AMBA Matters Winter 2018-19

Matters Advocating For You AMBA Lobbying Efforts Making Positive Progress

PartnerFEST, Professional Day and Family Frozen Festival Highlights Fraud reporting made easier Tips for dealing with legalized cannabis

Winter 2018-19

Technology that keeps you productive & efficient When your customers expect answers and information yesterday, how do you stay on top of every deal detail?

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firstnational.ca Ontario Mortgage Brokerage License No. 10514

Matters

Winter 2018-19

this issue's articles

A SPECIAL THANKS TO OUR ADVERTISERS...

First National

2

Romspen

5

Street Capital

7

Equitable Bank

9

Prolink Insurance

13

Filogix 15 Alta West Capital

8 10 11 12 14 16 17 18 21 22 24 26 28 30 32 34 35 38

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COMING SOON! STAY CONNECTED AND INFORMED WITH AMBA!

MPC COrner: Fostering a more unified Broker Channel Get The vip TREATMENT

RECA news update: what can an Unlicensed Assistant Actually Do? Do we really need to worry about cyber risks?

Opening new doors for fraud tipsters

Calgary Parliamentarian Joining B-20 Battle

AMBA advocacy efforts Having an impact

Meet the amba 2019 board of directors

The AMBA App is coming sOON

Professional Development Day Delivered Great Lessons

family frozen festival highlights

Matters AMBA Matters magazine is published three times a year and provides fundamental information to members of the provincial association. Offering an opportunity for the industry members to be educated, updated and entertained.

Toll Free: 1.888.452.2652 Phone: 403.685.9652 Fax: 403.685.9682 Email: info@amba.ca Web: www.amba.ca Suite 150, 1209 59 Ave SE Calgary, AB T2H 2P6

PartnerFEST provided Plenty of pop

The Mortgage

Broker Oath

Fair TRading Act Changes

amba Members giving back

The impact of

legalized cannabis

Member Profile: Jacki Harris and Heather Manna

AMBA Social

Media Highlights OTHER FEATURES...

President's Report 4 Executive Director's Report 6

Amba 2019

Board of Directors President Gord Ross Axiom Mortgage Solutions

Past President Adil Mawji Invis Inc.

Treasurer Stephanie Blake DLC BlueTree Mortgages West

Janelle Bentz Dominion Lending Centres (Calgary)

Heather Cermak Mortgage Alliance

Denise Hendrix Hendrix Law

Nancy Kamineski Genworth Canada

Ron Lefebvre Invis Inc.

Danielle Pendleton Quantus Mortgage Solutions

Pam Pikkert Mortgage Alliance – Regional Mortgage Group

Tracey Robinson Manulife Mortgage Protection Plan

Ryan Spence Finastra

MPC Rep. Elaine Taylor MCAP

Magazine Publisher: Amanda Roy

Return undeliverable Canadian addresses to: Alberta Mortgage Brokers Association Suite 150, 1209 59 Ave SE Calgary, AB T2H 2P6 Art & Design: Erin Lehtisaari Some photos within this issue Šshutterstock.com.

Winter 2018-19

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President’s Report

Gord Ross AMBA President

Winter 2018-19

Alberta Mortgage Industry Doomed and Destined for Certain Failure!

How is that for a headline?

Got your attention?

Humour me for a moment and allow me to dive right in and call it like I see it. It’s been a tough year for a lot of Albertans. Let’s call a spade a shovel and while we are at it, pass that shovel over here so we can start digging ourselves out of this hole.

Sound familiar? The facts are undisputed. The beloved energy sector that our province has relied on so heavily for decades has been all but decimated in the past few years. In our own Industry, we have seen more and more regulatory changes and the negative effects of B-20 for consumers still remains to be seen.

So, what does all this mean and what is the bottom line? It is a time of great uncertainty and clearly a transitional time for us all.

Now for the good news. Are we doomed? Not at all. In fact, it’s quite the opposite from where I sit. Whenever there is a large amount of disruption and transition in any industry, there is almost certainly an equal and opposite amount of opportunity. Mortgage brokers are in a position right now, perhaps more than ever, to scream our value proposition from the roof tops.

It’s getting tougher to get a mortgage and consumers need guidance and support more than ever. There is greater demand for professional advice from licensed professionals. Enter the mortgage expert stage left to save the day.

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Winter 2018-19

Now will AMBA, your professional association, play a role in any of this? Absolutely. What we are really talking about is change management. The conversation must be about a systematic, consolidated approach to deal with the transformation of our industry.

I strongly believe there is strength in numbers and in strategic partnerships like the one we are fostering with Mortgage Professionals Canada. Together, our associations will have a powerful vision and united voice to help promote our future by lobbying against the regulatory changes that threaten to hold us back.

As an association, we are strong, and our purpose has never been more clear.

If you have read this far, let me wrap up with a message of hope and optimism. Together we can and will turn things around for the better. I challenge you to become more involved in your associations and become an ambassador for both AMBA and our channel as a whole. Membership matters, and you matter.

The future is up to us as a collective and we have the power to rewrite the headlines any way we see fit.

Alberta Mortgage Industry Thriving and Stronger Than Ever!

Sounds pretty good doesn’t it?

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Amanda Roy AMBA Executive Director

Executive Director’s Report

Winter 2018-19

"Individually, we are one drop. Together, we are an ocean." – Ryunosuke Satoro As we greet 2019, the Alberta Mortgage Brokers Association and Mortgage Professionals Canada are moving closer to phasing in our joint membership, with the single-fee model to belong to both associations to commence in 2020.

The process of building our important collaboration has been deliberate and measured, but that’s been by design to ensure when our task is completed, every aspect is perfectly in place and will provide the biggest benefit possible for our industry and its members. Our goal has always been to build the perfect partnership, which is crucial to create the efficiency and sustainability necessary to strengthen our association.

Although it will be another year before the true joint membership is completed, AMBA’s members will continue to see the process move forward in 2019 and receive more and more benefits, starting with event discount incentives for those who choose to belong to both associations. Those who support both AMBA and Mortgage Professionals Canada deserve to reap the rewards of their commitment.

The value doesn’t end there. In fact, it’s just the beginning. Making both of your associations stronger means a louder and more authoritative voice to be heard by those we must reach. It’s already resulted in stronger advocacy efforts with both the provincial and federal governments as we continue to impress upon them the importance of seeking the industry’s input regarding changes in regulations, which has become more crucial each passing day.

