Bank

It was the early 90’s and I was working at a bank called Montreal Trust as a mortgage advisor. I had approved a small mortgage for a local Portuguese farmer who had a lot of equity on the property and impeccable credit. The problem was he did not show very much income. Still I believed he had more to lose, but I was very certain of his character.  was bought out by a large Canadian bank several years later. The audit team of this bank pulled me in and asked why I did the loan? The client had paid perfectly but this did not stop them from lambasting me for twenty minutes. At our Mortgage Architects office on the East Hamilton Mountain, we are not that fond of the bank but it does not mean we are not fans of certain bankers. There are wonderful certain bankers who do care.

I Was a Mortgage Banker

The above bank decided to hire me as the Mortgage Sales Manager. The silver lining was that it was a great experience and learning opportunity for which I am grateful.

I quickly learned that the bank will only help if they make money or save money. I had a problem with the culture and I decided to become a mortgage broker with my own style.

How Sad For This Couple

I have clients who are in their sixties. They are downsizing and moving to a quieter area. This couple is putting almost 50% down as their down payment. They are carrying the exact same mortgage to a new property. All they have ever done is pay. They have never missed or been late for a payment. They have never had a problem. Now that they are moving, the bank declares that they do not qualify. Can you imagine? If they did not move, they would have been fine; but they now they can’t qualify. Now they have a serious problem. So much for loyalty.

Mixed Feelings

We did help the above couple but it made me feel bitter about how business can get ugly. Going forward, I hope there will be more bankers and mortgage brokers who just do the right thing. The new mortgage rules were not meant to hurt these types of clients.

Robert Floris is a Mortgage Broker. His office is located at 651 Fennell Avenue East in Hamilton, Ontario. If you would like to speak with Robert, he can be reached at 905-574-9200 #215. Alternatively, you can contact Robert here.

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