How would you like to know what your mortgage broker is earning on your mortgage?
In B.C., you may soon find out. The mortgage broker regulator there plans on doing what no other major province has done: force mortgage brokers to disclose how much they’re earning from lenders on your mortgage. We’re talking exact dollars and cents.
As a borrower, many will love this concept, if for no other reason than satisfying their curiosity. Many others will use compensation information against brokers to negotiate, by asking their broker to give up some commission to “buy down” their interest rate.
ROBERT MCLISTER – Canadian Mortgage Trends – October 22, 2015.
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