Forum

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Notify me of new replies via email
Mortgage Broker News | 25 Apr 2011, 11:00 AM Agree 0
At least two CAAMP members have moved to initiate formal complaints against RBC, alleging the mega bank violated no less than three rules set out in the association's code of conduct.
  • Mark | 26 Apr 2011, 05:19 AM Agree 0
    So the funny thing here is, if RBC fires him, what do you think he will do next?....Mortgage Broker!
  • ottawa broker | 26 Apr 2011, 05:25 AM Agree 0
    CAAMP will do nothing regarding the RBC incident, even though RBC is a CAAMP member. It has been proven time and again, CAAMP lacks the foresight and backbone to do what a national association should be doing. between the banks members and the banks involvement with CAAMP, they will do nothing.
  • Angela Wong-Liao AMP Invis Inc | 26 Apr 2011, 05:58 AM Agree 0
    As a veteran mortgage professional in the mortgage industry and a former banker for several years, I find the conduct of this RBC mortgage specialist is unacceptable as all outgoing newsletters or flyers bearing their employer, in this case RBC logo should be reviewed and authorized by the Bank prior to promoting to the public. It appears that RBC's internal mortgage force unit did not do their due diligence to monitor and protect the reputation of the Bank by allowing this kind of embarassing situation to occur, therefore, the RBC Head Office should take the full responsible to reprimand this RBC mortgage specialist and send a public apology to us via CAAMP.
  • AB Broker | 26 Apr 2011, 06:05 AM Agree 0
    I agree, this will be a very good test for CAAMP! If they fail it's members, I'd suggest we all ban together and stop paying our dues. Let the mortgage revolution begin!
  • Get over it! | 26 Apr 2011, 06:28 AM Agree 0
    RBC has apologized, this has become like the Royal wedding WHO CARES?? An individual put out a flyer stating reasons not to deal with us,I believe as an agent I am able to over come these issues. There are are m ore pressing issues in our industry than some stupid flyer that someone had a sissy fit over.
    Tell me one agent/broker on here that hasn't said something about a bank?
    Enough get over your whining,,,
  • Phil McDowell | 26 Apr 2011, 06:44 AM Agree 0
    Whilst ill-advised and over-written, the RBC Mortgage Specialist comments are written with identifying RBC identifiers, and the reader can judge the bias accordingly. I would be more upset if it was written pretending to be a consumer complaint against a broker/broker industry
  • ON Broker | 26 Apr 2011, 06:52 AM Agree 0
    For over 25 years I have listened to constant whining and crying over what RBC does and how they do it. Do you honestly think this will be any different? If most Mortgage Brokers / Agents were as busy as they would have you believe they wouldn't have time for this nonsense. While everyone is directing their attention here, she is probably still out writing mortgage business. The only real question is which Mortgage Brokerage is going to hire the culprit when RBC finally buckles and fires her.
  • Canadian Association of Mortgage Brokers? Are you | 26 Apr 2011, 07:02 AM Agree 0
    I care. Get over it is wrong this is nothing like the Royal Wedding. I do care about the outcome. An industry such as CAAMP represents all of us both lenders and brokers. Where is our voice being heard as a mortgage broker? Sure we have MBABC which again is half lenders and half brokers. Again where is our representation of our industry? These industries have their purposes but they will not stand up in our defense with the force that this needs to be given. RBC has been telling lies about us for a long time its time to put an end to it.
  • Agree with.... | 26 Apr 2011, 07:13 AM Agree 0
    Get Over It!...Well said and I 100% agree. Many brokers have slammed the banks in front of their clients, and others. What is CAAMP going to do, not burn the bridge with RBC. RBC probably likes the aggressive approach from their employee, and as long as she is producing her job is safe.
  • ON Broker | 26 Apr 2011, 07:22 AM Agree 0
    @Are You? Do you honestly think that RBC really cares what the Mortgage Brokerage Industry thinks, feels or wants done. They are Big Blue and they will continue to do what ever they want, when they want to, because they can. They have never supported the Brokerage Industry and they are certainly not going to start now. If they thought for a moment there was some value in CAAMP would then not had their road reps join. The Bank itself is a Member because it's a necessary evil, looks good, gives CAAMP that warm fuzzy feeling that they have RBC on side but they don't. If they did this lady would have been fired days, weeks ago but she is still within their employ.
  • BC guy | 26 Apr 2011, 07:41 AM Agree 0
    Great, RBC will get slapped, they will quit CAAMP, and our dues will go up, does anyone really think RBC cares what CAAMP says?
  • RateMiser | 26 Apr 2011, 07:48 AM Agree 0
    Walk the plank ya wags! Mortgage brokers have never taken such liberties with language around banks. Nay, we accord 'em all with the greatest of respect.
  • Alex | 26 Apr 2011, 09:43 AM Agree 0
    If you look at the CAAMP membership fees, you can easily see that Most banks don't pay more then couple of Thousands dollars per year for memberships! TD or RBC would only have 15-20 memberships; they have never made their Mortgage Specialist members of the CAAMP!