It’s also resulted in better awareness among consumers.

Every year, we are seeing more and more home buyers turn to mortgage brokers for their expertise to help them navigate through the process of acquiring their

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Winter 2018-19

biggest investment or renewing their mortgage.

Having both AMBA and Mortgage Professionals Canada work together has also resulted in more valuable events.

AMBA’s annual convention continues to raise the bar in professional development. (By the way, in 2019 it will be held June 2-4 in Banff and the annual golf tournament will be incorporated into the convention, so mark your calendar now.)

Looking ahead, we plan to increase education efforts, with not just one but two Professional Development Days scheduled annually. Plus, the success and value resulting from the Mentor Labs sessions at the 2018 convention, which connected industry experts and members in small-group sessions, has spurred us to begin developing an association-wide mentorship program. After all, developing synergy and increasing knowledge throughout the industry will help everybody build their business.

However, the efforts can’t end there, and this is where we need our members even more. A shocking 45 per cent of Alberta licensees don’t belong to either AMBA or Mortgage Professionals Canada, yet they benefit from the efforts made to enrich their careers. It’s paramount our most valuable resource — our actively engaged members — encourage others to join and become actively involved. More members doesn’t just mean merrier associations. It makes them stronger.

The time has come make the mortgage industry ocean as vast as possible.

#strongertogether #MembershipMatters

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r e n r o C C MP e r o M a g n i r e t s Fo r e k o r B Unified Channel The end of the year represents an ideal time to reflect on the many activities and achievements that have taken place over the previous 12 months. For me, a number of highlights come to mind, not least of which is undertaking the role of Mortgage Professionals Canada Chair, and I am proud to be the first to hail from Alberta!

As an Albertan, I am pleased to be at the helm of the national Mortgage Professionals association as we Canada Chair enhance our existing partnership with AMBA. Over the course of the last few years, we have established a successful framework for our associations to align and move forward with a shared vision of enhancing member value.

Michael Wolfe

Our common objectives of promoting mortgage brokers as the best choice for consumers, presenting our respective memberships’ interests to government, and providing networking, education and social activities for member engagement have been better achieved through mutual collaboration and cooperation.

Strengthening our programs, expanding our value proposition and driving efficiencies that promote growth for all stakeholders has led to the introduction of a unique, cost savings benefit for members in the form of a new joint membership fee structure. This initiative reinforces the foundation of a long-lasting partnership and is the next strategic stage in the growth of our organizations’ relationship.

The new, single membership fee further supports our unified voice for the mortgage industry in Alberta and across Canada, and represents a cost savings to those

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Winter 2018-19

who currently belong to both associations. Members will benefit from the combined efforts, resources and influence that the two associations have to offer, however there will be no change to the organizational structure of either one.

It is incumbent upon all of us to drive efficiencies and avoid duplication. By combining our resources, insights and expertise, we are able to reach new heights in terms of serving our collective members more effectively. A dedication to these principles is paramount for the survival and growth of the broker channel now and into the future. It is also important that you get involved. There are many opportunities for you to help make a difference and shape the future of both your associations, so I encourage you to take advantage of all that joint membership has to offer!

Recognizing our respective strengths and members’ needs, we are confident we will achieve success combined than we can achieve on our own. It’s true that effective and sustainable partnerships are founded on strong relationships. Together, we are making a difference.

#strongertogether

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Get the VIP Treatment

You are a VIP. Take advantage of your status.

The AMBA Verified Information Program is a free, easy and effective way to promote yourself and your company — to both consumers and industry partners.

Verifying your status on your online profile pays dividends in so many easy ways.

AMBA.ca is an authoritative website, and consumers using search engines such as Google to find information about securing a mortgage and professionals to facilitate their needs will be steered toward it and the members who make it so strong; Fellow mortgage professionals will also have an easier time finding you; A personalized online profile provides direct links to your company website, Twitter, LinkedIn and Facebook pages; Filling out your profile ensures accurate contact information; Advertising throughout our website at no additional cost to your membership fee; Adds credibility to your partnership with AMBA and the industry; and Association VIP status – VIP badge.

Hey, VIP: Remember to regularly update your profile, too.

Making changes and additions keeps your profile active, therefore making it more likely you’ll be found when consumers and peers are on the hunt for your services.

So, always add any and all new information about yourself and your company.

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How to Become VIP

(It only takes a few minutes) Log in to the AMBA member zone, Go to your profile, Verify your contact information, and Upload a headshot, company logo, and a short biography.

Update from the Real Estate Council of Alberta

What Can An Unlicensed Assistant Actually Do? Here are some mortgage-specific examples and questions: Mortgage Broker Practice Advisor, Gary Siegle

Mortgage industry assistants often handle daily administration details, leaving mortgage associates free to engage in activities requiring a licence.

Assistants aren’t licensed by RECA and are not part of our jurisdiction. However, RECA holds an associate and/ or the broker responsible for an assistant’s activities.

For example, Real Estate Act Rule requirements state an industry member must provide supervision and ensure the public has full knowledge the assistant is unlicensed.

Mortgage professionals can’t assign duties to the assistant that require a licensed professional. While an assistant can organize a mortgage broker’s appointments, they can’t:

•

personally complete mortgage applications

•

conduct contract negotiations

•

offer advice to clients

•

sign contracts on behalf of the brokerage

It’s important to note that consumers dealing with unlicensed assistants conducting these types of activities aren’t protected by the Real Estate Act.

Are unlicensed assistants allowed to send commitments and renewal agreements out to clients and give directions on how to sign?

Yes. As long as they are simply giving direction on where to sign, it is not considered giving advice. However, they must be careful not to discuss any of the mortgage terms or other aspects of the agreements.

Can an unlicensed assistant send documents to a lender and request a commitment to be sent to the broker?

Yes, as long as the broker has reviewed the documents first, they can send documents to a lender and inquire when a commitment is expected.

Can an unlicensed assistant do marketing for our brokerage?

An unlicensed assistant can write ads and prepare promotional materials for approval by the broker, and they can place those ads with advertisers or update a website as long as they have broker approval. They cannot place promotional material without the broker’s review and approval.

How do I add my unlicensed administrator to the brokerage myRECA account?

