Competition is healthy. In fact I think I thrive on it. Good competition inspires me to play bigger, and bring more of me and my ideas to the table. Bad competition I think hurts everyone.
Reading this statement from a Royal Bank employee about the differences between Mortgage Specialists and Mortgage Brokers, that I think may have been well intentioned, is sadly riddled with mis-truths and what some might think are slanderous about my brothers and sisters in the whole sale mortgage industry.
Maybe Corrinne was inspired by our current election where politicians focus on slandering the other person instead of focussing on their own value? Maybe she wishes she can have a do over? Probably not. Sadly, she may soon find out that when one puts a message together for the public they have to ensure that it is well researched and accurate, in this day and age, news travels fast.
If you would like to take exception with her and let her know your thoughts then I encourage you to contact her here on the web, and/or here on facebook. I encourage you to keep the comments on topic and above board, after all I think you are representing our profession.
Please also please comment below, and share this post on facebook and twitter so that we can ensure that Corrinne has an opportunity to hear from as many of the good people that her poorly researched message may have hurt.
Comments
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By Mark Fidgett, April 14, 2011 @ 8:40 pm
Look how well she’s represented her profession. Can you get any smaller. If I were her, I’d want to crawl up under a rock right now. One thing I KNOW for sure about mortgage brokers and our industry, we’re accountable. I hope RBC as a corporate entity DOES NOT condone this type of behavior.
By Doug, April 14, 2011 @ 9:29 pm
Linda might want to know
Doug, I agreed to a request from Royal Bank to remove the managers contact information from your comment. I am certain your intentions were pure and on the point of ensuring Corrinne’s supervisor was aware of her actions. Now that we know in fact they are aware, then I think you would agree there is no reason for people to e-mail her boss anymore
- Greg
By Michelle Priest, April 15, 2011 @ 12:39 am
Many of my clients work with mortgage brokers. I know this because I work as a team with my client’s mortgage broker as well as with other industry professionals. In her article, Ms. Schindler is wrong on almost every aspect.
In the past consumers mostly went to the bank for their mortgage. Mortgage brokering is a growing industry because increasingly consumers are learning about the benefits of working with a broker. They are dedicated to their clients needs in too many ways for me to list on this forum.
Just see for yourself. Go to your bank and speak with a mortgage specialist. Then go to a mortgage broker. I’d be surprised if you ended up at the bank.
Michelle Priest
follow me http://www.twitter.com/MinrvaGroup
By Pam Nierlich, April 15, 2011 @ 6:17 am
WOW, talk about being a misinformed individual. I find her article very offensive having spent over 30 years in the financial industry of which 27 were with BMO. I was both a residential and commercial lender and now very much enjoy the freedom of the broker life. I am quite confident that this broker knows her stuff and could go head to head with Miss Corrine any day as a “Specialist”. Oh yeah and by the way I also held my life and securities licence up until I decided to gravitate back to what I love and can easily discuss the importance insurance plays in ones overall financial plan and I am not talking about creditors insurance. Hmmmm, If she is that misinformed about brokers I question the mortgage information she delivers to her clients.
By Heather Contant, April 15, 2011 @ 8:27 am
Many of my clients are former RBC clients. Tehy have coe to me after getting the only option presented for their mortgae needs. A 4 year fixed rate. Why is it a 4 year term I have asked my clients? They haven’t got a clue. I have suggested they ask their RBC ‘Specialist’ why a 4 year product? There has never been a straight forward logical answer. Corinne, do you have the answer? Is this called value added service from RBC ‘Specialists’? Or is it just another tactic to try and salvage their clients mortgage?
Also wondering if Corinne saw the expose that W5 presented a few years back on creditor life insurance? I am thinking she missed that.
Maybe Corinne is bitter finding out being an independent mortgage broker is more gratifying and rewarding than being a RBC brand ‘Specialist’ with limited options to offer her clients while they make the biggest financial investment in their life. Just a thought.
By Robert, April 15, 2011 @ 9:19 am
Wow!!! I wish Corinne worked in my neck of the woods, she would be great for my business as a Mortgage Broker. I get my fair share of RBC clients as it is, without having a specialist outing themselves as not knowing the industry at all. Now did she say she was a mortgage specialist or a financial planner? Would you invest your hard earned money with someone who is this misinformed? Do I know everything about insurance and financial planning? Absolutely not!! That’s why I work with three different independent financial planners, and a couple of insurance brokers because they do.
