AMBA Matters Fall 2012

Matters

Buying a Home: GETTING THE RIGHT PROPERTY FOR YOU TODAY AND TOMORROW SUCCESS WITH COMMERCIAL MORTGAGES ALSO INSIDE 2012 CONFERENCE AND GOLF TOURNAMENT WRAP UP

FALL 2012

Karen Gibbard

VERICO Gibbard Group Financial Member since 2010

My reason

“I joined VERICO because I liked the business model; it’s simple, straight-forward, and just makes plain business sense. Like most entrepreneurs, I want to be in charge of MY business and how it runs on a daily basis. With VERICO, I have the ability to use their tools and strategic alliances when I need or want to. I have the freedom to focus on promoting MY brand.

A simple way to sum up my reason for joining VERICO: It just makes plain business sense.”

Talk to us.

You will be impressed.

VERICO remains Canada’s #1 Network for a reason.

Talk to us and find out why. ®

1.866.983.7426 | info@verico.ca | www.verico.ca

Garth Ellis

VERICO Ellis Mortgages Canada Member since 2005

My reason

“The same reasons that compelled me to join VERICO 7 years ago are the same reasons that keep me with the VERICO network today: Association with the most respected mortgage professionals in Canada.

My trust in VERICO’s management.

Confidence that VERICO is dedicated to help me grow my business.”

Matters

CONTENTS

FALL 2012 A SPECIAL THANKS TO OUR ADVERTISERS...

Verico �������������������������������� 2 Dominion Lending ��������� 4 Alta West Mortgage ������ 5 VWR Capital Corp ���������� 7 Equitable Trust ��������������� 8 Scotiabank �������������������� 10 The Personal ����������������� 12 Cedar Peaks ������������������ 12 Lanyard �������������������������� 19 Caplink �������������������������� 20 Richard I. John �������������� 26 Merix ������������������������������ 27 Two Grey Suits �������������� 29 Fisgard ��������������������������� 31 Bridgewater Bank ��������� 35 First National ���������������� 36 RMG ������������������������������� 37 J.E. Fletcher ��������������������38 Capital Direct ��������������� 39 D+H ������������������������������� 39 Romspen ����������������������� 40

Matters is a quarterly magazine which 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 200, 1940 9 Ave. SE Calgary, AB T2G 0V2 Photo credit for some photos used within this issue of AMBA Matters ©fotolia.com

9 13 14 16 17 18 20 21 22 24 28 29 30 33

AGM ADDRESS CANADA’S ANTI-SPAM LAW ASK THE EXPERT: PRIVACY IS DEAD (PART 2)

#THISISMYTITLE #THEYAREHASHTAGS #REASONABLYANNOYING

SUCCESS WITH COMMERCIAL MORTGAGES

DON’T TACKLE THE MORTGAGE PROCESS ALONE

KEY STRATEGIES TO KEEP YOUR BUSINESS PIPELINE FUN

E&O CLAIMS DOCUMENTATION

AMBA 2012 CONFERENCE PHOTO GALLERY

COVER STORY: BUYING A HOME

2012 AMBA AWARD WINNERS

REAL ESTATE COUNCIL OF ALBERTA UPDATE

ON THE LINKS WITH AMBA GOLF TOURNAMENT

THE PRIVATE MORTGAGE LENDERS FORUM

AMBA 2012 - 2013

BOARD OF DIRECTORS President Ron McClenaghan Invis

Past President Paul Bojakli Quantus Financial

Treasurer Gord Appel TMG

Events Director Erica Fikkert Equitable Trust

Membership Director (North) Nadeem Jiwa MCAP Service Corporation

Communications Director Len Lane Verico Brokers for Life Inc. RECA Relations Director Phil McDowell Mortgages Are Marvellous

Membership Director (South) Adil Mawji Invis

Consumers Awarness Director Cathy Sehn Verico Brokers for Life Inc.

Education Director Ryan Spence D+H

Ethics Director Kevin Weeks Weeks Law

Lionel Lewko Saskatchewan Director

OTHER FEATURES...

Publication Manager and Editor - Amanda Roy-Macfarlane

President’s Message 5 Manager’s Report 6 Industry News 26 AMBA Community Member Briefs 32 Member Profile of Brenda Tuttle 34 AMBA Calendar 38

Return undeliverable Canadian addresses to: Alberta Mortgage Brokers Association Suite 200, 1940 9 Ave. SE Calgary, AB T2G 0V2

FALL 2012

3

PRESIDENT’S MESSAGE Ron McClenaghan AMBA President

The regulators of our mortgage industry are harmonizing their activities under a national umbrella to be known as the Canadian Mortgage Broker Regulator Group, or MBRG.

I believe you earn your way in this business. There should not be a sense of entitlement toward having an accredited designation on entry. You earn your stripes.

More is being demanded of us as associations to produce and maintain a more polished, educated mortgage professional.

Currently, the AMBA board of directors is considering a move from a trade association to a unified professional association.

Why, you ask? Our industry needs more professionals and less inexperience.

We as provincial associations need to organize the education of our members and those choosing the mortgage industry as a profession.

The emphasis has been placed on the associations to work together to form a national standard for quality education.

A universal education model must allow members and new entrants to take required education at any time, from anywhere, at any pace, using a virtual online education centre.

The opportunity exists for all mortgage associations to bring together their education and take control of the education standard required to enter and remain in our industry with a distinctive designation. We need to define the criteria applicable to every level of learning in order to obtain the experience necessary to be a trusted advisor and accredited mortgage professional.

All together we can define the levels of experience and education required to have the privilege of carrying a designation within a truly professional association.

The work is ahead of us and we are committed to both our regulators and the other mortgage associations to achieve a level of education to ensure quality individuals are serving the Canadian mortgage consumer.

President's

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scan the QR code with your smart phone or visit www.amba.ca/blog

JOIN US AT OUR PREZ PUBS The pubs are a great networking opportunity and a chance for you to share your industry thoughts.

Watch amba.ca for dates and times.

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MANAGER’S

REPORT FALL 2012 Deborah Keshen AMBA General Manager

LET’S GROW TOGETHER The verdict is in and the 2012 AMBA Conference, held recently in Banff, was a great success. Being new to the industry and to AMBA, it was a wonderful introduction and a great networking opportunity.

What struck me most was the amount of passion for the industry amongst the people in attendance. During the conference, and ever since, I have been the beneficiary of the overwhelming generosity of many of you who have been willing to spend your time and share your knowledge with me. People who love their profession and want to see their industry grow and prosper are the core of any successful association.

The conference showed me how much this industry is built around a foundation of strong relationships.

AMBA is able to foster that community and provide multiple opportunities for networking.

Prior to coming to AMBA, I spent 13 years in the automotive industry working with companies that ranged from small businesses that were family run all the way up to large multi-nationals. The membership base included retailers, distributors, suppliers and wholesalers. We worked diligently to build networks with other associations across the country and outreach to educational institutions. While the industry differs, many of the concerns are the same – regulation, education, standards and recruitment. A further similarity is the fact that a professional association is there to help guide the industry and act as its representative.

Any association always faces the same questions – what are you there for? Why does AMBA exist? Associations do not make widgets, yet what they do is just as essential. First and foremost, we are the voice of the industry. Mortgage professionals are provincially regulated and that will not change anytime soon. Having AMBA there as your provincial association ensures one strong voice which can speak on your behalf. Based in the province we are able to build a collaborative relationship with the regulator on an ongoing basis. This relationship provides

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FALL 2012

for a collaborative exchange on information and input for AMBA members into proposed changes.

The conference showed me how much this industry is built around a foundation of strong relationships. AMBA is able to foster that community and provide multiple opportunities for networking.

The association is also a neutral ground where competitors come together to collaborate on issues for the general good of the industry and to track trends, changes and concerns. Only an association that is committed to these principles can be that point of neutrality and act on behalf of the industry rather than one company.

Education is the key to professionalism. Training is needed, but education is essential. What is the difference? Standards, depth of information and stringent evaluation separate the two. Both are important, but if the industry is truly to

present a professional image to the consumer that is backed by real ability, then a high level of education is required – bolstered by a commitment to ongoing professional development. AMBA has a long-term commitment to providing that platform for its members. Being able to have an education and training platform that represents the needs of the industry in Alberta, adheres to the high standards of the local regulator, and allows the public to trust in the professionalism of an AMBA member is essential for the industry. AMBA is in a position to ensure that happens.

about what you want to see happen I challenge you to get involved.

Participate in AMBA activities, join a committee, run for a board position, send us your ideas, or write an article for the eNewsletter.

Get involved. Don’t just join the association, become part of it.

Individually, change is hard; collectively, everything is possible.

Mahatma Gandhi said, “Be the change you want to see in the world.” The challenge applies broadly; you don’t have to want to change the world, it can be about the improvements you want to see come about in the industry. Many of you give generously of your time and knowledge and, for that, the whole industry thanks you. For theVWR many other industry participants 1who are passionate half-pg-magazinead-CMYK-march2011.pdf 09/03/2011 9:45:37 AM

“Be the change you want to see in the world.”

I am very happy to be part of the AMBA team and the mortgage broker industry. I look forward to meeting you, hearing your ideas and working with you over the coming weeks and months.

