AMBA Matters Fall 2010

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PLUS!

Don’t Be Fooled DEBUNKING THE MYTHS OF NEW FEDERAL RULES

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FALL 2010 Building AMBA

Community Spirit

AMBA 2010-2011

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You are part of AMBA’s community.

But what does that mean?

Presenting ...

Cirque du AMBA

A SPECIAL THANKS TO OUR ADVERTISERS...

Verico..................................2

14

First National.......................5 David + Henderson.............6 Scotiabank..........................8

The circus was back in town! A look at this year’s conference & tradeshow.

Award Winners

17

Photo Gallery

The Ringmasters

National Bank...................23

20

Links with AMBA

Mortgage Statements

Fisgard..............................28 VWR Capital Corp............30

22

Quantus Financial Corp.

Frank Hickey

Ken Kirkpatrick

Concord Mortgage Group Ltd.

Axiom Wise Mortgage

Phil McDowell

Ron McClenaghan

Mortgages are Marvellous

Invis

Gord McCallum

David McKitrick

First Foundation Residential Mortgages

AltaWest Mortgage Corp.

Jill Paish

Renee Stribbell

Shaelynn Capital Inc........32

Merix Financial

Todd Fralic

Axiom Integrity First Mortgage Solutions

Dyck Insurance.................33 J.E. Fletcher......................34 Caplink..............................34

26

Bridgewater Bank.............36

Paul Bojakli Quantus Financial Corp.

Alta West Mortgage..........37

Kristen Linde-Ferrier First National Financial

Dominion Lending............39

The weather held up to par, and AMBA had another great golf tourney.

High Ratio

Lanyard.............................25

Cedar Peaks.....................31

The speakers and the economic panel of this year’s conference event.

A Day on The

Calvert Home Mortgage Investment Corp.

Optimum Mortgage..........19

Learn how you can download your favorite pictures of our 2010 event.

Introducing ...

Home Trust.......................16 Capital Direct....................18

Recognizing the past, respecting the present and embracing the future.

Under the Big Top

Past President

Dean Koeller

Invis Inc.............................10 Equitable Trust..................13

The 2010 AMBA

President

Mortgage Intelligence.......40

AMBA/RECA Rep

Gary Siegle

29

Invis Inc.

Clarification from the Alberta Court of Queen’s Bench.

Tips:

Mortgage Misinformation

31

Don’t buy the rumors that have spread since the new federal government rules.

OTHER FEATURES...

President’s Report..................................................... 4 AMBA Membership Survey....................................... 7 Executive Director’s Report....................................... 9 AMBA Community Member Briefs.......................... 32 Member Profile of Russ Mendonca........................ 35 AMBA Calendar........................................................ 38

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: Phone: Fax: Email: Web:

Return undeliverable Canadian addresses to: Alberta Mortgage Brokers Association Suite 207, 4954 Richard Road SW Calgary, AB T3E 6L1

1.888.452.2652 403.685.9652 403.685.9682 info@amba.ca www.amba.ca

207, 4954 Richard Rd SW Calgary, AB T3E 6L1

golf See a f wrap tournam ull - up o e n p g nt . 26

FOR FALL 2010 Dean Koeller, AMBA President

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he fall has always been a time of new starts, getting organized and preparing for another winter. Unfortunately, Alberta’s summer has felt too short, which can make for an even longer winter. In many ways, seasons are much like the economy and business – we have to remind ourselves that while the seasons can sometimes feel long, they will change and we will see new growth and opportunity very soon.

I encourage members to stay committed to working your networks and building your communities, which happens to be the theme of this edition of AMBA Matters. It is only through grassroot activities of getting to know your neighbours that we can build, grow and develop ourselves and our businesses. The benefit of harder economic times is that new and creative markets develop, and it is the people who are committed to their business and adapting to new challenges that will be able to redefine and capitalize on tomorrow’s opportunities.

Report on Business This summer has been a very active one at AMBA’s office.

Both staff and the board of directors have been hard at work preparing for another year of quality events, education and programming to meet members’ needs. I would like to begin by thanking all members who participated in the membership survey that was conducted in June 2010. This was essential in providing the association with feedback and direction in order to improve services for members. For more information regarding the membership survey results, see pg. 7.

Another big change the board initiated this year was a strategic planning meeting. Through the work of the previous year’s board it was determined AMBA needed to take a hard look at where we were going as an organization. The board met at the beginning of September and spent some time redeveloping our mission, vision and goals and creating programming that will meet the demand and needs of members. In the coming months, we will be rolling out and sharing with you initiatives that I’m sure you will find beneficial to your business and the industry.

AMBA MATTERS

C o nf e Trad rence an e d s u m m s h ow a r y p g. 1 on 4.

‘ Und e Big T r the o Galle p’ Photo r y on p g. 2 0.

Conference & Tradeshow I’m sure those of you who attended the ‘Under the Big Top 2010 AMBA Conference & Tradeshow’ will agree with me that it was one of the best conferences we have had to date. We had a great lineup of economists, including: Todd Hirsch, ATB Financial, Lai Sing Louie, Canadian Mortgage and Housing Corporation (CMHC), and Katherine White, Alberta Finance and Enterprise, who enlightened us on the economy. David Baxter shared with us the demographical and mathematical reasons for growth in our industry dating to 2040. David Chilton, author of The Wealthy Barber: A Truly Unique Perspective, charmed the crowd with a positive message of the reasons we need to be grateful for life and the opportunities we hold. I want to personally thank the staff, volunteers and sponsors for their efforts in making this year’s conference such a success.

Specifically, I would like to thank the conference organizing committee including: William Charlton, Rick Wilson, Ryan Spence, Heather Wytinck, Eden McNichol, Cheryl Murtagh, Paula Hutton, Laurie Alexander and Martin Breeze. Job well done all!

For a complete Conference & Tradeshow wrap, see pg. 14.

2010 Awards At this year’s conference we had an opportunity to honour some important industry members who in their actions are deserving of recognition. Congratulations to Pat Kelly, winner of the President Award, Gay Andrews, winner of the Executive Award, Hayley Whelpton, winner of the Ambassador Award, and Ryan Spence and Mary Ann Krahulic, winners of the Partner Award.

Thank you to the awards committee for all your hard work and dedication in making some very difficult decisions. For more awards news, see pg. 17.

R e ad awar all about d win t ners his year’s on p g. 17 .

Private Lenders Committee

Education AMBA’s Education Coordinator, Julia Lee, continues to diligently work with her volunteers and education director, Ken Kirkpatrick, on developing the new Mortgage Associates Program (MAP). Based on the work that has been completed, we are confident we’ll be able to launch the course in early 2011.

From what I have seen of the MAP course, AMBA is creating a new standard in our industry for educating mortgage associates.

I’m confident this will raise the bar in industry standards and produce a new standard for associates in the future.

This was a committee initiated by our past president, Todd Fralic, to deal with regulatory changes brought about by the Canadian Securities Administrators (CSA) in 2009. I’m very pleased to report AMBA has been able to take a leadership role in assisting a large number of private lenders in the province in the preparation for new regulatory standards. Led by Dave McKitrick, the committee is working closely with the Alberta Securities Commission (ASC) in helping to develop national policy to ensure the Alberta mortgage industry continues to have access to the private lending market as a financing alternative.