    The issue and problem is not the Mortgage Specialist but the whole system, including CAAMP. A typical Super Broker pays $250,000 to $750,000 per year for its memberships and TD, BMO, RBC or other big banks pay less then $10,000 a year?
  • Ontario broker | 26 Apr 2011, 10:42 AM Agree 0
    If we continue to have the no care attitude,and Royal Bank can do whatever they want,and of course CAAMP hides behind there desk. Then this industry continues to get the black eye time and again. We are professionals just as much as any other profession and we do not need to be pushed around by some junior specialist from a bank, who probably can only put together an "A" deal with good credit.
    CAAMP members need to stand up together and express this and pressure CAAMP to stand up and put through the process of penalizing Royal Bank for this action.
  • Michael Cameron | 26 Apr 2011, 11:10 AM Agree 0
    While I understand that many feel this topic has run its course, I also feel it is important that we stand up for what we believe in.

    If a broker did the same thing to RBC I would expect them to be held accountable to our code as well. If our members are not held accountable to our code of ethics what is the point of having one. I am not concerned about RBC or the specialist in question. I AM concerned with the general lack of integrity in our industry.

    If we can't enforce ethics when the violation is this blatant then who can expect anyone to come forward with any complaints.

    I agree that the last thing we need is a bunch of whining and distraction. But if no one will stand up for and enforce our code of ethics then we should all opt out of our associations. As for the argument, "lets not file a complaint because we may lose a member and our fees will go up", I'm sorry but i don't buy that either.

    Call me a whiner but I have been brokering for 17 years and am very passionate about what we do and how we do it and I for one will not tolerate this kind of behaviour from anyone (broker, lender or mortgage specialist) in our industry.
  • Maria Gorczynski | 26 Apr 2011, 10:52 PM Agree 0
    This is very unfortunate alltogether. I used to work for a chartered bank and I could see some of the practices the sale's forces were capable of. This is mainly due to a huge competition within the mortgage industry as well as large expectations the big banks have from their employees. However with all the fairness nothing can compare to dishonesty and literally "dirty tricks" some mortgage brokers commit. Not properly disclosing all the information up front, when they absolutely should. Hidden fees, charges. The truth is most people go to the bank for a mortgage and they go to the brokers only when rejected by banks and mortgage brokers use this to create the situation when they can simply hugely overcharge, taking advantage of some people desperate situation. That had to change if the mortgage brokering industry wants to build the trust.
    Mortgage brokering industry need to realize that by acting dishonest, they mainly hurt themselves in a long run. The best interest of the client should always be the prevailing factor in obtaining the mortgage for that client. But in reality, it is the best commission and other fees and perks from the lender - that what is being looked at. This is not a win situation for mortgage brokering industry.
    My personal opinion to the potential mortgage seeker would still be - go first to the regular bank and try your best to work it out!!!
  • @kiltedbroker | 27 Apr 2011, 12:18 AM Agree 0
    I agree with Michael Cameron, my concern is more for the process, if we can't hold a violation this obvious to account within our association, how can we ever govern our own internal conduct.

    I believe rogue brokers are way more damaging to our professional image than some silly comments made by a misinformed bank employee. I am not necessarily seeking justice here... I just want to know that something CAN be done, looking forward to seeing where this goes as I believe the flag is in the ground and this will set precedence.
  • Jeff | 27 Apr 2011, 06:41 AM Agree 0
    This is a bit off topic but it is related nonetheless. I think a major issue with CAAMP at the moment is that while we have provincial organizations representing mortgage brokers specifically, we do not have a federal organization that represents mortgage brokers specifically. Our clout is relatively small compared to all the chartered banks, and the reason for having the organization should be to protect mortgage brokers and lobby for mortgage brokers against parties that would prefer that we did not exist (ie several of the chartered banks, particularly those who do not open themselves to the broker channel). Instead, we let the only federal organization that should be protecting us as mortgage brokers bring in members from organizations that would prefer for our industry not to exist.

    I don't mind bank bdm's being caamp members, or those who participate in the broker channel. However, I would rather be paying my dues to an organization that specifically protects my interests especially against some of the most powerful organizations in the country.
Post a reply