AMBA Matters Fall 2011

Matters

THIS MONTH FOCUS ON ...

The mortgage revolution ALSO INSIDE social centre

FALL 2011

Setting

THE STANDARD! 速

The ON L workin Y NET WORK g to pr omote Yo

ur Bus Your B iness. rand.

Your W ay.

Jane Smith

John Smith Sample Real Estate Corp

Sample Mortgage Corp 555.555.5555

Agent Name 1, AMP

sample@verico.ca

www.sample.comCompany Name 1.888.555.5555 email@verico.ca Company Name www.website.ca 1.888.555.5555 email@verico.ca www.website.ca

Agent Name 1, AMP

555.555.5555

Agent Name 2

sample@sample.com

Company Name

www.sample.com

1.888.555.5555 email@verico.ca

Agent Name 2

Company List Price:Name $450,000 www.website.ca 1.888.555.5555 123email@verico.ca 45B Street, Citytown www.website.ca

3.79%

Our Rates: Minimum Downpayment Required

$22,500

Your Savings:

$450,000

$450,000 Rates effective as of: June, 30th, 2010 #3302 Jervis Street, Vancouver 35 Years

Purchase Price: Amortization: VERICO Mortgage Rate:

$450,000

Loan = 5.35%

MLS#: VLS10001

Current Listing Price:

5%

Down Payment Options

Bank Posted Rates Down Payment:

3 Year Term 5 Year Term 7 Year Term 10 Year Term

Mortgage Insurance Fee:

10.00%

1 Year Term

Total Mortgage and Insurance Fee:

10.00%

Mortgage Payment:

10.00%

Property Taxes: Condo Fees: Utilities:

10.00% 10.00%

$440,966

3 YearRates Term Bank $2,308 5 Year Term

$150

7 Year Term Monthly 10 YearPayment: Term

OpenMonthly Shelter Expenses: Total

$0

$100 Open $2,558

1 Year Term

10.00% 10.00%

1 Year Term Other at Maturity: Balance

$2,421 -

Mortgage Term: $360,000 $382,500 Closed $8,224 $0 $ 100,000 $390,724 $360,000 $ 100,000 $2,045 $1,884 $ 100,000 $150 $150 $ 100,000 $0 $0 Monthly Payment: $ 100,000 $100 $100 Open $2,295 Monthly Difference: $2,134

$90,777 10.00% 10.00%

$86,067 Annual Difference: $80,037 $ 100,000 Difference over Terms: $ 100,000

10.00% $342,000.88

$ 100,000 Balance at Maturity:

$405,000 $9,720 10.00% $414,720 10.00% $2,171 10.00% $150 10.00% $0 $2,000.59 10.00% $100

5.79%

Our Rates

Total Savings: 速

#Price

Downpayment: Amortization: Mortgage 15% Insurance Fee: 20%

SavingsTotal Mortgage Amount: $67,500 $90,000

$45,000

$427,500 Closed $13,466

Income Required: 6 Month Term Annual Gross10.00% 6 Month Term $95,929

Other

10%

Our Rates$22,500

Mortgage Amount: Closed

1 Year Term

#Amort #Rate #PropTax #Fees #mortTerm

3.79% $2,000.59 $1,000.23 $1,000.56 $10,000.89 $342,000.88

$456,000

The above information is believed to be correct but is not guaranteed and therefore should not be relied on

without verification. Please contact your VERICO Mortgage Broker for more information. Each VERICO Broker is

Call now to shop for a better rate.

MORTGAGE BROKERS NETWORK

an independent owner and operator.

速 MORTGAGE BROKERS NETWORK

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Agent Mobile App

VERICO Corporate Customization Program

The above information is believed to be correct but is not guaranteed and therefore should not be relied on without verification. Please contact your VERICO Mortgage Broker for more information. Each VERICO Broker is an independent owner and operator.

The above information is believed to be correct but is not guaranteed and therefore should not be relied on without verification. Please contact your VERICO Mortgage Broker for more information. Each VERICO Broker is an independent owner and operator.

VERICO Marketing Tools

MOBILE MORTGAGE OFFICE

The Best Brokers.

The Best Network.

Join VERICO Today.

Please visit www.verico.ca/welcome or e-mail membership@verico.ca to find out more.

Matters

FALL 2011 contents

08 09 10 11 13 14 15 17 18 20 22 29 29 30 32

A SPECIAL THANKS TO OUR ADVERTISERS...

Verico �������������������������������� 2 Fisgard ������������������������������ 4 Bridgewater Bank ������������ 5 D+H ����������������������������������� 7 Capital Direct ������������������� 8 LMS ProLink ���������������������10 Optimum Mortgage �������11 National Bank ������������������12 Romspen ��������������������������16 Cedar Peaks ��������������������19 MERIX Financial ������������� 22 Dominion Lending ��������� 23 Richard I. John ���������������� 24 Lanyard ���������������������������� 25 The Personal ������������������� 26 VWR Capital Corp. ��������� 27 Home Trust ��������������������� 28 Caplink ���������������������������� 33 Alta West Mortgage ����� 34 J.E. Fletcher �������������������� 36 First National ������������������ 37 Equitable Trust ��������������� 39 Urban Mortgage ������������ 40

the mortgage revolution

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

Join amba and be a baby hero

Mantaining Personal Safety while on the job

amba teams up with viable Calgary

Pre-Conference Workshop Network to Success Conference Wrap conference speakers reca update from the conference

amba 2011 Award Winners

Conference photo gallery

PIPA: YOUR PRIVACY POLICY ...

A MARKETING TOOL?

UNDERSTANDING ERRORS AND OMISSIONS INSURANCE

MORTGAGE PROTECTION INSURANCE POLICY

HITTING THE LINKS WITH AMBA

SOCIAL CENTRE: QR CODES AND TWITTER TIPS

REGULAR FEATURES...

President’s Report 5 Executive Director’s Report 6 Industry News 24 AMBA Community Member Briefs 34 Member Profile of Paula Hutton 35 AMBA Calendar 38

Amba 2011

Board of Directors President Paul Bojakli Quantus Financial

Past President Dean Koeller Calvert Home Mortgage Investment Corp.

Treasurer Frank Hickey Concord Mortgage Group Ltd.

Arbitration Director (South) Ken Kirkpatrick Axiom Wise Mortgage

Events Director Kristen Linde-Ferrier Street Capital Financial Corp.

Arbitration Director (North) Gord McCallum First Foundation Residential Mortgages

Membership Director Jill Paish Merix Financial

Public Relations Director Ron McClenaghan Invis

Government Policy and RECA Relations Todd Fralic Quantus Financial

Interprovincial Liaison Director Phil McDowell Mortgages Are Marvellous

Education Director Ryan Spence Davis + Henderson

Consumer Awarness Director Nadeem Jiwa MCAP Service Corporation

AMBA/RECA REP Gary Siegle Invis Inc.

Return undeliverable Canadian addresses to: Alberta Mortgage Brokers Association Suite 200, 1940 9 Ave. SE Calgary, AB T2G 0V2 FALL 2011

3

President’s Message Paul Bojakli AMBA President

Fall is here and we are entering the last quarter of 2011. This usually means we are all pushing hard to meet our yearly goals to try to finish off with a strong year. We have become more demanding of ourselves, more demanding of our brokerages, and more demanding of our industry partners. ‘Word on the street’ is business has picked up and Q4 is off to a good start. We have become uncomfortably familiar with our industry turbulence; we have all adapted to the changes and will keep modifying our businesses to these changes.

I have attended many AMBA conferences and would like to say this conference was one of the best by far. It was probably because of the great start we all had golfing … warm weather brought out the best in everyone. I want to thank the team at AMBA and all the volunteers for a job well done! Speakers were very good, our panel was enlightening and the gala was terrific.

AMBA continues to develop our new MAP (Mortgage Associate Program). Since inception, this course has been constantly evolving, which seems to be making the timeline a little more challenging. But AMBA is continually striving to bring new standards to our industry and feels this new program will achieve that.

Our industry can only get better if our consumers are informed. AMBA is currently working on some new and exciting programs that will encompass community involvement, providing members an opportunity

to become involved. Stay tuned.