For more information or to get involved, contact AMBA’s office at 403.685.9652.

CONTINUED ON NEXT PAGE ...

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FALL 2010

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Communications and Marketing A large initiative of AMBA’s this year is to increase marketing and communication in three main areas: 1. Our members; 2. Consumers/general public and; 3. Media.

There are three directors committed to these objectives: Jill Paish focusing on AMBA membership; Renee Stribbell committed to consumer awareness and Ron McClenaghan driving public relations. These three individuals together with Amanda Roy, our new Communications Specialist, will be working to address these areas in the coming year. Stay tuned for more information in the next AMBA Matters. To read more about AMBA’s new Communications Specialist, see pg. 32.

GST on Fees In February of 2010, the Canada Revenue Agency (CRA) issued a Notice of Proposed Changes to the definition of financial services, which raised the question regarding GST charges for financial services. The documents suggested mortgage brokers’ commissions may be subject to GST. The Independent Mortgage

AMBA MATTERS

Brokers Association of Ontario (IMBA) has joined forces with AMBA and the Mortgage Brokers Association of British Columbia (MBABC) to contract the services of Deloitte to position and test the CRA’s definitions.

On June 30, 2010, the federal government released a revised document regarding the CRA notice released in February. This document dealt with the proposed amendments to the definition of financial services, in more detail, and suggested that mortgage brokers may be exempt based on the wording that is used in the lenders documentations. Once Deloitte has completed their review, we will provide more information on this issue. If you have any questions please do not hesitate to call AMBA’s office at 403.685.9652.

There are many more wonderful things that are happening at AMBA’s office, and to learn more I encourage you to call or contact us at any time. The AMBA staff, the board of directors and committee volunteers are all working hard to strengthen our community and continue building our industry, and I’m sure you will be pleased with the results we will be able to provide over the course of the year. We appreciate your support, involvement and feedback on how we can continue to add value to the association.

Dean Koeller, AMBA President

Read AMBA’s Report Card What we learned from the 2010 membership survey

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his past June, AMBA conducted an in-depth survey to hear what you have to say. The membership survey results assisted in evaluating the performance of AMBA, in meeting the needs of members and the Alberta mortgage broker industry. We were very pleased with the vast response and appreciate all the comments, suggestions and feedback received.

AMBA’s board of directors and staff heard what you had to say.

We’re making changes, where necessary, to improve the quality of our educational programs and services we offer you.

2010 Membership Survey Result Highlights:

Breakdown of the locations of Alberta Mortgage Brokers

6.6% Red Deer

Calgary

25% Edmonton

Edmonton

62%

Calgary

Lethbridge Grande Prarie Fort McMurray Medicine Hat

• 291 people completed the survey, representing 25.8% of AMBA’s membership. You have a strong collective voice!

• 94.85% of you feel AMBA offers enough services to support and enhance members in their mortgage practices.

• 93.13% of you agreed or strongly agreed you’re satisfied with AMBA’s work.

• 73.1% of you are familiar with AMBA’s efforts regarding creating consumer awareness through external tradeshows to drive consumers to AMBA’s website.

• 33.21% of you prefer e-mail communication and 23.95% of you prefer to use AMBA’s website to gather and obtain current information.

• Finally, 65 members indicated they would like to become involved in volunteering on AMBA committees. We encourage you to contact AMBA’s office as there are many opportunities to make a personal and valuable contribution to AMBA and the Alberta mortgage broker industry.

Red Deer Lloydminister

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e believe the positive survey results are a directcorrelation of the many initiatives completed by members and volunteers. While pleased with the results, there is still work to be done and as a result, you will see many positive changes in this regard over the next 12 months.

In addition, results from the survey told us more needs to be done to provide support in the areas of education and training, in regards to the usage of membership benefits to help you grow your business. AMBA will use your feedback to focus on these issues in 2011 to ensure you understand the full value of your membership.

We are proud of our accomplishments and of yours, our members. Thank you for taking the time to participate!

FALL 2010

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20 10 inn er Aw ard sD AM BA

Y

ou probably already know this, the theme for this issue of AMBA Matters is Community!

Prior to starting this article, I asked my staff to throw out a few words describing what community meant to them.

Here’s what they came up with: “Success, sacred, belonging, participating and contributing.”

I also found a number of definitions in the Webster’s Dictionary. I’ll share one of them: “People with a common background.”

Please note: If you haven’t heard, Webster will no longer be printing their dictionary, so if you have one, hold onto it – the hard copy dictionary will soon become a collector item.

So I’ll ask you, how would you define community?

Send your responses to communications@amba.ca and look for a follow-up article in the next edition of AMBA Matters.

Two weeks ago, AMBA’s board and staff attended a strategic planning meeting. The word ‘community’ was used several times, when suddenly one of the participants stressed how important this noun is, and how we need to take it into consideration in our strategic planning exercises. Further yet, director Ron McClenaghan talked about a project he is considering, which would involve our mortgage broker/ associate community getting out and meeting their neighbours.

You can find more information in Ron’s report, see pg. 11. How appropriate that we have used the theme ‘community’ for our community magazine!

FOR FALL 2010 Judy Martin, AMBA Executive Director Each year, AMBA works hard to connect our community at the annual Conference & Tradeshow. It provides great opportunity for you, our members, to participate and contribute to AMBA and to feel a sense of belonging. It is also a great reminder you belong in AMBA’s community.

The conference becomes a place for members, who are often competitors, to come together in fellowship and to learn, network and build your success in this business and industry together. You cannot build success alone; you need the help of your peers.

Look at the pictures in this edition of AMBA Matters, they’re glowing with fellowship and truly illustrate a sense of community. (To see more pictures, follow the instructions on pg. 20.)

While receiving the 2010 Partner Award, Mary Ann Krahulic of the Canadian Mortgage and Housing Corporation (CMHC), talked about how difficult it was for her, as a single mom, to start a new career. Today she’s an award winner for her contributions and participation in the mortgage brokerage industry.

She claimed, “I couldn’t have done it without my community.”

I’m not alone in saying this was a powerful statement reinforcing how we need each other, not just the industry, for our own success.

There are still a number of mortgage brokers/associates that are not members of AMBA. They may work in the mortgage brokerage industry, but are they part of it?

Thanks Amanda and Julia for your insightfulness to describe community ... they fit nicely into this brief.

The definition from the dictionary, “people with a common background” = AMBA membership!

If you know of licensees who are not members, remind them that they can’t build success alone, they need us!

Judy Martin, AMBA Executive Director FALL 2010

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ecently I was asked the question: What more can we do as an association to bring public focus onto the broker community? The wheels started spinning and a number of thoughts went through my mind. I started by reflecting on my own involvement within AMBA from the start of my career, which spans more than 10 years.

First off, my membership was mandated by the brokerage.

Better yet, they paid for it. Now we all know those days have come to an end and the true cost of membership is a direct expense, so we all expect real value for our dollars. As my time grew within the industry, I came to meet and got to know many of my fellow members through the various meetings, networking events and social functions hosted by AMBA. Friendships were formed and before I knew it I was immersed in the AMBA culture.

Before I go any further, I must tell you that my first instinct while writing this column was to look up my theme topics using the Webster’s Dictionary, however, my embracement of modern methods directed me to Google.

