The federal privacy commissioner’s report on unsecure mortgage broker practices for protecting client information has further exposed the industry to potential fraud crimes. “If I was a professional criminal, a mortgage broker would be my main target,” said Greg Viger, accredited mortgage professional with Dominion Lending Centres Financial Ltd. in Burnaby, B.C.
“Bad press like this can dramatically change our business and destroy confidences,” remarked Viger. “Consumers who may not have realized before will suddenly become afraid of mortgage brokers, and say I’m going to a big bank where they have vaults for information. But we have to be careful about painting the entire industry with one brush.”
CMP staff writer Heather Li talks further to Greg Viger about how mortgage brokers should protect their clients’ information.