– Mahatma Gandhi

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rates and nominal lender fees

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olution” RICHARD EARLES

richard@vwrcapital.com

FALL 2012

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AGM ADDRESS

INCOMING PRESIDENT’S REMARKS Ron McClenaghan, Banff, AB (Sept. 7, 2012)

Respect the past. Appreciate the present. Embrace the future.

Today, the Canadian mortgage industry has the opportunity to become a unified voice to face all the challenges we have before us. As your provincial association, we have taken a leadership position to encourage current mortgage associations to enter a positive direction toward having defined representation for all mortgage professionals in Canada.

We have started dialogue with The Canadian Association of Accredited Mortgage Professionals (CAAMP) to find ways to combine resources and structure some of our common activities in order to find cost-effective savings for all members. We have initiated a working relationship with the other provincial associations to share our experience with education courses and with association management systems. We believe advancing the knowledge each association possesses will assist all of us in structuring and developing an improved mortgage industry.

The Alberta Mortgage Brokers Association (AMBA) has a proud heritage of 35 years. Many dedicated and caring individuals have provided leadership through the years. Our mortgage industry has grown substantially in numbers over the past 12 years, and with increased membership comes responsibilities. Our elected board of directors are ready to serve the cause by increasing the awareness of all services and benefits AMBA provides for its members.

As your incoming president, I am privileged and appreciate the opportunity to represent our association on behalf of the membership.

Ron McClenaghan, AMBA President

FALL 2012

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12 FALL 2012

The right fit.

CANADA’S ANTI-SPAM LAW

KEEPING YOURSELF OUT OF THE SPAM FREEZER Julia Lee, AMBA Privacy Officer In this issue of AMBA Matters, we continue our look at the new AntiSpam Law, aka CASL, aka Bill C-28, which is the Canadian government’s legislative weapon against unsolicited electronic messaging (i.e., SPAM).

With CASL slated to come into effect in early 2013, mortgage associates and business owners need to get up to speed with what this means to their marketing practices and business processes.

As part of the anti-spam arsenal of weapons, a spam-reporting centre will be established by Industry Canada which will “identify and analyze trends in spam and related threats to electronic commerce” (Fekete, 2012). The centre, dubbed ‘The SPAM Freezer,’ will allow consumers and businesses to forward any commercial electronic message sent to them without their consent and/or those with misleading or false content.

With fines of up to $1 million per violation for individuals and up to $10 million per violation for companies, any mortgage associate or business owner who utilizes e-mailing, e-newsletters or other forms of e-communication as part of their marketing plans will need to know how to stay out of the SPAM Freezer.

Here are some important first steps that will help prepare you for CASL and help keep your business out of the SPAM Freezer: Conduct an assessment of your e-messages to determine which communications would be defined as a 'commercial electronic message.' If the message 'encourages participation in a commercial activity, regardless of whether there is an expectation of profit' (Government of Canada, 2012), then you will need to obtain consent from your clients before sending the message out.

Conduct an assessment of your database to determine which contacts would be exempt from express (written) consent. If the contact has conducted business with you (commercial relationship), or has donated or volunteered with your organization (non-commercial relationship) in the last two years, consent may be implied; in which case, you may not need to get written consent.

Note: CASL outlines clear definitions of business relationships; make sure you understand these definitions before assuming implied consent applies.

Set out processes and policies for obtaining written consent from recipients and for updating your database of those who have and have NOT given consent.

Helpful Resources: http://fightspam.gc.ca/eic/site/030.nsf/eng/h_00039.html http://www.itbusiness.ca/it/client/en/Home/News.asp?id=65818 References: Arellano, Nester. (2012/01/26). “How to deal with Canada’s new anti-spam law”.

IT Business. Retrieved on Sept. 25/2012 from http://www.itbusiness.ca/it/client/ en/Home/News.asp?id=65818 Fekete, Jason. (2012/01/05). “Ottawa prepares to launch anti-spam centre”.

Financial Post. Retrieved on Sept. 25/2012 from http://business.financialpost. com/2012/01/05/ottawa-prepares-to-launch-anti-spam-centre/.

Government of Canada, Canada’s Anti-Spam Legislation. (2012/08/20).

Commercial Electronic Messages. Retrieved on Sept. 25/2012 from http:// fightspam.gc.ca/eic/site/030.nsf/eng/00221.html.

CASL PREPARATION ‘TO-DO’ LIST Get Your Consent Processes Ready: Make permission/consent statements clearly visible, straightforward and concise. For example, ‘Please sign me up to receive your newsletter’ or ‘Yes, I would like to receive e-mails about the latest rates.’

Include a link or PDF of the brokerage’s Privacy Policy near the consent statement or on the subscribe page.

Get customers to confirm their consent by sending autoemails to them, asking them to activate their subscription.

Triple-confirm their consent by sending an auto-welcome email upon activation.

Get Your Database Ready: Configure your database so that it shows permission status of your customers. Make sure you or your CRM can provide proof of consent.

Ensure that your database can set ‘expiries’ because “until an implied permission subscriber has confirmed express permission, there needs to be a ‘stop send’ date attached to the record to ensure compliance” (Nester, 2012).

Get Your Opt-In/Opt-Out Mechanisms Ready: Make sure your CRM or other technology allows recipients to opt-out – easily and at no cost. The opt-out option or button must be conspicuously displayed.

Configure your CRM or manual processes to remove recipients from mailing lists within 10 days of opting out. You may NOT send e-messages after 10 days from the opt-out.

Position a short exit poll next to the opt-out button to gather valuable data as to why recipients are opting out of your e-messaging. Note: Polls can NOT be made mandatory as part of the opt-out process.

Get Your Identification Processes Ready: Make sure your e-messages display who/where the message is coming from; clearly displaying the sender, including contact info and postal address, AND the person/company on whose behalf the message is being sent.

Make sure the identity you have in the ‘from’ line is that same as the branding on the subscription/consent page.

Do NOT state ‘Forward (FW)’ or ‘Important Notice’ in the subject line if it is not to entice recipients to open the message. This is considered misleading.

FALL 2012

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ASK THE EXPERT:

PRIVACY IS DEAD ...

TIME TO CHECK YOUR PULSE (PART 2) This Issue’s Expert

KEVIN WEEKS Weeks Law

PLEASE NOTE: You can read the first article in the Summer edition of AMBA Matters.

Following up on our summer article as promised, let's get back to your secrets and your currently politically designated and government-legislated ‘private information.’ What everyone has to be aware of, and what is critically important to remember as this topic of concern continues to rapidly change, is...

YOU ARE IN THIS ON YOUR OWN!

AND THAT IS A KEYNOTE HERE; COMMON SENSE SEEMS TO BECOMING MORE SCARCE.

The government cannot protect you and, since no one else is all that interested, you must either protect yourself or suffer the consequences.

So where does one start?

By way of illustration, take mobile phones. Remember when it was going to be outlawed to take your mobile phone into a locker-room because it had a camera in it? What happened to that? Common sense. It became, if not impossible, impractical to enforce–and you only got one shot off before you discovered you should not be doing this (if you didn’t already know).

Simply put, a lot of the current privacy maelstrom requires a generational change (being as adaptable as we are) as, for better or for worse, each generation has an increasing number of issues and perhaps less concern regarding privacy matters than the previous one. To the kids, it's like, “You mean I can't lose information? Cool!” as opposed to, “Who has access and what are they doing with it?” Maybe it’s just because they are young. Maybe.

Android Apps on the Android Market, August 29, 2012 But when we turn to mobile applications and their threat to our private information, it is a different story–pretty much out of control. On Aug. There are certainly motivations to join and share all. However,450,000 29, 2012 AppBrain, a leading Android review and statistics website, you do not have to; and you should always use common sense400,000 tabulated the number of apps currently in the Google Play Store at 350,000 511,188. Of these, a little more than one-quarter are what they refer while doing so.

300,000 to as ‘Low Quality Apps.’ On the same date, 148apps.biz reported the All Apps Android Apps on the Android Market, August 29, 2012 250,000 number of active apps, provided by 181,265 active publishers, in the Regular Apps 500,000 200,000 U.S. Apple App Store at 717,112.

Low Quality Apps Total Number of Apps

500,000

450,000

Total Number of Apps

400,000

150,000

You just know that these are not all Fortune 500 companies—or even companies at all. Some are individuals writing code in the dark and, 50,000 while they mean business, not necessarily in a good way for you.

0 Always scour the Oct Dec Feb permissions Apr Jun and Aug ask yourself why a weather app 2011 2011 2012 2012 2012 2012 needs access to your phone number/address book or, even worse,

100,000

350,000 300,000

All Apps

250,000

Regular Apps

200,000

Low Quality Apps

150,000 100,000

New Android Apps per Month, August 29, 2012

50,000 0 Oct 2011

Dec 2011

Feb 2012

Apr 2012

Jun 2012

27,500

Aug 2012

25,000 22,500

New Android Apps per Month, August 29, 2012

Number of Apps

The number of new apps available 27,500 on smart phones is staggering ...

25,000 perhaps even more startling is the number 22,500 20,000 of low quality ones!

17,500 15,000

14 FALL 2012 12,500 10,000 7,500 5,000

Number of Apps

COULD YOUR PRIVACY BE IN JEOPARDY?

