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Mortgage Broker News | 17 Oct 2011, 10:00 AM Agree 0
A lender is joining brokers in questioning the industry’s use of REDX, arguing the system, meant to flag fraud, is too often misused by underwriters and other subscribers.
  • Ron De Silva - RMAI | 18 Oct 2011, 03:53 AM Agree 0
    I'd like to see some commentary from the other lenders that don't use REDX.
  • sue | 18 Oct 2011, 01:11 PM Agree 0
    I hope more and more agent or broker will try to sue Redx, because it is not Fair Web, why it just public agent or broker information but not public Lender information. It looks like some lender who does like some agent, so they can put the agent name there, even the lender libel there, agent still hard to argue. unfair WEB.

  • An Ontario Principal Broker | 19 Oct 2011, 02:00 AM Agree 0
    Redx looks like it belongs in a former Soviet-block country. Guilty & sent to a "business Gulag" until proven innocent.

    Without being too dramatic alot of our fathers, grandfathers & great grandfathers fought so we would not have to live in a country that tolerated this "law by the few" that, in the past, ravished Europe & and parts of Asia .

    I think someone commented on this last week, saying something to the effect that, if you do nothing wrong you have nothing to fear. What utter trash. Mr. Allen's only mistake was joining CAAMP! What support has he recieved from them? I would bet SFA. Edmund Burke said "For evil to triumph, it only takes good men to do nothing." Mortgage brokers & agents get off your butts. Ask your associations & their Boards what they are doing about REDX.

    I am sure someone thought Redx was a great idea at the time,and so are chainsaws. However neither should be placed in the hands of the untrained.

    The fact that CAAMP's endorsement is on the REDX home page, speaks volumes about CAAMP & who it really supports.

    REDX is owned by Teranet, which in turn is owned by Borealis, a division of the Ontario Municipal Employees Retirement System (OMERS). An Ontario municipal police officer can't "convict" you, but apparently his/her pension plan can!

    To CAAMP & the lenders, I would suggest you take a long hard look at the training you give to people accessing & reporting on this system. A first year law student can see a very obvious link between, a wronged mortgage agent/broker/brokerage & a massive lawsuit.

    To Shawn Allen, and any other mortgage broker/agent who has been harmed by REDX I would suggest that you write a letter to the President & the Board of Directors of the OMERS pension plan, explaining what happened to you as a result of an obvious incompetent party using a system that they ultimately own, and ask them how they can justify investing pension contributions in such a company.
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