Fellowship: “The company of people who share the same interest or aim.”

Friendship: “Trust in one another, a relationship based on equal give and take between the parties.”

Membership: “A group of people belonging to an organized consortium.”

CONTINUED ON NEXT PAGE ...

FALL 2010

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CONTINUED FROM PREVIOUS PAGE ...

In the spirit of my message, I would like to refer to some life lessons and advice given to me by my father. I say ‘some’ because I didn’t heed all of it. There was much more to my father, I learned. As time went on I discovered he was a person who gave back to his community through his church activities, and was an active member of the local Lions Club. As a life-long bartender, you can only imagine the things he learned about people by watching and listening to the many patrons he served throughout his life. My father once told me, “It takes all kinds to make a world, and they are all out there.” He never gave me tons of advice, however, the tidbits he did were usually quite profound.

He also told me, “You learn more by listening than shooting your mouth off.” I only learned that one so well. My father wanted to be a difference maker by helping others where he could. I guess you could say he cared about the community he served.

Bill Patton, another good friend many of us grew to know, admire and respect, loved the mortgage business and even more-so the good people of the mortgage business community.

As AMBA numbers grew, Bill challenged himself to know each and every one of us, personally. He encouraged everyone to support and get involved with the association.

We need to build a recognizable professional image in the minds of the public. A perception and vision we as AMBA members can embrace and support for the communities we serve. We are all in this together and as long as we are all willing to carry a higher profile movement about our business into the communities we serve, our efforts should be rewarding.

In the upcoming months, AMBA’s board will be working to create and implement a new program called ‘Know Your Neighbours,’ a grassroots effort to get our membership involved with local neighbourhood watch associations throughout the province. Stay tuned for more details.

Recently, I heard a fireman on a TV news interview at the scene of a huge neighbourhood fire saying, “I live here, I work here, these people are like family.“ This is the essence of COMMUNITY SPIRIT. This is exactly what I am talking about; we need to be out in our communities showing we care.

The message is simple, when called upon by your association, answer the call to be involved so we can all show you and AMBA care.

AMBA’s board will be working to create and implement a new program called ‘Know Your Neighbours,’ a grassroots effort to get our membership involved with local neighbourhood watch associations throughout the province.

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AMBA MATTERS

Did you know you and AMBA donate to community?

2010

• • •

• • • •

Women in Need Society (WINS) of Calgary The Road Ahead Society of Calgary Plan International Canada’s Shelter Box Canada Campaign The Calgary Homeless Foundation Kids Cancer Care Calgary Inter-Faith Food Bank Baby Heroes Diaper Challenge (Edmonton)

2009

• • • • • •

Calgary Meals on Wheels Big Brothers and Sisters of Calgary The Home Program The Mustard Seed Kids Cancer Care Calgary Inter-Faith Food Bank

2008

• • •

• • •

Society for Treatment of Autism Autism Calgary Association Edmonton City Centre Church Corporation (School Lunch Program) The Mustard Seed Kids Cancer Care Calgary Inter-Faith Food Bank

2007

• •

Alberta Cancer Foundation Calgary Real Estate Board Charitable Foundation (Crestwood Affordable Housing) Kids Cancer Care Calgary Inter-Faith Food Bank Skate Canada

• • •

AMBA staff take their families to donate and tour the Calgary Mustard Seed at Christmas 2009 ...

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PRESENTING ...

T

hank you for attending AMBA’s best conference to-date! This year was the first time we kicked things off with the golf tournament, held at the Innisfail Golf and Country Club. Despite cool temperatures, it was a fantastic event at a top-ranked golf course. The golf carts and water were sponsored by ResMor Trust Company, lunch was provided by Upright Mortgage Services and the much needed golf balls were courtesy of Mortgage Intelligence. Street Capital sponsored the hole-in-one cash prize, while Genworth sponsored the vacation hole-in-one. Thank-you to those of you who participated in the charity fundraising activities; we raised more than $3,200 for the Women in Need Society of Calgary.

We’d also like to thank Russ Mendonca and his team at TMG, who helped to raised $468 through the swing-analysis activity at the golf tournament.

Following golf, everyone was treated to an opening reception at the Capri Hotel & Convention Centre, hosted by Filogix (now called Davis + Henderson,) on the eve of the conference. This year during the pre-reception, drink tickets were purchasable for the entire conference, courtesy of Capital Direct Lending. I’d like to note: Many people, including Paul Bojakli, Les Shore, Bob Hutton, Donna Hunter and myself are certain the McDowells

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AMBA MATTERS

immediately found their MCAP sponsored hotel room keys and went straight to their rooms by 10:00 p.m. to rest up for the next day’s events.

On the morning of the conference, our early-to-bed and well-rested attendees made their way to a full buffet breakfast, sponsored by Equitable Trust. Following breakfast, Genworth Financial hosted a very informative and well received economic panel discussion, featuring former Alberta Premier Ralph Klein as the moderator, and Todd Hirsch of ATB Financial, Lai Sing Louie of Canadian Mortgage and Housing Corporation (CMHC) and Katherine White of Alberta Finance and Enterprise, as our guest economists. The economists were fantastic and we look forward to this format again in the future. Following the economic session, Concentra Financial and National Bank provided refreshments.

David Baxter was the star of the second session, where he talked about demographics in the mortgage market. He was brilliant, and could have talked for hours to the attentive crowd.

A big thank-you goes to Laurentian Bank for sponsoring Mr. Baxter’s presentation.

A wonderful lunch was served to the members in the ballroom, courtesy of CMHC, as we awaited the keynote speaker, David Chilton, author of The Wealthy Barber: A Truly Unique Perspective. During lunch, I observed Mr. Chilton didn’t touch his meal, as if being polite not to eat before his presentation. I learned only a few minutes before his presentation that he is allergic to garlic. What a great time to serve Caesar salad, garlic

sors president spon

rs partner sponso

ambassador sponsors

rs executive sponso

toast and lasagna! Oops … but he was an amazing speaker and his stories were funny and enlightening. It was great timing to speak about not complaining, too!

After his presentation, we all gathered ‘Under the Big Top’ for the tradeshow, where Street Capital provided the beverages and snacks for everyone attending the show. This year’s tradeshow featured some of AMBA’s all-time classic costumes. Some attendees had a chance to win a date with the ‘scary woman’ ... great costume Russ Mendonca! A huge thank-you is extended to First National Financial for sponsoring and organizing the registration table throughout the day. You did an amazing job again this year.

The always anticipated gala was held following the Conference & Tradeshow; a special thanks to Axiom Mortgage Solutions for their sponsorship. Axiom put on another classy event, filling the room with circus themed decorations.

Everyone in attendance was treated to an elegant night of entertainment and shared in the congratulations to our awards recipients. Congratulations to Pat Kelly, Mary Ann Krahulic, Gay Andrews, Ryan Spence and Hayley Whelpton on your achievements. Master of Ceremonies Greg Shannon from KG County 95.5 radio, had us laughing all night long with his comic relief. Greg was sponsored by Optimum Mortgage.

All weekend, including the gala, photographer Morris Chirka was there snapping shots, thanks to Home Trust.