20,000 17,500 15,000

Regular Apps

12,500

Low Quality Apps

10,000 7,500 5,000 2,500

Regular Apps Low Quality Apps

0 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug

NOTICE THE INSIDIOUS CREEP OF: THIS CALL MAY BE MONITORED AND/OR RECORDED FOR QUALITY ASSURANCE AND/OR TRAINING PURPOSES. control of your device before you install it. If you don't know how to do this yourself, ask someone who does. Do some research and due diligence. Remember the Trojan Horse? It happened because of naiveté, ignorance, and stupidity; not because of overwhelming cleverness by the other side.

So don't post on your Facebook ‘timeline’ or elsewhere, matters that you will likely later regret if it comes to light on those not presupposed to be privy to your post. And don't ‘friend’ everyone just to get your numbers up. This is a ‘game‘ of sorts but it's not just for fun, it's for always. You are not showing someone a picture and putting it back in your pocket so you can burn it later. It can potentially last forever, which brings us to the question ...

HOW IS YOUR DIGITAL DEATH PLAN COMING ALONG? Bet you don't have one. It’s likely that you don't even know what I am talking about. Well, it’s something like cyberanthropology. It did not exist until recently and is still in its infancy. Many of us don't even have a will, and shame on us, but as our digital persona(s) and related information become more fleshed out and animated, it is imperative that you ask who is going to have access to that when you die? Or is it to be cremated (so to speak) with you? Is your personal data in those digital vaults to be saved? Cherished and passed on? Or destroyed for (you hope) all time? Where are those accounts and passwords? This might not seem like a big deal now but it most certainly will—as it should—become one. There is no set protocol, and today it is just being made up as we go along, usually by the Terms of Service of each provider–but this will change. It's been estimated that there are already approximately 30 million Facebook accounts belonging to people that have died.

IF THAT DOES NOT MAKE YOUR HEAD SWIVEL, MAYBE YOU'RE ONE OF THEM? And, speaking of Facebook, there is the ‘If I die’ app that can be used to reach out and touch someone from beyond the grave via a text, audio, or video message which will no doubt be (at the very least) kind of ‘creepy’ to some people. It is from an Israeli company and is one of their time-capsule products. You set up trustees, and upon their confirmation you have moved on, your ‘messages from beyond’ are posted for you. So be careful of your trustees and keep it current as you change your mind, or it may become an awkward exit. Other website businesses, some including apps, in a similar vein are Great Goodbye and Dead Man’s Switch.

Then there are companies such as Entrustet, Legacy Locker, Lifenaut, and others to help you as a sort of ‘Digital Undertaker,’ by preserving or destroying information for generations to come. By way of example: Lifenaut assists you to "Upload biographical pictures, videos, and documents to a digital archive that will be preserved for generations"…[and to]…"Organize through geo mapping, timelines, and tagging, a rich portrait of information about you" basically creating online digital archives of all that you've done, seen, who you’ve met, etc … You can even upload genetic/DNA information! Whose digital vault are you in? And as if that's not enough …

At least they tell you; or some of them do. In Canada, we are what is referred to in the U.S. as a one-caller state. This means that only one person involved in a conversation can authorize and/or conduct a recording without it being illegal eavesdropping; and they don't even have to tell you! That does not necessarily mean that they can publicly release and distribute their recording(s) consequence-free, but that doesn’t put ‘Genie’ back in the bottle. Add to this the nanny cams, spycams, pen cams, clock cams, lighter cams, key cams (now in HD with, of course, pretty fine audio) and you get the idea.

In places like London, this is amplified by the fact that, within public spaces, you almost cannot get out of a camera’s view. Combine this with facial recognition software and geolocational tracking advances and there is no turning back.

As Mel Gibson’s character Jerry Fletcher should have said in Conspiracy Theory, "Just because I'm paranoid does not mean they are not out to get me!"

Or from 1998’s Enemy of the State where Will Smith’s character Robert Clayton Dean is just not getting it: Robert Clayton Dean: Why are they after me?

Brill: You have something they want.

Robert Clayton Dean: I don't have anything!

Brill: Maybe you do and you don't know it.

Everything you say or do can and will be held against you in the court of life, if not law, and the former is the court that really matters; the other is usually just a minor subset.

Don’t take this as Chicken Little. I think that every one of us has won the grandest lottery of all, the lottery of life. When, over the course of history, would you rather be alive? However, unlike past generations, we are not going to live and die in a world and cultural milieu that is basically the same, start to finish. Our parents experienced great changes and ours have been even more revolutionary. And our children? Well, that will be a whole different quantum again.

One needs to at least consider the exponentiality of all this and ponder the consequent ramifications. IBM and HP took how long to get where they are? Microsoft 30 or so years, Apple (resurrected) really less than 20 years, Google 12 years, Facebook eight years, and Twitter just more than six. Where does that put us in 10 or 20 years from today? With at least some of the largest and most influential companies in the world at that time not even started in business yet, that's where.

And just remember, while where you are is always important, what really matters is where you are going!

Or just call it the Borg – resistance is futile – and be done with it. If

you don’t know what that means, look it up.

Otherwise just try to Keep Calm and Carry On. Any questions, call me.

Phone: 403.209.4988

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Paul Lewis, D+H Some people call me a biker (I prefer motorcycle enthusiast), and I’m the newly voted president of my local motorcycle club. The people in my town refer to the ‘MC’ as WHATMC – short for, “we have a town motorcycle club?” The MC is clearly a well-kept secret and we need to keep it that way given the notorious membership list.

Tweet to @AllWHATMCmembers “#FIRSTORDER of business: acquire a #motorcycle.”

Response from @PresidentWHATMC:

“Currently doesn’t seem high on the #SpousalApproval list”

Tweet to @AllWHATMCmembers “#SECONDORDER of business: learn how to ride a #motorcycle” Response from @PresidentWHATMC:

“Allowed to buy one, just not allowed to ride it”

Tweet to @AllWHATMCmembers “#THIRDORDER of business: increase membership to at least 2, hopefully they will have a #motorcycle” Response from @PresidentWHATMC:

“Do lawnmowers count?”

It’s a whole new language. Two years ago, a very small portion of the population would have understood that compelling and ‘current event’ relevant social dialogue. An even smaller portion would actually have found it funny. Fortunately, the technology literate readers of this magazine, not only understand the communication, but may have also said to the person in the next cubicle/Vegas club VIP section/police lineup, “Hey, you need to read this, I’m going to text it to you,” as water spurted from their nose from involuntary convulsions of laughter.

For those of us with today’s proper business tools we know that of all the technology trends affecting how we do business, mobile is the one that will have the greatest impact on how we interact and communicate with our clients. Considering there are more mobile phones than toothbrushes in North America, more iPhones are sold than babies born in the U.S. daily, and that by a significant majority, more people access the Internet by a mobile device than any other device in the world, we should probably take a much closer look at how we need to apply mobile technologies and concepts to our business.

Let’s take a look at a few mobile considerations: Mobile is its own channel: If we take mobile banking as an example almost 40% of all registrations of mobile banking applications in the U.S are by consumers who are not registered for that institutions’ online banking facilities. That means there is a growing list of consumers that *only* access their banking accounts and transact via their mobile device. Even if you just look at millennial mobile usage patterns, the

16 FALL 2012

vast majority of ‘these people’ access their social sites via their mobile devices and they are sending/receiving thousands of texts a month. Mobile is not a subset of online; it needs its own application, its own functionality and its own funding. Does your business have a mobile application? Is it different from your online experience based on how a mobile client needs to interact with you (i.e. the answer: “well they can access my website on their blackberry browser” would suggest the answer is “No”)?

A tablet is not a big smartphone; It certainly seems like it, doesn’t it? Unfortunately, tablets and smartphones are not the same. Tablets are used mostly at home, shared within the family tend to be used for extended time media consumption (i.e. movies) and deeper browser experiences (i.e. booking your Disney vacation). Over 60% only have WIFI, and the devices are used far less frequently as they are not as portable as their smaller cousins. Smartphones are used both inside the home and remotely, tend to be dedicated to an individual person, used mostly for simple web browsing, simple media consumption (music), and games, and used far more frequently if you consider both texting and phone use. Given the differences, the tablet experience is often geared toward production of information (i.e. creating an application) while the Smartphone experience is geared toward the consumption of information (receiving updates from an application process).

Mobile and Social Interaction: Simply put, mobile and social are not separate concerns. Social interaction is highly woven into the fabric of mobile usage. Consider simple examples of iOS and Andriod operating systems that *embed* Facebook interactions as a foundational feature, or your new ability to use Blackberry BBM to *engage* your contact list from everything from sharing music to pushing out your latest scores on Hangman. More people prefer to receive a text before they receive a phone call. The experience you provide within your mobile application must have the same level of interactivity. It must be able to send/receive texts as a means to create and consume information, it must be able to allow the user to post/forward information to their contact list, and it must appreciate that the consumer’s desire to communicate with you is more important than your preferred communication channel.

Making a mobile platform choice: You have many choices of technology to deploy your mobile offerings: You will choose a mobile website if you have limited time and money, want to support as many mobile devices as possible, and the product you create is more about consumption than creation. However, you may choose to build device applications if you only want to support the most popular devices on the market, you want to leverage the camera and GPS, and/or you want the optimal user experience. If you choose to build device applications, you may want build individual applications native to the target device (i.e. an Android app and a iPad App), or you may want to create an application that can be deployed across devices. The choice will be CONTINUED ON PAGE 37...

