B.C.’s Ministry of Finance will introduce tougher guidelines for the approximately 3,400 registered mortgage brokers it oversees in the province.

Brokers will have to disclose the specific dollar value of any regular commissions they make. In addition, there is now a longer-than-expected list of non-monetary items and interests that must be revealed by a broker to a borrower about what he, she or the firm they work for might gain in taking a deal to a certain lender.

In sum, borrowers will have a fuller picture about why a loan is presented to them by a mortgage broker. These brokers connect clients, who want to borrow money for buying a home, to networks of lenders that include banks and credit unions, but also institutional lenders who do not take deposits, and individuals. They are supposed to help clients shop around for the best rates and service and, generally, act in the best interest of a borrower.

Read full article here.

Lee-Young, Joanne – theprovince.com – November 10, 2016.

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