At Robert Floris’s Mortgage Architects in Hamilton, Ontario we try to write as if our roles were reversed. We write as if we want to learn what most people don’t teach. Today we will make a commentary as opposed to a mortgage market analysis.
Recently a local mortgage broker was suspended for allegedly breaching the Ontario Securities Act. The Financial Services Commissioner of Ontario (FSCO) have accused this broker of charging large fees, manipulating paperwork and unfortunately causing great financial pain to clients who were vulnerable. In our city we were aware of these (alleged) actions for a long time. It was not a secret amongst other mortgage brokers, lawyers, appraisers and those in the industry for over 10 years about his (alleged) workings. Good for FSCO to take a stand.
It is a privilege being in the mortgage industry. Where else can we get paid doing something to help clients. But our industry has problems .Today too many mortgage operations do not care about the client, charge excessive fees and operate with short term intentions. My hope is that FSCO will go after these scum bag brokers and demonstrate that they will not tolerate this.
Enough is enough, go after the bad brokers, clean up the industry and help make our vocation truly professional.
It sounds very simple to me.