SUCCESS WITH COMMERCIAL MORTGAGES What is commercial financing?

Commercial financing can be classified as loans secured by nonresidential property or loans to business entities, or a combination. As we are mortgage brokers, I will concentrate on commercial mortgage financing and not business loans.

What property types does this include?

Light industrial, retail, office, multi-unit residential (five-plus units), hospitality, land, recreational.

More specifically – owner occupied buildings or condo units, hotels, carwashes, land and land development, construction, mixed-use properties (office/retail with residential suites), campgrounds, RV and self storage, rental buildings (residential or commercially zoned) … the list goes on.

I’ve heard commercial mortgage financing is time consuming and the chance of closing is slim, why should I be involved?

There a few things to keep in mind.

Calgary recorded commercial transactions totaling $2.4 BILLION in 2011 – that’s a market segment you shouldn’t ignore.

However, there are things to be aware of.

Approximately two in 10 commercial requests are financeable, therefore 80% won’t close and you won’t make any money. This is the risk involved in commercial financing as a broker/associate.

Each file requires a commitment. On average, it takes 25 hours of work to get to that stage. The mortgages that do close are worth thousands to tens of thousands in commissions – this is the reward.

Analyzing files quickly can ensure the time you spend is on quality leads and requests and don’t get too caught up in them. For those who play poker, I’ve seen, occasions where the broker is ‘pot committed.‘ They have spent so much time on a file and just keep trying, spending huge amounts of time on deals that will never go anywhere. Don’t fall into the trap, analyze and then decide to present or cancel the deal. If you proceed prepare the presentation and then submit and complete the deal.

When should I start looking for commercial financing?

Residential financing is far cheaper and less cumbersome than commercial, so if you can get it done through traditional and/or private residential funds … Do it. Once those options are exhausted, commercial financing would be required. If you need help explaining it to your client, call me and I’ll help you present that to them. I don’t mind taking the time to help you do what’s best for your client.

Jared Morrison, Alta West Mortgages

Interviewee David Kraus, Alta West Mortgages Commercial Mortgage Expert.

What are the major differences between residential and commercial mortgage financing?

Residential mortgage commitments are provided based on your word as a broker. You then have to fulfill the conditions in order to have the mortgage funded.

On the other hand, commercial mortgage commitments require a significant amount of work upfront. Lenders require you to prove all your information before they prepare a commitment or letter of interest. In addition to the collection of documents, you will also need to analyze the information to ensure that it meets or exceeds the lenders requirements. If it does not, you need to be able to document and explain why the lender should accept the difference.

Getting a commitment comes down to the presentation of the facts and information.

What are the similarities?

Brokers inexperienced with commercial lending often attempt to treat it simply like a large residential deal. They will often email an appraisal with the question: “What do you think you can do on this?”

If the lender is reviewing several deals, yours will go to the bottom of the pile.

Although commercial lending involves terms like, debt/equity ratios, debt coverage, net worth, credit, experience, business plans, rent rolls, budgets, appraisals, environmental reports etc. All of this boils down to concepts very familiar to residential mortgage brokers, however, some of the calculations may be very different.

Just like residential deals, the lender wants to know that the property is solid, the borrower is good and that there is an ability to re-pay the loan. Not at all different to residential, it’s just that the supporting documentation is different and you have to present it in a format that the lender can understand the nuances of the deal and help them underwrite their deal.

How do I present a commercial deal?

Presenting a deal with all the details can make all the difference to a lender. The presentation has to capture the attention of the lender and help them understand what they are lending on, who they’re lending to and how they’ll get their money back so that they can understand their risk.

CONTINUED ON PAGE 31...

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DON’T TACKLE THE MORTGAGE PROCESS ALONE:

PDF OF THIS ARTICLE IS AVAILABLE IN THE MEMBER ZONE UNDER MEMBER RESOURCES

LET A MORTGAGE PROFESSIONAL DO THE WORK Ron McClenaghan, AMBA President Alberta’s ever changing real estate market can be a challenging game to understand for those shopping for their dream home.

The Bank of Canada has made it very clear that hot housing markets and high demand for capital pose a potential problem to our economy.

Over the past two years, mortgage criteria for purchasing or refinancing real estate has changed substantially.

Understanding mortgages is equally as challenging as picking the right house. In fact, it can be even more complex, and buyers need to be sure they understand what they’re signing up for.

In Alberta, we are fortunate to have a relatively stable economy. We still hear the words ‘economic growth’ for our province, due to our vast potential of natural resources. Housing prices in Alberta remain affordable relative to other major cities in Canada. Young people looking to enter the housing market have a healthy supply of new and existing homes, townhouses, and condominiums.

Your mortgage is a key component to the homebuying mix. When choosing a mortgage, there are a lot of big decisions to be made, so why go at it alone?

Now more than ever before, consumers should enlist the use of an educated and experienced mortgage professional. For guidance, support, and peace of mind, choose an Alberta Mortgage Brokers Association (AMBA) mortgage professional.

We live in the age of easy access to information; however, we still need help with real estate transactions. Experienced mortgage professionals have affiliations with realtors, home inspectors, home and mortgage insurers, home builders, movers and lawyers.

You’ve probably heard the phrase, “Money makes the world go ‘round.”

This proves ever true when buying real estate. Mortgage professionals will walk you through all the steps necessary to obtain the financing for your real estate transactions. Recently, there have been a number of rule changes affecting the level of mortgage financing available to the Canadian consumer.

There are three main areas of mortgage financing to consider:

Purchasing Real Estate People purchase real estate for home ownership and investment. All real estate should be treated as an investment with a solid strategy to reduce debt and build equity. Mortgage flexibility and length of term are important components to consider. AMBA mortgage professionals are educated and trained to help you determine not only the right mortgage for you today, but also a future plan.

Refinancing Real Estate Real estate equity, and how you choose to use it, requires considerable thought and professional advice from those who have witnessed a vast number of scenarios. Often, equity is used to pay off credit debt, carry out renovations and acquire loans for investments.

Questions will arise that have not been considered, but mortgage professionals will address them with you. Appraisals within current market conditions are very important when refinancing. Restrictions exist on the level and type of financing available for equity use. AMBA mortgage professionals have access to many financial partners, such as private lending companies, to address what your bank cannot.

Mortgage Renewal Many people never address their mortgage debt as their term expires.

This is the perfect time to incorporate a mortgage professional to discuss the strategies available to you. AMBA mortgage professionals can help you determine whether you should put more money down on the balance, lower the amortization and help you find the right plan for you. This is the perfect time to take definitive steps to reduce the largest debt one has in life.

AMBA mortgage professionals study mortgage rate markets and have access to a diverse channel of mortgage lenders. Your needs and situation come first and having an experienced professional shopping on your behalf will ensure the best possible options.

THIS SPECIAL SECTION ON MORTGAGES WAS PUBLISHED SEPTEMBER 7, 2012 IN THE CALGARY HERALD

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Visit www.amba.ca to search for an AMBA mortgage professional in our directory to help you, or to learn more about the process.

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KEY STRATEGIES TO KEEP YOUR BUSINESS PIPELINE FUN, FUNDING & CONSISTENT Claire Drage, The Lion’s Share Group Claire Drage was a presenter at the 2012 AMBA Conference.

WHY ARE YOU AN AGENT? Our role as mortgage professionals is a balancing act that we juggle on a daily basis, one that leaves us on a high when a deal comes together or a low when things aren’t so rosy – the latter sucks! Remember WHY you got into this business in the first place to get through those low moments. We are in an awesome industry where your WHY is important.

Create an appreciation board for your office and when you’re having one of those low moments, look at your board and remember your reason WHY.

HOW MUCH ARE YOU WORTH?

there are multiple lead generation avenues you can go down. Find the ones that work best for you. At least 60% of your new leads should be generated for your existing database/clients. Friends and family, when worked the right way, can be your own sales force! Find a niche, study and launch your ‘expert status.’ Become knowledgeable in one or two specific niche areas and focus on it.

LEARN MORE TO EARN MORE! The Lion’s Share Group Training Programs provide all the tools, processes and systems that you can simply duplicate to grow your business. Your time is worth more than trying to figure it out yourself so let us help you learn new things by ‘working smarter not harder,’ which will only make you more money and give you free time!

Knowing your hourly rate will ensure you maximize every hour and don’t get distracted with unproductive tasks. Your hourly rate is a formula based on your ‘net average commission’ divided by five. Net average The Lion’s Share Group will be hosting a personal development commission is after all splits and expenses and five being the average webinar in the coming weeks. Check www.lionssharegroup.com/, for number of hours it takes to fund a deal. (E.x., my hourly rate is $252 more details.

– $1,320 net commission divided by five) – which means if I am working on a deal that is going to fund, I am earning $252 per hour. Working ‘smarter and We fund a broad spectrum of property types not harder’ is always remembering this, because if and loan situations.