Judy Martin was especially grateful for the wine sponsors, Invis (red wine) and Scotia Mortgage Authority (white wine).

Judy ensured these sponsors the wine would not go to waste … by 11:30 p.m., it was gone … thank-you Judy for your support of our wine sponsors!

The Conference & Tradeshow was another great event put on by volunteers from our membership. It is important that we recognize the hard work our peers have put into this event that took an entire year to plan. Please join me in thanking: Rick Wilson (Mortgage Alliance), Ryan Spence (Davis + Henderson), Heather Wytinck (Optimum Mortgage), Eden McNichol (First National), Cheryl Murtagh (Street Capital), Paula Hutton (Capital Direct), Laurie Alexander (Mortgages are Marvelous), Martin Breeze (Street Capital), and of course AMBA’s staff, Judy Martin, Samantha Gill and Julia Lee. Thank you for your time and creativity.

Thank you again to everyone who attended; we hope you enjoyed the 2010 AMBA Conference & Tradeshow and annual Golf Tournament. We’d also like to welcome Kristen LindeFerrier as the new events director. See you in Red Deer in September 2011!

FALL 2010

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www.hometrust.ca

Each year, AMBA recognizes a few of its

AMBA 2010

outstanding members by presenting President, Ambassador, Executive, and Partner of the Year Awards.The award selections are based on the number of years in the industry, a demonstration of leadership, integrity and outstanding participation in the mortgage industry. The recipients of the awards exemplify the finest standards of professional practice

President Award

and accomplishments.

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

Executive Award

Pat Kelly

The Mortgage Group Inc., Broker

W

ith more than a decade of industry experience, Pat Kelly was a standout recipient for this year’s prestigious President’s honour. Pat has twice held the title as President of AMBA, as well as serving three years on the Mortgage Broker Advisory Committee.

Upon graduating from the University of Calgary with a Bachelor of Arts Degree in Political Science, Pat delved into the financial world of mortgages. Since 2003, Pat has been sharing his wealth of industry knowledge, teaching eager students at Mount Royal University (MRU), formerly Mount Royal College (MRC), the ins-and-outs of mediating a deal.

Pat is a strong advocate of the value of a mortgage broker and the industry among financial communities and businesses.

One of his greatest achievements with AMBA has been his leadership and success in resolving a difficult situation between a group of lenders and the security of the Real Estate Council of Alberta (RECA)’s Assurance Fund. Pat managed to dissolve the situation and implement measures to protect the fund from future encroachment by lenders.

His exceptional direction, leadership, industry passion and kindness have led to not only his personal success, but to the notable success of his team at The Mortgage Group Inc. and AMBA. His demonstrated willingness to always be of assistance in matters relating to the mortgage industry makes Pat an invaluable AMBA member.

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

Gay Andrews

CapLink Financial Corp., Broker

W

ith 29 years of diverse mortgage experience, Gay has worked in all areas of the industry and is highly regarded for her expertise.

Gay’s willingness to help fellow AMBA members with questions regarding the AMBA Code of Ethics, the Real Estate Council of Alberta (RECA)’s investigation processes and the Fair Trading Act is an example of her immense character.

Her leadership and industry experience were of great value to AMBA’s board while she served four years as board of director, holding three different portfolios. She has also participated on several AMBA subcommittees and has been an appointed AMBA representative at several industry conferences.

Gay exemplifies an unyielding enthusiasm for the mortgage brokerage industry, a willingness to advise, train and help others succeed, and continues to positively contribute towards the betterment of AMBA. CONTINUED ON NEXT PAGE ...

FALL 2010

17

Hayley Whelpton

Verico Worry Free Mortgage, Broker

Ambassador Award

S

ince joining the industry in 2002, Hayley Whelpton has been a sincere and enthusiastic advocate for the mortgage industry. Her colleagues describe her as glowing with enthusiasm for the Canadian mortgage industry.

As the founder, broker and leader of two brokerages, including current company Verico Worry Free Mortgage, Hayley’s proven she understands the industry challenges and is devoted to informing the public of the outstanding service mortgage brokers can provide.

Her proven commitment to the industry is backed up by her awards of merit from Total Woman in Business 2008 Award and the Verico 2008 Community Service Award.

Each year, Hayley dedicates her time to help with the AMBA’s Curling Bonspiel and the annual Conference & Tradeshow. She also regularly voluneers her time to the association and her community.

Her dedication, leadership and recognized adoration and advocacy of the industry are exactly the representation the industry and AMBA need.

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

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British Columbia

18

AMBA MATTERS

Alberta North

Alberta South

Ontario

Atlantic Provinces

Ryan Spence

Partner Awards

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

Davis + Henderson (formerly Filogix)

R

yan’s charm and charismatic personality make him popular among industry pears, who’ve noted him as being a great ambassador to AMBA. He dedicates many hours to AMBA committees and volunteers at the drop of a hat. He tirelessly helps students learn the technology portion of the Mortgage Associates Course, further demonstrating his leadership and commitment to the betterment of the industry.

Mary Ann Krahulic

Canadian Mortgage and Housing Corporation (CMHC)

M

ary Ann works extremely hard to ensure CMHC is actively supporting AMBA initiatives and events and has developed a great working and honourable relationships among members.

She has served two terms on AMBA’s board of directors, taught the Mortgage Agent Licensing course and assisted AMBA staff in rewriting the course in 2002. Mary Ann’s continued support and willingness to volunteer for AMBA make her an irreplaceable partner.

What sets us apart?

We work for brokers; always have, always will.

We offer you SERVICE that saves you time. n A high-service lender suitable for most borrowers. n Always reach us during business hours at 866.441.3775 (no voicemail). n Broker referral fees paid weekly.

We offer you PRODUCTS that help you close more deals. n Consumer-friendly mortgages (e.g., early pay-outs permitted, payment increases permitted, portable). n N.I.Q. lending (BFS, stated/salaried income). n “A” lending (high-ratio/conventional, CMHC/Genworth).

Optimum Mortgage is the broker-focused arm of the Canadian Western Bank Group (TSX:CWB).

CWB Group has a 26-year history, balance sheet assets of $12 billion, and 1,400+ staff.

Questions? Comments? Deals?

We always welcome your call.

866.441.3775 www.OptimumMortgage.ca

Contact our BDO in your area, now: Ontario GTA, Rod Dadswell - 416.995.5713 Ontario Northeast, Rick Glauser - 705.331.5954 Ontario Southwest, Joe Foggetti - 416.882.9919 Manitoba & Saskatchewan, June Craig - 204.998.3899

Alberta North, Brian Karim - 780.915.3381 Alberta South, Heather Wytinck - 403.998.6010 B.C. Interior/Lwr. Mainland East, Matthew Scaife - 250.212.3763 B.C. Lwr. Mainland West, Jackie Matthew - 604.317.4027 Underwriters, Corporate Office - 866.441.3775

FALL 2010

19

2010 & TRADESHOW E C N E R FE N O C A AMB Photography by otography Morris Chirka Ph

ba.ca ite at www.am Visit our webs rence e ‘2010 Confe and click on th ss the ce ’ button to ac & Tradeshow ar the ne d te ge. Loca conference pa , you’ll ite bs we ce eren top of the conf e th link. To access find a gallery the pe ty you have to photo gallery, gin lo e th to ba2010 in password am u yo e ag im an oad field. To downl button, d’ oa nl ow ‘d e have to click th n in the photo whe located above e th in d type view mode, an field.

