Mortgage brokers just want a little respect
The Canadian mortgage market has changed substantially in the past 20 years. Trust companies have been taken over by banks; small virtual banks have introduced new mortgage products; and brokers now play an important and much larger role in matching borrowers and lenders.
Mortgage brokers, many of whom start out as lenders with larger financial institutions, fight against platoons of mortgage specialists deployed by the banks to retain or snatch business away from them.
It's a tough business so it's no wonder that the constant slagging we view daily during the current federal election campaign seems to becoming contagious.
At issue is a flyer a maverick RBC mortgage specialist has been circulating that "grossly mischaracterizes mortgage brokers in relation to bank specialists," says Rob McLister on his CanadianMortgageTrends blog. "It’s a document that demonstrates a stunning lack of knowledge, professionalism and discretion," he adds, taking it apart point by point.