I am NOT working on a deal, then what is it costing Submit your applications my business? The hours I just spent on Facebook through Filogix, fax 1-888-226-8834 Purchases, refinances, residential & commercial aimlessly cost me $252. Four hours on a golf course or by email equals $1,008. Three hours at a networking event documents@caplink.ca equals $756. So was it worth it and did it generate  24 hour response time revenue for my business? Your time is not free ...

Or give us a call to  Competitive rates and fees every minute of the day costs you and your business discuss your deal  Expert advice, consistent reliable Service something, so make it pay!

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LEAD GENERATION: PLAN, TRACK & ATTACK, FOCUS. If you fail to plan, you plan to fail. The most successful entrepreneurs spend five to 10 minutes of every hour planning what they are going to do for the rest of that hour! So plan to succeed. A simple plan such as: I want to fund five deals per month over 12 months equals 60 deals per year times four leads per deal equals 240 leads per year. Ensure this provides you with the right revenue amounts.

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Now focus on the 240 leads that you need in order to meet your goals. Break it down into monthly and weekly targets. Plan your day around ‘activities that pay’ and delegate, delay, or delete/dump those that don’t!

So how do you get those leads? Stay focused –

20 FALL 2012

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FOR REAL ESTATE IT IS LOCATION. FOR E&O CLAIMS IT IS DOCUMENTATION Derrick Leue, President, LMS PROLINK Ltd. I was fortunate enough to attend and speak at the AMBA 2012 Conference in Banff. My rather sombre presentation addressed the issues of errors and omissions (E&O) claims and risk management.

Thankfully, the presentation felt much less gloomy in the beautiful surroundings of the Banff Springs Hotel.

The amazing venue was not the only reason why many of the principal brokers attending my session with the Real Estate Council of Alberta (RECA) walked away in good spirits. A big contributor to the optimism among attendees was the announcement of the new AMBA initiated Lender-Investor Disclosure Statement. This article is focused on helping members understand why AMBA has invested so many resources into developing and launching an industry leading Disclosure Statement.

HOW DOES E&O INSURANCE HELP YOU? We provided a statistic in our presentation that got the attention of many brokers in attendance. The statistic is simple but alarming.

Private individuals investing in mortgages are responsible for 95% of the E&O claims that we see lenders launch against brokers. In our experience, lenders represent approximately 75% of the total number of E&O claims brought against mortgage brokers in Alberta, so we are dealing with a significant source of exposure.

It is important to note that the private lenders suing our clients are typically individual private lenders and not mortgage syndicators or mortgage investment corporations. Mortgage brokers will often tell us that they only work with individuals if they are accredited investors.

The financial security of the private lender does not appear to reduce their propensity to sue the broker or associate who arranged the mortgage. We are witnessing both accredited and non-accredited private lenders making claims against brokers.

Statistics related to the sophistication and lending experience of the individual private investor do not appear to have a big influence on whether or not a lender decides to sue their broker. We have defended lawsuits from individuals who funded their first mortgage of $50,000 and from investors who have funded multiple mortgages for decades. Defending claims from an experienced lender should be simpler because your E&O insurer can try to demonstrate that the sophisticated lender understood the risks related to mortgages but this is not always the case.

BETTER RISK MANAGEMENT TOOL The best tool, which can also present the greatest challenge when defending E&O claims is documentation. The mortgage broker must have thorough documentation supporting their case even when the investor has significant experience lending. RECA does not mandate that a specific form must be utilized when arranging mortgages with private lenders. The Real Estate Act simply stipulates that an agreement must be in place between the broker and the private lender. Other provincial jurisdictions such as Saskatchewan and Ontario have developed specific forms mandated to be utilized on every private deal.

AMBA has always been committed to helping members and the industry improve policies and procedures. AMBA assembled an experienced team of board members, brokers, lawyers and insurance professionals to develop an industry acceptable disclosure form that could be used by mortgage brokers and associates arranging mortgages with individual private lenders. AMBA will release this new Lender-Investor Disclosure Statement to members in the coming weeks.

We hope that brokers and associates find this new form valuable as it provides a consistent approach to documenting your interactions with private lenders. The longer term goal is to reduce the number claims from private lenders and reduce the overall E&O premiums for the industry.

LEARN MORE ABOUT THE AMBA E&O PROGRAM LMS PROLINK Ltd. is the proud manager of the AMBA E&O Liability program.

Please contact a representative from LMS PROLINK’s AMBA Service Team in order to learn more about how your E&O policy protects you.

Contact LMS PROLINK: P. 800-663-6828; Andrew Spencer: AMBA Program Business Development Manager; ANDREWS@LMS.CA Kristin Mavroudi: AMBA Program Account Manager: KRISTINM@LMS.CA Website: www.lms.ca/amba

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DOWNLOAD YOUR PHOTOS log in to the members zone at www.amba.ca

22 FALL 2012

THANK YOU TO ALL OUR 2012 AMBA CONFERENCE SPONSORS: HOST

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FALL 2012

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SHARE THIS HELPFUL ARTICLE WITH YOUR CLIENTS

PDF OF THIS ARTICLE IS AVAILABLE IN THE MEMBER ZONE UNDER MEMBER RESOURCES

BUYING A HOME

GETTING THE RIGHT PROPERTY FOR YOU TODAY AND TOMORROW Article Sponsored by Jody Robbins, Special to AMBA Matters

It’s easy to get excited about buying a new home, but there are a number of factors to consider before going out and writing a cheque. Ideally, you’ll want to buy a property that can see you through a number of different stages in your life, so you don’t have to pick up and move whenever life evolves. With the cost of moving and the great market swings we’ve seen over the past five years, it’s wise to explore every nook and cranny before choosing your home sweet home.

FIRST THINGS FIRST Many Calgarians found themselves in hot water during the recession by buying above their means. Begin by meeting with your financial advisor and a mortgage broker to find a comfortable price point for your family. Mortgage brokers liaise with all lenders (including banks), allowing them increased flexibility to find the best options out there, and the terms most suitable for their client. It’s important to remember that there are more factors than interest rate that need to be considered. This is where a mortgage broker can really help you get the mortgage that best suits your needs.

After you’ve been pre-qualified by a mortgage broker, you can start looking for a realtor. Don’t be afraid to interview the realtor as though they were applying for a job, said Arnold Thompson, a real estate agent with Remax Landan Real Estate. “You need to question what interest the realtor has in you. Is it just the commission

24 FALL 2012

they’re after? Will they talk you out of homes (that aren’t the right fit), or into them?” he said.

Align yourself with an agent who knows what you’re looking for and can point out the potential issues with each property you’re viewing.

“Our job is to educate clients, not just acting as a tour guide,” said Tamara Pilipchuk, a real estate agent with a specialty in inner-city properties at Remax House. An agent is only as good as their team.

Be sure they come with highly recommended home inspectors and contractors they work frequently with.

LOCATION, LOCATION, LOCATION While it took Tanya Shea-Buckingham and her family more than six months to find their dream home in Oakridge Estates, it wasn’t the house she was after.

“We didn’t buy for the house, we bought for the location,” she admitted. They ended up with a 35-year-old property on a massive lot. What mattered most to them was proximity to downtown, plenty of green space and a family friendly community that had a school close by.

Pilipchuk agrees with this strategy, as the one thing you can’t change when you buy a house is the size and location of the land it’s on.

“People don’t put enough value on lot size and it’s important because lots vary so much. If you have a view or back onto green space, that will matter more than if the fridge has an ice maker,” she said.

Check with the city to learn of future developments in the areas you’re interested in. Also find out if road reconfiguration or transit expansion is expected. Would you reconsider moving to an area if you learned there were shelters, assisted living and multi-family projects going up? And if you’re keen on pushing out to the suburbs, learn how many developmental phases are going up. If more phases are planned, you might be living in a construction zone for longer than you thought.

GET REAL When you live in a city with a relatively strong economy, houses under 2,000 sq. ft, decked out with linoleum and laminate, are often quickly dismissed. But ask yourself this: How big was the house you grew up in? Did it feel small or impoverished to you? If you weren’t negatively affected by the modest home of your past, chances are your family of today won’t be either. Look at homes only within your price range and stop daydreaming about how perfect your life would be if only you lived in a McMansion or had an outdoor hot tub, like the guy down the street. Keeping up with the Joneses, is a never-ending, expensive practice.

Buyers need to look beyond the granite counter tops, said Pilipchuk. “A lot of people get wowed by the cosmetics of a house. Those are small things that can easily be changed, but you can’t change the location or the home’s floor plan without serious effort.”

A SENSE OF COMMUNITY

BOTTOM LINE:

A good starting point is to make a list of what you’re looking for in a community. Consider the resources you’d like to see around you, based on the activities you and your family do in your spare time. Next, think about which area of the city you’d like to live in, factoring in commuting times, public transportation and if the area can provide for your future needs, such as proximity to schools and services. Then, consider if there are any circumstances under which your desire to live in a certain area could change or what future needs your family might have.

Buyers need to have realistic expectations of what they can afford. When you buy near the top of your means, there won’t be that extra cushion to customize. And if you can’t afford to furnish all the rooms or attend to any landscaping needs, you’ve got to wonder if you’re living within your means.

When it comes to buying a property, finances are more important than feelings. Being house poor is no picnic.

Try to narrow your list down to a few communities, as you can always expand your search. Be sure to ask your realtor for their opinion of the neighbourhoods you’ve selected, too. Once you’re focused on a particular community, also think about the house’s location within it.