AMBA recently created a Broker Advisory Board consisting of Broker Leaders in our industry. My initial conversations were solely based on ‘one-on-one’ conversations. I asked each one the same questions and received the same answers back. I was not surprised.

Recently, we met with IMBA/MBABC and CAAMP at our annual conference and tradeshow. It’s a standard meeting that basically brings everyone up to speed on issues and events. I have been to a couple but this was my first meeting as President. It was a very interesting meeting; we all shared what our current concerns were and we actually committed to working together on a project.

Now, I don’t know any of the past issues or history for that matter. All I know is that today, we have to begin working together, listening to our members and to the industry as a whole. This was a good start.

I would like to commend IMBA President Albert Collu for taking the initiative and offer the opportunity to us.

Sincerely,

Paul Bojakli Paul Bojakli AMBA President

We’ll work harder for you

This season, look for Team Bridgewater to deliver an even better product offering and even greater service to provide the unique solutions for your customers’ unique needs.

1-888-837-2326

n

Personal. Efficient. Committed.

bwballstarportal.ca AMBA003 09/01/11

continued on next page ...

FALL 2011

5

EXECUTIVE DIRECTOR’S

Report Fall 2011 Judy Martin AMBA Executive Director

“For man, autumn is a time of harvest, of gathering together.

For nature, it is a time of sowing, of scattering abroad.” For AMBA, it is a time of reviewing, of membership feedback.

Conference is over, feedback is in, brainstorming and analyzing is done … after hours of intense discussion and review, the committee has made some decisions for the 2012 conference. But before I tell you more about this, I’m going to respond to some of the comments on the survey.

By the way, thank you to everyone who completed the survey and who verbally passed on feedback to our committee members. The member’s voice drives the direction for the planning committee. And three cheers for the planning committee. Without the volunteers, we would not receive feedback like, “Another FABULOUS job by everyone involved – thank you for a great event – looking forward to 2012’s Conference!”

Let me tell you, when I walked into the Capri on Wednesday just before the conference, I gasped what on earth is happening?? I was told there were still some rooms under construction, but I had no idea I would be walking into a construction zone!

After monthly, then weekly, and finally daily discussions with the Capri about not having any type of room issues, they failed on the rooms again. Each year, they come up with a new plan of how to ensure the members of AMBA will not have any problems with the rooms. This is the third year they have made this promise to me and have been unable to accommodate.

I once again have received the apology letter and phone call with the same promise that next year they will guarantee no issues with rooms. While I will say that there should be some truth to this once the construction is complete, (no more hot water problems, air conditioning issues, running out of rooms even if there is a confirmation number), let’s ponder over this for a moment: They expect the construction to be complete by the end of November.

In other words, let’s say the end of January. Once this is complete all staff will be receiving new programs for registration, etc. All staff are expected to have six months of intense training based on the Sheraton philosophy. Training is over and everyone is ready to launch in June … who will be the first conference they will be working with AMBA–perfect timing to have a large group to work out all the glitches. So maybe they will have the glitches worked out. Do we risk another apology next year because they are working out the glitches, or do we trust all will be perfect as they guarantee?

Before I move on to the topic of speakers, venue etc. I want to address some individual comments:

• Increase in hotel prices: The cost did go up from $139 to $149 however there are choices for select rooms at a higher rate and I don’t believe you would have got this hotel for $90 less.

• The cost for the conference did go up slightly; AMBA has always kept the cost for the conference at a conservative rate. The early bird special would have been comparable to last year’s fee, and was extended. We are still lower in cost than most associations.

• Brokers vs. lenders: AMBA’s job is to promote the conference to the broker members. In the past few years, the gap between broker and lender has widened. This year, 28% of the attendees were lenders.

• Broker attendance this year was down 17.5%, and it was noticed.

• Golf prices: In the past it cost AMBA to put on the golf tournament, and this is believed to be poor fiscal management. AMBA does not net a profit on the golf tournament, but we are very close to breaking even, so I’m not sure how I could lower the prices.

• Comment: “Purpose of a conference is not to make substantial profits but to break even and provide industry value.” Many Associations, including AMBA, rely on revenue from the conference to support the administration and operations of the organization. In the last few years; AMBA has had only one year that we lost money at a conference.

Otherwise, we look to cover all costs, including the administrative costs. If there is a surplus, it is not significant.

However, industry value-absolutely …

• AMBA contingency fund: There are often comments about the amount of money that AMBA has in the bank; I would hope members would be pleased with the fiscal management. We are definitely not over the threshold of saying we have profits, but to be responsible, we need to have at least six months of revenue in reserve in case of a downfall in the industry. As indicated in No. 6, we need to offer industry value and as AMBA strongly works to be a high-performing association, we also strive to provide the membership with opportunities to grow in their skills and knowledge so that they can be successful in their business.

For every person that said they loved the speakers, there was someone who didn’t enjoy the panel or the business speaker. In planning the conference, we know we won’t please everyone. This is why your feedback is so valuable. We brought back the same economic panel CONTINUED NEXT PAGE ...

6

FALL 2011

REPORT FALL 2011 (continued)

the feedback requested it. This year I’m hearing more about skill-based breakout sessions. We used to do this, but we changed to back-to-back seminars because it was what the feedback requested.

The venue, like the speakers, is something we know that won’t please everyone. A few years ago, the feedback requested the conference alternate between Edmonton and Calgary, and we did. Following the Calgary conference, the feedback stated go back to Red Deer, so we did. This year we are hearing change the venue, if we do we know there will be members who are disappointed it is not in Red Deer. I do want to point out that we are a provincial association and believe our conference should be represented in our province, not in Las Vegas or any place other than Alberta.

Finally, it was loud and clear this year that the members would like to see the Awards Gala on the Thursday night instead of the Friday.

Your feedback has been invaluable, and it certainly gave the conference committee food for thought when considering the 2012 conference.

The action plans for 2012 go something like this … remember this is the plan all the particulars have not been decided upon: The conference will be held September 6 & 7, 2012. The golf and conference will be held in Banff. We are still in negotiations with the resorts. Golf to be held on the Thursday, and on this same evening, we will be having a reception–it will be different from what we have been having. Friday morning, lender panel, and skillbased break-out sessions. There will be an Awards Luncheon, with a

keynote speaker. Tradeshow will follow, and this will conclude the AMBA portion of the conference. We invite companies to host their get-together the Friday evening.

Highlights for the 2012 conference: • Focus on family and community • Activities will be planned for spouses and kids/teens • No theme • End early enough on the Friday so that you can enjoy family time should you choose to stay the weekend.

This is it … comments anyone?

I would like to end with this comment – “Great conference, I had a wonderful time at the conference! Speakers were awesome! It is great to come back to work and feel totally motivated. Looking forward to next year’s convention and all other AMBA events! Thanks for helping make my job even more to love!” BT We at AMBA believe “Success is not a matter of chance … It is a matter of choice”

FALL 2011

7

Join AMBA and be a baby Hero Help AMBA to be a Baby Hero as part of the Terra Centre for Pregnant and Parenting Teens BE A BABY HERO Corporate, Community and School Team Diaper Challenge in Edmonton, October 12-29, 2011.

This year, AMBA has teamed up with the Edmonton REALTORS Community Foundation and committed to raise a minimum of 65,000 diapers. They will also be competing against the Team Diapers on Wheels, led by Edmonton-Calder MLA Doug Elniski and comprised of cross-party politicos.

We need your support in order to reach our goal.

If you’d like to help, please drop your diapers off at First Foundation Residential Mortgages (10043 81 Avenue NW, Edmonton), or at the AMBA office (Suite 200, 1940 9 Ave SE, Calgary), by October 27, 2011.

You can also make a donation as part of the challenge.

Please note: This year, Terra’s asking for diaper sizes (3+) because these diapers are needed most.

If you have questions, contact Amanda Roy at 403.685.9652.

Terra Centre for Pregnant and Parenting Teens has served youth in Edmonton since 1971. Each year, approximately 600 young families access its teenage pregnancy support services.

Terra is committed to supporting teen parents from pregnancy until their child enters school, followed by an engaging and active alumni group that continues to support one another in parenting.

