“They should be regulated. The nature of the job is very similar to other brokers, but they have the advantage of being backed by a bank brand. With that brand behind them, it is easier for them to win the client’s trust; sometimes they don’t even meet the client face-to-face because the brand confers trust.
The recent incidents at CIBC and BNS, in which top producers were fired, make it more clear than ever that regulation is needed. As it is, they have no legal responsibility if they are found to be defrauding customers. They should be under the purview of FSCO.”
“In short, yes they should. Having both mortgage brokers and mortgage specialists regulated by the same governing body would create muchneeded consistency across the industry. At the end of the day, a mortgage is a huge decision for the consumer, and they deserve to be confident they are truly getting the best product for their specific situation.
It also may help detect any fraudulent activity earlier than if just left up to the banks to monitor. Holding everyone to the same set of ethics and standards can only mean better days ahead for all parties.”
“Mobile specialists can only offer products within the parameters of the institution for which they work, and the client may not be getting the most appropriate product for their needs. Also, mobile specialists often expose their clients to high-pressure sales tactics and cross-selling.
Holding mobile specialists to the same standards as brokers will protect the client and also increase accountability and transparency while providing a level playing field. Compelling other mortgage professionals to abide by the motto ‘put the client first’ will increase public confidence in the industry as a whole.”