Have your administrator create a myRECA account, and select Brokerage Administrator when they log in for the first time. When they’ve done so, ask for their username.

Search from your Brokerage myRECA account for that username and choose to add them as a brokerage administrator. From there, you can choose the level of access you want the administrator to have.

Mortgage Broker Practice Advisor available Remember you can contact the Mortgage Broker Practice Advisor, Gary Siegle, anytime for without prejudice advice on brokerage operations and associate matters. The practice advisor is available to brokers only.

Contact him at gsiegle@reca.ca.

Winter 2018-19

11

“Do we really need to worry about cyber risks, data breaches, and hackers?

We’re mortgage brokers.

Who’s going to attack us?”

An update on new November 1 regulations, exposures, costs and you. Plus, a reminder on the $250,000 that comes with your AMBA Errors and Omissions Plus Insurance.

As mortgage brokers and lenders, you either have the type of personal information that foreign hackers and organized crime craves, or you can open the door to it.

It’s an appealing combination of what you have, and with whom you interact. A breach is all but inevitable; it’s just a matter of how soon it happens and how bad it is.

“Why do hackers target us?”

Mortgage brokers are among the most popular and valued members of the financial services industry. In Canada, mortgage brokers are the largest originators of mortgage products for many types of lenders. That’s the good news. The bad news is that cybercriminals target the financial services industry more than any other. Financial information’s proprietary and privileged nature offers a great opportunity for identity theft.

Mortgage brokers and alternative lenders can also serve as a conduit to larger institutional lenders, credit agencies, and more. Even the most sophisticated financial institutions, like Equifax, are vulnerable to cybercriminals. It can be challenging for smaller firms to remain at the leading edge of security safeguards.

The embarrassingly public cyber breaches of global firms are showing that these security measures are often not enough anyway. Regardless, the smaller firm can represent an easier point of entry for attack. It’s a bit like leaving a key hidden near the back door to your house.

“What types of attacks are we exposed to?”

There are three risks to watch out for:

1. Cyber-attacks: Though cybercriminals are

opportunistic, you are a prime target due to your data and third-party connections. Plus, many of your employees use their own devices to communicate with clients, which can make it difficult to implement any strict security measures.

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Winter 2018-19

Derrick Leue, President, PROLINK Insurance Group Inc.

2. Employee actions: Whether employees act maliciously or make a human error the threat of privacy breach due to internal actors is real. Your entrepreneurial culture sometimes leads employees to bypass security rules to close a sale quickly.

3. Third-party vendors: Subcontracting

work, using cloud providers, or other external agencies to accomplish your daily operations poses a significant risk. Unfortunately, you cannot control the actions of third parties. You must review contracts in great detail for third-party compliance with the Digital Privacy Act to limit your exposure.

“What are the ‘security safeguards’ we mention?”

Security safeguards refer to both physical and electronic measures that an organization implements to protect personal information. For example, instructing employees not to leave sensitive documents on their desks in plain view or having a network security system in place represent different types of security safeguards. Whether a breach happens due to internal or external factors is irrelevant. Here’s what’s important: under the new regulations within the Digital Privacy Act, any time there is a risk of significant harm, businesses must now report it.

“What do we need to know about the New Regulations within the Digital Privacy Act?” Any Canadian private sector organization that collects, uses or discloses personal information is subject to new regulations under the Digital Privacy Act. As of Nov. 1, any breaches through security safeguards require you to: 1. Inform the Privacy Commissioner if there is a risk of significant harm;

Even when you are that good, the biggest remaining financial consequences of a privacy breach are: business interruption costs while you get your network back online securely, client notification fees (averaging $255 per lost record – 1,000 records, $255,000); and, the cost of the Privacy Commissioner’s investigation.

There are many direct and indirect expenses associated with privacy breaches that could leave you liable. Even the most sophisticated network defence strategy cannot eliminate all risk.

2. Notify any affected individuals if there is a risk of significant harm;

“Thanks for the uplifting article. Any chance you could end on a positive note?”

3. Maintain a record of all breaches, even if there is no risk of significant harm, for a minimum of 24 months.

The good news is that if you already have AMBA’s Errors and Omissions Plus Insurance program—offered exclusively through PROLINK—you are automatically allocated $250,000 of protection towards cyber defence costs. While this is a good start, $250,000 likely won’t cover all of your expenses if your business experiences a significant breach. Cyber Insurance is relatively inexpensive and offers many benefits. In addition to funds to cover your legal liability, you also get access to a legal breach coach, a consulting team to assist with public relations, IT network forensics, funds to cover client notification costs, and more.

Failure to comply can result in government fines of up to $100,000 per violation—and directors may be held personally liable.

“We’re hearing that best-efforts security measures can reduce the risk of major lawsuits.”

Possibly. It's best to have processes in place so you can respond swiftly to comply and minimize any reputational impact. Failing to plan is planning to fail.

To learn more about Cyber Insurance, contact PROLINK—Canada’s Insurance Connection today!

P. 800-663-6828;E: DerrickL@prolink.insure Website: www.prolink.insure/AMBA

Winter 2018-19

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Opening new doors for fraud tipsters

RECA makes flagging fraud easier with online launch of anonymous reporting Randy Sportak, AMBA Communications Coordinator

With their fraud investigation numbers rising in recent years, and a concern there may be even more going unnoticed, the Real Estate Council of Alberta wants to ensure there are no barriers to the reporting process — which can pose uncomfortable obstacles for individuals inside and outside the industry.

“A lot of fraud is suspected and not reported,” said Gary Siegle, RECA’s Mortgage Broker Practice Advisor.

“Based on our belief that there’s way more fraud going on than we hear about, we thought we could remove some of the fears by making it relatively simple to report fraud anonymously.”

In an effort to further combat fraud in the industry, RECA has launched an online anonymous fraud tip submission form.

Industry partners – including mortgage brokers – and consumers may remain unidentified while reporting suspected wrongdoing, joining the Real Estate Council of British Columbia in allowing anonymous whistleblowers in Canada.

“Some leads will be dead ends,” Siegle acknowledged.

“But we’re expecting that we will get a higher frequency of reporting.”

RECA conducted 1,074 professional conduct reviews in 2017 — its highest total ever — of which 41 per cent

were filed by industry members compared to 34 per cent from the public. From the investigations, there were 11 letters of warning for unauthorized practices, 147 advisory notes, 91 letters of reprimand, 98 administrative penalties and 31 conduct proceedings.