• In a baby’s first year, new parents will have brought home an average of 2,788 diapers for a total cost of $560.

• Canada’s teen pregnancy rate for 2000 was 38,600 (38 pregnancies per 1,000 people).

• Two-thirds of teen pregnancies occur among teens 18-19 years old.

• Out of all teen pregnancies, 57% end in birth.

• Last year AMBA raised 23, 692 diapers in the challenge.

To Donate Visit: www.canadahelps.org/GivingPages/GivingPage.aspx?gpID=14878

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8

George Lay

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Business Development Manager British Columbia

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FALL 2011 1 549314_Capital.indd

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8/30/11 7:08:52 PM

THE

MORTGAGE

By Michael Cameron | mcameron@ifirst.ca

Well, here we are again talking about the rate game.

While providing our customers with the best interest rate possible is part of what we do, it is important to communicate that there is much more to a mortgage than just rate. I’ve tried to break it down into a few categories for discussion and would love tohear your thoughts.

Why isn’t rate the most important feature? Whenever a client asks me for my best rate, my response is always the same ...

“That depends ... what’s the price of a yellow car?” Obviously the answer to that is different depending on whether you are talking about purchasing a Ferrari or a Volkswagen. It astounds me that so many people look only at price and not product. When you ask most people what the most expensive purchase they will ever make is, they will usually answer that it is their home. While this may be true, it is also possible that your mortgage may in fact be the most expensive purchase you ever make. Depending on your interest rate and how long you take to pay it off, it is certainly feasible that your mortgage may cost you more than your home. Let’s hope this isn’t the case, but realize it is possible. With this being the case, shouldn’t we pay the same amount of attention to our mortgage product as we do the home we purchase?

If you have been doing mortgages for any length of time, you have likely run into that client who is restricted in doing what they want to today because of either a poor choice or poor advice on their mortgage product in the past. This again speaks to the importance of selecting the right product based on your client needs.

the Buy-down Game This is another losing proposition, in my opinion. It is ultimately not good for the agent or the consumer.

If you think we are paid too much then, fine, decide what your services are worth and make the difference a standard buy-down.

One of the perils of this tactic is that it calls into question the very need for our services. If all we are is low-rate portal sites, why do our suppliers (lenders) need us? Wouldn’t it be more cost-effective for them to simply build a discount website as a distribution channel?

Obviously not a great option for the broker, but what if you are a consumer? Anything that jeopardizes the broker channel also jeopardizes the likelihood of future competitive rates and products.

When I used to work for one of the major financial institutions, selling their mortgage products, we were lucky to get 50bps (1/2 percent) off the posted interest rate. Today, the average discount for a brokered mortgage is somewhere around 150bps (1 1/2 percent).

That is a substantial difference and a direct result of the competitive nature of the marketplace. Don’t believe me? Read, “Competition in the Canadian Mortgage Market,” by the Bank of Canada. Without a healthy broker channel, discounts are likely to decrease.

Helping your consumer understand

Often, when a customer calls for your assistance, it is after they have spoken to their bank, and all they want to discuss is rate. When this happens, it is important to help them understand that there is so much more involved than that. I would often continue the conversation by asking

them if their bank talked to them about fixed rate, variable rate, open, closed, prepayment privileges, payout penalties, mortgage reduction strategies, etc. The answer is often “No.” I would usually respond with a, “Yeah, that’s what I thought.

You need to establish yourself as their “Trusted Adviser,” the one that truly cares about their needs and will take care of them as best you can. It is not often that we, as brokers, can’t get them a better rate than they might otherwise get, but we need to establish that trusted adviser relationship first.

the bottom line If we want our channel to continue to thrive and survive, we need to do a better job at becoming advisers to our customers. We are the victims of our own success for years we have talked about pricing as the main advantage of the mortgage broker.

That needs to shift. We offer so much more than just rate. Make sure your customer knows it, too. Use case studies and testimonials to share with potential customers and show the “value of the service you provide. Are most of the testimonials you would receive from your clients simply, “They got me a great rate?” I think it is likely that most of your customers (if you are doing a good job) would say much more about the service you provided with an, “oh, yeah, they also got me the best rate.”

One of the stories that I have is based on one of our agents who encountered an individual who was going to go back to their bank because they ‘matched’ our rate.

Scenario: Client called because the RBC was “Screwing him on rate” his words, not mine. Condition date was two days away. We obtained a commitment within 24 hours, requested documentation from client who confirmed that he would send. Advised that RBC had everything but that they were just “Screwing him over” and that he would send docs. Client left message after-hours advising that RBC had matched rate and he was staying with RBC. Solutions: Position your client that the bank is going to match your rate but explain to them why you need to do their mortgage for them.

In this case, the client was adamant that he was being ‘screwed’ so the appropriate positioning would have been something like: “Joe, I understand completely how your loyalty is being taken advantage of. You need to understand that they will match my rate if you give it to them. I need you to give me a commitment that we will work together. If I lost every deal that the bank “matched” I would soon be out of business. If I go out of business, that means that the bank can continue on their merry way “screwing” you and the rest of the public because you will have no alternative.”

Clients typically don’t care if you are going to get paid or not, but they do care about keeping the banks competitive.

Use statistics and facts to position and educate to your clients. In the Bank of Canada study I referenced earlier, they cite: “The results indicate that high-income borrowers pay more for their mortgages, as do loyal consumers, consumers who search less, and those that value large branch networks.” That is powerful stuff to mention when you are dealing with high-income or potentially bank-loyal customers.

I have also done presentations on utilizing some of the CMHC consumer survey statistics to assist in the sales process.

FALL 2011

9

Maintaining personal safety while on the Job As a mortgage associate, broker, lender or industry member, you are required to work out of the office on a regular basis. Leaving your safe place makes you more vulnerable to a new category of crimes. In the back of your mind, you should always be aware of the potential for crime.

Tips for office safety • • • • • • •

Consider advertising without using your home number and/or home address on business cards.

Have a check in/out employee board with your name, client’s name and destination, date and time expected back.

Keep a charged cellphone with you at all times. Establish a code word to use when you need help and can’t talk.

Show confidence and strength; don’t wear clothes that restrict your ability to run or protect yourself.

Meet weekly or monthly with co-workers and other area brokers to discuss business and safety issues.

Maintain a file on past and present suspicious customers.

Report harassing phone calls to your employer and police immediately.

General Safety Tips: • • • •

Be cautious about how you dress. Flashy or expensive jewellery may attract the wrong attention.

Don’t put your home phone number on your business card. List a cellphone number.

Always carry a cellphone (fully charged).

Find out as much as you can about the client: Where they work, what they do, and how much they earn. (See if the information is consistent at application time).

10 FALL 2011

Tips for off-site jobs • • • • • • • • • • • • • •

•

When entering a building, check all rooms and determine several “escape” routes.

Check that locks are unlocked to facilitate faster escape.

If escaping to back of property, make sure you can leave the backyard (i.e. high fences and walls.)

Take note of client’s vehicle and licence plate information and physical condition.

Always allow your clients to lead. Walk behind them.

Keep an eye on what your client is doing at all times. Don’t be pre-occupied and expect the unexpected.

Always wear proper footwear. Consider weather and terrain.

Let someone in the office know where you are and who you are with. Give them an approximate time schedule and update by phone when necessary. Have them contact you at a certain time.

If unsure about the client or location, have a colleague come along.

Let the client know that others know where you are and what you are doing.

Always make sure you lock your car.

Try and have potential clients meet you at the office first. Obtain identification. If asked why, say it’s company policy.

If at a private client home or business appointment, keep record at office or with someone else.

When off location, let the client take the lead in the building, avoid confined areas such as basements or desolate areas such as far rural areas.

Trust your instincts.

AMBA Teams Up with Viable Calgary Did you know?

Our industry is made up of and works with a diverse group of individuals on a daily basis. We strive to put people into homes and help them to make one of the most important decisions of their lives, however, we can make others’ experiences even better by learning more about disabilities.

Disabilities are both visible and invisible and cover a huge spectrum of conditions, ranging from arthritis and depression to physical and developmental challenges. There are more than 435,000 Albertans with some kind of disability, many of them looking for work.

