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Mortgage Broker News | 09 Oct 2015, 08:15 AM Agree 0
A provincial association is pushing for an update to regulations surrounding advance fees, including cancellation fees
  • Walid Hammami | 09 Oct 2015, 09:52 AM Agree 0
    Yep, Exactly what I said before: An unjust law is no law at all.

    Lex iniusta non est lex (Latin: An unjust law is no law at all), is a standard legal maxim. It originates with St. Augustine,[1] and was used by St. Thomas Aquinas.[2]

    This view is strongly associated with natural law theorists, including John Finnis and Lon Fuller.[3]
  • bob | 09 Oct 2015, 11:05 AM Agree 0
    what will brokers do if lenders start charging for cancelled application? After all you've wasted their time as well? im sure Brokers will be up in arms if that happens.
  • John | 09 Oct 2015, 03:40 PM Agree 0
    It's every consumers right to freely shop for any product or service that they wish. It's also every consumer and professional's right to enter into a basic contract for service. It's a free & fair market (or should be). And bob, the brokers' relationships with lenders are business-to-business relationships that are already governed by the very efficiency ratios that the current unfair legislature jeopardizes.
  • Wayne Campbell, Prince George | 09 Oct 2015, 05:09 PM Agree 0

    Brokers already pay lenders for cancelled applications. That's what funding ratios are all about
  • Dustan Woodhouse | 11 Oct 2015, 01:26 PM Agree 0
    This is a slippery slope. One not worth stepping onto in my opinion.

    I would rather focus my time and energy on being better at what I do and not losing clients at all.

    Having the right to charge clients I do lose a few hundred dollars is a right I will never exercise. Such a thing strikes me as petty and weak on the part of the Broker.

    instead I will strive to improve my skills so that very few clients ever leave me.

    I look forward to differentiating myself should this legislation pass as a Broker with NO exclusivity agreement and NO cancellation fees.

    I will earn my clients business on merit, not coercion.
  • Mark A. | 14 Oct 2015, 12:39 PM Agree 0
    Surprisingly naive Dustan, but "the right" none-the-less, should still be yours. That's the point.
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