In March, B.C.’s regulator launched its anonymous reporting program and is already seeing dividends.

“While still in its early days, the service has already had a significant impact,” said Real Estate Council of B.C. Executive Officer Erin Seeley, adding nearly 300 tips have resulted in the opening of nearly 100 files so far.

“Ultimately, we expect that the anonymous tip line will allow us to detect more offences, take action earlier, and limit the consequences for victims.”

Siegle is cognizant anonymous reporting may result in some false accusations, but noted RECA won’t begin formal investigations unless it has jurisdiction and finds sufficient evidence of wrongdoing.

He believes people often avoid reporting possible fraud out of fear of having to face someone they’ve accused or because they believe police won’t investigate smaller cases. Another barrier is industry members who may believe fraudulent consumers — such as those who falsify employment records — won’t be scrutinized.

“In that case, we still will work with law enforcement and let them know it’s a criminal event,” Siegle said.

“We may find a pattern with industry members that may allow more investigating, or we may be able to find people who are providing false employment records.”

Whether the new program in Alberta results in reducing fraud remains be seen, but industry members believe there will be benefits.

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Success would go beyond simply catching fraudsters and reducing lender and insurer loss. Elevating professionalism and accountability in the industry benefits everyone on the right side of the law.

“The more I’ve been thinking about it, the more I think this is a big deal,” said Gord Appel of TMG The Mortgage Group and former president of the Alberta Mortgage Brokers Association. “This will make it a lot less onerous to report, and I think we’re more likely to see the reporting of questionable behaviour.

“Some leads will be dead ends, but we’re expecting that we will get a higher frequency of reporting.”

“When you enable people to say, ‘I know about this situation and don’t have all the details, but believe the regulator should look into it,’ it’s a step to increasing professionalism in our business, which is absolutely critical to our survival.”

After all, Appel pointed out, the actions of a few tarnish the majority.

“In our business, the public thinks that a realtor is a realtor and thinks a mortgage broker is a mortgage broker,” Appel said. “They don’t care what company you’re at, if you’re a mortgage broker, you’re all the same. If you have a bad experience with a mortgage broker, all mortgage brokers are bad. If you have a good experience with a mortgage broker, all mortgage brokers are good — until you encounter the one who’s not, and then they’re all bad.

Ryan Spence 2018 MPC Founders Award Winner

Congratulations Ryan!

Thank you for all your contributions to the Canadian Mortgage Industry.

“If we don’t take steps to make sure we’re self-policing and enable RECA to do its job, then we’re working our way out of job.”

Winter 2018-19

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Calgary Parliamentarian Joining B-20 Battle MP Tom Kmiec calling for public to force mortgage rules review Randy Sportak, AMBA Communications Coordinator

Calgary Shepard Conservative Member of Parliament Tom Kmiec is imploring the public to join his fight to force the federal government to reconsider the B-20 mortgage rules.

Having been rebuffed in repeated attempts to coax his fellow Standing Committee for Finance members to review how B-20 has negatively affected homeowners and home buyers, Kmiec has unveiled a website, www.tomkmiec.ca/studyb20, urging Canadians to email the committee chair to pressure the government to study the impact.

homeowners to renew at the best rate, even if they’ve proven capable of making their payments.

“I’m not going to let go of this. I’m going to keep trying,” said Kmiec, the Deputy Shadow Minister of Finance.

“There are at least two members of the committee, who are not members of my party, who said the logic of the argument is there.”

“There’s no such thing as one real estate market in Canada,” Kmiec said. “People say (the legislation) is good because it’ll reduce housing prices for those waiting to buy, but the stats aren’t bearing that out. It’s turning into an investor’s market.”

Kmiec is hoping coast-to-coast support will prove his point the mortgage rules brought in over the past few years must be re-examined.

A Mortgage Professionals Canada report released in July estimates the new rules have prevented 100,000 Canadians from buying a home, and will cost the Canadian economy 200,000 jobs over the next three years.

“I have a lot of people in my riding, constituents, who have come to me with hardship stories. That happens when there’s a downturn in the economy the way we’re having (in Alberta), but the part that floored me is that some of them are telling me stories about B-20’s impact,” Kmiec said.

“You start making the connections between hardships at home, the new rules, interest rates going up and people are having a hard time making ends meet. The B-20 stress test was maybe wrong timing or too high.”

The stress test was implemented in part to slow the red-hot housing markets in Vancouver and Toronto, but the impact has been felt across the country. It has reduced buying power and eligibility of first-time home buyers and those who are selfemployed, and taken equity away from existing homeowners wanting to help their children with the cost of education, support aging parents or make necessary renovations. It’s also impacted the ability of

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Until the government examines the impact of the new mortgage rules, Kmiec pledges to keep pushing in Ottawa.

“I’m going to keep tabling new motions if the Liberals keep voting them down,” he vowed. “If they choose not to do it, then I will use up more committee time until I filibuster and they accept to do it.”

He also plans to remind Bank of Canada Governor Stephen Poloz of his assertion a year’s worth of data was needed before reassessing.

“It’s been almost a year, so I’m going to use the Bank of Canada’s governor’s words that we have enough data to make a study of it and consider whether B-20 has achieved its impact and whether there are any unintended consequences,” Kmiec said. “I’m not going to let go.”

AMBA advocacy efforts having an impact The message about the stress test’s impact being heard Randy Sportak, AMBA Communications Coordinator

The work of the Alberta Mortgage Brokers Association and Mortgage Professionals Canada to help federal politicians understand the impact of so many new regulations is paying dividends.

The results may feel slow in coming, but they are visible, much like a train gaining momentum after starting.

“In my first visit to Ottawa on behalf of the Association in 2017 to lobby the B-20/21 changes, our politicians simply had no clue about the potential impact on Canadian Debt,” said AMBA Past-President Adil Mawji.

“On this last trip in 2018, our conversations were productive and informative. Politicians have been educated on our cause due to extensive lobbying efforts by MPC and AMBA. They are listening and understanding that what is in place is not sustainable.”

Mawji and AMBA Executive Director Amanda Roy were part of a delegation that attended Parliament Hill Advocacy Day in October. The collection of member volunteers and Mortgage Professionals Canada’s Executive Committee held a full day of meetings with more than 50 Members of Parliament to discuss Canadian housing markets, housing affordability, and the impact of recent changes to the economic well being of the younger Canadian middle class.