I’d just like to take this opportunity to Thank this poor misinformed individual for making us (Mortgage Brokers/Agents) look all that much better in the public’s eye. I personally work harder and with more integrity so my clients feeling safe and confident in refering me to their friends and family, knowing I offered them the best product possible for their situation. Not whatever the flavour of the month is a the bank.
I hope RBC takes notice of how their employees are representing them.
By Kim Reddin, April 15, 2011 @ 9:41 am
Wow! As a Mortgage Broker, I am proud to say that I have taken the Personal Financial Planning courses mentioned in that article and am an Accredited Mortgage Professional as designated by the Canadian Association of Accredited Mortgage Professionals. I also happen to have been a RBC mortgage specialist, so I have all the training Corinne mentioned that the RBC specialists have and so much more since CAAMP requires ongoing education on an annual basis as a requirement for the AMP (which by the way many RBC Mortgage Specialists don’t have). My concern about this article is that I believe this type of stereo typing of mortgage brokers is something that comes from the top down at RBC. Let’s hope there is a change since this type of slander is very unprofessional RBC…very disappointed!!
By Dean Koeller, April 15, 2011 @ 9:50 am
I just wanted to confirm that all provincial mortgage broker associations and the national association are working with RBC to address this matter.
By Tami Hinch, April 15, 2011 @ 10:08 am
This is a horrible article by her and very untrue…… I know..I have educated many Brokers in the Atlantic Region and they are well informed, have the clients interests at heart…not just rate…..and the relationship goes far beyond the transaction….it’s called repeat business…… I do not know what goes in her region….but to put the entire industry under her microscope is slandering…. Wrong move! .I hope Mortgage Brokers are giving her hell in her region…..
By Rather Not Say, April 15, 2011 @ 10:18 am
Corinne was the branch manager of an RBC branch in Vancouver and went into being a mortgage specialist around two or so years ago.
Needless to say, she has no clue about mortgages, I compete in the same market as her and have came across her clients or ex clients many times. Her main and only selling point is her looks.
This is excetly what RBC has become lately, “we are too good for everyone” kind of attitude, and most clients cannot stand it!
By Ex RBC and Happy!, April 15, 2011 @ 11:05 am
I am not surprised by her comments. I worked for RBC as a mortgage specialist for 8 years and the management basically spoke of these items to insure they don’t lose their staff to the broker industry. I have since left RBC and now I have access to better mortgage rates for my clients, clients are approved that RBC would have declined and I can customize the mortgage based on my clients needs and wants. Not based on what RBC was shoving down their throats. My clients from RBC have followed me based on the ethical advise that I give. Leaving RBC was the best decision I ever made and my clients are thankful I did.
By Jonah, April 15, 2011 @ 11:19 am
Can we quote Corinne Schindler RBC specialist says “Mortgage Brokers can most often find you the best rate”
By Roxanne Blais, April 15, 2011 @ 11:50 am
I was truly offended by her lack of knowledge and her accusations that we Mortgage Agents are clueless. She was wrong on all levels. I worked as a specialist for approximately 1 yr and I can say knowing what I know now back then I was clueless. My question to her is Did she get permission from RBC to print what she printed and how do we get it to RBC compliance. I would like to think RBC would not be in agreement with any of her statements.
By Jeff Ingram, April 15, 2011 @ 12:25 pm
She clearly has been misinformed somewhere along the way. Just goes to show the lack of professionalism with some of these people. Here is a fun take on the differences between Mortgage Brokers and Banks… http://www.BrokervsBank.ca
By Brandi Pierik, April 15, 2011 @ 2:12 pm
Just a thought…is this not a great opportunity to make the choice to send our business to the FI’s that support us as brokers? After all, money talks….
By Scott Dawson, April 15, 2011 @ 5:44 pm
Thank you for bringing this to our attention Greg,
Unbelievable how she is doing this in the hopes of increasing her own business, but in the end, just demeaning our industry and hers and potentially damaging those of us who strive for excellence in our field.
By Duane Springsteel, April 15, 2011 @ 6:36 pm
Being a Broker myself, any other Brokers know what “holistic financial planning” is?? Any idea where I can obtain this training? Sounds like it’s working very well for her…
By Tom Twose, April 15, 2011 @ 7:26 pm
Hi… I am one of the “uninformed public”; just a regular person who would have believed the RBC article if it wasnt for my MB posting on FB… That said, as I now look with a critical eye to weigh both disciplines, I am definately happy I chose a mortgage broker. Seems to be Corinne is using classic fear mongering type of branding to Jane/Joe public with an interesting backlash not usually seen to normal folk; seeing this exposes the type of “know how” MBz go through and have…with their own dime. Therefore, my MB not only makes me breathe easier by navigating us through the “mortgage madness” but after reading some of these comments the tools MBz have now make me sleep like a baby.
