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Switching FirstLine clients given run-around

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Mortgage Broker News | 01 Oct 2012, 02:17 PM Agree 0
Brokers are worried that their FirstLine clients may be getting the run-around when they attempt to switch to any lender other than CIBC.
  • LanceH | 02 Oct 2012, 04:28 AM Agree 0
    FL always did brokers a hard time with discharge stmts. I used to have to call the bdm ever time and get them to intervene!!A complaint to FSCO might do the trick!!
  • Scott | 03 Oct 2012, 03:43 AM Agree 0
    Has anyone like our CAAMP or regional bodies contacted OFSI or securities over this practice.
  • EX-CIBC Manager now Mortgage Broker | 03 Oct 2012, 05:40 AM Agree 0
    CIBC is infamous for this type of behaviour. Even trying to get a payout for a CIBC originated mortgage requires quite a bit of strategy. I was a bank manager with them for 8 years. Here is what I would recommend: get your client to call from your office - get them to hand you the phone, and remind the rep that this is their legal right to obtain their own financial information. If info is still refused, ask to be escalated to their internal Ombudsman. Threaten to have your client go to the Canadian Ombudsman if you don't succeed from there, I would be surprised if it gets that far. CIBC is slow to act, UNLESS their Ombudsman gets involved and then they are quicker than any of the big 5. I have seen things drag on for 6 months until the ombudsman's office is involved and then resolve in less than a day...Sad but true. Hope that helps someone out there - good luck.
  • John Dearin RPA,. AMP. | 04 Oct 2012, 08:21 PM Agree 0
    You still have to follow the CIBC, or any banks complaint process first before the Ombudsman will get involved. I have used the threat personally before with another bank and the results were amazing, my payout statement was at the lawyers before I got back to the office. Here is the CIBC process:
  • Sharon | 06 Oct 2012, 03:47 AM Agree 0
    I dread every time i have a client who is a Firstline client and they want to pay them out. It so infuriating. I did so much business with them 4 to 5 years ago and I regret it very much.
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