An Unusual Day As A Mortgage Broker

Jeff Evans

The Bankers Strike Back!

Those who may read a fair bit of my website would tend to know I don’t tend to hold a whole lot back to be diplomatic about my thoughts and feelings. Well, a few weeks ago I wrote an article titled “Do You Trust Your Banker?” Now, it seems someone in a bank read the headline and took offense to it, apparently without reading the whole article. I believe that anyone who DID read the article would understand that the point that I was making was that just because the bank is a large institution that you should not just trust every word they say without questioning or thinking about it.

As an independent Vancouver mortgage broker, unquestioning trust is not a luxury I usually have. I have to be very clear in what I say and while doing so I try to provide as many options as possible and possible downsides to the options (if any). If someone does give me unquestioned trust, I don’t use it to my advantage to do whats best for me. I provide options, answer questions, and feel I provide a service as opposed to making a sale.

So why do I make the point of “be careful about trusting your banker” instead of saying “be careful about trusting anyone”? Its because people tend to hold their bank and bankers in reverence as if they would never suggest anything that isn’t in their best interests, and I am making the point that they should be just as cautious dealing with a bank as with anyone else they deal with.

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Your email address will not be published.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