The Alberta Mortgage Brokers Association (AMBA) has partnered with Viable Calgary to support its commitment to providing members with valuable resources that will ensure the success of each organization. The inclusion of persons with disabilities in the workplace makes good business sense, as it provides a workforce which reflects the diversity of the community.

Across Alberta persons with disabilities are underrepresented in the workplace.

Businesses have to broaden their hiring practices in the face of the changing labour market to remain competitive.

Viable Calgary’s Workforce Inclusion Plan provides our association with recommendations to help promote an increasingly diverse workforce that includes individuals with disabilities. This resource will make staffing options easier for our members.

Persons with disabilities are an underutilized talent pool available to meet growing skill and labour shortages.

Persons with disabilities are a large, growing consumer market.

The recent overheated boom economy has led our members to express concerns about staffing levels. Although the economic downturn has enabled the industry to attract and retain better staff, the Workforce Inclusion Plan will provide our membership with the framework required for securing and retaining new talent that will be of tremendous value when the economy begins to improve.

Ultimately, the inclusion of persons with disabilities in the workplace will better enable our member companies to find the right person for the right job in the face of the changing workforce environment.

This partnership is also a method of providing resources when facing current and future labour challenges unique to the industry.

With apparent labour and skill shortages, members need to adapt their strategies for the inclusion of persons with disabilities into the workforce.

Watch for the release of the Workforce Inclusion Plan in November.

You will be notified when it’s released.

Tough deals wearing you down?

Seeing more customers with challenging income and credit situations?

Having difficulty with “out-of-the-box” applications? n Frustrated with restrictive lending criteria? n Ready to expand your client base beyond the traditional borrower? n n

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FALL 2011

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National Bank All-In-One is a trademark of National Bank of Canada. 1Financing shall be subject to the credit approval by National Bank. 2$2,000 marketing fee is a one-time reward for the first 50 deals or $15M funded in the fiscal year. 3$15,000 trip paid for every 100 deals or 30M funded in the fiscal year. The fiscal year is from Nov 1, 2010 to Oct 31, 2011.

TM

By Moji Ajele

Networking is the new buzz word in marketing these days. We all know that it is important to network, however, very few people have had the opportunity to learn the fine art of effective networking; the type of networking that allows them to generate a steady stream of business by referral.

Even though 98% of business owners claim that they get their best business through referrals, only a meagre 3% actually have a referral generation system! A proven, systematic approach to networking will help grow your business and accomplish your goals faster than you imagined possible.

Effective networking begins with a goal. Begin by determining how much of your business you want to generate through referrals in the next 12 months, then commit to a strategy to help you accomplish your goals. When coupled with an accountability system to help you stay on track and make course corrections as necessary, you are well on your way to building the business of your dreams.

Trying to skip from pre-visibility to profitability in business will only alienate you from your prospect. It is important to patiently move through all three steps with each client.

The primary focus of attending networking functions should be to establish rapport with prospective clients. While developing rapport, take time to give the person you are in conversation with your sincere, undivided attention. People don’t care how much you know until they know how much you care. Depending on the situation, once this is accomplished, the next step may be to request permission to stay in touch, or even schedule an appointment over lunch or coffee.

A great follow-up system is invaluable to effective networking. Studies show that 80% of business is closed after seven touch points. It is important not to end up with a business card collection languishing in a drawer. Develop a workable system that allows you to connect regularly with the people you have worked hard to establish rapport with. In time, you will develop an effective, systematic approach to networking that powers your business with endless referrals.

Happy Networking!

The VCP model, developed by BNI founder Dr. Ivan Misner, is one of the bedrocks of a strong networking system. V is for visibility. In order for people to build relationships with you and eventually purchase your products and services, you need to strategically build visibility among your target audience. People like to do business with those they know, like and trust. Getting out of our caves as business people and attending a variety of functions is a great way to build visibility.

C stands for credibility. As you deliver on your promises, people realize you can be trusted and begin doing business with you on a consistent basis. If you delight them with your service, they begin telling their contacts about you.

The end result of this approach to business is profitability, the P in the VCP model. When the members of your network become raving fans who not only buy from you, but proactively seek ways to promote your products, you truly become profitable.

Unfortunately, many business owners do not understand this natural progression in networking and try to skip steps. This is not only counterproductive, but can actually produce devastating results.

visibility

credibility

profitability

Moji is currently the executive director and franchise owner for BNI Alberta South, the world’s largest referral networking organization. BNI’s mission is to help entrepreneurs grow their business through a structured, positive and professional word of mouth marketing program. Moji was recently named Director of the Year, and Giver’s Gain award winner for 2011 by BNI Canada. Moji’s burning desire is to help the entreprenuers in BNI Alberta South, succeed beyond their wildest imaginations.

FALL 2011

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By Kristen Linde-Ferrier, AMBA Events Director

On Thursday, September 8, 2011, the golf tournament kicked off the conference. Everyone gathered for breakfast, followed by one of the best golf days AMBA has seen in more than 30 years!! Rick Wilson did an excellent job of organizing all the fun for the day.

The 2011 Travel the World with AMBA Gala dinner and awards was sponsored by Dominion Lending Centres. James Robertson was the emcee and he delivered the laughs. In fact, there are a few of us still laughing.

Thank you to all our golf sponsors.

Dinner was fantastic. Thank-you to the wine sponsors, Home Trust and Scotia Mortgage Authority.

On the same night, we celebrated at the official opening reception party, sponsored by First National. Everyone gathered for appetizers and a mix and mingle. It was a great time!

Placed on each table were globes with bid sheets for members to participate in a silent auction for charity. The auction raised around $3,000 for the Canadian Paraplegic Association of Alberta.

At breakfast, Gary Siegle condensed and reviewed RECA’s five year plan, followed by the economist panel discussion, sponsored by CMHC. William Charlton was this year’s moderator. Michael Cameron also did a fabulous job emceeing the morning’s excitement.

The 2011 award winners were: Executive Award – Len Lane; Ambassador Award – Clarence Lee; Partner Award – Tracey Robinson (MPP); and Lifetime Achievement Award – William Watson.

Darren Jacklin was our second speaker, sponsored by Advance Commissions Company of Canada. He reminded us of how important it is to be accountable, take responsibility, get involved, send thank-you cards and remember birthdays and have a genuine interest in people. His messages were excellent.

A big thank-you to Verico for sponsoring the lunch keynote speaker.

We had the pleasure of listening to one of the most inspiring speakers AMBA has ever had – Warren Macdonald.

Another big thank-you to Street Capital for sponsoring this year’s trade show. We hosted 57 exhibitors in total, with a few new additions. This year’s participants took part in an exciting passport challenge. In order to have a chance at winning a $1,000 Air Canada travel voucher, sponsored by Optimum Mortgage, participants had to get their passport stamped by every exhibitor.

Please take the time to read about the achievements of this year’s award winners on pages 18 and 19.

The night concluded with music and dancing. I hope everyone had an inspiring and educational 2011 AMBA conference.

I’d also like to extend a thank-you to the following sponsors for their support: FirstLine Mortgages – Registration; Equitable Trust – breakfast; ResMor – Golf; National Bank – Nutrition Breaks; Invis & Mortgage IntelligenceGolf; D+H – Cocktails, Capital Direct – Golf; The Mortgage Centre – Golf and Blanket Home Warranty – Golf.

Thank-you to all the organizers, Judy Martin and her great staff, to our committee volunteers Eden McNichol, Karen Low, Cheryl Murtagh, Rick Wilson, Ryan Spence, Erica Fikkert, Heather Wytinck, Sean McDowell, Paula Hutton, Susan Saunders and William Charlton and the 2011 Awards Committee, Doug Whelpton, Taz Razan, Corbett Connors, Dodi Kozak and Rick Wilson.

Thank you again to all our sponsors.

We’re looking forward to a new location in 2012!

14 FALL 2011

To Our Sponsors

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Economic Panel Gives Focus

By William Charlton

This year’s AMBA conference economic panel discussion was another well received and informative session. With Canada Mortgage and Housing Corporation as the generous sponsor, we were very pleased to have Kate White (Alberta Government), Todd Hirsch (ATB Financial), and Lai Sing Louie (CMHC) return as our expert panelists. Kate White was recently promoted as Alberta Government’s Chief Economist, so to have her back was a huge compliment to AMBA. Todd Hirsch and Lai Sing Louie are always highly sought after. Despite recent global economic concerns, the economists collectively agreed Alberta is poised to be one of the best economic places to do business in the coming year.

