Mortgage Broker

Summer 2019

Mortgage Broker is the magazine of the Canadian Mortgage Brokers Association and showcases the multi-billion dollar mortgage-broking industry to all levels of government, associated organizations and other interested individuals.

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legalease CMB MAGAZINE summer 2019 | 31 Pang understood mortgage payments would be deducted from his account and the seller would reimburse him on a monthly basis. Pang received the reimbursements for 10 months, the additional $3,000 and $50 for the delay in removing his name from title. e amount of the monthly mortgage payment being withdrawn from his account then increased; he was told that this was because the mortgage had been renewed. Regardless, the monthly reimbursements ceased being made. Pang had not paid much attention to the details of the transaction, as he thought he was just a placeholder for three months. He did not even see the property or meet the broker in person until aer the purchase/mortgage completed and things went off the rails. Pang attended at the property for the first time and discovered the broker's husband had rented it to a family for low rent in return for some painting services. Aer he advised the tenants of his concerns, they disappeared. He contacted the Real Estate Council, the Law Society, Calgary Police Service and the police fraud unit. Pang discovered someone had taken out insurance on the home in his name. Pang had not signed the purchase agreement nor made the required $5,000 deposit; someone else had done it in his name. His first name was misspelled throughout the contract. However, he had signed the mortgage. Until the court proceedings, Pang had not seen: n the transfer of land document; n the bill of sale for a vehicle from which he purportedly received $5,000 to be used toward the down payment (In fact, he had not owned the vehicle and the signature was that of the broker's brother.); or n the employment letters and pay stubs that had been provided to the lender. He had not worked for the indicated employers. A mortgage commitment letter had been produced in the litigation. e signature on it was not Pang's. Pang had not paid much attention to the details of the transaction. He did not even see the property or meet the broker in person until things went off the rails."

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