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Mortgage Loan Experts vs. Mortgage Broker

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When a Mobile Mortgage Specialist with RBC spread a mailer, loan brokers have gone mad over it, with lots of complaints and reaction filed to different regulatory bodies and associations over its content. This misinformation piece was disguised poorly as a new mailer. It has many inaccuracies and knowingly misleading statements made to besmirch loan brokers in general.


This made experts think that it might be valuable to spell out the disparity between Mortgage Brokers and mobile loan experts.


Mobile Mortgage Specialist Overview

Banks use mobile loan experts as their Outside sales individual is employed through commission basis.  They depend, virtually solely, on the Bank’s name to ask for new business. A lot of big banks have a client service person who expert in dealing with those clients looking loans. These experts are not permitted to get in the way with that procedure; they should go out and beg new business. There are no licensing or registration requirements, in short, they are unregistered, unlicensed, outside salespeople who are employed and paid through commission on the trade they carry in.

Mortgage Broker Overview

Loan brokers, in principle understand sub-brokers, should finish and pass a stern course provided at school.


After passing the test, a loan broker then should be registered with Financial Organizations Commission of BC also known as FICOM. The process of registration takes account of detailed background assessment by the RCMP.


Just after passing the exam and background check, a Sub-Broker, then be permitted to ask for business from clients. The Sub-Broker should also pass another condition. Brokers are just permitted to solicit customer once employed by a Certifies Broker and are well supervised.



Even after all these needs are met, the broker should go on to conform to the guidelines and regulation of FICOM. Once not met, it leads to loss of the right to practice.

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