Here is a recap of what we learned: • Collectively, the panelists don’t believe we will be in recession in the next six months • Oil prices are expected to remain profitable, hovering between $85-90/barrel • Interest rates expected to be at historic lows well into 2012 • Variable rate remains most attractive, however, every client has to be examined individually to ensure they can afford the long-term rates and future payment increases • Despite U.S. debt issues, their currency will remain the world’s reserve currency • But only until Canadian Tire money improves its value!!

• Housing starts in Alberta are expected to increase in 2012 • Home prices to remain stable as our inventory decreases • Migration and job creation increases will lead the country • Unemployment will remain below 5.6% (third lowest in Canada) Overall, the panelists were bullish on the Alberta economy, although they remain cautious and remind us that it will be slow growth.

Jacklin Energizes the Crowd Darren Jacklin got the morning crowd thinking as he shared his life’s strategies. Jacklin mentors entrepreneurs and business owners on specific and measurable strategies they consistently use to increase their income, transform obstacles into cash flow and turn passion into profit.

He uses his uncanny ability to increase wealth and success by uncovering

supporters hidden assets, overlooked opportunities and undervalued possibilities.

According to Jacklin, the key to success is holding yourself accountable and setting goals with specific measurable and actionable steps.

“The quality of your life is determined by the quality of the questions you consistently ask yourself,” explains Jacklin.

Jacklin’s secrets for Success: • “The fortune is in the follow-up.” SEND DAILY THANK-YOU CARDS. • “It’s all about building relationships.” CONNECTING CREATES COMMUNITY, WHICH LEADS TO BUSINESS OVER TIME. • “When you’re inspired by what you do, people can’t wait to get your service.”

• “Always remember you don’t know who other people know.”

• Success is a series of well managed failures.”

Warren Macdonald brings Awe to the Room Warren Macdonald’s tale of inspiration, fear, pain, despair and hope brought about tears, smiles and a great sense of awe among those in attendance.

Since his accident, Macdonald has redefined his life and accepted the challenges he’s faced with on a daily basis. He lives by the words, “How you see, is what you get.”

His daily mission is to try and change how people see the world.

Warren’s life boundaries were redefined in April 1997 with his accident on North Queensland’s (Australia) Hinchinbrook Island. Climbing to the Island’s tallest peak, trapped him beneath a one-ton boulder. Two days later he was rescued, only to undergo the amputation of both legs at mid-thigh.

Just 10 months later, he climbed Tasamania’s Cradle Mountain using a modified wheelchair and the seat of his pants. In February 2003, he became the first double above-knee amputee to reach the summit of Africa’s tallest peak, Mt.Kilimanjaro (19,222 ft), and more recently, in a spectacular effort requiring more than 2,800 pull-ups over four days, created history again in an ascent of America’s tallest cliff face, El Capitan.

Warren’s Guide to A New Way of Life: •

Acceptance

•

Taking Responsibility

•

Seeking out Challenges

FALL 2011

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SUMMER 2011

16

(A RECA UPDATE) Taken from Gary Siegle’s address at the 2011 Conference

Recently, The Real Estate Council of Alberta (RECA) completed a strategic direction that will see them through the next five years (2011-2016).

RECA’s vision for itself in five years contains three important goals: • To be seen as the impartial, principles-based governing body, facilitating excellence in self-regulation, individual responsibility and accountability; • Advance the knowledge, career preparation, and ongoing practice in the industry through professional development programs and services; and, • Establish and promote quality standards and performance improvement solutions in a fair and respected manner that enhances public trust and confidence in the real estate industry.

These goals will be accomplished by actions and measurements called Critical Success Factors (CSF).

The backbone of RECA’s new strategic direction, upon which much of the work for the next five years is based, is included in the first CSF. “Advance the professionalism of the industry by establishing a clear definition of self-regulation and working with industry professionals to take ownership for the understanding of self-regulation supporting and promoting responsible and accountable behavior.”

If I were to ask everyone what self-regulation means to them, I’d likely have a hundred different answers. But given the importance of the concept of self-regulation, it’s critical that we all come to the same understanding as to what it is and what it means for each and every one of us.

RECA is currently planning a multi-stakeholder symposium for spring 2012 that will bring together industry professionals, industry associations, regulators and other experts to discuss this important concept.

At the symposium, RECA will introduce a number of other initiatives for industry professionals that will help them be better at their jobs while raising the overall professionalism of the industry. These initiatives include a voluntary broker resolution process as part of RECA’s investigation process, and a “Mortgage Broker Services – What you need to Know” brochure for consumers.

RECA’s second CSF focuses on career preparation. Leading-edge career preparation is an integral part of ensuring our industry is composed of professional, ethical and knowledgeable industry professionals.

“Provide innovative, leading-edge career preparation and training; resulting in highly competent and highly valued new industry professionals.”

RECA’s new pre-licensing education programs will ensure newly licenced industry professionals have received sufficient knowledge and practice orientation to provide competent service and demonstrate value to customers and stakeholders.

We will develop a voluntary “RECA Certified Mentorship Program” for the real estate and mortgage brokerage industry. Seasoned industry professionals are in the best position to show new industry professionals how to succeed in this business. This will also include surveys of new licensees on pre-licensing education and career preparation, and we will survey brokers and broker delegates on the competency of new industry members.

Through the actions associated with CSF 2, we will create an industry of well-trained, ethical, competent industry professionals – but we have to ensure that on an ongoing basis, industry professionals remain at the top of their game, stay abreast of legislative changes and industry standards, and are given the tools they need to succeed.

“Promote quality standards and continuous performance improvement by establishing a professional code of conduct, delivering ongoing professional development, conducting and ensuring transparent, timely and fair practice reviews and solutions, and providing advisory services.”

RECA’s third CFS includes developing a Professional Standards Manual, sponsorship of two seminars for brokers on mediation and alternative dispute resolution, renaming of the RECA Audits and investigation programs for greater emphasis on education and improvement of industry practices, and the development of a RECA Certified Technology program for technology platforms used in the industry.

As its fourth CFS, RECA will also work to improve its own brand recognition as a contribution to self-regulation and processes.

And finally, CFS five “Ensures RECA has the capacity to achieve its vision of excellence in self-regulation by providing the necessary resources, technology, policies and regulatory framework.”

What does this mean for you?

As the backbone of our industry, Alberta mortgage industry professionals have a tremendous role to play in ensuring our industry continues to be comprised of professional, ethical and competent professionals. RECA itself is only one part of the equation.

RECA is ready for industry professionals to take ownership of their industry and the way it is governed.

RECA is asking industry professionals to take responsibility for their actions, be accountable to their clients and colleagues, and ensure the client’s needs are always put first. This goes beyond simple honesty – it means ensuring that if an outsider were to view your actions, they would agree that your client’s needs were always put first and they could find no fault with your actions.

FALL 2011

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2011 award winners

Each year, AMBA recognizes a few of its outstanding members by presenting the categories of President, Ambassador, Executive, Lifetime Achievement 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 and accomplishments.

William Watson Watson Financial Corp

Bill has been a member of the mortgage industry for more than 31 years. He started his adventure in the mortgage industry in Edmonton at the age of 23. He eventually moved to Red Deer and became a big player there. In 1990, he started Watson Financial Corp. In 1998, Watson Financial opened an office in Grande Prairie. In 2003, it grew again, adding offices in Sylvan Lake and Stettler.

Today, Watson Financial has nine agents and three support staff in their three Alberta offices. With Bill’s guidance and leadership, everyone has become

exceptional, successful agents in the industry. Bill has built a ‘family’ atmosphere for his company. More than half of his staff have been a part of Watson Financial for more than 10 years.

He’s received numerous awards through the years including, ‘The best of Red Deer Gold Divison,’ voted by the people of Red Deer and Central Alberta, the Lifetime Achievement Award, presented by FirstLine, the Strategic Excellence Award, Mortgage Centre Canada and the Top 3 Insurance Award, presented by Mortgage Protection Plan (MPP).

