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Mortgage Broker News | 10 Apr 2018, 01:21 AM Agree 0
The Financial Services Commission of Ontario has been conspicuously silent on the issue
  • KKK | 10 Apr 2018, 10:40 AM Agree 0
    Cannot agree more. Bank or no bank, they need to be licensed . The stories I see are absolutely absurd. They are told by their superiors , tell the client they are approved. That stops them ( so they believe) from shopping elsewhere. This year alone I have seen 3 of 5 so called big banks promise the world to clients and at the 11th hour BOOM ( on 13 diff occasions), sorry cannot help. Now what is the client to do. The road rep has said all good, sign same day of condition removal and all of a sudden no deal. Realtor is pissed, client is super upset ..... We have been fortunate to piece all but one of these together with in 48 hours. Keep screwing up the lords prayer folks.
  • Robert Felder | 10 Apr 2018, 10:57 AM Agree 0
    I find it quite sad that you would paint all Mobile Mortgage Advisors with one brush.
    I am proud to be one of those Advisors for a well recognized, highly professional and "what ever is best for the Customer" Bank.
    The colleagues that I work closely with are always looking after what's best for the client and we refuse to let bps stand in the way of choosing the right product for the client.
    You seem to remember the days when you were young but forget that times have changed, much like the days when you bought a car from a Used Car Guy and got taken because he too is on 100% commission.
    Times have changed and so have the people in the work force. I can't speak for ALL but can certainly comment on my colleagues and myself.
    Be careful on putting pen to paper moving forward.
  • Former specialist now broker | 10 Apr 2018, 11:04 AM Agree 0
    This title is misleading. Mortgage Specialists are bank employees and banks are regulated federally. So what regulations have they contravened? I'm a former bank specialist and now broker over 8 yrs.
    Specialist's limited product/single lender is precisely their disadvantage I use against them all the time and win. Plus I throw in the IRD differentiator with monoline and win that argument as well. Explain this clearly up front and help customer understand difference between bank vs broker, let customer choose who they want to deal with, and brokers win almost all the time.
    -Rather than focus on saying specialist don't play by the same rules, use that against them. Let them be kept separate from brokers because we have the advantage.
    -I've never run into home visit issues as liability. Its a plus IMO. It takes trust to invite someone into your home; proper due diligence and KYC. I don't go to stranger's home if they are not referred. Some brokers may not feel comfortable so it depends on your modus operandi. Its a relationship business built on trust and confidence, and the more ways to interact with the customer the better. If you are too remote and non contact operator, then its more easier to be dropped by the customer too.
    -And now with tougher rules, specialists are at an even greater disadvantage.
    So I say we don't want specialists in our sandbox.
  • mortgage prof | 10 Apr 2018, 11:47 AM Agree 0
    With over 13 years and over 3,000 funded mortgages as a MMS for a very large bank I actually closed more mortgages that paid less commission as that fit my customer's needs and I never chased a higher commission or put anyone in a deal that didn't suit their affordability or risk tolerance. In addition, the underwriting dept would not approve clients if they didn't meet the TDS and GDS ratios. We always analysed their needs and provided the most suitable mortgage...we were trained to do this from day one. It's imperative that you look at the total picture, review the findings from the report, break down the stats and not put everyone in the same basket.
  • Paul | 10 Apr 2018, 12:30 PM Agree 0
    Bank employees who sell mutual funds are required to be licensed to sell these products. Given the level of financial risk a customer takes when borrowing 100's of $1000's to buy a house, it makes sense that all bank employees who sell mortgages, also be licensed to do so by their respective province. Our provincial and federal governments are practicing favouritism by not requiring this. End of story.
  • Vivian | 10 Apr 2018, 01:20 PM Agree 0
    Title is misleading. They are bank employees. To suggest licensing for Specialists is suggesting all bank employees be licensed. The only difference is the work environment. Slow day for stories. No value in this one, sorry
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