Since practically every Calgary mortgage broker out there is advertising that excellent client service is what distinguishes them from the crowd, how can you tell which ones really are going above and beyond in terms of customer service? Here’s a question you can ask a broker, then decide for yourself if they are one of Calgary’s top mortgage brokers in terms of customer service:
Scenario: Your client, who has had several credit cards for a number of years recently changed his name. When you tried to pull his credit bureau, the credit system reported that he had no active trade lines. The system failed to find his credit information despite the fact that you had entered his SIN (Social Insurance Number) and date of birth correctly. Eventually, you are able to get his credit score by making the request using his previous name.
The question to ask your Calgary mortgage broker is this: What’s going on and how would you proceed from here?
What’s going on?
When people apply for credit, they sometimes provide variations on their name. For me, Randy McGuire, Randy J. McGuire, Randolph McGuire and Randolph John McGuire are all names I’ve written on various forms in my lifetime. Normally, these variations are caught by the system and the variations show up as AKAs on the credit report. Sometimes, though, they are missed and separate files are created. I once worked with a client whose Equifax profile was split into 5 separate files!
What can be done?
If your broker replies that since the credit bureau has the wrong name on it, you’d need to qualify it with an official change of name certificate, then the broker knows what is required by the lender. However, if this is ALL they say they’d do, then you’re probably not dealing with a top broker in terms of customer service.
What I do: Given that it’s possible to pull two different versions of the same client’s credit information, I know that my client’s file is not properly organized with the credit agency. I then call either Equifax or TransUnion and ask them to combine all of my client’s different reports into one. Once this is done, I pull a single report with all of the client’s information and updated, legal name for submission to the lender. The next time I speak with my client, I let them know what I did and advise them to always use the exact same name when applying for credit in the future. It all takes less than 5 minutes and is something the client benefits from for the rest of their life.
Here are some of the reasons why every broker might not do this:
- They don’t know how
- It’s not required
- It takes time
- Keeping the credit report hard to pull might help with client retention
There’s never really any good reason not to do all you can to help your client. Not knowing is OK for a new broker who is just starting out, especially since helping a client in this way is not required. Going beyond requirements, though, is the very definition of great customer service. Not wanting to take the time is also acceptable, but only if you’re one of the “lowest rate in Calgary” kind of mortgage brokers who don’t go out of their way to advertise great customer service. The final reason is just malicious and in my opinion, constitutes a breach of the fiduciary duty owed by mortgage professionals to our clients.
Is your broker one of Calgary’s finest in terms of customer service?
This was very interesting, I wouldn’t think that Equifax or any other credit agency would simply let you call on behalf of anyone and make such a request. Isn’t that fraud or equally dangerous. Personally, I think that AMBA or RECA should have a talk with you about conduct unbecoming a industry member. Also, not everyone that deals with mortgages is a Broker, are you a Broker or an Associate?
There is a golden rule, never put out yourself as an expert unless you are an expert. Clearly you write well and are probably charismatic, but reading your post puts a bad taste in my mouth about the actually trustworthiness of BROKERS in general.. You are a good reason for everyone to seek advice from a Bank and not a nonsense BROKER like yourself this is just my opinion and as a potential client. I am completely turned off of Dominion Lending or is it Lying Centres. The real clue of the skill of a Broker is honest and integrity not BS. Happy Selling.
John,
I’m surprised by the intensity of your response to my post, but what you say makes it clear that the role of mortgage brokers is not well understood by the general public.
The process of integrating a credit file is a familiar one for anyone who needs to get a client’s credit score. Before attempting to pull a client’s bureau, it is first necessary to obtain the client’s consent in writing. The existence of this consent form is indicated on the form that is used to request the credit score. By law, I am required to keep a copy of the original, signed consent for a period of 1 year for files which are not funded and 7 years for those which are.
Now what if the information provided by the client is submitted and no record, or an incomplete record, is returned? A call to Equifax can be made and if the client’s record is fragmented, it can be integrated. When I make such a call, I identify myself using the credentials that the credit reporting agencies provide licensed professionals. The essence of the call is to let them know that their records are inaccurate and to have them corrected. In the process, no information is exchanged which the client has not specifically requested, in writing, to have exchanged on their behalf for the purpose of getting a mortgage.
The point of the article is that taking the time to make this call despite having the documents needed for completing a deal is making an extra effort on the client’s behalf. It’s an example of putting my client’s best interests before my own; using my time to serve my client’s best interests when simply doing nothing would be easier, quite possible excusable, and may even serve my own best interests later (as would be the case should someone in the future fail to retrieve the client’s credit report, prompting the client to return to me, thinking me more competent since I had successfully obtained their credit report in the past).
My client’s come to me because they need help getting a mortgage and because they trust me to take care of their best interests. I see the obligation to always act in our client’s best interests as the single most important factor distinguishing mortgage brokers, mortgage agents, mortgage experts, or whatever else those of us listed as either mortgage Brokers or Associates on our Real Estate Council of Alberta licenses might call ourselves, from bank employees. Not only do I do my very best to help each and every one of my clients get the right mortgage for them, but in doing so, my client’s best interests are always at the forefront of my mind. I adhere 100% to both the law and CAAMP’s code of ethics at all times.
Your response to my article is appreciated. Above all, I hope for my blog to be an accurate source of information for people who are considering going through a Calgary mortgage broker for their next home purchase. If any of my readers spot any factual error or have any cause for concern at all about anything I write, I want to know about it, address it, and if necessary – change it. Happy buying.