Mortgage Professional's Role

A mortgage professional's role is to receive the borrower's application, consider the particular circumstances and recommend the best product suited to the borrower's needs based on the products available to the mortgage professional.

The mortgage professional's role and obligation to the borrower and the lender will vary depending on the nature of the service relationship between the mortgage professional, lender and borrower.

A mortgage professional cannot always provide the lowest rate or best terms in the marketplace.

Nature of Relationship

Westcor Mortgage Professionals will act as an intermediary between the borrower and lenders who have authorized Westcor to offer their mortgage products to borrowers. In this service relationship, Westcor has been authorized to offer the mortgage products of one or more lenders to borrowers who are seeking a mortgage.

Whose products do Westcor offer?

Mortgages from multiple lenders. Nature of relation between the lender and Westcor:

Westcor and its professionals are not employed by the lender.

Compensation

Westcor may (will) be compensated for this mortgage transaction in the following ways:

• By way of commission / income or fee paid by the lender
• By charging you a fee
• By way of a renewal commission from the lender if you keep the mortgage loan in force
• By way of commission / income depending on the length of the term or the amount of the mortgage.

Other

Refund of Brokerage Fees. If Westcor charged you a fee to arrange your mortgage and is not successful in getting your mortgage approved by a lender you will receive a full refund of the fees you paid.

What additional fees will you have to pay?

Specific fees e.g. property appraisal, default mortgage insurance, title insurance, legal fees, fire insurance.

As a mortgage professional, Westcor will not be paying others (e.g. realtors, financial planners) as part of Westcor's compensation for this mortgage referral.