10 in the login pt se rd wo pass you r, pop-up blocke If you have a to r de sable it in or will have to di . pictures download the

20

AMBA MATTERS

FALL 2010

21

Amanda Roy

AMBA Communications Specialist

T

RODUCING THE

INT

erence f n o C A B M A 10 0 THE 2 s ... t is l e n a P d n a s r Speake

(Right to Left)

Premier Former Alberta i Sing La , ein Kl lph Ra Louie of CMHC, of Katherine White and Alberta Finance Todd d an e, ris rp te En ancial.

Hirsch of ATB Fin

David Chilton didn’t disappoint the luncheon audie nce, entertaining them with humor and thou ght.

he Genworth Financial economic panel featuring former Alberta Premier Ralph Klein as the moderator, Todd Hirsch of ATB Financial, Lai Sing Louie of Canadian Mortgage and Housing Corporation (CMHC), and Katherine White of Alberta Finance and Enterprise, shared their thoughts about Alberta’s economy and where it will go in the future.

The group unanimously agreed Alberta’s housing market has hit a soft spot and is currently heavy with excess inventory, but levels will decrease into 2011 and gradually the market will begin another up-tick climb. “We won’t see the up-tick levels of 2007, though,” White said.

Hirsch and Lai Sing Louie slightly disagreed on the topic surrounding ‘housing bubbles.’ Hirsch described Calgary’s housing market as being in a ‘small bubble’ that will begin to deflate without problems in early 2011. Whereas, Louie said recent housing statistics don’t reflect ‘bubble’ numbers.

“Over the last couple years, on average, housing prices have softened in the province and continue to hover around the same levels due to economic factors,” Louie said. “If we were in a bubble, we’d see more flux in levels.”

All panel members agreed Western Canada is still experiencing harder economic times compared to 2007, the boom year. However, they said they’re fully confident markets will continue to slowly recover through 2011.

Having Mr. Klein join AMBA in celebration of our 35 years was a great honour, as he added a different perspective to the mix and kept the panel on topic.

Industry Tips for a Soft Market from Katherine White

Page 24

David Baxter the spun numbers in ning or m e th of s mind talked audience, as he kets. ar m re tu fu t abou

Page 24

22

•

Council clients to use a wait-and-see attitude with respect to housing prices and mortgage rates because of soft markets.

•

Don’t encourage clients to hold two mortgages at once. Soft markets could mean a home held on a demand loan sits on the market for an extended period of time and, as a result, affects a person’s personal credit.

Amanda Roy

AMBA Communications Specialist

D

avid Chilton’s probably delivered the same speech he shared with AMBA hundreds of times, but he made everyone in attendance feel as if he was telling it for the very first time. His natural charm and charisma, mixed with a little comic relief, are key to the audience’s experience and his public speaking success. He knows exactly the right mix that gets people thinking about the financial messages he’s stressing, but laughing at them, too.

‘The Wealthy Barber’ has a way of keeping his presentations fresh, funny and informative. A member who’s heard David speak nine times claimed his presentation to AMBA has been his best yet. If a speech isn’t stale and boring after nine times, he must be doing something special.

David gave an enlightening speech following a tasty lunch, sponsored by the Canadian Mortgage and Housing Corporation (CMHC).

He had everyone giggling when he blamed Home and Garden Television (HGTV) for a lot of Canadians’ debt problems. “As The Wealthy Barber, I’d give all my money away if they’d take

Amanda Roy

AMBA Communications Specialist

D

avid Baxter had minds spinning with numbers as he talked about the next 30 years and why housing is considered still affordable in Alberta. He shared several theories on how Alberta’s and Canada’s demographics will affect future mortgage trends and displayed several popular graphs emphasizing prospective numbers.

Baxter downplayed all rumours that housing isn’t affordable, with his theory that homes are affordable because mortgages are being approved, despite harder rules, and people continue to buy. “Housing isn’t about people. It’s about stuff,” Baxter claimed. “People accumulate a lot of stuff, so where will all of it go? This drives sales and will continue to.”

With three-quarters of Canadians owning their own homes, why are people so scared? “We shouldn’t be worried because we already have a high percentage of our population building equity from their homes. They’re also more than likely to repeat buy.”

24

AMBA MATTERS

it (HGTV) off the air,” joked Chilton. The message here: “If you can’t afford it don’t, buy it.” Stick to the rule and you can steer clear of avoidable financial stress.

Explaining lessons in finance and business success through personal business stories, David spoke about his partnership with the Podleski sisters and taking on the multi-national, billion-dollar food industry. As their company president and publisher, David helped the Podleskis turn their idea of low-fat cookbooks into an award-winning food company. The Podleskis’ cookbook, Looneyspoons, is one of the fastest selling books in Canadian publishing history. (The trio also published Crazy Plates and Eat, Shrink and Be Merry.)

His main message to the crowd: Stop complaining about trivial things because life’s better today than ever. “Here’s a little food for thought: People who say they sure don’t make cars like they used to, are crazy,” Chilton said. “They make cars better today than ever. Cars have heated steering wheels and TVs now!

We’re the lucky ones, so cheer up.” David stressed the power of perspective is important and one must think about it consciously.

David Chilton is the author of The Wealthy Barber: A Truly Unique Perspective, one of the most recognized financial advice novels. It has sold more than two-million copies in North America. More than 10 years after it was first published, it still appears regularly on bestseller lists.

According to Baxter, life expectancy is the No.1 reason mortgage associates should be smiling. “Another thing to consider is longer life expectancy means a longer working force,” said Baxter. “Today, people work longer and, therefore, are able to carry mortgages longer. This factor is also increasing the opportunities for more homeownership.

These changes are due to net increase in mortgage properties.”

Since 1971, both Canada’s and Alberta’s birthrates have been below the necessary replacement value, Baxter explained.

“In order for Alberta’s housing market to remain active and secure, the province needs migration to bump up the numbers,” Baxter said. “You want to attract permanent migrants to take the volatility out of the market. The No.1 thing an immigrant wants to achieve is homeownership. This will secure the market for the future.”

A presentation summary from David is available on AMBA’s website at www.amba.ca, under the conference section.

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A DAY

T WITH

26

AMBA MATTERS

he day started out looking a little touchy from a weather perspective, but after a little rain early on, the skies held back and we had a great day. This year’s tournament was held at the Innisfail Golf and Country Club in Red Deer, Alta. The course was beautiful and the hospitality was wonderful.

With 152 golfers, 10 hole-sponsors and a fantastic group of volunteers, this year’s tourney turned out to be one of the best in AMBA Golf Tournament history. This year, golf marked the commencement of AMBA events as opposed to wrapping the festivities up. The change in format was a popular one.

With a score of 10-under, the winning team of Jeff Blanchette, Kevin MacGregor, Nadeem Jiwa and Justin Woods walked away with the trophy. The team of Lynn Power, Todd Poberznick, Garry Bidniak

and Peter Wakefield had the most fun and were awarded the Most Honest Team honour.

