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This start-up aims to help agents earn mortgage commissions

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Justin da Rosa | 08 Jul 2016, 08:15 AM Agree 0
A start-up is aiming to help agents earn even more commissions by incentivizing them to refer mortgages through its new platform, Refery
  • D parker | 08 Jul 2016, 06:31 PM Agree 0
    Think we make enough in commissions have been in the business since 1993 any incentives be it fruit baskets, theatre tickets or money etc. I have always given to the client. I do not refer for money I refer because it is the best person for my client to deal with. And don't forget ladies and gentleman you must disclose and give two or more options.
  • More problems than it's worth | 09 Jul 2016, 08:21 AM Agree 0
    What about disclosure to the lender that RE agent is making both a RE & Mortgage commission? Disclosure of conflicts of interest?
    Potential for fraud?
    In Ontario at least, mortgage brokers have a fiduciary responsibility to whom ever they declare they are representing ( borrower, lender or both). Bank "mortgage specialists" work for only for the best interest of a) the bank b) & themselves( higher the rate the borrower pays, the higher commission the bankrep makes.)
    RE registrants be cautious. You could, if you accept money/benefits on the mortgage side & there is any legal action for any reason, you could be dragged into the litigation as a third party.
  • Christopher MacNeil, CEO Refery | 12 Jul 2016, 03:10 PM Agree 0
    As the founder & CEO of the subject company, I'd like to take an opportunity to address comments RE: DISCLOSURE, so that anyone that reads this is aware of the legislation and legalities surrounding referrals.

    Regarding REALTOR® or Mortgage Professional disclosure to Lender, here is what FSCO (Ontario) says:

    Disclosure to Lenders and Investors
    19. What types of lenders and investors DO NOT NEED to have disclosure provided to them?

    According to section 2(1) of Ontario Regulation 188/08 - Mortgage Brokerages: Standards of Practice, there are certain lenders and investors that the regulation calls “designated classes of lenders and investors” that do not need disclosure provided to them. This includes a Mortgage Brokerage acting on its own behalf, a FINANCIAL INSTITUTION, and an individual who alone or with his/her spouse has net assets of at least $5 million, and provides written confirmation of this to the Brokerage. For a complete list of “designated classes of lenders and investors”, refer to Regulation 188/08.

    REALTORS® and Mortgage Professionals are required by law, in every province, to fully disclose renumeration in any form that results from a referral. These laws have been in place for years. They're not new. Assuming these procedures are followed to the letter, which they should be, there should be zero risk of any litigation, as it would pertain to receiving fees.

    Here are a few links to various provincial regulators, regarding renumeration for referrals:

    If you have any questions about Refery or anything regarding Disclosure, please visit
    or you may email me directly

    Have a great summer!

    Christopher Macneil
    Founder & CEO
  • Christopher MacNeil, CEO Refery | 12 Jul 2016, 03:44 PM Agree 0
    @ D Parker, I won't dispute your assertion that you make enough in commissions. Kudos to you! And further congratulations on your 23 years in the industry. I'm sure you've seen many trends come and go, not to mention the changes in the market that have happened in that time!

    Refery's aim is to provide our REALTOR® partners with a secondary stream of revenue, should the opportunity to make a referral present itself. At 55% of commissions generated through redeemed financial services, Refery's program offers the highest return of any program in Canada.

    Where a referral in a major market could net a REALTOR® $3000 , we would happily encourage you to use some of the proceeds (or all, if you are so inclined!) to reward your client (because a happy client will refer you too) . Refery offers a robust rewards program, where referral fees can be redeemed for amazing client appreciation gifts like 75" 4K TVs, curated tours of tropical paradises and home dining sets- just to name a few (we're working on a relationship with a fruit basket supplier for the program :))

    As for your comment RE: DISCLOSURE. You are correct. If you are making one, you are obligated to make three. At Refery, because we are affiliated with hundreds of different mortgage brokers and agents across Canada, we are able to give your client's referral to three different professionals, so your client can choose the best product and service on offer to them.

    We appreciate feedback.

    If you have any further questions please visit
    or you may email me directly,

    Christopher MacNeil
    Founder & CEO

  • @wasserman | 07 Apr 2017, 04:08 PM Agree 0
    This idea was making rounds just the other day. Consensus is that it reeks illegal, fraudulent and unethical. Sounds like nothing more than a kick back scheme. Not to mention the name refery sounds like a weed dispensary. Anyone can open a web site with slick stock photos and text written by a graduate in pr. But he proof is in the pudding ... Ethical agents do not refer for money they refer because it is the best person for the client to deal with. Period.
    When in doubt .... walk.
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