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Mortgage broker complaints rise at biggest BBB

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Mortgage Broker News | 22 Nov 2012, 11:52 AM Agree 0
Despite a slowing market, complaints against mortgage brokers, filed with the country’s largest Better Business Bureau region crept up this year.
  • Ontario Broker | 23 Nov 2012, 06:11 AM Agree 0
    BBB is in my opinion just a "protection racket", with the implication that if you don't belong to us you must be a crook. I find that organizations that belong to the BBB are companies I have my doubts about doing business with. Why do you need a sticker/plack tht says "I'm Honest"? What professional, doctor ,lawyer, accountant, dentist belongs to BBB? ...and if you recall here in Toronto, there were significant issues with a past head of BBB.
    If you want to call yourself a professional & look professional why would you want to be associated with the BBB?
    We have professional associations at the national & provincial levels, as well as regulations coming out our wazzoos with government employees by the score to enforce them...spend your "protection" money in belonging to your provincial association first, & if you have more money to burn belong to the national association.
  • Julia Krause | 23 Nov 2012, 06:21 AM Agree 0
    I've been saying this for years now, but I'll say it again... the lack of practical, real-life training in the industry is the reason so many mortgage brokers don't know what they're doing, and it's hurting consumers. New brokers are supposed to "watch and learn from" someone who has been in the business for a while, most likely some 'old boy' who is passing on old unethical behavioural habits. Now we have an industry full of mortgage brokers who not only don't know what they're doing, what they DO know is probably unethical...
    How do I know this? I've been in the business for 20 years. For 3 years I travelled back & forth across Canada giving training sessions for new brokers. I saw it all, all across the country. That's how I know. The reputation of all mortgage brokers is going down the tubes... and it's really sad :( Until the associations and the big national brokerage companies step up and make training & ethical behaviour a priority, things will keep getting worse.
  • Don C | 23 Nov 2012, 07:56 AM Agree 0
    Julia's comments noted, however, is the training that Bank reps or employees receive any better than that of many brokers. As a broker and a former long time banker, the answer is no.
    There are bad apples in all levels of finance. I don't think educating the broker is stricktly the answer. We must also educate consumers to understand what makes a good vs bad agent so that they don't end up getting poor service.
  • Joe the broker | 23 Nov 2012, 08:10 AM Agree 0
    BBB means nothing anymore , not that it ever really did. 10 complaints? who cares. I've received more than 10 complaints myself this year from people who were fed up with their own bank mistreating them so I arranged their mortgage for them and they were happy happy happy! :)
  • Paolo Di Petta | | 24 Nov 2012, 09:06 AM Agree 0
    One has to ask - how many bank complaints did the BBB receive? How many of these complaints were for different brokers? How many of these complaints were frivolous or resolved amicably? That should put these numbers into more context.

    Not to mention, I could probably count 10 complaints that I have with my local TD branch alone...
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