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Mortgage Broker News | 20 Apr 2011, 03:00 PM Agree 0
It’s up to RBC to ensure all 1,400 of its mortgage specialists convey accurate information about the broker channel, CAAMP’s president said Wednesday, suggesting the big bank must also “deal” with the individual responsible for drawing his members’ fire.
  • Elfie Hayes | 22 Apr 2011, 03:52 AM Agree 0
    Corinne Schindler,(lets say her name) the RBC Mortgage Specialist acted in a way that does not become this industry or the ethics that we stand for.

    The Statement: We are following up directly with this mortgage specialist to ensure future collateral accurately reflects the RBC brand,” Ian Colvin, RBC’s senior manager for communications in British Columbia, told Monday.

    This comment insinuates that she will continue to work at RBC. Bad call as far as I’m concerned.

    In the words of Donald Trump "You're Fired"! nothing more.
  • Robert Mogensen - Active Mortgage Corp. | 22 Apr 2011, 03:57 AM Agree 0
    Perhaps this is an appropriate time to start including a tag line on all licensed broker email, advertising etc that states "For the best, unbiased mortgage advice, make sure you are dealing with a FICOM Licensed Broker"

    Take this as an opportunity to further differentiate ourselves from the limited resources and obviously biased advice of the bank specialists.

    [twitter @activemortgage ]
  • Hint - Formal Complaint Required | 22 Apr 2011, 04:10 AM Agree 0
    Please someone from BC close to this file a formal complaint asap and get this over with.
  • Bank Mortgage Specialists | 22 Apr 2011, 04:20 AM Agree 0
    Bank specialists are also 100% commission. So the "motivating" factor is the same as brokers; close the deal. If anyone says otherwise, they are lying. The disadvantage for specialist is that when they have to match broker rates, they essentially drop their commission to as low as 10bps. Imagine they were expecting 40-50bps then client shopped around and force them to match. Do that for a few deals and you'll be upset to the point of stupidity and desperation like this RBC specialist. If you can't take the heat, join them; become a broker.
  • Chris Richards | 22 Apr 2011, 04:42 AM Agree 0
    I would suggest that every mortgage broker out there that banks at the RBC, call their branch and "discuss" moving your accounts elsewhere and the reason thereof. Have your bank rep bring up the issue with the Branch Manager who can then escalate through proper channels. At a minimum, you will get heard.
  • Ahmed A Assaf | 22 Apr 2011, 05:00 AM Agree 0
    Every broker needs to make a formal complaint via RBC's Ombudsman.
  • Peter | 22 Apr 2011, 05:13 AM Agree 0
    Why is RBC and many of their "unlicensed specialists" members of CAAMP and AMP accredited, according to recent articles and postings? I assume other bank "Rovers" are as well. CAAMP is doing a great job addressing this issue, but they need to stand up for the licensed independent mortgage brokers across the country by cutting these memberships and accreditations. Someone needs to stand up and protect our industry by forcing these banks to license and hold their “sales reps” accountable. Other provincial associations need to step up as well and use this issue to help strengthen our industry in the public’s eyes.
  • Nancy Troke | 22 Apr 2011, 05:22 AM Agree 0
    I agree, everyone use the web site address noted above and file the complaint formally via RBC's Ombudsman. Further, the formal complaint direct from a BC Broker should be made so that CAAMP can deal with it.
  • Michael Cameron | 22 Apr 2011, 07:16 AM Agree 0
    A formal complaint with CAAMP has been filed. I would welcome others to do the same. RBC is a corporate member of CAAMP and this marketing piece is in direct violation of rule 1, 6 and 8 of our code of ethics.
  • Michael Cameron | 22 Apr 2011, 07:19 AM Agree 0
    A formal complaint with CAAMP has been filed. I would welcome others to do the same. RBC is a corporate member of CAAMP and this marketing piece is in direct violation of rule 1, 6 and 8 of our code of ethics.
  • John B. | 22 Apr 2011, 11:56 AM Agree 0
    I do not have to remind anyone, I hope, that here in Ontario we are are licensed and monitored by a strict government agency. I am unaware of such compliance for bank "specialists", this one would be lost in an intellectual discussion on mortgages, with 99% of the brokers/agents I know.
  • Kevin | 23 Apr 2011, 03:42 AM Agree 0
    Wow, is it me or has everyone missed the point out all of this. Who cares what a Royal Bank roady puts out, last I remember, Royal Bank has been & always will be one of the biggest Bank predators to the Broker Industry. My question is why would Royal Bank even want to be a CAAMP member? When have they ever advocated the Mortgage Broker Industry? If Brokers want to retaliate, boycott any lender even related to Royal Bank and perhaps our Broker Lenders/Partners that fund deals for unliscenced and unregulated RBC Mortgage Specialists(how sad) reconsider underwriting these deals from RBC sources. Could care less about this RBC rep, their statements are so stupid about hidden costs and fees, lets just prove them wrong to the public and make Royal Bank look stupid.
  • Kelly Rowe | 23 Apr 2011, 04:45 AM Agree 0
    I agree with Peter. Caamp members should have to be stakeholders in the industry, otherwise why should they be members of this association.
    Having previously been a bank rep many years ago, it seems a natural progression for people who want to become true professionals to become licensed mortgage brokers. Hopefully this young lady will one day acquire the proper education and accreditation. I don't know this young lady, but she made a mistake, lets not throw her to the wolves just yet. I'm sure she'll never make this same mistake again.
  • John Doe | 25 Apr 2011, 04:07 PM Agree 0
    I am assuming, based on the strong feedback, that mortgage brokers have never made eroneous comments about the big bad banks in their publications. All the actions you are asking to be taken should also be followed when a mortgage broker does the same then. Correct?
  • Mark Lee | 26 Apr 2011, 12:38 AM Agree 0
    It amazes me that CAAMP members and Brokers alike take the mandatory courses needed to become a BROKER, yet, because the Chartered Banks are federally governed, their rogue reps can go out and without any education in this business and inform the public on the biggest transaction of their lives. Not only are we being sliced and diced by the Banks with their reps hanging out at all the Real Estate offices, now they question our very existence in the market place.
  • Michelle | 26 Apr 2011, 05:28 AM Agree 0
    Dear John Doe, as a previous big bank employee and a previous mobile mortgage specialist, rest assured that the banks "brain-wash" their mobile specialists to think that the brokers/agents are the "enemy". Any person, be a bank specialist or mortgage agent/broker should be warned that flat out lies are not acceptable and if formal complaints are set forth, then you need to deal with the consequences! If you can't handle the consequences, then you should think twice!
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