Resolving Problems with Mortgage Agents

In Think Like A Billionaire, Donald Trump says, “Get a mortgage broker, but get a good one.” We’ve talked about the characteristics of good brokers before on CMT. However, if you find yourself in a situation where a broker simply isn’t providing a reasonable level of service, there is recourse.

1. First, express your concerns directly to your agent. Miscommunication is the most common cause of disappointing service, and can usually be remedied with an even-headed discussion.

2. If that doesn’t work, call the broker’s head office. Ask to file a complaint with the agent’s manager and (if necessary) their compliance department.  Contact information is available here for every registered mortgage brokerage in Ontario.

3. Contact the Canadian Association of Accredited Mortgage Professionals (CAAMP) if the broker is a member.  This link describes the complaint process, which CAAMP takes very seriously.

4. If the issue pertains to wrongdoing and hasn’t been resolved by the first three steps, contact your provincial regulator.  In Ontario, for example, the Financial Services Commission of Ontario (FSCO) licenses mortgage brokers.  FSCO’s complaint resolution page is available here.

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