Online Mortgage Applications – Do You Know Who You Are Dealing With?

Jeff Evans

A question that I often receive when meeting with mortgage clients is “why is it that you do not have an online mortgage application?” I think today is a good day to write about exactly why I do not employ this tool in my mortgage operation, and I think it is food for thought for everyone searching for a mortgage on the internet.

The Argument for Online Mortgage Applications

We live in a connected world, where we can do many things without leaving your home. Great applications exist for this, such as online shopping, which can save people money if they are willing to wait for the shipping of the product and it is not a product that you need to look at and touch to assess quality.

Clearly, an online mortgage application is convenient. It is also true that they are usually secured quite well. For some mortgage brokers, it is ideal. They actually get someone (the mortgage client) to do part of the work for them without even taking the time to meet with the person!

So Why Do I Not Have an Online Mortgage Application?

There are several reasons why I do not employ the online mortgage application.

  1. You do not know who I am, and you do not know where your VERY personal credit and contact information is going. While I do have my name, picture and contact info on every page of my website (unlike many other mortgage brokers and lenders) I am old fashioned in that I think it is appropriate to at least have a telephone conversation with someone before obtaining their sensitive personal information. Wouldn’t you, as a mortgage client, want to know who you were dealing with? Fraud is a significant problem in the mortgage industry in Canada. I think it is fair that you as a consumer should know a little about the person who is handling your mortgage financing.
  2. I feel it is very important for me to know who I am working with. Mortgage fraud, as I had mentioned, is a significant problem in Canada. There are unscrupulous mortgage agents and brokers working for the banks as well as mortgage brokerages. There are also many cases of fraud on the part of mortgage borrowers. Meeting and talking to your client is an important part of ensuring that mortgage applications are legitimate.
  3. If mortgages could be arranged by themselves, there would be no need for a mortgage broker. Simply put, when someone thinks about information such as their income, the way a borrower looks at their income is not the same way a mortgage lender will look at their income. It often takes a time sitting down and discussing these matters to really sort through those questions and ensure accurate information to structure a successful mortgage financing.
  4. Better service and a more personalized service. I will meet clients in places convenient to them, I am mobile and so it is not like they need to go somewhere to meet with me. I also meet clients on evenings and weekends, so that you do not have to skip work or interrupt your day to meet with me.

If I were shopping for a mortgage, and I came to a website where there is no face on the website, no name besides a company name, and I had no idea who would be looking at or working with my personal information, I would be very suspicious of the legitimacy of that site. They may be legitimate, but would you really want to take a chance?

When you come to my website, you see who I am. I am the one in the picture on the right hand side of the screen. You see my business address where I spend most of my days. I handle your personal information, and I do it with the care and respect that it deserves. I am not hiding behind my company logo, and your mortgage application will not land in the hands of 1 of 1000 people, 10 of which may not be legitimate (maybe less, maybe more). When you fill in a mortgage application with a bank, it is not assured that your information will absolutely land with a good, honest agent.

My strong suggestion is to know who your mortgage broker is, and to meet them. It won’t ensure that a fraud will never happen, but it will definitely improve the odds in your favor. If you receive a call and its a mortgage broker in Toronto when you live in Vancouver, how can you ever know who you are working with?

Eliminate the chances of an unscrupulous broker working on your mortgage. Even if you are out of town, you know who I am and you can contact me easily. Fill out the form below to receive a quick callback from me personally.

Author: Jeff Evans

I am a mortgage broker, hair salon owner, squash player, student, and husband, aspiring to do good for people.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

mortgage broker Vancouver BC
Good news regarding OSFI rule changes
Jeff Evans
No Comments
This is just a quick note to let viewers know that IF you are one of the people with 20% or more down-payment and are in a position that the new OSFI rule changes affect your pre-qualification, that I can extend the current guidelines into the new year by up to 120 days provided that I have an application and am able to get a pre-approval in place with a lender for you before January 1.Read More
OSFI B20 mortgage guideline changes 2017 – Part 2
Jeff Evans
No Comments
This is a continuation of the article published here about the OSFI B20 morgage guidline changes for 2017. If you are familiar with mortgage brokers at all (which you probably aren't) you would know that we also have alternative sources of lending for situations where a mortgage borrower will not qualify with a prime institution.  We have what we call "B" lenders, who have higher rates but more flexible lending criteria, and we have private lenders, which are individuals and corporations who can lend money on on anything that suits them.Read More
OSFI B20 mortgage guideline changes 2017 – Part 1
Jeff Evans
1 Comment

B20?  Is that some kind of vitamin?

It certainly sounds like a vitamin, but unfortunately, it is something else altogether.  The Office of the Superintendent of Financial Institutions is the regulator for all federal mortgage lending institutions.  They set the regulations for mortgage companies like banks to follow (or ignore). The latest updates to the B20 mortgage regulations could bring some potentially very disrupting changes to the real estate market, especially if you are wanting to get a mortgage in Vancouver, or you are a mortgage broker in Vancouver. In summary:Read More