Broker prepared to sue over REDX reports

Broker prepared to sue over REDX reports

Broker prepared to sue over REDX reports
That four-letter word has once again reared its ugly head, and one broker is prepared to take CAAMP to court over two REDX reports that are hurting his business.
 
“I’m getting turned down by lenders all over the place,” says mortgage broker Shawn Allen. “All over two REDX reports that are erroneous. It is hurting my business!”
 
Allen’s beefs stem from incident reports generated over cancellation of an AMP membership – that’s information made available to lenders and other REDX subscribers.
 
“I only found out by accident through one lender,” he says, “because no other lender was willing to go on the record on the nature of REDX reports. Some lenders are still working with me, but this is ridiculous.”
 
Allen has been struggling the past three weeks to have the reports investigated and removed from his record – and his patience is wearing thin.
 
“I don’t really like turning to the media, being a part of the story, like this – but I don’t know where else to turn,” he told MortgageBrokerNews.ca. “But come July 3, if these reports haven’t been removed from my record, I will file papers and sue CAAMP and REDX.”
 
Another broker, Sandra Levy, also discovered by accident that she had been a victim of mistaken identity and confused with another Sandra Levy on a number of REDX reports.
 
“Our industry standards are very clear, we as brokers are responsible for the information we report to our clients and lenders,” she told MortgageBrokerNews.ca in a May 17 article. “So why is it okay that REDX reporting standards are lacking?”
 
It was only after a number of exchanges with REDX and Levy providing proof of the errors that the reports were finally corrected.
 
17 Comments
  • Paul Mangion 2013-06-25 7:58:52 AM
    That's a great idea. Lets see if we can get the industry together and see what legally can be done. Spread the costs out so it becomes cheap for everybody. Count me in!
    Post a reply
  • Ottawa Broker 2013-06-25 8:01:08 AM
    Shawn, I hope the outcome is favorable for you, and the broker industry.
    I have suggested this before when the REDX name comes up in articles. "when a single agent fights a company like CAAMP or REDX, they seem to get no where, BUT, if we formed a class action suit with every agent in Canada that has an improper negative report on REDX" then we would get somewhere. The costs would be divided amongst hundreds of agents, the lawyer would work to dig deeper and in the end, we hold accountable the companies responsible for falsely tarnishing an agents name."

    This is also a prime example that CAAMP does NOT support us or they would not be trying to blackmail us through REDX to maintain the AMP designation.

    CAAMP is a joke and the mortgage agents that "supposedly" run CAAMP.

    I shudder to think what my REDX report looks like as I cancelled my AMP, got talked into reinstating it and then I cancelled it again. REDX must have me in the dungeons and torture chambers as a repeat offender.
    All with the support of the organization that says they are here to represent and support the broker community.

    What a bunch of garbage. CAAMP, leave our industry and we would be the better for it.
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  • A Lender 2013-06-25 8:14:01 AM
    I think there is more to this than is being made public by the media. CAAMP is a reputable association and doing an excellent job! It's disturbing that this platform and brokers consistently bash the association and the hardwork and good will they do.
    Post a reply