The message was clear: housing affordability, availability, and accessibility are of utmost importance to Canadians, and first-time homebuyers are facing extraordinary challenges to enter the housing market,

PHOTO LEFT: AMBA Past President Adil Mawji with Member of Parliament Pamela Goldsmith-Jones (West Vancouver-Sunshine CoastSea to Sky Country) ; PHOTO RIGHT: Mortgage Professionals Canada Chair Michael Wolfe (left), AMBA Executive Director Amanda Roy (centre) and Member of Parliament Ron Liepert (Calgary Signal Hill)

Mortgage Professionals Canada British Columbia Director Hali Noble (left to right), MP Kerry Diotte (Edmonton-Griesbach), Mortgage Professionals Canada Chair Michael Wolfe, AMBA Past President Adil Mawji and MP Len Webber (Calgary Confederation)

notably because of the “stress test” that more Canadians are facing as they renew their fixed-term mortgages.

Representatives of both associations also conveyed that while understanding why the stress test was first implemented, it should be lowered as rising interest rates are already making homeownership less attainable in many markets. They also told MPs that it’s unfair that current homeowners who do not take on new mortgage debt at renewal be forced to face the stress test – which requires mortgage holders be able to pay a two-per-cent premium over their interest rate.

“Enough is enough,” Mawji said. “Two years have passed since the stress test was introduced and we are recommending a rate plus 0.75 per cent premium to adjust for a rising interest rate market.”

Parliament Hill Advocacy Day wasn’t the only advocacy effort by AMBA and Mortgage Professionals Canada in 2018 to impress upon politicians the impact of the flurry of regulation changes.

A provincial government advocacy reception was held in Edmonton in March with more than 20 Members of the Legislative Assembly in attendance. During the reception, they were provided both statistical and anecdotal evidence how the qualification rules have reduced the buying power and eligibility of first-time homebuyers and the self-employed, taken equity available for existing homeowners to make essential renovations, help children with the costs of education or support aging parents, and even the ability to renew their mortgage at reasonable rates.

Winter 2018-19

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Meet the amba 2019 board of directors President

Gordon Ross I am thrilled to welcome our new board and excited to work with the new directors who will bring passion, energy and expertise to our association. Our industry has faced a lot of change in the past couple of years, making it a challenging time for mortgage brokers. With change, however, comes opportunity.

I believe mortgage agents can really differentiate themselves and elevate our channel as the go-to choice for consumers looking for the best advice for their mortgage options.

As an association, we will strive to adopt this mindset moving forward and to elevate our membership and industry as a whole. I look forward to working with each of you and achieving great things together!

Past President

Adil Mawji

I am looking forward to the evolution of both our provincial and national associations as we continue to move forward as an industry and grow stronger.

I’m am also looking forward to participating in the new strategic plan for the association.

Treasurer

Stephanie Blake

I’m excited to welcome and begin working with our new board members! I’m really looking forward to increasing our membership and finalizing our partnership with MPC this year. We are certainly #bettertogether and stronger as a unified group. I truly believe it is up to all of us to step up and get involved.

Heather Cermak AMBA has introduced many exciting initiatives in 2018 that I look forward to implementing in 2019 and beyond. Our closed Facebook network is growing as members continue to lean more towards social media to collect information. I look forward to the group’s evolution and helping to find new innovative ways to communicate AMBAs value, vision and strategic initiatives.

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Denise Hendrix I have worked with the mortgage industry for more than 27 years, and AMBA has a special place in my heart.

I look forward to increasing our membership so newbies and us old-timers can benefit from the education seminars, resources and networking opportunities provided, and hope to give back to an organization that has given me so much.

ron Lefebvre I’m looking forward to serving on the board of directors to be a strong vocal voice and advocate for the Mortgage Broker Industry. Lessons I’ve learned over the years have been invaluable, and I hope to use the knowledge and relationships I’ve built over the years to help mortgage brokers provide ongoing value to our customers and lenders alike.

Nancy Kamineski AMBA is driven by people, passion and purpose.

Recognizing our power through collaboration, working together to support change while enhancing awareness toward our industry, then leveraging our knowledge with an end goal of supporting the consumer to promote growth of our Industry is what I strive for and makes me proud to be a member of the Board.

Janelle Bentz I am so thrilled to be a part of AMBA for this upcoming term. I am excited to spread the word of what an incredible organization we have and all the benefits to brokers. I am looking forward to helping implement new training for brokers new to the industry and continued improvement for all.

Danielle Pendleton I’m excited to offer a voice, fresh perspectives and solutions for all generations of brokers by helping encourage and promote the development of AMBA and MPC’s partnership, and increase accessibility. I’m looking forward to helping our industry remain prominent, and to foster its growth in hopes of it becoming stronger than ever with encouraged member education and participation.

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Pam Pikkert I look forward to working on our new three-year strategic plan to keep the board’s focus on the association’s long-term goals. I also look forward to celebrating the official joint membership of AMBA and Mortgage Professionals Canada. Effective partnerships across all metrics will be the wave of the future and AMBA will help lead the way.

Tracey Robinson I am extremely excited about the future of AMBA and the active participation of the current membership. We have great opportunity to engage more mortgage professionals in Alberta. Going into my sixth year as a director on the board, I look forward to reaching our goal of joint membership. Let’s make 2019 the year that we come together for fun, education and purpose

Ryan Spence I look forward to the completion of the AMBA and Mortgage Professionals Canada partnership. With our combined efforts, a focus on education and the renewed enthusiasm of our membership, we will increase our numbers and continue to strongly represent our full community.

MPC REP.

Elaine Taylor I am looking forward to enhancing our partnership with AMBA especially as we move forward with the joint membership fee initiative. Members will benefit from the combined efforts, resources and influence that the two associations have to offer and will ensure that our combined goals are achieved for the betterment of our members. We are truly, stronger together.

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Welcome our newest team member

The AMBA App is coming soon Its arrival is nearing, and it will have important applications to your career.

Watch for the free Alberta Mortgage Brokers Association’s app to be unveiled in the new year. We promise it will be an integral addition to your business and make your fast-paced life easier.

Through the app, you’ll be able to easily and quickly access everything on the www.amba.ca website, and more.

