How to complain about your mortgage broker
By Melanie Chambers • Bankrate.com

"There's a fair bit of stress felt with the consumer during this time," says Mark Webb, the institute's senior director of professional affairs. "I can make a few quick calls to the broker and say, 'You have an unhappy customer here, and if you don't improve your communication with them, then you have a potential problem.'"

But make sure to document your case well. Without an incriminating paper trail, the issue can seem like a matter of "he said, she said."

Find a good broker
Created in 1994, Canadian Institute of Mortgage Brokers and Lenders is the only national organization representing mortgage brokers. With more than 6,000 members nationwide, its mission is to ensure professionalism and ethics in the industry.

If your broker is a member, you can file a written complaint, which will be reviewed by CIMBL's ethics committee.

According to the institute's website, Howard's mortgage broker broke two rules in CIMBL's code of ethics:

Rule one speaks of professionalism, "ensuring that they and their personnel are knowledgeable in the areas of the mortgage industry." Howard's main problem stemmed from the fact that he and his partner wanted both their names on the mortgage, but only Howard's name on the deed of the house.

The broker told them that was no problem, that many self-employed professionals, such as doctors and lawyers, do it all the time to protect their assets from lawsuits.

But they heard later from the bank that doing so was not possible for them. It wasn't the end of the world, says Howard. "We ended up putting both names on the deed, but it wasn't what we wanted to do at all. And we'd been very clear from the outset as to what we'd wanted."

The second problem was a matter of professionalism. The broker said she faxed time-sensitive documents to the bank, when in fact the bank claimed never to have received them. Those actions seem to contradict CIMBL's code of ethics, which states "a member shall provide timely service and respond on a timely basis to inquiries from participants in a mortgage transaction."

If the broker is not a member of CIMBL, you can take your complaint to a provincial body. "If there is a real wrongdoing, the provincial body can look into putting sanctions against the broker or agent," says Webb.

For a list of appropriate regulatory bodies, visit the CIMBL website.

Look for an AMP
So how do you make sure you get a good broker? First, be sure to call her references to see what her other clients have to say.

You can also ask to see a broker's credentials. As of last year, CIMBL began a formal educational process for brokers. A broker with the designation Accredited Mortgage Professional (AMP) means she has passed mandatory educational requirements, an ethics course and continues to take continuing education courses to maintain her accreditation.

In the end, the AMP initials behind a broker's name should ease the mind of an anxious buyer. For a full listing of CIMBL brokers with the AMP designation, check out the CIMBL web site.

"Individuals who have that accreditation have gone the extra mile. It's not to say that people who don't have it are necessarily incompetent, but if you have a complaint there is recourse. You can come back to CIMBL if you have complaints," says Webb.

Melanie Chambers is a writer in London, Ontario.