Recently there is an article in the Globe and Mail that spoke about how bank mortgage reps are not regulated like the independent mortgage brokers, who are overseen by a provincial regulator. Their competency requirements, their suitability of mortgage recommendations and compensation disclosures are all decided by the banks that employ them.
It mentions that RBC has arrangements with other lenders. When a loan does not fit their guidelines, the deal is sent to their partners. There is nothing wrong with that. In fact, I think this is good service. There are banks that just says “sorry” and walks you out the door. At least RBC tries to help. However, now that you know about AlternativeLending.Ca, you have a better alternative. We have access to many more lenders and will take your deal to the one that suits you best. Spread the word to your friends about AlternativeLending.Ca. They will be grateful. Thank you.