At your fingertips will be a litany of handy resources, such as directories for both Broker Members and Industry Partners, and the FTA Disclosure Generator. There will also be a Member Chat Zone to immediately connect you with peers to discuss industry happenings, plus a link to the job postings and classified advertisements.

It will be easy to keep current with AMBA events on tap – with quick links to registration information – because we want you to attend all our functions.

As well, our monthly eNewsletters and AMBA Matters editions will ensure you remain in the loop.

We promise there will be even more fantastic features incorporated into the app, we're happy to hear of any suggestions you have. Email your thoughts and ideas to Randy Sportak at rsportak@amba.ca.

The app will be available through both the Apple App Store and Google Play.

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HOSTED BY:

Professional Development Day Delivered Great Lessons

A happy life is one spent in learning, earning and yearning. – Lillian Gish Professional Development Day on Nov. 20, 2018 in Red Deer was a perfect blend of learning, earning and yearning.

With a collection of great speakers – marketing expert Javed Khan, family lawyer Katherine Kowalchuk, and from CMHC, Elena Salikhov and Mike Sagert – attendees at the one-day event were treated to a fountain of knowledge in a variety of subjects designed to improve their business and abilities.

Watch for even more Professional Development Days in the future to help our members incorporate more knowledge into their day-to-day business and life.

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THANK YOU TO ALL OUR SPONSORS

#PDday2018 #MembershipMatters Winter 2018-19

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24 Winter 2018-19

Thank You To Our Sponsors!

#AMBAFROZEN Winter 2018-19

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PartnerFEST

provided plenty of pop PartnerFEST had it all blending work and fun on Sept. 25, 2018.

Juno Award-winning band Bedouin Soundclash was on the mark providing an entertaining performance, belting out a great mix of their known hits and new releases from the stage.

An evening of networking at the iconic Palace Theatre, where representatives from across the real estate industry were able to mix and mingle.

Games, such as Giant Jenga, and a karaoke contest provided all sorts of laughs.

And that meals from the food trucks ‌ well, they were off the charts delectable.

When the final notes were finished reverberating, PartnerFEST delivered one of the great events of the year.

Now, we can’t wait to see you all at PartnerFEST 2019!

#AMBAsoundclash #PartnerFEST 26 Winter 2018-19

Thank You to our sponsors!

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The Mortgage Broker Oath

Pam Pikkert, Mortgage Alliance – Regional Mortgage Group

I love Grey’s Anatomy. I will admit it. I have ugly cried over the death of a beloved character. I have some of the songs on my playlist and there are times I pause to jot down a particularly poignant quote.

I recently caught one of the earlier episodes in which Dr. Weber gives an inspiring speech which concludes with the Hippocratic Oath to do no harm. So, it got me thinking about our profession as mortgage brokers. What if we had an oath whereby, we swore to uphold specific ethical standards. If we were to swear publicly to be accountable to the larger good.

Maybe our industry needs something like this, so we can fully feel the weight of the trust clients and lenders place in us. With that in mind, here is one way it could look were we to borrow heavily from our medical comrades.

I swear to fulfill, to the best of my ability and judgment, this covenant: I will respect the hard-won gains of those mortgage professionals in whose steps I walk, and gladly share such knowledge as is mine with those who are to follow.

I will apply, for the benefit of the borrowers, all measures required, avoiding placing clients where their interests are not best served. I will know, as much as I am humanly possible, the ins and outs and potential financial pitfalls of each lender.

The welfare of my clients will be my number-one consideration; far above that of a mere commission.

I will remember that there is art to mortgages as well as science, and that warmth, sympathy, and understanding may outweigh at times the affordability ratios and stress test.

I will not be ashamed to say, "I know not," nor will I fail to call on my colleagues when the skills of another are needed for a client’s approval.

I will respect the privacy of my clients, for their problems are not disclosed to me that the world may know. Most especially must I tread with care in all matters. If it is given me to place a mortgage, all thanks. But it may also be within my power to place it poorly; this awesome responsibility must be faced with great humbleness.

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I will remember that I do not deal just in numbers, but with a real human being, whose approval may affect the person's family and economic stability.

I will prevent mortgage fraud whenever I can, for prevention is always preferable to prosecution. My responsibility includes being always diligent for attempted fraud to protect both clients and lenders alike.

I will remember that I remain a member of society, with special obligations to all my fellow human beings, those sound of financial status and those who’ve hit a credit bump.

I will not permit considerations of age, credit or net worth, creed, ethnic origin, gender, race, political affiliation, nationality, sexual orientation, social standing or any other factor to intervene between my duty and my client.

I will maintain the utmost respect for humanity and will not use my skills to violate rights or civil liberties or to take advantage of any.

If I do not violate this oath, may I enjoy life, and the potential for financial gain for myself and my family. May I seek to give back to the community through my success. And may I forevermore seek to keep the financial institutions and governments of Canada acting in the best interest of consumers.

I make these promises solemnly, freely. And upon my honour.

The words above should be forefront in our minds when we meet with clients, interact with one another, and with our industry peers. We should be fully cognizant of the awesome responsibility we have to each and every person to be the best possible broker we can. Maybe we don’t need to stand and promise this publicly, but I hope that the next time any of us meet in the mortgage broker capacity, that we can hear these words and live up to them.

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Fair TRading Act Changes

Denise Hendrix, Hendrix Law

The A Better Deal For Consumers and Business Bill changed the name of Alberta’s Fair Trading Act to the Consumer Protection Act, and introduces a number of significant changes affecting the mortgage industry when it comes into force in January, 2019 While the changes reflect several matters, the four most pressing issues facing lenders relate to the Consumer Bill of Rights, Automatic Mortgage Renewals, lending at an APR of 32 per cent or more, and court actions for breach of this legislation.

Consumer Bill of Rights

Automatic Mortgage Renewals

The Minister has the right to, but has not yet, established a Consumer Bill of Rights. The Act states neither that a breach or acting inconsistent to the Bill of Rights will necessarily give rise to legal action or an offence under the Act. What the Act does state now is that if a Lender fails to give prominent and full disclosure of the details of the transaction, including duration, changes in price, renewals, extension or amendments, that failure will be considered an “unfair practice” and can lead to a court action or an offence or penalty under the Act.

