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Mortgage Broker News | 05 Jul 2016, 08:15 AM Agree 0
Following one broker’s legal victory over a flighty client, industry players are calling for standardized file agreements
  • Mal Eccles Secretary IMBA | 05 Jul 2016, 09:28 AM Agree 0
    The IMBA 2016 Policy and Procedures Manual has a section dedicated to the Forms you need to run your Mortgage Brokering activities, including a client Acceptance Agreement (although not tested in court) meets the legal requirements required to enforce payment by a client wishing to cancel their contract.
  • Victor Simone | 05 Jul 2016, 09:54 AM Agree 0
    FSCO has no standard forms, but the onus is on the brokerage to meet the FSCO requirements. This decision offers more protection since I can have wording in place to meet our risk management objectives. I know what I need to do, and keep it the way it is.
  • Ron Butler | 05 Jul 2016, 10:37 AM Agree 0
    I think that brokers need to wrap their minds around what FSCO or FICOM or any of the other provincial regulators are. When you speak to them they will all tell you the same thing: we are a consumer protection agency!! That's what they are: end of story. They could care less what regulations we want to protect US. They are here to protect the public. We need to understand that.
  • Warren Ross | 06 Jul 2016, 08:17 PM Agree 0
    @Ron Butler. Why not produce a form through a mortgage broker association as opposed to a regulator? I think it would be good for us to have a standardized contract. I have no problems with providing people with a free consultation, however, asking me to do a job from A to Z and then stiffing us with no recourse is something else. This standardized contract needs to be universal because if some of us do, and some don't it wont work. As of now only 10% of brokers sign a contract with a penalty clause. There should be a broker fine for not having a standardized contract signed.
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