Bank Mortgage Specialists Advertising As Mortgage Brokers

Your best mortgage advice comes from a Mortgage Broker.

From time to time, we do see concerning cases where bank-based mortgage specialists have held themselves out as Mortgage Brokers in their advertising. This tactic is especially troubling, as bank employees owe a duty of loyalty to the bank and not to the borrower. It also erodes the public perception of Mortgage Brokers as purveyors of fair and unbiased mortgage advice.

The use of the Mortgage Broker title is limited in BC to those Registered under theMortgage Brokers Act. In order to express our concerns about some recent cases, CMBA-BC wrote to Lucie Tedesco, the Commissioner of the Financial Consumer Agency of Canada.

You can read the letter to the CommissionerHERE.

---CMABC