An Automatic mortgage renewal is considered a unilateral change to substantive terms of the transaction between a borrower and a lender. The Act states that you can not make a substantive change to a mortgage unless the borrower expressly consents to it, not more than 120 days before the change is to take effect, or if the following three conditions are met: • The original mortgage document provides, in writing, that you can make substantive changes without the borrower’s express consent; and • You have given the borrower at least 60 days but not more than 120 days written notice of the specific automatic change or changes; and • You comply with all other applicable conditions or restrictions under the regulations.

The Lender must send a letter offering a renewal 60 days or more prior to the maturity date. The Lender can send out different renewal options. If the Lender has the appropriate automatic renewal clause in their mortgage, the offer of renewal must state not only what the specific terms of an offered renewal would be, but the specific terms of any automatic renewal as well. Both the offered renewal and the automatic renewal must specifically disclose the existing terms of the mortgage versus the offered or automatic renewals. It also must disclose an address where the borrower can send notice of cancellation of the mortgage.

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Upon receipt of the renewal documents, the Borrower has a right to elect to cancel the mortgage. This cancellation must be exercised in writing to the Lender. In Alberta, no penalty can be charged on the mortgage when it is paid out at or subsequent to maturity. We are hopeful that the regulation will not allow for early cancelation of the mortgage prior to the maturity date.

High-Cost Credit

a t er b l A vention Con 2019

BANFF, ALBERTA

The Act provides that anyone lending at a rate of 32 per cent or more is carrying on a high-cost credit business.

The existing regulations define the interest rate in relation to the calculation of the Annual Percentage Rate. Accordingly, based upon the Act, you can not provide high-cost credit or carry on a high-cost credit business unless you are the holder of a high-cost credit business license for each location you do business.

In addition, as a high-cost business you must disclose all necessary information the regulations (which we do not have yet) set out with respect to the agreement and use their prescribed terms and forms for that disclosure.

So, any of our Lenders lending at an APR at or above 32 per cent must apply for a high-cost credit license immediately.

Court Actions for Breach Please note that a borrower can sue for losses and damages resulting from breaches of the Act or the regulations under the Act. In addition – and most importantly – a principal, director, manager, employee or agent of a Lender who engaged in or acquiesced in the breach of the Act or regulations can now be sued also for that loss or damage.

There is no hiding behind a corporate veil if you are non-compliant.

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Our industry is filled with wonderful people who step forward and help those in need.

Members giving back

At the holiday season, those efforts become even more important, and it’s amazing to see how many AMBA members do their share and more.

Here are just a few of the stories of companies and individuals who make a difference in the community.

Angels in the Night Homeless Shelter project For 16 years, Invis and Mortgage Intelligence employees have been raising money, gathering and delivering muchneeded supplies to homeless shelters — now aiding more than 40 shelters in 11 cities across Canada.

A key element is working with the shelters to understand their needs and on the delivery night volunteers interact with the shelter patrons, which makes Angels’ delivery night so special.

Volunteers – brokers, lenders and partners – do the work of purchasing requested supplies and make those deliveries in December.

Volunteers see first-hand where their money is going and what impact their hard work has in peoples’ lives, which is very powerful and cannot be achieved by writing a cheque.

Angels in the Night is the longest running, grassroots and original corporate citizenship program in the mortgage industry, and Invis and Mortgage Intelligence are extremely proud of their efforts, the dedication of our brokers and business partners, and their generosity and commitment in nurturing it to the success it is today.

Bob Alexander

The Magic of Christmas Nearly every year, Bob Alexander dresses up as the Jolly Old Elf and, along with his family, volunteers for The Magic Of Christmas.

“It’s a great charity that I feel is largely unknown,” Alexander said.

On Christmas Eve, The Magic of Christmas volunteers are whisked throughout Calgary by 20 busses to visit more than 600 families and deliver gifts, food and joy. They visit another 5,000 people in hospitals, home care and other institutions.

“I really enjoy meeting these families and giving back. Last year, my bus visited 13 families and about 70 odd patients at the Fanning Centre,” he said.

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Annual Random Act of Christmas Kindness Campaign This year marks the fourth annual RACK’D campaign for The Place To Mortgage. Every day the first 24 days of December, the staff, friends and family help spread a little Christmas joy and magic throughout the province by going around like little Santas donating to woman shelters, donating blood, filling parking meters, handing out coffee cards, volunteering, cooking at the Ronald McDonald House, and much more.

The idea was hatched by broker/owner Sarah Strauss with the hopes of creating a kinder Christmas season by helping help those who are in need, spread some love and make the community a better place.

Participants insist the best part of the whole RACK’D campaign is the look of sincerity and joy on the faces of those in the community when team members stop by and spread kindness.

Breakfast Club of Canada Over the year, TMG The Mortgage Group employees host events or even fundraise individually to support the Breakfast Club of Canada and ensure children have a healthy meal to start their day.

AMBA member Brian Gentles is actively involved in raising funds for the charity, and assists with golf tournaments, auctions and baseball tournaments. At each onboarding session, Gentles tells new brokers the BBC story, the "Why" and TMG's commitment to further build the culture of giving.

TMG organizes multiple activities across the country every year to raise funds. In Alberta, TMGers have been involved in everything from annual smoothie days, “get fit challenges”, and Wine Survivors, to raising money at regional summer and Christmas parties and through payroll deductions.

Across the country, TMG The Mortgage Group employees have raised funds in a variety of ways, such as Mathieu McCaie of Halifax, who ran 250 kilometers in a six-stage ultramarathon in the Sahara Desert.

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Clarence Lee

The Kinsmen Club of the Stampede City An AMBA Past President, Clarence Lee is involved in a wide variety of projects throughout the year through the Kinsmen Club.

“I am of the firm belief that people need to help others who are in need,” Lee said.

Each month, the Kinsmen and Kinettes volunteer at the

Calgary Food Bank, which he participates in regularly with his family. Another of his favourites is the Gear up Event, which collects warm winter clothing and jackets, work boots and gloves.

And then there’s a fun way Lee lends a hand, The Ride for the Breath of Life motorcycle rally and poker run for Cystic Fibrosis.

“You need not look to far or too deep in the community to realize and appreciate the necessity to lend a helping hand when and where it's needed,” Lee said.

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The impact of legalized cannabis The legalization of cannabis across Canada is still in its infancy stage as the real estate industry discovers its impact — especially involving homes in which it has been grown.

