OMDREB Statement on CBC Marketplace Investigative Report on Mortgage Fraud
On the night of Friday, October 14, CBC’s The National, and Marketplace, aired a story regarding mortgage fraud. In the segment, it is alleged that some mortgage brokers and real estate agents work together by perpetrating mortgage fraud for a fee, and securing their own commissions by submitting forged documents for approval.
The Oakville, Milton and District Real Estate Board strongly condemns unethical activity by any real estate agent. A real estate transaction is the largest that most consumers will ever make. As such, they expect that the REALTOR® they hire is a consummate professional and held to the highest standards.
Many real estate associations, including OMDREB, understand that more needs to be done when it comes to upholding professional standards, including strict disciplinary actions in place for egregious ignorance of rules and policies.
While the Ontario government has provided a much needed refresh of REBBA with the Trust In Real Estate Services Act (TRESA), it is the responsibility of all real estate bodies in the industry to ensure professionalism remains a top priority.
OMDREB has its own professional standards complaints process for dealing with member accountability. However, this only takes us so far. The Real Estate Council of Ontario (RECO), as the sector’s governing body, must take swift action and ensure proactive, effective oversight of the industry.
OMDREB members have a reputation for being knowledgeable, honest, trust-worthy, and dedicated to serving with their clients’ best interests in mind. While the identities of the REALTORS® in CBC’s segment are not known, I wanted to share my thoughts with you in the hope that it serves as a reminder that maintaining professionalism in our industry is vitally important.