Since today is May 4 I thought it would be fun to compare mortgage brokers to Jedi.

Although it may seem a little strange it really isn’t because just like Jedi there’s a ranking system for mortgage brokers, the problem is that it’s confusing and there’s no place that clearly explains the differences.

So let’s jump in:

This is a new mortgage broker, if you look online they’re pretty easy to spot. They are licensed by the appropriate provincial registration but have no designations, no testimonials, and very few articles that they have published. As far as mortgage brokers go, there’s nothing inherently wrong with working with a Padawan, as long as they have the right mentor they can get the job done. But if they don’t have the right mentor you could be in for a ride, small mistakes in the mortgage process are very costly. So when you’re dealing with a Padawan it’s important to know they have the support (preferably from a VMP) they need to be successful and sometimes that’s hard to determine, because sometimes the Pawdawan doesn’t even know they are working with a Sith Lord.

this is a mortgage broker that is registered with the Canadian Association of Accredited Mortgage Professionals (CAAMP). This organization is both an advocacy group for mortgage brokers, it keeps Mortgage Brokers on top of new and current industry compliance, and tracks continuing education credits. They are good at helping mortgage brokers maintain industry minimum standards and keep us abreast of any concerns within the industry, Such as fraud, changes to privacy policies, and other regulatory issues at all though may not apparent to the public are important to ensure the protection of the individual client working with them. If you’re working with a mortgage broker as a client you should only work with those that are associated with CAAMP, as this should be your minimum standard. Because CAAMP is a voluntary community it means the mortgage broker cares enough about the profession to be apart of this group. So when you’re looking to work with a mortgage broker CAAMP membership should be on your list.

This is obviously a seasoned veteran – you can spot them because among others they also carry the Verified Mortgage Planner (VMP) designation. The VMP designation requires the mortgage broker to be apart of CAAMP (so your covered there) and also that they attend very specific on going training on mortgage strategies, solutions and planning. There is more to a mortgage than just rate, and a VMP must show their clients the saving available to them. Plus a VMP must get reviews from past clients, and they must be positive. That means that their clients actually decide whether or not they remain a VMP, its a little different but it makes sense. If the VMP’s clients are constantly not satisfied with the service of the VMP than they are removed from the group. There are only a limited number of VMP’s in any given Canadian city to find one simple click the link below and we will match you up with one.

No matter what universe you live in, the Sith exist in some form and you always need to be on the lookout for them. Sith in the taking the form of Mortgage Brokers, can give you advice that ultimately benefits them more than you, they can charge you ridiculous fees or out rightly committing fraud and stealing from you. The nice thing though is that Sith in the mortgage broker world are easier to spot, most of the time they do just enough to licensed, and don’t bother working with CAAMP or the VMP program. But more importantly they have a tough time getting testimonials and reviews from past clients. Testimonials are your lightsaber, your protection from the dark side and its why they are such an important part of the VMP designation.

“Only at the end do you realize the power of the Dark Side.” – Palpatine

Its important to select a the right Mortgage Broker right from the start, because it can be hard to see the affects of the Sith until the very end of the transaction and most of the time you don’t find out until after its to late.