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

Len Lane Verico Brokers for Life Inc.

18 FALL 2011

Len started in the new home industry in 1996 and won multiple awards in sales, through the years. In 2003, he made the switch to sales management, and in 2004 was the marketing person of the year for Canadian Home Builders Edmonton. In 2007, he found himself looking for a change of pace and having helped many young families become home owners, from the sales side, he started a new career in mortgages.

Having the good fortune to be in Fort McMurray

at the time and in a strong market, he had a good start in the industry. In his first full year in the business, he was TMG’s broker of the year for Alberta and repeated that award the following year. In September of 2010, Len started his own brokerage, under Verico Brokers for Life Inc. Today, he has a team of 12 associates that work with him throughout Alberta. He provides unparallel support and is an example of what this industry needs to portray to the public.

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

Clarence Lee Summit Mortgage, Broker

Clarence is described by his peers as a generous, sincere and enthusiastic supporter of the mortgage brokerage industry and of the charities he volunteers for. In the past, he’s served as an AMBA director and as a PastPresident.

Everything Clarence gets involved in, he puts 100% of his heart and soul into. He’s very involved with Kinsmen and was the Governor for Alberta this past year. He has also been on the Board of Directors for Simon House for more than 10 years.

Any person nominated for the Partner Award must be a member in good standing with AMBA. This nominee should possess leadership experience in promoting and enhancing AMBA as well as the industry.

Tracey Robinson Mortgage Protection Plan (MPP)

Tracey’s warm smile and inviting personality make her easy to work with and popular in the industry. She’s been a member with AMBA since 2002, and working the industry for many years.

As the Prairie Account Manager for Mortgage Protection Plan, she’s always quick to listen, advise and offer suggestions when questions are asked.

She is a definite support to the industry.

Tracey’s currently working with AMBA to support a new online course involving the topics of insurance and law. She has also helped by volunteering her time at events. She believes in the industry, in AMBA and in the people that she works with.

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Download your photos today!

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20 FALL 2011

ge! the a y o V Bonope was the winvenler voouf cher,

H ada tra Donna e at A ir Can mum Mortgag ow ti h $1,000 p O Trade S d by sponsore l Conference & to use her ua s our ann 011. She plan d to Europe 2 n Sept. 9, take her husba thday! ir to b r e th h 0 c vou his 5 DLC ation of ciate for een in celebr o age ass b tg ’s r e o h m S a y.

Donna is Hope in Calgar 2004 and l ce Financia of A MBA sin seven and a r r e b fo m y e tr age a m dus the mortg in the in working . Prior to joining a financial r rs half yea y, she worked fo BA. A RCT, a it commun and achieved counselling y on il ti m tu fa ti s in rs in irginia. te Maste Candida ty University, V er from Lib

FALL 2011

21

YOUR PRIVACY POLICY …

A MARKETING TOOL???

By Julia Lee

As mortgage professionals, we are always on the lookout for ways to differentiate our services, our value propositions and ourselves from the rest.

Ever consider using your privacy policy as a marketing tool?

Reflect for a moment on what a privacy policy is. It is a documentation of your company’s commitment to protecting your clients’ personal information. It tells your customers why you need certain information, how you plan to use it, and who you need to share it with. Today’s knowledgeable consumer wants to know that.

Links on your website to your privacy policy can include marketing ‘tags’ such as “Our Privacy Policy Protects You” or “Our Commitment to Protecting Your Privacy.” Your privacy policy can be posted in your office, published on your website and/or distributed with your promotional material.

From a marketing perspective, what is a privacy policy? It’s a way to give your borrowers confidence in you in the way you run your business – right down to how you treat their personal information. Now that’s attention to detail. Now that is a value proposition!

Writing an Effective Privacy Policy Government organizations (i.e., Service Alberta, Office of the Information and Privacy Commissioner of Alberta), offer privacy policy templates with additional tips and strategies on customizing the template for your own specific needs. Below are some starter tips to assist you in crafting an effective and compliant privacy policy.

Can you spot the MERIX originator?

Your privacy policy should: • State how your organization views privacy and protecting information: “XYZ Mortgage is committed to safeguarding the personal information entrusted to us by our clients. We manage your personal information in accordance with Alberta’s Personal Information Protection Act and other applicable laws. This policy outlines the principles and practices we follow in protecting your personal information.”

• Use the most appropriate words to refer to your clientele.

Would they refer to themselves as ‘clients,’ ‘customers,’ ‘members,’ ‘patrons,’ ‘borrowers,’ etc.?

• Include the name of your organization, as well as the names of any subsidiaries. The policy should make reference to contractors or others working on your or your company’s behalf: “This policy applies to XYZ Mortgage and its subsidiaries, XYZ Mortgage Investment Corporation and XYZ Holdings. The policy also applies to any person providing services on our behalf.”

• List the purposes for which your organization collects personal information: “We collect only the personal information that we need for the purposes of providing services to our clients, including personal information needed to: • open and manage an account • deliver requested products and services • assess suitability for tenancy • etc …”

Your policy should also discuss how you obtain consent, how you use and disclose the information, how you safeguard the information, how customers can access their information, as well as identifying a designated individual within the organization that can address privacy concerns and questions.

Look for more on privacy in the next issue of AMBA Matters.

22 FALL 2011

Source: Service Alberta.

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.

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

Industry News Housing crash not in the cards, CMHC signals A much anticipated correction in the Canadian housing market is not in the cards, according to the Canada Mortgage and Housing Corp.

(CMHC).

In its third-quarter outlook, the national housing agency forecasted the market will ease slightly but “remain steady” this year and next.

In fact, CMHC revised its outlook for 2011 housing starts to 183,200 units from 179,500 in its second quarter report. It now forecasts the number will climb in 2012 to 183,900 units.

They also forecast existing home sales will total 446,700 units in 2011 – approximately the same level as in 2010, although slightly lower its second quarter forecast of 452,100. It forecasts sales will rise modestly in 2012 to 458,000 units.

Calgary resale homes top $400,000 average The average price of resale homes in Calgary topped $400,000 in August, according to a report released by the Conference Board of Canada.

All residential property sales in the city hit an average of $404,755 during the month, up from $391,497 a year ago.

The board also forecasts short-term year-over-year price growth of between five to seven per cent for Calgary.

According to the Calgary Real Estate Board, month-to-date, there were 740 single-family MLS sales for an average price of $466,754 and 307 condo sales for an average of $302,460.

CMHC also forecasts that despite a slowing in the second half, average resale prices will deliver an overall increase in 2011, and continue to rise at a modest pace in 2012.

Calgary Real Estate Board Retracts sales forecast for 2011 The Calgary Real Estate Board (CREB) revised downward its annual forecast for MLS sales in the city’s housing market this year.

CREB now predicts 13,100 single-family home sales for the year, up 7.7 per cent from a year ago and 5,100 condominium sales, a decline of 1.51 per cent from 2010.

At its annual forecast in January, the organization forecast single-family sales of 14,500 for an annual increase of 19.9 per cent and condo sales of 6,000 for a hike of 15.8 per cent.

CREB’s updated forecast now expects the average MLS sale price this year for single-family homes at $470,000 up by 1.89 per cent from 2010 while the condo average price will grow by 0.04 per cent to $290,000.

The latest market report indicates that condo sales throughout the first half of this year continued to be lower than levels recorded last year but sales are no longer declining at double-digit rates. For the remainder of the year, CREB expects condo sales to continue to improve as positive economic conditions fuel employment growth and improvements in net migration.

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Canadians at their gloomiest in two years The mood of Canadians continued to deteriorate this month, with economic uncertainty ‘weighing heavily’ on consumers, according to a survey released by the Conference Board of Canada.

Based on a survey of 2,000 Canadians, Canada’s confidence index fell 6.6% to 74.7.

Negativity towards future job creation and unwillingness to make a major purchase were the primary signs of waning consumer confidence.

Pessimism was also higher on responses to questions about current and future household finances.

Alberta MLS sales expected to rise MLS sales and average prices are forecasted to increase in Alberta this year and next year, according to the Canadian Real Estate Association (CREA).

