Last year, we kept you informed of the changing financial landscape because of the Royal Banking Commission (RBC). Amongst some of the proposed changes is the idea that banks no longer need to shoulder the financial burden of borrowers using a broker. Instead, the onus will fall on the you, the borrower. In the case of mortgages, this can mean paying as much as $10,000 to use a broker.
In May, we put out an announcement about the Banking Royal Commission and how mortgage brokers, with a few exceptions, have basically been doing the right thing all along. While this is still the case, it has become clear that the lenders have been less than transparent about their dealings with brokers and clients and have been slack in their diligence.