously queried and was told unless it was one of the big 5, (in other words a non mono line) this was the cost because of the extra work involved. Lender in this case was Fnat which from my years of dealing with conveyances etc, is not one of the erroneous types to deal with. In querying another local solicitor, I was quoted $950 all in compared to the $1543 we were charged. A true slap to the broker community and our clients. Obviously they (the Notary firm) has lost my referral business!!!! Daryl good call for bringing this to the attention of others.
    Jamie
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