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Mortgage Broker News | 08 Nov 2016, 08:15 AM Agree 0
Among the changes that OREA CEO Tim Hudak is pushing for include stiffer fines and greater powers for the provincial real estate regulatory body
  • Geoff L. | 08 Nov 2016, 09:59 AM Agree 0
    As a Mortgage Agent and a part owner of a brokerage, and being married to the Broker of Record, the CBC report causes some welcome visibility to the sad state of our industry. The issues highlighted by the CBC are neither new nor newly discovered. Everybody in the industry - including OREA and RECO - knows there are a lot of shady operators out there. The ONLY reason they are expressing their public outrage now is the negative fallout from the CBC item is causing them discomfort.

    The fact is OREA's education doesn't go nearly far enough to ensure new Realtors are properly equipped and RECO simply does not bother to enforce any of the operating standards the Act requires.

    (We've submitted several complaints to RECO only to have them fall on deaf ears. In one case we included close to 80 pages of supporting documentation included sworn affidavits from our customer and screen shots of texts from another Realtor to our customer only to have RECO say there wasn't enough evidence of foul play.)

    So good for the CBC for forcing these bodies to publicly acknowledge the problem; hopefully something meaningful will come out of it.

    But then again, my cynical side says there will be some official puffery around this for a bit and things things will settle back into their symbolically bureaucratic but highly ineffective ways of doing things.
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