Jason Mykes claimed the tournament bragging rights for the men’s longest drive. The women’s longest drive was won

by Ellen Watt. The men’s closest to the pin was won by Dave Mahoney, while the women’s closest to the pin was won by Bonny Clarke. The award for the Closest to the Target went to Corbett Connors. Gary Siegle’s team was awarded the honours of longest putt.

We are also very proud that we were able to raise more than $3,200 for the Women in Need Society (WINS) of Calgary by selling mulligans and raffle tickets for a set of King Cobra irons, the swing-analysis booth sponsored by Russ Mendonca and TMG, and other AMBA donations.

A special thanks to ResMor Trust for sponsoring the golf carts and water bottles, Kelly Porter from Mortgage Alliance Upright Mortgage Services Ltd. for the lunch boxes, and Street Capital and Genworth for the hole-in-one prizes (unfortunately no one won this year). We would also like to thank our holesponsors, First National, Equitable Trust, Verico, Home Trust, TMG, Weeks Law and Canadian Mortgage and Housing Corporation (CMHC).

Last but not least, thank you to all who joined us on the links and volunteered at this year’s tourney. We couldn’t have done it without you! See you next year.

Letter from WINS Job well done to all AMBA members.

You have donated more than $3,200 to WINS this year.

AMBA’S 2010 GOLF CHARITY

WINS and AMBA Extend their Gratitude Women In Need Society (WINS) is a charitable not-for-profit organization in Calgary. WINS was AMBA’s charity of choice for partnership at this year’s golf tournament. Several golfrelated activities were set up along the course and participants made donations at these stops. A swing-analysis station, where golfers were able to donate to have their form and swing critiqued, was one of the various stops along the course, thanks to by Russ Mendonca and TMG.

Established in 1992, WINS’ mission is to help women help themselves through innovative and effective programs and services. WINS works with women in low-income situations.

This includes: • • • •

Women coming out of shelters Single mothers and their children Women in transition New Canadians

WINS’ goal is that women have the resources, knowledge, skills and confidence to achieve self-sufficiency.

Dear Judy and AMBA, I just wanted to extend a huge thank-you to you and the AMBA board for allowing WINS to be involved in your 2010 Golf Tournament and Conference.

It was a great success and everyone was so generous.

With the donations received at the tournament and the $600 received from AMBA on behalf of the Conference & Tradeshow speakers, we received more than $3,200 – so thank you.

I hope your conference was a great success – it was wonderful to finally meet you and all those that helped make your event such a hit.

Regards,

Janice Grant FALL 2010

27

E G A G T R O M STATEMENTS

n Clarificatio f from Court o

ch Queen’s Ben

d John

by Richard AM BA Member Written ion an n tio al Corpora

ofe Richard I. John Pr

ss

This article deals with Alberta’s Law of Property Act and in particular the application of Part 5 of the Law of Property Act which governs the ‘Enforcement of Mortgages and Agreements for Sale of Land,’ particularly ‘high ratio mortgages.’

Please note: High ratio mortgages are also sometimes referred to as ‘insured mortgages’.

I

n 2004, the Law of Property Act Alberta was amended to expand the scope of the provisions, which allowed mortgages to obtain deficiency judgments in foreclosure actions on insured mortgages where there was insufficient equity to cover the amount of the mortgage. Historically, only mortgages insured with Canada Mortgage and Housing Corporation (CMHC) were able to obtain deficiency judgments.

The amendments to the act allowed other insurers of mortgages to be able to obtain deficiency judgments where there was insufficient equity in a mortgaged property. The amendments to the Law of Property Act provided that the Lieutenant Governor in Council could by regulation define a “high ratio mortgage.” Moreover, in addition, section 2 of the Law of Property Regulations required that effective August 1, 2006 all ‘high ratio mortgages’ prominently publish the following statement mortgages: ‘This mortgage is a high ratio mortgage to which sections 43(4.1) and (4.2) and 44(4.1) and (4.2) of the Law of Property Act apply. You and anyone who, expressly or implied assumes this mortgage from you, could be sued for any obligations under this mortgage if there is a default by you or by a person who assumes this mortgage.’

As a result of this regulatory requirement, lenders and their lawyers who prepared the mortgages, were expected to include this statement on all high ratio mortgages. In some instances, lenders and lawyers inadvertently did not include this statement on high ratio mortgages. As a result, it was only a matter of time until a mortgagor being foreclosed upon raised the argument that a failure to comply with this regulatory requirement should result in the mortgagee not being entitled to a deficiency judgment.

In December 2009 (with further submissions being made in April of 2010), the most recently appointed Court of Queen’s Bench Master, Master Jodi L. Mason, heard argument on whether the failure to include the High Ration Mortgage Statement in a mortgage resulted in the loss to the mortgagee of its right to a deficiency judgment.

Master Mason’s written decision was released on June 15, 2010; Bank of Montreal v. Hoehan, 2010 ABQB 405.

The Master’s decision provides a thorough history of ‘high ratio mortgages’ and then deals with the central issue: Is the requirement in the Law of Property Regulations to include the High Ratio Mortgage Statement in a ‘high ratio Mortgage’ ultra vires the enabling statute (the Law of Property Act).

The term ultra vires is a latin phrase which means beyond the legal power or authority. The question which needed to be answered by the Court was whether the provision in the Law of Property Act was broad enough to allow the regulation to also require that a high ratio mortgage must contain the warning in the High Ratio Mortgage Statement as set out in section 2 of the Law of Property Regulation. In this regard section 50.1 of the Law of Property Act (one of the sections amended) only CONTINUED ON NEXT PAGE ...

FALL 2010

29

CONTINUED FROM PREVIOUS PAGE ... authorized the Lieutenant Governor in Council to define by regulation what a ‘high ratio mortgage’ was. More particularly, this section authorized the Lieutenant Governor in Council to make regulations defining ‘high ratio Mortgages’ for the purposes of sections 43(4.1) and (4.2) and 44(4.1) and (4.2) of the Law of Property Act. The law requires that subordinate legislation must be authorized by the statute and if it is not authorized then it is considered to be ultra vires and not enforceable.

Master Mason indicated that the purpose and intent of the amendments to the Law of Property Act was to allow ‘all high ratio mortgage lenders to sue in order to enforce the covenant to pay contained in the mortgages.’ The Master acknowledged that prior to the Law of Property Act being amended that ‘borrowers dealing with mortgages insured by private insurers were not exposed to a personal judgment if they or a transferee defaulted on the mortgage loan.’ Master Mason also commented on the intention of section 2. The Master stated that ‘while warning borrowers of the potential legal consequences of entering into a high ratio mortgage may be a laudable endeavour, that is not the purpose behind the 2003 amendments to the Law of Property Act, which was to extend the non-application of section 40 to all high ratio mortgages.’

30

AMBA MATTERS

Master Mason concluded that section 2 of the Law of Property Regulations does not purport to be a definition of ‘high ratio mortgage’ nor is it a definition in substance. Master Mason stated that section 2 of the Law of Property Regulations ‘instead imposes a requirement that a warning of the potential legal consequences be included in all high ratio mortgages.’

The Master then concluded that ‘this exceeds the regulating power granted under section 50.1 of the Law of Property Act and adds a new substantive requirement outside the scope of the Law of Property Act’. As such, the Court concluded that section 2 of the Law of Property Regulations was ultra vires the Law of Property Act and not enforceable.