“People need to consider what street they’re on, what the road traffic is like on that street and which side of the street they’ll be on,” said Thompson.

MAKE YOURSELF AT HOME Now comes the fun part, deciding what you do and don’t want in a home. “Try to think five years forward in your life. Examine what could change if you have kids or parents that might need to move in with you,” said Thompson.

HOME STRETCH Your home is likely the biggest financial investment you’ll make in your lifetime, so this isn’t a decision you can afford to take lightly. Align yourself with the right people, dealing with a mortgage broker and a real estate agent who understand your needs. Ask friends, family and co-workers for referrals, and don’t be afraid to meet with several professionals, until you find the one you’re most comfortable with.

Once you have your budget, a few neighbourhoods selected, and your team, you’re good to go.

THINGS TO THINK ABOUT: What rooms in your house do you (honestly) spend the most time in?

Might you require more living space in the future?

Does the property require a lot of maintenance like mowing grass or shovelling snow?

If so, who will do that work?

Does the house face the sun? Consider how that will impact living conditions.

Do you have any health concerns that the house or area could affect?

Are the things you don’t like about the property fixable?

Are you capable of doing renovations or are you willing to pay a contractor to do that work?

After the sale, will you have enough money to decorate and make the house feel like it’s your home?

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INDUSTRY NEWS DEMOGRAPHICS WILL TAKE EDGE OFF HOUSING DOWNTURN: CIBC

CREA CUTS HOME SALES FORECAST FOR THIS YEAR AND NEXT

A senior CIBC economist says a downturn in the housing market may not be as bad as feared because the important 25-34 age group will continue to buy houses.

The Canadian Real Estate Association (CREA) cut its 2012 and 2013 outlook for home sales and lowered its national average price forecast as it reported the biggest month-to-month drop in activity in two years.

The analysis predicts that population growth won’t be strong enough to sustain demand, putting downward pressure on housing prices that have risen dramatically during a years-long period of low interest rates.

The association said that tighter regulations on mortgage lending that came into effect in July helped push August home sales to their largest month-over-month decline since June 2010.

According to CIBC economist Benjamin Tal, demographic projections suggest there will be fewer Canadians under the age of 25 and between the ages of 45 and 54. The age group that makes up the vast majority of first-time buyers will continue to grow.

Sales of previously owned Canadian houses and condos have now gone down in five of the past six months.

He predicts that while a growing number of young people may have to postpone buying a house for a couple of years due to their student debt level, their parents can help them out.

In its outlook for the year, CREA predicts that home sales are now forecast to rise by 1.9% to 466,900 units in 2012. That compared with a forecast in June that suggested 475,800 homes would be sold in 2012, up 3.8% from 2011.

This group of young people also has the option of living with their parents while paying down their debt and saving for a downpayment, which will help boost the market.

CANADIAN FAMILIES SHRINKING, MARRIED COUPLES IN DECLINE: CENSUS The 2011 census confirms what Canadian see in their day-to-day lives: Married couples are still the predominant family structure, but it is a category that continues to decline.

In its place, a growing number of Canadians are living in common-law relationships, single-parent families or living alone. For the first time, there are now more one-person households than couple households with children.

The data also indicated that of young adults aged 20-29, about four in 10 live with their parents, which is largely unchanged from the 2006 census.

For seniors, Statistics Canada found that while women were twice as likely to live alone than men, the percentage of female seniors living alone is on the decline.

The 2011 census was the first time the census has recorded a five-year period in which same-sex marriage has been legal in Canada. The census found 64,575 same-sex couple families in Canada, up from 45,345 in 2006.

Of those, 21,015 were same-sex married couples and 43,560 were common-law couples.

Sales in August slipped 5.8% compared with July and were down 8.9% compared with August 2011.

They expect volumes will slip by 1.9% to 457,800 units in 2013.

CREA also forecast the national average home price would rise by just 0.6% to $365,000 in 2012 and edge lower by one tenth of 1% to $364,500 in 2013. The outlook was down from a June forecast that prices would rise by 2.2% to $370,000 in 2012.

CANADA AMONG SEVEN BEST HOUSING MARKETS IN THE WORLD While most of the world is seeing home prices depreciate, there are a few countries where home prices are on the rise. Canada ranked among Germany, Switzerland and Hong Kong in the top seven housing markets.

According to Global Property Guide’s (GPG) latest report, the strongest housing markets are losing momentum as the economy falters.

Of 39 countries tracked by the GPG, house prices fell in 25 countries and climbed in only 13.

Home prices in Canada were up 4.06% year-over-year.

TREND IN SINGLE HOMEBUYERS According to TD Canada Trust research, 47% of first-time homebuyers in Alberta buy their first home on their own (without a co-purchaser).

In Canada, the percentage is 43%.

Ri ch ar d I . Joh n L a wyer, No ta ry Pu bl ic 205 - 7A Street NE Calg ary, Alberta, T2E 4E7 Phone: 403-205-3949 F ax : 403 -205- 3950 email: r ich ar d .john @telus .n et

Richard I. John Professional Corporation

26 FALL 2012

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According to TD, the majority of men buy their first home on their own (55%) as well as nearly one-third of women (31%).

Canadians buying on their own are more likely to buy a condo than those buying with a co-purchaser (24% versus 14%) whereas those with a copurchaser are more likely to buy fully-detached homes (62% versus 44%).

The 2011 census indicated that the number of one-person households increased 10.4% between 2006 and 2011 to just over 3,673,300 or 27.6% of the total. For the first time, the number of one-person households in 2011 exceeded the number of couple households with children aged 24 and under.

COMMERCIAL REAL ESTATE CONTRIBUTES MORE THAN $63 BILLION TO CANADIAN ECONOMY The commercial real estate sector makes a substantial contribution to the Canadian economy, generating $63.3 billion in economic activity in 2011, according to research by the Real Property Association of Canada (REALpac) and the NAIOP Research Foundation.

The report claims the sector is more than twice as large as the entire economy of the province of Newfoundland and Labrador.

The report indicated the sector adds to the Canadian economy in various ways by supporting 340,000 jobs, many of which are high-paying professional jobs, which is roughly equivalent to the total employment in the entire Canadian agriculture industry; generating $18.1 billion in personal income, related to labour income and other sources of income, which is more than twice the labour income of the Canadian agriculture, forestry, and fishing industries combined; generating $12.5 billion in corporate profits earned by many small and medium companies, as well as some of the largest pension funds and insurance companies in Canada; contributing $7.2 billion in personal and corporate income tax revenues for the federal and provincial governments; and ultimately accounting for $32.4 billion in total net contribution to Canada’s GDP.

CANADIAN HIRING SEES MODEST REBOUND, OVERALL TREND STILL SOFT

Can you spot the MERIX originator?

The Canadian economy created 34,300 jobs last month as a rebound in part-time positions offset a steep drop in the construction sector.

The country’s unemployment rate stayed at 7.3% in August, according to Statistics Canada. August’s job growth follows a surprise drop of 30,400 jobs in July.

Job creation in the first eight months of the year is weaker than the same period of 2011, while the private-sector hiring has also been softer.

In August, employers shed 12,500 full-time positions and added 46,700 jobs.

Young people are still struggling in the labour market. Canada’s youth jobless rate jumped to 14.8% in August from 14.3%.

INDEBTED BABY BOOMERS NOT INTERESTED IN MODEST RETIREMENT: CIBC POLL A new CIBC poll conducted by Leger Marketing reveals that most of Canadian’s 50-59-year-olds don’t intend to give up their current lifestyles as they enter retirement, despite falling short of their retirement savings goals.

The poll also reveals that some Canadians in their 50s are planning to carry debt into retirement with no immediate plans to pay it off.

In Alberta, 23% of people in their 50s said if they could retire earlier they would give up their current lifestyle and live modestly in retirement. In Canada, it was 25%.

The percentage of people in their 50s who said they would rather work longer and live better once they retire was 57% in both Canada and Alberta.

The poll also found that 17% of Albertans in their 50s plan to carry debt into retirement while it was 24% for Canadians.

As well as building long term value in your business, MERIX Financial has an exclusive status program for approved originators. The MERIX Centre of Xcellence offers a host of exclusive privileges and benefits, including a dedicated senior underwriter, DBD support and a Quarterly Bonus reflecting your status level.

Find out how rewarding partnering with MERIX is.

Call 1- 877- 637- 4911, email info@merixfinancial.com or follow us online.

FALL 2012

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s n o i t a l u t a r g n

Co

2 1 0 2 rds

a w A inners W

P resident's Award

The winner exudes advanced leadership, integrity and outstanding participation in the mortgage industry.

The winner is recognized as an individual who has gone beyond the norm in providing volunteer work in the community.

Dean Koeller

Frank Hickey

Calvert Home Mortgage Investment Corporation

Concord Mortgage Group Ltd.

Dean has been an active member for more than 15 years.

He has served as a board member and is a past president.

Dean has worked hard to initiate the private lenders forum and to help ensure private lenders have a voice.

Executive Award

The winner possesses competencies that reflect outstanding leadership potential in the mortgage industry.

Frank has been a member since AMBA’s formation in 1975.

