RBC Apologizes to Brokers

In response to uproar about one of its mortgage specialists discrediting brokers, BrokerNews.ca quotes RBC as saying:

“The RBC brand is defined by our clients and partners and we sincerely apologize for the inaccurate information that was presented in the document.”

That comes from RBC Public Affairs Advisor Nicole Fisher, in a letter to broker associations. We haven’t seen the rest of the letter yet.

  1. If anything, this is proof positive that many “Specialists” just don’t know, what they don’t know. I’d like to thank her though, she’s brought this right into the spotlight for all to see!

  2. RBC offers an apology, will we hear from the specialist? (and I think the word specialist should be changed).

  3. So if RBC “let’s her go” does this mean she’ll want to get her Mortgage Brokers license? I can’t imagine another FI would want her liability as one of their “specialists”…
    Oh the irony!

  4. “The RBC brand is defined by our clients and partners and we sincerely apologize for the inaccurate information that was presented in the document”
    What? How do their clients or partners (of which mortgage brokers are neither) have anything to do with the inaccurate information?
    Weak copy seems to be endemic at RBC.

  5. Interesting ad in the National Post last weekend for RBC. They claim you can save over $43,000 by going bi-weekly, doubling up a payment once a year and by making a $1000 anniversary payment once a year. Fail to tell you it is based on the amortization not the term.
    Neat little thing in the fine print is that they have a $190 mortgage processing fee. I thought only brokers charge fees or mislead clients.

  6. This lady is obviously a _____ looking for cheap and easy business. It’s clear she isnt successful nor ever will be. Though beautiful, it’s clear her brains don’t match the photo. I just posted this and a few other links to my Facebook page and the response has been fantastic. Talk about killing your business, name and brand. What an _____. I think in turn she just helped me fund 4 – 5 more million. Thanks again, you _____.

  7. i wanted to note that after that RBC women who ripped brokers about “Banker vs Broker” article & got canned, you might want to look at this website http://www.cminfo.ca/faqs/broker-vs-bank/
    Sorry but I did have to laugh at the insecurity of this article..
    kinda bitin the hand that feeds you so to speak! be assured BMO & RBC are not going to be very happy being mentioned that “canadians put a lot of trust in their banks…. comment will bring some calls from RBC & BMO legal departments. what ever comes around goes around…

  8. Haaaaah Hey Tim, i persume thats 4-5 mill for the year? whoa,man your a powerhouse , I do 4-5 mill a week, 75 mill funded since NOV 1 , no wonder your a broker, a bank would never hire a _____ like yourself, kiss my ring…

  9. Hi Rick,
    Thanks for the link. There are many accurate statements on that page about the value of brokers, but also (unfortunately) various inaccuracies about banks.
    For example:
    * Not all bankers work banker hours. Most mobile bank reps today are very customer-service oriented. I personally know several bank specialists that answer emails past 9pm. They’re on commission. If they don’t service a client quickly and effectively they don’t eat!
    * No way do 85% of Americans use mortgage brokers. It’s not even close and we are not “catching up quickly” in Canada.
    * Merix is not synonymous with Royal Bank
    * Mobile bank reps appreciate your business and rely on referrals just as much as brokers.
    We all have to be factual when portraying our competition. Brokers offer consumers an excellent (one could argue superior) alternative to one-lender sales reps, but there are countless bank specialists that are true professionals…and very competitive with their own pricing and products.

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