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PostPosted: Mon Apr 17, 2017 9:29 pm 
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I am a self employed with low income on my notice of assessment. Recently bought a house from builder, was looking for mortgage. With my low income, mtg approval got difficult. I come across one agent at TD, a mobile mortgage agent (for privacy, I am not putting the details) got it approved but for only 5 year fixed. I personally wanted to go for only variable, But this agent says, because of my salary/notice of assessment, I can not get me the variable. Only option is 5 years fixed.

Up on repeatedly asking him, what we can do to get variable, he said, there is something called BUYOUT or BUYBACK option. In which the home buyers pay some fine upfront, even before closing. Then bank can get us the variable/preferred rate. I thought, its one of the mortgage policies and I agreed. Just couple of days before the closing, the agent came with the documentation, and asked me to pay the agreed fine in cash. And I don't see it (the details, so called prepaid fine) in the agreement papers anywhere. He was insisting, thats how it is going to be. And closing being just days ahead, I had no choice, but paid him in a cheque rather cash.

Closing completed everything is fine. I got variable at GREAT rate, (clearly better than market variable ratet), compared to originally agreed 5 year fixed (much higher than what other banks offered for same 5 yr fixed). All looks okay, from mtg point of view. But, I feel, something fishy about the fine, he took upfront on his name, rather bank name. I think, he is making use of complicated mortgage rules/grey area. We all know with a simple email, can get his business out. I don't think, he is the person to run away with cash.

Any body has similar experiences? How common (&what situations) a mortgage agent can take money from home buyers, with no receipts/documentation?


Last edited by yempip on Wed Apr 19, 2017 5:21 pm, edited 1 time in total.

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PostPosted: Mon Apr 17, 2017 10:04 pm 
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Smells fishy to me.

Did you make the cheque out to him or TD?
Did you get anything on paper, a receipt for the amount on the cheque?
You say "mobile mortgage agent ", is he a TD employee?
Call TD and just ask about this scenario.

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PostPosted: Tue Apr 18, 2017 6:46 am 
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You would have used a lawyer to close, just ask them.


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PostPosted: Tue Apr 18, 2017 9:07 pm 
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He is TD employee. He have his TD business card. I can find his contact at TD website. So, the person is authentic.
The day before closing, I was very nervous, infact he demanded for cash, but I said, I can only give cheq. I ended up writing on his personal name. I have photo of the cheq.
I have nothing on paper or agreement. Not even a receipt.

Unless there is strong supporting reason (which I don't know), he can not do this. A simple email to customer support can fire him. Bank can easily investigate where the funds went in. He must be playing games with-in some grey area in the complicated mortgage laws.


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PostPosted: Tue Apr 18, 2017 10:14 pm 
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First wait till he cashes the cheque, he may not as that is the only evidence of money changing hands.

Best consult a lawyer.

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PostPosted: Wed Apr 19, 2017 6:31 am 
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You wrote a cheque to some dude rather than TD? Oh my...


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PostPosted: Wed Apr 19, 2017 1:26 pm 
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Burrcold wrote:
You wrote a cheque to some dude rather than TD? Oh my...


I know, I was doing something not right. But I had no options, Its the day before closing. I had no other options. If I don't give him the cheq, the closing get delayed, My lawyer other lawyer, seller, everyone tries to rip me off big way.

My confidence is, we are in canada. Bank can easily track down, where the money went in. If its a valid charge, I am fine.


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PostPosted: Wed May 24, 2017 9:22 am 
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This is fishy indeed and all signs point at fraud. There is no way a bank mortgage rep, or mortgage broker would ask you for 'cash' up front to get a deal closed. Sounds to me like he may have obtained fraudulent documents to get the deal through. There is no product in existence that would ask for a cash fee up front to the mortgage rep at the bank. In some cases with private mortgages, an up front retainer can be required from the lenders lawyer (which gets credited to your legal fees), but that isn't the case here as private rates are extremely high.

This is a serious matter and I would strongly suggest contacting the manager at the branch. I'm sure they would be very interested to be informed that one of their staff members is engaging in this activity.

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PostPosted: Fri Apr 06, 2018 9:07 am 
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So just wondering if the mortgage you got was/is with TD? If the broker got you a deal with someone other than TD Canada Trust then a fee to do that is in order. If the broker is honest and says they cannot get a certain package but for a fee they can get another company to look at it, that is the job you asked them to do. However, if you did obtain the needed financing from the original lender, you should have that investigated by the lender. You have a copy of the cheque and your story, that is all you need. If TD has shady, underhanded, double dealing mortgage agents working for them, we need to know!


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