Just this past week CBC Marketplace did an episode on mortgage fraud. To me it showed the lengths that some people would go to get a commission as the instances he demonstrated were initiated by the realtor in cahoots with a dishonest mortgage broker/bank mortgage specialist.
Just so everyone knows we are in a 100% commission business so we get compensated when our files close. If you are ever in a situation where someone in our industry ( realtor or mortgage) tries to show you a short cut then run in the other direction. I don’t personally need a commission bad enough that I would jeopardize my 20 year career.
I also want to offer a little clarity on fee’s. Yes there are times when it is necessary to charge a fee to successfully complete a mortgage transaction. However the majority of fee’s I charge are success fee’s, which means that the fee is only charged when the file has funded ( on alternative & commercial files). The other instance is for a complicated commercial file where a nominal fee may be charge upfront upon signing the fee’ agreement so the file can be prepared for the lender. That’s it, so if someone says they can help you but wants to be paid a substantial amount upfront then that is a clear sign to go the other direction.
Today I am thankful for the people in my industry who are honest and hardworking, CBC Marketplace for doing a great job on sensitive topic and that my referral partners and clients a top notch honest people.
I look forward to hearing from you in regard to your mortgage needs.
p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).
p.s.s.s You can download my new mortgage app here