One more thing, Since I am not a mortgage techie and am reading this goes to prove social media does work =) Thanks Mortgage Diva
By Denise Salmon, April 16, 2011 @ 8:53 am
Wow, regardless of who she works for, an intense course in professionalism, the code of ethics and non-competition would be well advised. As I Realtor, I would lose my license if I was found guilty of speaking about my competition like that! Shame on her!
By Karen Blomquist, April 16, 2011 @ 9:26 am
This article is a very unfortunate example of ignorance!! To slander a career where there are dedicated and caring, educated and unbiased professionals is just not right. Mortgage specialists may give the public the opinion that they are offering them a choice however, the choice is to have a Bank employee visit them at home with one offer, one product.
When meeting with clients I do a thorough needs analysis of their life style, goals, and build them spreadsheets to understand their options. For example, can they tolerate a fixed, a variable, or a combination product? Do they want an option for 20% lump sums or is 10% enough to obtain a lower rate. I would challenge her to have the same offering at RBC. Some of the major banks have chosen to use Specialists to accomplish the role of a broker however, remember competition is extremely important as Canadians. Remember when we had one phone company to choose from, how much did it cost you to make a long distance call back then? Remember how much it cost to fly somewhere before West jet started to offer its no frills products to lower airfares? If you do not seek the help of a mortgage broker, you are risking a monopoly structure and that would be a very sad state for all Canadians. Ms Schindler and RBC shame on you!!!
Karen Blomquist Mortgage Intelligence
By Sarah Johnson, April 16, 2011 @ 9:49 am
I think its very sad – sad because Corinne forgot to mention that RBC Mortgage Reps are 100% commission and also have GOALS around how much life insurance they sell….she must have forgot to mention that.
By Tania Grozelle, April 16, 2011 @ 11:35 am
What makes this all so upsetting is that, as Tom Twose pointed out in one of the above comments, the regular Joe is not going to know any better and believe every word. In the end, the consumer suffers of they trust a “professional” like that to give them unbaised advice. I am not really sure how you can manage to be “specialist” yet know all about financial planning, life and disability insurance. I am confused. What are you? A specialist or a generalist? You can’t be both. Sorry.
I really recent the implication that Mortgage Agents/Brokers don’t take the time to get to know our clients taking into account the whole picture. If we don’t provide excellent customer service and take the time to build a strong relationship with our clients then we are out of business. It’s that simple. That is just one more example of how competition makes everyone better and is good for everyone.
By John Olaes, April 16, 2011 @ 12:17 pm
Corinne Schindler used the RBC logo in her article, and therefore RBC is also responsible for these statements. Almost every single claim she made is false and misleading. How can RBC allow its employees to send out such statements without checking and ensuring that the statements are accurate is beyond me. It appears that RBC has no control over the wrongdoings of its employees.
I believe I am more qualified than Corinne in giving financing, financial and planning advice to my clients as well as to her clients.
Here is my background:
I started working for HSBC in Hong Kong in 1967, then came to Canada in 1974 and worked for CIBC for 15 years, RBC as a mortgage specialist for 14 years, BMO as a mortgage specialist for over 6 years, and now as a mortgage broker for almost 5 years. I did my first mortgage application with CIBC in 1976 when banks were not even allowed to do mortgages under their own name and had to use a subsidiary company to do mortgages.
I obtained a real estate licence in 1979, and am also a real estate broker, but not active in real estate anymore.
I was licensed by OREA to teach real estate courses to agents for their licences, initially Principles of Mortgage Financing, then Commercial Real Estate, and later Real Estate Investment Analysis. I retired from teaching in Nov 2005.
I have written a book “Mortgage Your Way To Wealth” and give seminars on how to buy residential properties for long term investment and future enjoyment.
As a real estate broker and a mortgage broker, I do take 12 hours or credits of continuing education courses every year to maintain my licences.
By Bob Hanscom, April 17, 2011 @ 12:24 pm
To me and the rest of the mortgage industry is at a loss , why you would write an article such as this .. Total untruth’s and false comments. Professionalism , is not to knock the other guy/gal ,it is to do the very best , with the tools and education we have at hand. I find this article very alarming , and hurts the entire industry , both RBC , other lenders and mortgage brokers. Corrine , when you have 1 finger pointing at us , there are many ointing back at you. SHAME ON YOU !!!