He has served as a board director for many years and is a two-time past president. During his latest board term, he acted as treasurer. Frank never misses an association meeting or function and is an active ambassador for the mortgage brokerage industry.

Partner Award

The winner possess leadership experience in promoting and enhancing AMBA and the industry.

Larry Frondall

Jill Paish

CMS Real Estate Ltd.

MERIX Financial

Larry has been a longtime member of AMBA. He has sat on the board for several terms and participated as part of many committees. He actively attends association events and promotes membership and industry involvement.

28 FALL 2012

Ambassador Award

Jill is a longtime industry member and her service in the financial industry is deep rooted. She’s a former board director and she participates in the Real Estate Council of Alberta’s broker and visionary committee. Jill is always quick to listen, advise and offer suggestions when questions are asked. She’s also quick to lend a hand and help solve problems. Jill is a definite support to the industry.

REAL ESTATE COUNCIL OF ALBERTA UPDATE September 30 marked the conclusion of the first year of the Real Estate Council of Alberta’s (RECA) 2011-2016 Strategic Business Plan.

As RECA undertook the process of developing that plan, industry professionals were clear to us that there is a strong desire to increase professionalism within the industry.

Council responded to that desire in late 2011 with a statement on self-regulation, which was formally approved by council in April 2012, following additional consultation with industry professionals, other stakeholders and a national symposium on self-regulation that included attendees from across Canada. RECA will work with industry professionals and other stakeholders, including the Alberta Mortgage Brokers Association, on projects and initiatives that reflect this statement and enhance the accountability, responsibility and professionalism of authorized mortgage brokers.

One of the initiatives from the past year, which is just in the process of being finalized, is a new lender disclosure document. RECA worked with AMBA’s private lenders committee to develop it as a template to use with investor lenders. Although, it is not a mandatory form, it is highly recommended as it meets the legislative disclosure requirements working with investor lenders. You can expect to see this new document on the RECA website in the coming months.

In the coming year, RECA will launch three significant consultations with industry professionals and other stakeholders. The first of those is regarding implementation of a revised section 43 of the Real Estate Act Rules, changing 'should have written service agreements' to 'must have written service agreements' for all client relationships. Broad industry consultation will take place later this fall with respect to implementation of this change.

Other upcoming consultations include a review of the current licensing model for all industry sectors, including mortgage brokerage, and consultation regarding Real Estate Act amendments.

Potential changes to the Real Estate Act Regulations that may be explored as part of that process include how the Act does not apply to financial institutions and their employees or agents that are dealing in mortgages of other financial institutions. This, of course, relates largely to 'mobile mortgage specialists,' and whether they should be captured by the authorization requirements set out in the act if they are dealing in mortgages of other financial institutions.

RECA also continues its work with respect to the regulation of dealing in syndicated mortgages. Industry professionals have been clear in their message to RECA that they do not want to be dual regulated

by RECA and the Alberta Securities Commission. It is anticipated that council will approach the Alberta government to remove the duplication with respect to the regulation of syndicated mortgages, which would require syndicated mortgages to be removed from the definition of 'mortgages' pursuant to the Real Estate Act. In closing, we’d like to thank those of you who stopped by the RECA booth at the AMBA conference and trade show at the beginning of September. It was great to see so many mortgage brokerage professionals in attendance, genuinely caring about the future of their industry. RECA looks forward to more face-to-face engagement – with and input from, mortgage professionals in the coming year. As always, RECA values the ongoing cooperation and communication it enjoys with individual industry professionals, industry associations and related stakeholders, and our sincere hope is that this will continue to grow.

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ON THE LINKS WITH AMBA YOU HELPED US DONATE $2,855 TO PARKS CANADA (RESCUE DIVISION).

THANKS FOR HELPING US SUPPORT THE COMMUNITY! Donations go to help Parks Canada provide valuable training for search and rescue specialists in Alberta’s mountain parks.

The Mountain Safety Programs are a branch of Parks Canada dedicated solely to the purpose of public safety.

Mountain Safety Programs Specialists are Parks Canada staff members who are entrusted to provide world-class search and rescue and avalanche safety services to visitors who want to experience its National Parks.

Congratulations to our tournament winners Brad Gavin, Cheryl Morrier, Ken Priest and Gary Siegle.

A HUGE THANK YOU TO OUR SPONSORS: GOLD

30 FALL 2012

SILVER

BRONZE

CONTINUED FROM PAGE 17...

SUCCESS WITH COMMERCIAL MORTGAGES The items you will want to focus on and present clearly are typically: 1. What are you looking for? (Typically: Who, what where, when, why – but more specifically; loan amount, expected rate, fees, term, amortization, history of the borrower, why the need for $$, etc.)

2. What is the security? (property details, loan to value, debt servicing, etc.)

3. How does the lender get out? Exit strategy. What is the plan for the borrowed to repay the loan (this is more important on short-term loans or non-traditional deals where the client needs funds for a short project or to consolidate to make them bankable later)

Are there any other items which would be helpful regarding commercial financing?

Brokers new to commercial financing are often unaware of the following items:

Where do I start?

Commercial financing can be rewarding but patience is required.

Closing deals can take significant preparation and usually months to complete, but the rewards are substantial.

Now that you understand a little about commercial mortgage financing you have options.

Go forth and prosper: 1. Learn to understand and analyze deals quickly to determine if it is truly a commercial deal.

2. Collect and analyze all the data of the client, property, project.

3. Prepare a great presentation representing your clients request for financing.

OR, Get Help: 1. Work with experienced commercial brokers that understand commercial financing like us.

1. You have to charge the client directly. Some lenders may add the broker fee to the deal.

2. Lenders may need to meet borrowers in application stage, so make sure you have agreements protecting you.

3. You may be subject to GST. 4. Application fees, commitment fees – RECA and the Fair Trading Act have rules on collecting fees.

5. You need to find lenders, they’re not looking for you like residential lenders do.

THE ALTERNATIVE LENDER You NEED To kNow Fisgard is one of the largest private alternative lenders in Western Canada and is dedicated to supporting mortgage brokers and their clients. We provide competitive products, flexible lending guidelines and dedicated customer service.

Having a good relationship with you, our broker clients, is critical to the success of our business. Fisgard’s creative, knowledgeable and experienced underwriting team wants to see all of your deals that don’t fit the typical “bank box”. Chances are that Fisgard can fund these deals, and fund them quickly. We are here for you and we’re here for your clients.

Call your underwriter today.

Call 866.382.9255 or visit www.fisgardmortgage.com

Fisgard Capital Corporation Fisgard_AMBA_half.indd 1

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AMBA BRIEFS DOWNLOAD YOUR CONFERENCE & GOLF PICS You can browse and download the 2012 conference and golf tourney pictures in the Member Zone.

GO TO THE MEMBER ZONE TO BROWSE AND GET YOUR PHOTOS!

BEVERLY CHALK

All you have to do is log in, click the ‘photo gallery’ button in the Member Zone and select the gallery you’d like to browse. When you choose a picture to download, click the download button on the left.

JOIN US AT OUR PREZ PUBS President Ron McClenaghan will host several regular President Pubs that will move around Calgary throughout his presidency. The pubs are a great networking opportunity and a chance for you to share your industry thoughts with AMBA. Watch amba.ca for dates and times.

Dave Burns Broker/Owner is pleased to announce the appointment of Beverly Chalk as “Manager” of Calgary Mortgage Corp.

Beverly brings “20” plus years of mortgage brokering experience to CMC. She has served as business development manager for several national lenders as well as operating her own award winning brokerage.

MEETING SPACE AVAILABLE IN THE AMBA OFFICE

Beverly will direct the growth of CMC and invites new and existing associates to contact her directly at 403-991-4717 or email Beverlyc@calgarymortgage.com

If you’re tight for space, we’ve got the solution. We have one large board room with room for 30 people and a meeting room for 15-18 people. We’ll offer you a rate that can’t be beat!

Calgary Mortgage Corp has been in business for over 20 years and is now part of the Axiom Mortgage Network.

If you’re interested, call Samantha at 403.685.9652 ext. 112.

www.CalgaryMortgage.com

AMBA MEMBER BRIEFS QUANTUS TAKES THEIR ANNUAL CONFERENCE TO VEGAS The Quantus Mortgage Solutions team took to Vegas for their 2012 annual conference. As part of the festivities, they were surprised with a helicopter tour of the Grand Canyon, Lake Mead and Hoover Dam, by team leads Todd Fralic and Paul Bojakli. The photo below was taken at the bottom of the canyon.

QUANTUS’ ANNUAL SOFTBALL TOURNEY A big thanks to all who came out for a great ball tourney September 5, 2012.

Ryan rounding third going for home.

32 FALL 2012

THE PRIVATE MORTGAGE LENDERS FORUM THE NEXT STEP TO PROFESSIONALISM Over the last three years, Alberta private mortgage lenders, including mortgage investment corporations (MIC), mutual trust funds and syndicators, have been meeting under the AMBA banner to talk about industry related issues, including compliance, professionalism and advocacy. As the forum grew, the value of a unified voice became more important to deal with the ever-changing number of industry issues. Currently, with more than 22 companies participating in the Private Mortgage Lenders Forum (PMLF), the decision was made to formally develop a consolidated voice that can act as the industry representatives for private mortgage lenders in Alberta. To accomplish this initiative, the PMLF has established a formal mission, mandate and objectives.

