Hi John
I just read your most recent bulletin regarding referring business to outside sources; http://nsar-ca.informz.net/nsar-ca/archives/archive_694563.html . I would have to say your comments are one-sided and short sighted.
I have been an independent mortgage broker for nearly 6 years now and have never had any sort of insurance claim or lawsuit threatened by any client. That is because I choose to do things the right way. You would not believe the number of times I have had a real estate agent yell and argue with me to send them a financing letter immediately. I never send a real estate agent a financing letter until the clients have signed their approval/commitment from the lender. For some reason many real estate agents don’t understand why they have to wait. Therefore, I would say NSAR has not trained these real estate agents properly.
Given the business that they are in, it should not be difficult for them to understand that I need signatures on documents to confirm the client’s acceptance. Hopefully no Real Estate agent would try to process a sale without a signed Purchase & Sale Agreement.
Furthermore, why does the NSAR website http://www.nsar-mls.ca/content.php?id=financiallinks only link to the major banks? Aren’t these links a form of referral? I would like to see a link to the Canadian Association of Accredited Mortgage Professionals website at www.caamp.org listed to ensure NSAR is not trying to influence clients to only consider the major banks as a source for mortgages.
If you are truly suggesting real estate agents should never refer any business to mortgage brokers, I should recommend that CAAMP advise their membership not to refer any of their brokers’ clients to any real estate agent. Maybe we, all mortgage brokers and lenders, should only deal with private sales. I have cc’d Jim Murphy, President of CAAMP, as well as Canadian Mortgage Professional (CMP) magazine.
Sincerely,
James Shinners
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