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
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.