NEW MISSION AND MANDATE “To be the collective voice of the private mortgage lending industry, providing leadership in the areas of compliance, standards of excellence, information and networking. To promote ethical and professional industry practices to ensure the health and sustainability for the benefit of all industry stakeholders.”

OBJECTIVES OF THE FORUM Create a forum that will allow industry members to openly discuss industry related issues and to develop best practices for the industry.

To work with provincial and federal regulators to develop legislation, rules and regulations that will: Protect Canadian investors, consumers and borrowers from unfair, improper and fraudulent practices; Promote best practices for transparent and reliable disclosure; Ensure the health and vitality of the private mortgage lending industry for the benefit of all Canadians.

To assist members in understanding and meeting the regulatory requirements of registration in their particular situation and jurisdiction.

To communicate to politicians, consumers and other industries practitioners, information about the private mortgage lending industry, promoting the benefits and value provided to Canadians, the economy and the real estate industry.

To advocate on behalf of industries to ensure the health and vitality of the industry and Canadian economy.

OUTLINE OF AGENDA ITEMS The following are issues that the Private Mortgage Lenders Forum is currently working on addressing: New proposed legislation (Draft notice 45-309) on Offering Memorandum disclosure; Canada Revenue Agency (CRA) technical interpretations on MIC management of properties; Consultation on a new AMBA Private Lender Disclosure Form; Development of a Policy and Procedure manual to outline AMBA and PMLF relationship; and Alberta Securities Commission (ASC) industry relations in developing an open industry forum

INVITATION TO MORTGAGE BROKERS The Private Mortgage Lenders Forum would like to encourage all mortgage brokers to take an opportunity to learn more about private mortgage lender options that you can use to assist in meeting your clients’ needs. Being a mortgage professional is about having the capacity to offer clients options to meet their financial real estate needs and private lending continues to be an increasingly valuable service as the market continues to tighten mortgage underwriting and reduce mortgage product offerings. Private lending products can be useful in solving time-sensitive closings, unconventional properties or zoning issues, construction financing challenges, bruised-credit clients, bridge financing, equity takeouts or self-employment qualifications.

Whatever your needs may be, it is critical to have professional private lender options that you can use to provide your clients with options.

Contact AMBA for more information regarding the Private Mortgage Lenders Forum.

Email us at info@amba.ca Your Private Mortgage Lender Chairs, Dean Koeller dean@chmic.ca Dave McKitrick dave@awcapital.ca

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INDUSTRY TALK WITH

BRENDA TUTTLE Meet Brenda Tuttle of Western Mortgage Services.

TELL US A BIT ABOUT YOURSELF …

WHERE ARE YOU FROM? I was born and raised in Calgary and worked as a hairdresser for 20 years. This taught me the importance of developing and maintaining professional relationships based on effective communication. I moved to the small town of High River to raise my family. I enjoy the community spirit and quaintness of a small town. It has been a great place to watch my children grow up.

WHAT ARE A FEW OF YOUR HOBBIES? I am very active person and love to keep busy with a variety of interests such as travelling, skiing, golfing, and reading. I have been involved with my community since my children were little – through volunteering with the school, extracurricular activities, and now with the AMBA events committee. I value the impact that people can have as a collective unit.

ANYTHING ELSE YOU WOULD LIKE TO SHARE? I am proud to make the mortgage industry my new profession!

HOW DID YOU GET STARTED IN THE BUSINESS? I was very lucky to meet Yousra Jomha; she is the reason I got started in the mortgage industry. We were working on the graduation committee for our daughters and our regular meetings were at her office. I was compelled by her compassion for helping people as I share that same value. I started as her assistant five years ago and she encouraged me to go for my mortgage associate’s licence.

I have now been a mortgage associate for two years. I have really enjoyed helping people get into their dream homes!

PLEASE TELL US A LITTLE BIT ABOUT YOUR COMPANY? I currently work at Western Mortgage Services based in High River. It is a small company that aims to help Albertans better their financial situations by offering guidance into home ownership.

34 FALL 2012

FALL 2012 MEMBER PROFILE

WHAT IS YOUR EXPERIENCE WITH AMBA? I became an AMBA member upon successful completion of my exam. Within my first year as an AMBA member, I recognized the benefits. I have gained valuable friendships through my membership and participation in events and would recommend people entering this industry to participate as a member of AMBA. I volunteer for the entertainment committee; helping co-ordinate conferences and other activities throughout the year, such as the curling fun spiel.

AMBA provides an opportunity to get to know your peers and share a wealth of knowledge between experts in the industry.

WHAT ADVICE WOULD YOU GIVE PEOPLE TRYING TO ENTER THE MORTGAGE BUSINESS? I love how rewarding this industry can be as we connect families with houses. In my experience, I found that starting out as an

assistant to a mortgage broker sparked my passion for wanting to join this business, while providing me with the opportunity to get to know the ins and outs of the business. I found this guidance to be very beneficial to my career as a mortgage associate.

I would encourage all individuals trying to enter the business to get involved with business by attending industry events and volunteering. It is also great to find a mentor to support you in your future professional endeavors.

CONTINUED NEXT PAGE ...

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FALL 2012

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FALL 2012 MEMBER PROFILE WHAT IS YOUR VISION FOR THE MORTGAGE INDUSTRY? I believe that the mortgage industry will continue to progress and evolve. I think that the future of this industry is in the hands of the younger generation today that are entering home ownership.

HOW DO YOU STAY AHEAD? I strive to ensure that my clients are well informed and help them through the process of attaining a mortgage for their house. I rely on good referrals from my clientele and attempt to make myself visible within my community. I strongly believe that a key to my success in this business is being upfront and truthful with my clients.

As well, I involve myself with continuing education and bettering my professional practice. I am currently working toward my AMP designation.

CHALLENGING ASPECTS? An aspect of the business that I find challenging is the competitive rates banks are offering. As well, it is essential to keep up with the changes that the government puts forth.

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Delivering Ser vice. Creating Solutions. Building Success. *2010 Broker on Lenders study, conducted by CMP Magazine and published September 2010.

36 FALL 2012

CONTINUED FROM PAGE 16...

#THISISMYTITLE #THEYAREHASHTAGS #REASONABLYANNOYING highly dependent on your skillset (or of the people you hire), and how close to the native user experience you want to be.

Where mobile banking is heading: While Canada is lagging behind the U.S. and significantly behind Asia-Pacific regions in mobile banking, we can look to their innovations as signs of the future of mobile banking on our turf.

Mobile Wallet: The ability for a consumer to hold all of his identification and payment sources in the cloud to be used in any circumstance to confirm identity, pay for purchased items, or use loyalty points to book a room. Imagine that this innovation would also include their real time mortgage and lending information.

Mobile Payments: Imagine shopping for groceries, scanning each item as you take them off the shelf before placing them in your cart. As you scan each item, a virtual statement is being produced. As you walk out of the store, you skip the cashier lanes and swipe your phone on the Near Field Communications Point-of-Sale as you walk right past the luddites with their cash/cheque/credit cards. Imagine that same application will allow you to pay your bills as it comes due from one of a dozen sources, and pay your friend back the $20 you owe him by tapping your mobile phones together.

Mobile Cash Withdrawal: I wonder how much safer you would feel if you could complete all your cash machine banking on your tablet at home? You decide how much money you would like, from which account, from what specific ATM and at what time. Then when you are ready, you simply walk up to the ATM, scan the code, and out pops your money without anyone snooping your PIN.

Remote Cheque Deposit: I’m not sure about you, but the only time I walk into a bank is to deposit a cheque. Wouldn’t it be so much easier to use my banking application to take a picture of the cheque and automatically deposit the funds in my account?

Loyalty Programs / Incentives: We all rack up a lot of loyalty points, and in fairness I’m pretty sure none of us can keep track of them all.

When do we use Air Miles versus Aeroplan? Does this grocery store have electronic coupons? Is there a sale at this store today or was it yesterday? Fortunately for us, our mobile devices know exactly where we are at every moment of the day and they will soon start to tell us what’s on sale currently at the store next door.

Above all else, you have to consider that mobile technology is about engagement, not accessibility. It’s not just another way to send your prospects or clients something they ‘may’ find interesting about your services. Mobile is a highly personalized style of client interaction. They want to communicate with you in their preferred method, they want to consume information on their schedule, and you want to provide them a very easy way to share your interesting information. Your question: How can you engage your clients and prospects and their circle of friends more by providing them with an unmatched mobile experience?

Tweet to @AllWHATMCmembers “#FOURTHORDER of business: please call someone to pick up my #motorcycle off my foot … it fell on me when I was pretending to drive it” Response from @PresidentWHATMCSpouse:

“I told you so”

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AMBA CALENDAR DECEMBER 2012 AMBA CHRISTMAS SOCIAL DECEMBER 6TH, 2012 Chili’s Texas Grill (North Hill Mall), Calgary, AB SPONSORED BY 4:00 p.m.

President's

BLOG

MARCH 2013 CURLING BONSPIEL MARCH 1ST, 2013 The Calgary Curling Club Calgary, AB

38 FALL 2012

scan the QR code with your smart phone or visit www.amba.ca/blog

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