Brokers are worried that their FirstLine clients may be getting the run-around when they attempt to switch to any lender other than CIBC.
“On numerous occasions, clients with FirstLine who chose to go with another lender other than CIBC when their mortgage comes for renewal are finding it very difficult to switch,” alleges broker Scott Bentley, with Verico Premier Mortgage Centre in Nova Scotia. “Even though the client has signed and authorized the Request for a Mortgage Statement to initiate the switch, the requests are being ignored.”
After repeated attempts to have their documents processed, clients are told that their existing FirstLine reference numbers no longer exist and that they must call CIBC personally in order to obtain a new CIBC reference number, Bentley told MortgageBrokerNews.ca.
It’s only after numerous phone calls some clients are learning that no new reference number has been issued, said Bentley.
For instance, one client who called in a request for a CIBC reference number was transferred from one service agent to another several times, he said.
“Clearly, the client was being given the run around,” said Bentley. “He was later told emphatically that there is ‘no other reference number.’ “
The transfer was only completed when the client went to a CIBC branch and personally complained to the manager about the delay, he said.
“I wonder how many other brokers and therefore clients are being held up on transactions with a tricky little retention tactic being utilized,” said Bentley.
He alleges that such tactics are also being employed on refinance transactions.
“In one such case, a lawyer was flat out refused a copy of the discharge statement,” Bentley said. “Once again the client was required to call in to get the magical New CIBC Reference number .”