By Sharon Burke, April 18, 2011 @ 3:11 am
I would like to know what action RBC has taken on this. This woman presents herself as totally incompetent, and is a liability to her employer. When I worked for CIBC as a specialist, I was not permitted to place any written item in the public domain without it being approved by CIBC.
Let’s hope RBC did not approve this piece.
By Bryan Johnstone, April 18, 2011 @ 11:23 am
It’s interesting to note that RBC is obviously all over this since Greg’s link is no longer accessible (see link below)and neither is LinkedIn CAAMP discussion Group! Big Blue wielding some power? Very disappointing to see. Very impressed with everyone’s comments while it lasted, nothing derogatory, just good honest competitive feedback which solidifies the professionalism of the brokerage industry across Canada ….Warning: http://www.gregwilliamson.ca/current-market-information/royal-bank-you-have-gone-to-far/ is unreachable. Have a great day everyone! Bryan J @ VERICO Riverside Mortgage Group
It’s Working Now. I think there was a WordPress Issue.
- Greg
By D. Foster, April 18, 2011 @ 1:23 pm
WOW
It seems (according to RBC) brokers/agents are sleazy, un-educated, cowboys whom one should avoid like the plague……
I am amazed that RBC would authorized such an advertising / informational sheet…..
I am also amazed that CAAMP and the other broker organisations are not addressing this, must mean that it is all true then………
As long as CAAMP have your fees why should they bother, they seem to have much more important things to do i.e. preparing your next (unnecessary) expensive full colour magazine that nobody reads, or wants…
Just another money grab I suppose…….
By Ron Miller, April 18, 2011 @ 1:25 pm
I had a client walk into my office today crying, worried she will go bankrupt. An RBC mortgage specialist convinced her to leave her variable rate that she received from her broker, and refinance at at fixed rate 6.5% two years ago. I would expect my license to be revoked if I did that. We will be able to save her but now we have to credit counsel, have her parents co-sign for a line a credit to get rid of high car and loan payments. We cannot refinance because of the huge penalty, we have to spend two years making sure she can renew in 18 months.
By Pete Kolackovsky, April 19, 2011 @ 10:17 pm
I was already made aware of this slanderous publication, so I thank you Greg for posting this to your site. I find it ironic that many of the points she makes are actually the complete opposite of the truth. Thankfully many consumers are knowledgeable and experienced enough to know that this is the case. It simply detracts from her and RBC’s credibility and will likely hurt them in the end.
By Dave Cooper, April 23, 2011 @ 9:02 pm
This was definitely an interesting piece blogged as well by my mortgage broker. I have been in the financial industry for 18 years and never on the lending side. I am a Wealth Manager, and like Mortgage Brokers, I use firms who will provide my clients the best product for their situation. I provide the advice!
This also holds true for the other professionals I use to provide the many services that my firm cannot. Mortgages are one of them. Linda seems to think that having a mortgage specialist/personal financial planner/customer service representative from one bank (in this case RBC) will provide the client the best planning, best priced, and unbiased advice! Most Mortgage Brokers also have a team of specialists who assist and collaborate in their businesses. This means that the client gets the best of all worlds without being under the thumb of one institution.
After all the years I have been in business, I have come to a basic conclusion about what bankers feel/say about anyone working as an independent in the financial industry – “These people are paid by commission. They have no interest in your well-being – just their paycheque”.
I leave this comment with a story from “run in” that I had with a RBC CSR. My client was renewing their mortgage and I was coaching them. I had setup external life insurance and wanted them to keep the disability on their mortgage. The RBC CSR was against this and took the time to “take over” their investment assets from me as well. She stated that my fees were higher and my intentions were based on my commission. The RBC CSR was correct that my fees were slightly higher than the banks. It worked out to $100 per year. At this point the client was back and forth between me and their bank. I point blank asked the client in our last meeting if they thought my advice/service was worth the $100 per year. As I thought they said it was! The kicker was this:
In their last meeting with the RBC CSR they noticed a picture behind her desk with two couples in tuxes and evening gowns (one was the RBC CSR). The client asked where it was from. The RBC CSR said “It was a cruise I won from selling the most insurance on loans……..” The CSR new as it came out how bad it sounded. Did she sell certain solutions with a prize (known as a commission to the rest of us) in mind? My clients felt so and pulled everything from the bank.
Bottom line..be honest and provide the best advice!