Broker creates webpage for unhappy RBC clients

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One broker is leaving nothing to chance amid the RBC public relations fiasco, creating a web page showing people how to switch their mortgage from the embattled bank to another lender.

“The response to the RBC story has been phenomenal,” says Scott Dawson, a Vancouver mortgage broker who yesterday told that RBC’s public relations stumble in outsourcing its IT work to a company based in India was “gold” for mortgage brokers.

“I created a page on my website outlining what's required for an RBC client to switch their mortgage.” He says. “After sharing the link to clients and industry associates on various social media sites, it has already become the most visited page on my site.”

Dawson, who promoted his new webpage “RBC Mortgage Switch” on his twitter feed Tuesday morning, is well-known in the channel for his blogging, magazine writing and participation in the online Canadian Mortgage Hangout forum.

“A quick search on Twitter and Facebook clearly shows that people are upset about what RBC has allegedly done and are talking about it openly,” he told “Personally, I know of one person who has already moved all of their day-to-day banking to another financial institution because of it.”

RBC confirmed Sunday that it was laying off 45 employees who do its IT-related work, outsourcing jobs to a smaller group of employees who work for iGATE and would be granted Canadian temporary work permits . The move to outsource had been approved by Ottawa prior to the announcement.

That controversial move by RBC followed another, with the banking titan confirming it would increase its mortgage discharge and switch-out fee structure, from $250 to $300 – the second such $50 increase in consecutive years.

For Dawson, his webpage is designed to help educate RBC customers, and offer them not just a financial solution, but possibly an ethical one as well.

“Possible penalties aside, moving your mortgage is a bit more complicated than just walking into a branch to close your account,” says Dawson. “I set up the page to assist RBC customers so they can become more informed about the process and help them navigate the many Canadian mortgage lenders and help you choose one that makes not only financial sense, but ethical sense as well.”

  • MR on 2013-04-10 8:15:41 AM

    Brilliant Dawson! way to capitalize on the opportunity while helping educate RBC clients on how to go about switching out a mortgage to another lender. Keep in mind the majority of RBC's mortgage portfolio is HomeLine Plans - non transferrable = a little extra in registration fees. Nonetheless, a brilliant move on your part. Good luck!

  • Phil on 2013-04-10 9:03:15 AM

    Why awake the sleeping giant? Do you really think RBC is the only Canadian Chartered bank that outsources? All the banks do. Let's keep in mind that as brokers it is in our best interest to play nice with the banks. We've already seen the majority of them stiop dealing with us and maybe the few that are left will also stop. Yes we'll still have the privates but beleive me the banks are financially strong enough that if they decide they want to control the entire Canadian mortgage market they can.
    "Watch what you wish for"

  • BobW on 2013-04-10 9:17:54 AM

    There is nothing sleeping about RBC. They are aggressively working at gaining market share so why would I cut them some slack... Would the same be true in reverse? We both compete to service the needs of mortgage clients.

  • Last Visit to the Site on 2013-04-10 11:18:54 AM

    This is nothing but a place for the Bigger Brokers to brag about themselves and play the bigger genital game...

    Plus...when a site for professionals takes advertising from a match Mating service so people can hook says it all!

  • Paolo Di Petta | on 2013-04-10 1:43:23 PM

    @Scott Dawson, Great Job.

    @ "Phil" - Go easy on the banks? Are you insane? The banks (especially RBC) haven't gone easy on us, nor do they every show sign of letting up. If you just stand there, you're going to get trampled.

    I have to ask, what is your value proposition? Whether you like it or not, our whole value proposition (as an industry) hinges on showing how we do right where the banks does wrong.

    Without that, we're just peddling the same products and playing the rate game. I'm not sure about you, but I don't have a multi-million dollar ad budget - trying to match the big 5 by playing the same game they do has never made sense to me.

    From time to time, that may mean drawing attention to the pitfalls of the Canadian banking oligopoly. This includes pointing out the fact that they're not concerned about Canadians because they're moving jobs offshore, or calling them out when they publish their "soft landing" reports to protect their massive mortgage portfolios, or explaining the large downside of collateral mortgages.

    Our value proposition hinges on educating our clients. Knowledge is power. People need to know who they can really trust, and it certainly isn't the big 5. It's time they started voting with their dollars.

  • @kiltedbroker on 2013-04-10 8:31:13 PM

    Great move Mr. Dawson.

    I would like to comment on the comment left by "Last Visit to the Site" - re: this site being a place for the "Bigger Brokers to brag about themselves" - I disagree wholeheartedly with that statement.

    I find CMP Mortgage Broker News to be a very valuable resource for our industry. It delivers relevant and timely stories to our industry. As for the advertising, how else is CMP supposed to pay the bills, its not like we can expect them to produce all this content without trying to monazite it in some way.

    The best part about making this comment at this time, is that I am guaranteed the final word here, because as his/her name indicates, they will not be around to read this (or they are a bold face liar).

    Way to hide behind anonymity "Last Visit to the Site" - you are a chump and this place is better without you!

    Have a great day everyone!

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