According to CREA, sales in the province will increase by 7.3 per cent this year over last year to 53,350 units and rise by another 6.8 per cent in 2012 to 57,000 sales.

The association also predicts that average sale price in Alberta will jump by 1.5 per cent this year to $357,500 and by another 1.8 per cent next year to $364,000.

At the national level, CREA is forecasting overall sales across the country to increase by 0.9 per cent this year to 450,800 units by fall 0.7 per cent next year to 447,700.

It is forecasting the average MLS sale price in the country to rise by 7.2 per cent this year to $363,500 and remain flat at $363,600 in 2012.

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Industry News continued Albertans expect to be among youngest to be debt-free

Alberta earnings top Canadian provinces

Albertans holding some form of debt today feel they will be debt free by age 52 – the youngest age in the country.

A poll conducted by CIBC, also found that only 18 per cent of Albertans in the 45-64 age group identify themselves as being debt-free.

The same survey shows B.C. residents felt they would be 58 by the time they had paid off all of their debt while Ontario respondents projected they would be 54.

Canadians projected they would be debt-free by 55, on average.

The poll found: • Canadians aged 18-24 believe they will be debt-free by age 32, on average; • Canadians aged 25-34 believe they will be debt-free by age 44, on average;

Average weekly earnings in Alberta were the highest in the country among all provinces during the summer months, according to Statistics Canada.

In June, average weekly earnings of non-farm payroll employees hit $1,041.45 in Alberta, an increase of 0.5 per cent from May and a hike of 5.0 per cent from June 2010.

Statistics Canada said earnings were $876.27 across the country. That was a 0.3 per cent rise from May and up 3.0 per cent year-over-year.

In the 12 months to June, average weekly earnings in professional, scientific and technical services increased 5.2 per cent to $1,242.91.

Alberta brokers benefit from economic slowdown: Scotia Economics

• Canadians aged 35-44 believe they will be debt-free by age 54, on average;

According to a report by Scotia Economics, a slowing economy may be most kind to Alberta brokers, although Canadian housing demand and home prices should remain steady.

• Canadians aged 45-55 believe they will be debt-free by age 60, on average;

On a year-to-date basis, the national average resale price rose 7.6 per cent to $364,953, up from $339,030 a year ago.

• Canadians aged 55-64 believe they will be debt-free by age 65, on average.

A combination of historically low borrowing costs and lower home prices in many markets, especially Alberta , have injected more demand into the housing market, according to Scotia.

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26 FALL 2011

Industry News continued Aging Boomers spur housing needs by 2030 A new study by the Conference Board of Canada predicts that by 2030 about 80% of new housing demand will be consumers in their golden years.

It will bring a new wave of homes that are very low maintenance, like condominiums or seniors will put downward price pressure on the traditional single detached home which has skyrocketed in price over the past 15 years.

Baby boomers are the largest demographic cohort in the population.

Those same boomers, when they were in their 20s in the 1970s, helped drive the market to new records.

Regulators crack down on the industry During the summer months, regulators were generously handing out broker suspensions and cease and desist orders.

In Alberta, the Real Estate Council of Alberta (RECA) censured more than 10 mortgage professionals between mid-May and Mid-September, citing an array if offenses, from refusing to cooperate with an investigation to failing to comply with licensing conditions.

The threat of prosecution may be more of a threat than a promise, as regulators increase their enforcement efforts this year. The effort is viewed as a reaction to a growing number of complaints from borrowers as well as private lenders following the collapse of the Canada subprime market.

VWR half-pg-magazinead-CMYK-march2011.pdf

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You bought Errors & Omissions Liability Insurance, now what?

Compulsory E&O Liability Insurance

About the AMBA E&O Program Insurer

RECA required proof of E&O Liability when brokerages submitted their licensing application for the licensing period commencing October 1, 2011. For many brokerages, this represented the first time that they purchased E&O insurance. Some of the brokerages we spoke with essentially viewed the new requirement for E&O insurance to be nothing more than a tax.

AMBA and PROLINK are very happy to have Liberty International Underwriters as the new insurance company underwriting the E&O Liability program, effective June 1, 2011. Liberty International Underwriters is the Canadian division of Liberty Mutual, a publically traded US based insurer with an A.M. Best Rating of “A” (Excellent).

Liberty underwrites $33 billion in total premiums worldwide. Liberty is focused on offering D&O and E&O Liability insurance solutions for financial institutions and professionals throughout Canada.

The Value of E&O Insurance There are two principal reasons why E&O insurance provides value: Canada has become a much more litigious society; and As professionals, mortgage brokers are held to a higher duty of care.

You cannot control the actions of aggressive plaintiff lawyers.

Managing a professional brokerage with strong risk management practices will help mitigate the chances of experiencing a claim; however, when people suffer a financial loss, they will look for someone to blame. If your brokerage has associates, then the exposure to a claim is higher because you cannot oversee everything your associates do. Plaintiff lawyers will name everyone remotely involved in a transaction in order to find liability somewhere. Strong personal relationships with your borrowers and lenders might reduce the chance of experiencing a claim; however, there is always the risk of being sued.

How does E&O Insurance Help You? It is very important to remember that E&O insurance is providing two items: Free legal defence for the brokerage and associates; and Damages awarded to the claimant; There are obligations and requirements that come with free legal defence.

Every E&O policy available through RECA has the following requirements: Do not admit liability or fault; Report claims or circumstances that may give rise to a claim as soon as practicable (i.e., not in 6 months); and Do not start defending a claim without the consent of your insurer.

Failure to adhere to any of these policy requirements can be grounds for having the insurer decline your claim. In our experience, the principal brokers understand how their E&O policy will respond to a claim; however, their associates often do not have the same understanding.

E&O Insurance as Part of your Policies & Procedures We highly recommend including information on your E&O insurance as part of your standard brokerage operating procedures. Every employee and associate should understand the following policy requirements: Report any claims or circumstances that may give rise to a future claim to their principal broker immediately; Do not admit liability or fault if faced with a lawsuit; and Do not hire a lawyer to defend a lawsuit. The principal broker must work with their insurer when defending a lawsuit.

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

Contact 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

Are you reminding clients to review their mortgage protection insurance policies?

It could have been your client on Global TV Consumer SOS. Years ago, Cheyeanne took a mortgage and creditor life insurance.

Her mortgage was coming up for renewal. She contacted the lender because she recently married and she wanted her husband on the mortgage and title.

The lender arranged for a title insurance company to prepare the documents to include the husband on the mortgage and lender title insurance.

Cheyeanne thought she was asking the rep from the title company a question about her creditor insurance when she asked, “Is my husband covered by insurance, also?” The title rep, said yes, thinking the question was about title insurance.

Shortly after, hubby dies. Now it is a problem because Cheyeanne is left with a mortgage payment made harder to make because her husband’s death did not kill the mortgage.

What could we do better, as professional mortgage advisors, for our “Cheyeannes”?

• For many customers the worst life insurance coverage to take is lender life insurance, followed closely by portable creditor life insurance...but a lot better than the NO insurance many borrowers take.

Obviously, until the borrower has a professional financial planner review of their insurance needs, now and future- the broker that looked after Cheyanne did the right thing and got some protection for her.

• Have you considered asking your Cheyeanne if it is ok to have a qualified financial planner give her a call to assess her protection, within your Privacy agreement?

Once a borrower is with a Financial Planner, the planner usually has an annual review program to check for changes such as additional children, change of employment coverage, and even marital status. All these may change insurance needs. Cheyeanne’s change of situation may have been caught before the renewal was even discussed.

• Have you considered changing your CRM output of e-mails or snail mail to include the question: What have you done to review your mortgage protection insurance, lately?

Cheyeanne’s problem was not your fault. But, wouldn’t it be nice to save another Cheyeanne from the same nightmare? Changing a Privacy form and a couple extra words on something you already send out- is it really that difficult for you? Just asking.

FALL 2011

29

a big thanks to:

By Rick Wilson This year’s golf event was one of the best. The weather was outstanding at 27 degrees, and by far the best weather we’ve ever seen. Normally, we have cancellations, but this year we actually had two extra people show up to play! The Innisfail Golf Course was again a great host for our event and our thanks go out to them. I would like to thank all of our volunteers who made it an amazing event.