Richard I. John is a lawyer whose office is located at 205 - 7A Street NE very close to downtown Calgary. Mr. John graduated with his law degree in 1992 from the University of Alberta and was called to the British Columbia Bar in 1993 and the Alberta Bar in 1994. Mr. John’s practice includes mortgage and foreclosure law, real estate and corporate law, condominium law, and business and real estate litigation.

This is a shortened version of the report. For the full version visit, www.amba.ca, under resource library, ‘High Ratio Mortgage Statements: Clarification from Court of Queen’s Bench.’

You can still purchase a vacation or second property with 5% down.

MORTGAGE

If you have your eye on a new cottage or second home, those are also exempt from the new down payment changes. Unless you plan to rent it out while not living there, you can still purchase a second home for 5% down. The only situation that falls under the new rules (where you’ll be required to put 20% down) is if you’re purchasing a property solely for investment purposes. This is to prevent real estate speculators from artificially inflating the market.

MISINFORMATION Provided by

Renee Stribbell of Axiom Mortgage

E

ver since the Federal government announced a new set of mortgage rules in February, misinformation has been spreading like wildfire. Don’t buy the hype – acquiring a mortgage is still possible! Below are a few mortgage myths, debunked:

You can still qualify for a mortgage.

While the government did implement a rule to reign in over-zealous first-time buyers, the intention was noble. To prevent first-time buyers from getting in over their heads, the government is now making it mandatory for lenders to qualify them on the five-year fixed rate, even if they’re choosing a lower variablerate mortgage. This is because, while variable rate mortgages may initially seem lower, they change according to the Bank of Canada’s Prime lending rate – and in the coming year or two, the government has made it quite clear this rate is going to increase.

By qualifying borrowers at the higher rate, lenders are ensuring homebuyers can withstand the increases.

You can still purchase a property with 5% down.

While the government did change the rules regarding 5% down payments, the changes only affected property investors. If you’re a first-time buyer – or if you’re looking to move into another residence that you plan to occupy – you can still buy a home for 5% down. You can even buy a home with rental units in it for 5% down, as long as you plan to live there, too.

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|

Residential

|

Commercial

|

Industrial

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Multi-Family FALL 2010

| 31

AMBA COMMUNITY NEWS

Community news, announcements, and press releases from our AMBA members

Gino Tieri: New VP Sales at MCAP The Conference & Golf Package Winner is ...

Congratulations to Rod Minnes of Verico Global West Mortgage Inc. DBA Global West Mortgage, winner of this year’s conference & golf package, valued at $410.55.

AMBA 2010 Conference & Tradeshow Pictures Now Available Visit our website at www.amba.ca and click on the ‘2010 Conference & Tradeshow’ button to access the conference page. Located near the top of the conference website, you’ll find a gallery link. To access the photo gallery, you have to type the password amba2010 into the login field.

To download an image you have to click the ‘download’ button, located above the photo when in view mode, and type in the password sept10 in the login field. If you have a pop-up blocker, you will have to disable it in order to download the pictures.

Look For RECA’s Errors & Omissions Consultation Paper and Complete It The Real Estate Council of Alberta (RECA) will be releasing an Errors & Omissions consultation paper to all mortgage brokerage industry members. It is important you read and respond. RECA is looking for your input on whether Error & Omissions should be mandatory.

Ever Feel Like Nobody Understands You and You Are “A Loan” At Shaelynn Capital Inc. we understand. Call us for all your private lending needs.

For deal inquiries call Brian Schwartzendruber at 403-387-7763.

For investor inquiries call Ron Prefontaine at 403-387-7765.

Shaelynn Capital Inc. Mortgage Investment Corporation

32

AMBA MATTERS

FOR IMMEDIATE RELEASE Ron Swift, President of MCAP Service Corporation, is pleased to announce the appointment of Gino Tieri as Vice-President, Sales for MCAP Service Corporation. Gino brings with him a wealth of sales leadership and strategic planning experience.

As the mortgage market changes, MCAP continues to evolve to better serve our broker customers by providing industry leading tools, processes and people. MCAP is committed to the broker, the broker channel and to helping brokers grow their business.

Mortgage Alliance’s “MAC Rally of Hope” Raises Almost $90,000 for the Canadian Breast Cancer Foundation From Port Moody B.C. on July 11, 2010, to arriving in St. John’s N.L. on July 25, 2010, the “MAC Rally of Hope” (supporting the Canadian Breast Cancer Foundation) travelled over 7,500 km, crossed through six time zones, touched the lives of thousands of Canadians and raised an astonishing $88,000.

Even before the July 11, 2010 launch date, the “MAC Rally of Hope” radio advertising could be heard across the country on over 40 radio stations for more than three weeks. That’s close to $250,000 worth of free radio advertising support.

Preparations are already in the works for next year’s Mortgage Alliance “MAC Rally of Hope,” supporting the Canadian Breast Cancer Foundation, starting July 17, 2011 in Vancouver B.C.

Visit www.macrallyofhope.ca for all the pictures taken throughout the 14-day event.

Verico Launches Online Mortgage Magazine Verico is excited to announce the launch of Verico Mortgage Magazine (VMM).

The first of its kind, VMM is an online magazine that provides www.vericomagazine.com business professionals with real-time access to breaking world, national, sports and entertainment news provided by The Canadian Press, Associated Press and Canada Newswire. Visitors to the site will also receive financial news and key financial data together with mortgage and housing statistics and analysis from Canada’s leading institutions and experts.

For Verico members, this site will be a onestop shop for all the information they need to get their day started. In addition to general news articles mentioned above, VMM will also feature articles specific to VERICO such as new suppliers, lender announcements, video and industry interviews that will assist in their business.

“At Verico, our mandate is to equip our members with the tools they need to help grow their business and their team. Open and constant communication with our members is important to us and, over the years, online communication is replacing traditional modes of communication. The launch of VMM is a response to this trend and it provides us with the ability to communicate and distribute information in a timely manner,” says John Kelly, COO of Verico Financial Group.

It also provides a central location for our members to receive all general industry and Verico specific information useful for their business. We are excited for the launch of this site and we will continue to work on offering our members with more ground-breaking tools,” adds Karla Dreyer, VP of Strategic Partnerships & Communication of Verico Financial Group.

Verico is committed to the success of its members and continues to set the standard in the industry by differentiating itself with innovative technology, tools and services.

Cover Blown on AMBA Staff Member Frejya Evenstar, aka AMBA’s Administrative Assistant, aka Joan Schenkenrich, has disappeared into the cover of darkness. We, the AMBA staff, suspect that Ms. Evenstar (or perhaps “Agent Evenstar 007”) has returned to her undercover missions as a stealth CIA agent. Our suspicions were aroused during Frejya’s performances in Axiom’s 2009 video, where we watched her usually reserved persona transform as sexual, flirtatious schemestar, Austin Powers ... and then again in CMP Magazine’s 2010 video where she admitted to keeping Executive Director Judy Martin quiet by screening calls and craftily holding members at bay.

On a more serious note, we’ve sadly said goodbye to Frejya as she has left her AMBA post after five years for greener pastures. We wish her the best of luck in the future and we will miss her – our quiet, shy, reserved, colleague ... or was she?

