No longer are those days! Over time, countrywide de-regulation allowed buyers to have greater choices and options, and brokers were able to begin selling traditional mortgages to the general public. Many borrowers find it less costly to negotiate with a mortgage broker than to invest in a large network of branches to deal directly with customers. Accordingly they started offering “finder’s fees” to brokers for prime mortgages placed with well-positioned clients. The subsequent discount put pressure on all lenders to compete by lowering their rates and improving their service, thereby benefiting consumers all over. This writer’s conviction is that the contemporary mortgage broker has so much more to sell to its clients than the bank’s clerk. Checkout Mortgage Company near me.
EDUCATED, CERTIFIED and LICENSED Regulations vary across the country, as brokering is the responsibility of the provinces. We are government-licensed in British Columbia. Although banks and financial institutions workers do not have to meet any minimum educational standards or get a government license, mortgage brokers do. At UBC we complete mandatory courses in the industry and finance and will pass a comprehensive test. Then we are approved by government, via a procedure that involves comprehensive background checks and criminal records. We abide by the Mortgage Broker Act and Regulations which include strict protocols of ethics and confidentiality. We risk losing our license by breaking these, or even extending them out. Many of us are also members of professional associations such as the BC Mortgage Brokers Association, or the Certified Mortgage Professionals Association of Canada. This is a profession for us, a career in which we take great pride in ourselves and develop a company.
EXPERTISE Unlike your bank’s employees, we’re only doing one thing and so we’re doing it right: mortgages. We don’t want your bank account transferred. We don’t want to sell RRSPs or foreign currency to you. We are not shuffled from department to department, but rather build advanced lending and borrowing information. Reputable brokers have one target, and that is getting you the best possible mortgage.