Let’s be honest, can you really call the majority of personal bankers you speak with at RBC or any other financial institution a “mortgage specialist”? Not really.
For that matter, it would be tough to the majority of the mortgage brokerage community with that label as well. Of course, it also depends a bit on the type of loan you’re seeking.
I can’t help but find the entire situation a little bit amusing, with a single employee’s internal flyer becoming national news, while on a daily basis equivilant slander surely happens at all the other banks.
At the end of the day, the best thing to do when trying to figure out who’s right in a finger pointing contest, is to look at the facts.
THE BANK:
A) Bank mortgage specialists only represent one lender.
B) Bank mortgage specialists are not familiar to a significant degree
what other products are available outside of their own institution.
C) The majority of bankers act to collect basic documentation and to then
push that paperwork to a “central underwriting centre”, not being all
that familiar with the precise underwriting criteria.
THE BROKER:
A) Mortgage agents represent many lenders, however not all brokerages are actually allowed to send deals to every lender!
B) Mortgage agents SHOULD be familiar with all the products available on
the marketplace, but the reality is that many are not.
C) Many mortgage agents do little more than shuffle documentation between
their brokerage, or their lender, not truly “driving the process”.
What does all of this tell you? Whether you are working with a personal banker or a mortgage broker, it is absolutely imperative that you make sure that you are comfortable with their expertise and that you are working with someone who has a broad and in-depth market understanding.
You can find that in mortgage brokers, and bankers alike, but in both cases its not so easy to find so be sure to look before you leap!
