Many mortgage brokers across Canada are riled about bank mobile mortgage specialist’s use of the term ‘Mortgage Broker’ to represent themselves to consumers. Big bank head office’s condone this and say it is done “For ease of use” and “To better explain their role to clients” when in fact the opposite is true.

This is absolutely ‘unethical’ since all mortgage ‘brokers’ must, by law, identify him/her self by quoting his/her individual License #, the Broker he/she is employed by and the Brokerage licence on all correspondence and advertising aimed at the general public.

Complaints have been sent to FSCO the Financial Services Commission of Ontario to have them disciplined and/or fined. Mobile bank mortgage specialists work for the bank, get paid by the bank to make money for the bank offering one product line and few options/solutions to consumers.

Confusing the public by calling themselves mortgage ‘brokers’ not only is misleading, it is a complete misrepresentation.  It is not a mistake.  It is also a ‘strategy’ to confuse the public by blurring the line between unlicensed bank road reps and us. Properly licensed mortgage brokers and agents in our industry are highly regulated. We offer a multitude of mortgage products, options and solutions to consumers while also representing their ‘best interests’ in an informative, unbiased, professional manner, which the banks simply do not/cannot do.

And so the competitive ‘Game’ continues. Folks do not be fooled. This is just another example of bank ‘tactics’ get your business.  We choose to always take ‘The High Road’ by delivering our services and representing ourselves the best ways possible, ethically.

Who you gonna call for your next mortgage need?