Ryan DeLuca, supervisor of training and compliance at the Calgary Real Estate Board, has tips for mortgage brokers to help them weed-out any potential problems and issues.

Four cannabis tips for mortgage brokers

1

The issues around legal cannabis growth disclosure requirements by a Seller’s real estate professional are legislated by the Real Estate Act’s provisions governing Material Latent Defects.

Contrary to popular belief, there is not an automatic obligation for a Seller or a Seller’s agent to disclose if cannabis has been grown on a listed property unless a material latent defect has been created. If a lender has a blanket prohibition on funding mortgages for properties that have had legal/illegal cannabis growth, advise the Buyer and/or the Buyer’s agent to ask the Seller whether those activities have occurred on the property. In answering the question, the Seller may only provide an honest answer or refuse to answer the question if there is no legal obligation to disclose.

2

Privacy legislation as laid out in the Real Estate Act may prohibit a real estate professional from volunteering information about their Buyer or Seller clients to a mortgage broker unless given authorization by the client to share. It is important that mortgage brokers do not rely solely on what the consumer’s agent can tell them and that they verify all information pertaining to the Buyer which may affect their mortgage approval on their own. This may include a Buyer’s interest in purchasing a property where cannabis can be grown for either recreational or medicinal purposes.

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3

There are multiple complementary industries which all play a part in every real estate transaction. These may include inspections, appraisals, etc. Home owner’s insurance is one of the areas that has been affected by the new cannabis legislation. Many insurers already have prohibitions built into their policies prohibiting drug cultivation on the property. REALTOR®s are advised to strongly suggest their Buyer clients speak to their prospective insurance provider to verify whether a home can be insured when cannabis has been grown there.

Mortgage brokers should exercise their due diligence in verifying the Buyer has carried out this task. If it is not possible to insure a property because of cannabis growth, a lender may refuse to fund the mortgage if they discover it.

4

Buyers and Sellers are typically locked into a limited condition waiver period that is negotiated into a purchase contract. These conditions include provisions for financing, home inspections etc.

It is important that mortgage brokers understand that a Seller may refuse to provide additional information that they are not legally obligated to after conditions have been waived. If a lender or mortgage broker requires additional property information before a mortgage can be funded (such as getting permission to gain access to a property for an appraisal or a response for verification of cannabis growth etc.), those requests should be made prior to the Buyer waiving the conditions.

Member Profile

Jacki Harris and Heather Manna Jacki and Heather are both longtime mortgage industry professionals and are the leading ladies behind the Calgary brokerage MMG Mortgages Where are you from?

We are both proud to be born-and-raised Calgarians.

How did you get started in the business?

We both started on the bank side as mortgage specialists working for a large credit union where we learned the mortgage business from the financial institution standpoint. From there, it was a natural progression to move to the broker side so that we could offer more products and lenders for our clients.

How long have you been in the business?

Heather has been in the business for 14 years and Jacki for almost eight years.

Please tell us a little about your company.

MMG Mortgages is a locally owned and operated Calgary mortgage brokerage. We have a team of underwriters and brokers that make up our work family. MMG is a progressive, forward-thinking brokerage, and we offer competitive commercial, private, construction and residential financing solutions. We have a large book of lenders including those who don’t typically operate on the broker channel, which allows us to provide various options for any kind of unique financial need.

Although we are a smaller team, we have big personalities and even bigger hearts. With such a love for the industry, we are unique, not only for our passion and creativity on each individual client file, but also our strategy to operate as a hybrid between a bank and a mortgage brokerage. We truly are a

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family and we all get involved in each others’ files to ensure successes across the board.

In such a competitive market, how do you stay ahead of your competitors and remain successful?

Diversity in our lead sources and also our product offerings has allowed us to weather industry changes and market changes. We are always trying to adapt to what our clients need and how the current real estate market presents opportunities. With the knowledge to actively pursue and convert commercial financing and more specialized mortgages like construction loans, we are able to attract a wide range of business opportunities.

What aspects of the mortgage industry do you find most challenging?

The government rule changes in the last few years have been challenging, not only for our business but also for all brokers. Realizing these changes are out of our hands and simply focusing on educating our clients on the new lending landscape and continuing with business as normal has been our outlook.

What is your vision for the mortgage industry?

Our vision is that every client looking to do anything with their financing, whether buying a

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new home or refinancing an existing mortgage, will make their first call to a mortgage broker and not their bank. Public knowledge of the valuable expertise and advice that mortgage brokers provide is growing, but we need to do more to expand our reach in the mortgage industry.

What do you love about mortgages?

We love what mortgages do for clients; they help them buy their first home, they help them access equity to purchase investment properties and they provide the ability for people to invest in their own financial future with a real-estate asset. We value our long-term relationships with our clients and have seen them get married, have children, go through life’s struggles and changes.

Have you ever been recognized for any industry accomplishments and what organizations are you part of?

MMG is part of both AMBA and Mortgage Professionals Canada, and a the Calgary Chamber of Commerce. We are also very active in the community and contribute to various non-profit charitable organizations. We are proud to have been nominated and a runner-up for the Calgary Small Business awards for Outstanding Customer service

What are a few of your hobbies?

Jacki is a sports nut and plays on a few sports teams and enjoys sharing this love with her kids. Heather has a passion for new home construction, interior design and a great

What is your experience with AMBA? Being an AMBA member has always been important to us. To have a local body like AMBA to support and represent our profession is invaluable. AMBA works hard to bring together our industry members to get to know each other better and further our industry partnership, and also advocate for us as a group on important industry issues.

latte. Both Heather and Jacki love travelling, their families and the mountains, and try to have a solid balance in their lives to include all of their loves!

Please share three fun facts about yourself.

1. Between the two of us we have 5 kids (2 of which are twins) so there is never a dull moment in our lives!

2. Jacki and Heather have known each other since kindergarten and grew up together in the community of Willow Park. They played sports together and grew up with each others’ families.

3. Apparently the broker world can have its fair share of benefits. Almost a decade ago, Heather actually met her husband in the industry – by financing his projects!

How long have you been an AMBA member?

We have both been AMBA members since we moved to the broker side – so seven or eight years.

What’s your favourite AMBA event?

Our favorite AMBA event so far was definitely the Lake Louise convention. What a stunning venue and the value we received from the amazing speakers made it a perfect refresher on our business goals and a break away from the grind!

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