Meet Our New Staffer AMBA is committed to building the communication bridge between the association, members, partners and consumers.

How are we accomplishing this? We’re starting with the addition of a dedicated Communications Specialist to our team. We welcome Amanda Roy to fill these shoes. Amanda brings solid expertise to AMBA, with a B.A. in Communications – Journalism and working experience in communications and journalism at newspapers and other organizations.

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34

AMBA MATTERS

TALKING TOUGH WITH FALL 2010 MEMBER PROFILE The Vice President and Broker of Record of TMG is a native Calgarian and ‘Alberta boy’,

Tell us a bit about yourself? Where are you from? What are a few of your hobbies?

Do you have a family? And anything else you’d like to share?

As an AMBA member of three years, he feels it’s important the industry have a voice.

Memorable

Quote:

“... I believe we need

to support AMBA as we need our voice to be heard. We need a provincial body that delivers a unified message and voice on behalf of the Alberta mortgage broker community, to consumers, regulators and the government ...”

I’m an Alberta boy – born and raised in Calgary. I have a wonderful and patient wife and two little ones, Luke (three years) and Isaac (three months). We try to go camping as a family as often as possible. I’m the head coach of an amateur wrestling team, Jr Rebels Wrestling Club. I have been a coach for 17 years and have coached at the nationals and the Canada Cup. I’m also involved with our local Rotary Club.

How did you get started in the mortgage business?

While attending the University of Calgary, I worked part-time at a bank’s servicing centre during the evenings. At one point, my manager suggested I apply for a job in their Small Business Underwriting Centre. I ended up spending six months there working with a number of the ‘old boys’. They taught me how to look outside of the box and how to apply common sense to existing policy. From there, I transitioned into the branch network.

The best day of my life (outside of my wedding day and birth of my kids) was the day I put in my notice at the bank.

My branch manager told me that I missed the housing boom. I let him know that I had done my research and had very different opinions on the market. It was July 2001. Amazing how my research paid off.

CONTINUED NEXT PAGE ...

SUMMER 2010

35

What is your history with AMBA?

CONTINUED FROM PREVIOUS PAGE ...

What is your current title with TMG? Vice-President and Broker of Record

Please tell us a little about your company?

TMG, A branch of The Mortgage Group Company Ltd., is the biggest mortgage brokerage in the province. TMG Canada has been in operation for 20 years, beginning in B.C.

We have grown at an incredible pace over the past five years, since the doors opened in Alberta. We work hard to maximize value for our associates, as we believe that if we can help our associates grow their businesses, ours will grow with them. Our associates at TMG are some of the most professional people I have ever met. I’m truly honoured to be a part of this company.

“... Change is what drives our business ...

It’s what is the most challenging ...”

I’ve been an AMBA member for three years, but have been to AMBA events for the past five years. I believe we are very lucky to have an organization that represents our interests with the Real Estate Council of Alberta (RECA), the Canadian Association of Accredited Mortgage Professionals (CAAMP) and across the industry. We are also very lucky to have such a great staff and board at AMBA.

As a supporter of AMBA, what benefits do you consider to be the most valuable?

AMBA’s commitment to its members and the advocacy the association does is by far the most valuable benefit.

Why do you consider membership with AMBA important?

I believe we need to support AMBA as we need our voice to be heard. We need a provincial body that delivers a unified message and voice on behalf of the Alberta mortgage broker community, to consumers, regulators and the government.

TEAM BRIDGEWATER WORKS HARDER FOR YOU Come see what’s new with Team Bridgewater at CAAMP 2010, November 21 – 23 in Montreal.

Drop by and revitalize yourself at Bridgewater Bank’s Oxygen Bar, then visit our booth to learn about the Power Compensation Program and talk to our Business Development Managers.

1-888-837-2326 Personal. Efficient. Committed.

36

AMBA MATTERS

n

bridgewaterbank.ca

“... Put in the time in your community.

Volunteer for something you are passionate about. Be involved.

Karma is an incredible thing

...”

What is your vision for the mortgage industry? What is your vision for AMBA? In the future, I see the lenders being even more selective on choosing who they want to do business with. We’ve seen the lenders move in this direction, but back off lately. I think we’ll see it on a much grander scale going forward. Efficiencies and volume will be key. I believe mortgage associates will need to have one or two ‘go-to-lenders’ in which they will need to utilize other resources when a deal doesn’t fit your ‘go-to-lenders.’ I also believe we will see volume bonuses not be an automatic anymore. I expect a return to the days where either you have to earn your volume bonus with the lenders directly, or be part of a bigger brokerage to receive it.

I see AMBA continuing to represent us on a national and provincial level to ensure that we don’t over complicate the process with our customers. I believe there is such a thing as over disclosure and we want to ensure we don’t confuse our customers.

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

Oddly enough, we work with most of our competition and respect them. We all have our own niches and cultures and it’s a matter of where a mortgage associate operates at their best level and where they feel most at home. I think our biggest competitors are the banks and their direct sales force. Through product offering, customer education and customer service, we are able to beat the banks on all three levels.

What advice would you give to people wanting to enter the mortgage business?

Be prepared to put in the hours. Put in the time in your community. Volunteer for something you are passionate about.

Be involved. Karma is an incredible thing.

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

Change is what drives our business. It’s also what is the most challenging in our day-to-day lives. I truly enjoy taking the challenges that we as an industry face and try to create commonsense solutions.

“... I see AMBA continuing to represent us on a national and provincial level to ensure that we don’t over complicate the process with our customers.

I believe there is such a thing as overdisclosure and we want to ensure we don’t confuse our customers

...”

FALL 2010

37

OCTOBER 6 - 24

Baby Heroes Corporate Challenge (Edmonton & Area Associates) Date and time TBA

Diaper Drop-Off Location:

Kingsway Mall

109 St. & Princess Elizabeth Ave.

Edmonton, AB T5G 3A6 29 & 30 AMBA @ The Calgary Career Show

10:00 a.m. to 4:00 p.m. (daily)

Location:

BMO Centre Stampede Park 1410 Olympic Way SE Calgary, AB T2G 2W1

Professional Development Modules Online Enhance your mortgage skills through our online training program.

Our 16 professional development modules can help you improve your mortgage skills, build your confidence level and help you serve customers better and faster.

To learn more visit www.amba.ca.

M AT T E R S

We hope you enjoyed this Fall 2010 edition of AMBA Matters magazine.

If you have questions about future advertising opportunities or would like to write an article for our upcoming editions, please contact us at 403.685.9652 or info@amba.ca.

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01. 01.11 WATCH FOR THE AMBA E-NEWSLETTER

We are proud to announce that we will be launching our e-newsletter in January. Each issue will contain information pertinent to members including, critical-AMBA news & announcements, media clippings and education and event updates.

403.801.6032

nicholas@nickledesign.ca

38

AMBA MATTERS

www.amba.ca

9:05am

HAD IDEA FOR CAMPAIGN, CALLED MI MARKETING TEAM 10:15am

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APPROVED GRAPHICS WITH MI DESIGNER 11:45am

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Gary Siegle (403) 508-7800 ext. 100

Indra Bains Ladha (780) 489-2020

gary.siegle@migroup.ca

indra.bainsladha@migroup.ca

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