Congratulations to Peter Narshal-Glew, Bob Dubask, Terry Avery and Gord McCallum for being our winning team.

This year’s women’s long drive winner was Jan Gosse from First National. The men’s longest drive was Jason Mykes from TD. The ladies closest to the pin winner was Stephanie Blake and the men’s closest to the pin winner was Len Lane from Verico. Katie McDowell from Mortgage Alliance was the winner of the closest to the target. The winner of the golf clubs was Michele Nason.

I’d like to thank AMBA and Innisfail Golf Course for all of their support.

Congratulations to Peter Narshal-Glew, Bob Dubask, Terry Avery and Gord McCallum for being our winning team.

30 FALL 2011

AMBA Gives to the Canadian Paraplegic Association (Alberta)

The Canadian Paraplegic Association (Alber ta) was founded in 1961. Since then, it has been a leader in offering support, direct service, information and advocacy to Albertans with spinal cord injuries and other physical disabilities.

“AMBA has a long history of supporting charity initiatives across the province,” said AMBA President Paul Bojakli. “Our culture at AMBA reflects our industry’s values and involves supporting the communities in which we work and live. Through our gift to CPA (Alber ta), we are able to help people across Alberta.”

The mission of CPA (Alber ta) is to assist persons with spinal cord injuries and other physical disabilities to achieve independence, self-reliance and full community participation.

Our contribution to CPA (Alber ta) will help Albertans with spinal cord injuries and other physical disabilities.

Whether it be assisting a newly spinal cord injured child or adult, lobbying for better public transportation, or helping to create a more inclusive community, CPA (Alber ta) embraces the approach that there is more than one way.

At our annual golf tournament on September 11, 2011, AMBA donated $5,000 to CPA (Alberta).

Specifically, AMBA’s contributions will be used toward CPA (Alber ta) housing initiatives and services in the province such as: Home modifications, barrier-free design guidelines, contractor referrals, medical supplier referrals, funding source referrals, and funding assistance. The mortgage broker community believes in the above services and is proud to be able to help in a small way. AMBA and its members can also help with finding solutions to housing services and funding for related disabilities.

FALL 2011

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SOCIAL CENTRE

QR Codes Can Help grow your Business Have you heard of QR Codes?

They’re similar to the barcodes used by retailers to track inventory and price products at the point of sale. The key difference between the two is the amount of data they can hold or share.

Bar codes are linear one-dimensional codes and can only hold up to 20 numerical digits, whereas QR codes are twodimensional (2D) matrix barcodes that can hold thousands of alphanumeric characters of information. Their ability to hold more information and their ease of use makes them practical for businesses.

When you scan or read a QR code with your camera-enabled smartphone, you can link to digital content on the web; activate a number of phone functions, including e-mail, IM and SMS; and connect the mobile device to a web browser.

Any of these desired functions are easily achieved by properly creating your QR code. It’s a simple process of entering the appropriate data into the QR code generator, described below, and it all takes just a few minutes.

The ability of QR codes to connect people with each other and to multimedia digital content is very useful for businesses and consumers alike.

How QR Codes Work QR code Generators –

There are a number of sites for generating QR codes and they’re all free. An Internet search for QR code generator will offer many choices.

A popular site is Kaywa (http://qrcode.kaywa.com/), You can use it to create QR codes that link to a web page, text, phone numbers, or SMS. Another with even greater capabilities, including customizing the colour and format of your codes is Kerem Erkan (http://keremerkan.net/qr-code-and2d-code-generator/).

QR code Readers – The QR code reader app on i-nigma (http://www.i-nigma.com/Downloadi-nigmaReader.html) claims to be the most widely used reader in the world.

32 FALL 2011

Practical Uses of QR Codes Here are some ways for using QR codes that are mostly in practice now, as well as a few that I believe we will be seeing in the very near future.

Where?

QR Codes could be used: • The back (or front & back) of your business card • Your brochures & other marketing materials • The sides of trucks and trailers • Product tags & packaging • Convention and event nametags • Restaurant menus • Event ticket stubs • Point-of-sale receipts

QR Codes could link to:

Download the reader and try it out! scan the qr code on this page to visit amba’s website!

• Installation instructions • Sources for replacement parts and service • Directions to your business • The process for hiring your professional services • Valuable coupons and special offers • Recommendations for complementary products and services • Free mp3 downloads • Customer feedback forms

How you can you maximize your effectiveness with QR codes: • Provide explanations about their use and benefits • Encourage actions that support your marketing plan • Assuage the fears of the technically challenged • Give reasons to come back • Experiment with the size, location, and colour of your QR codes • Study your analytics • Make the process fun, with a QR code scavenger hunt • Experiment The potential for QR Codes is limitless. What’s most exciting is how they take what social media is doing well now, bringing people together with technology, and extending it to enhance the experience.

HOW TO TWEET YOUR BEST

WHAT WILL MAKE YOU STAND OUT ON TWITTER? • Get a good Twitter handle (name). Make sure your name relates to your practice.

• Establish a specialty. Keep your feed professional, but personable. Tweet about appropriate and informative topics, enjoyable things or address national or global events. An example of an appropriate tweet outside your ‘business’ would be: “RIP Jack Layton. Our prayers and thoughts are with your family.” This tweet acknowledges a significant event in the news and shows your compassionate side.

• Short and sweet’s the way to be. Keeping the message to the point will make you stand out!

• It never hurts to re-tweet. Great articles should get exposure.

They also create industry buzz and will get you noticed.

• Tweet newsworthy information.

• Don’t over-sell yourself. Nobody wants to hear over and over why they should choose your business. Educate your followers and allow them to make their own educated choice.

• Follow your followers. If someone is listening to you, do the same.

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FALL 2011

33

AMBA BRIEFS You’re InviteD to Our Open House

Join us for a good time and check out our new digs on November 3, 2011. The party will start at 4:00 p.m., at our office (Suite 200, 1940, 9 Ave SE).

Please RSVP to Tara at info@amba.ca.

Hope to see you there.

New AMBA Exam Centre AMBA now offers (MAP) exam writing opportunities at our office, located at Suite 200, 1940 9 Ave S.E. Calgary, AB. The exam centre will be open for bookings Mon-Fri, 9:00 a.m. - 5:00 p.m.

For more information, call Tara at 403.685.9652.

Juvelyn Hernandez was the first student to write an exam at the AMBA office on October 4, 2011.

Congratulations Juvelyn. Good luck in the industry.

Meeting Space Available in the AMBA Office If you’re tight for space, we’ve got lots of it. We have one large board room with room for up to 30 people, a meeting room with space for 1518 people and an office available for rental. We’ll offer you a great deal and flexibility on rental times and price.

If you’re interested, call Tara at 403.685.9652.

New Baby at AMBA We’re excited to announce that Samantha Gill, AMBA’s Administrative Coordinator, delivered a baby girl, named Mya on September 20, 2011.

Congratulations Sam.

Meet Our New Staffer Tara Longbotham joined our staff in July, as Samantha left for maternity leave. Tara is familiar with the mortgage industry, as she worked as an associate for three years. She’s also a mother to a fouryear-old girl, named Addison. Some of her hobbies include camping, biking and horseback riding. We are excited that Tara has joined our team and look forward to all of you meeting her.

34 FALL 2011

Do You Have Something To Say? Volunteer On AMBA’s Comms Committee We are looking to form a communications committee that will meet once every two months to discuss industry information and generate ideas for future communication.

If you’d like to volunteer, please contact Amanda Roy at 403.685.9652, or e-mail at aroy@amba.ca.

Industry talk with

Paula Hutton Meet Paula Hutton of Capital Direct.

She’s a long-time mortgage industry vet and avid AMBA volunteer.

She never misses an AMBA event and always drags Bob out.

Tell us a bit about yourself.

Where are you from?

Born in England

I was born in England and raised in Montreal. I went to John Abbott College in Montreal and studied languages. Upon graduation, I was hired by Air Canada as a flight attendant and came to Alberta in 1980. Tired of constant layoffs, I changed careers and became an Ophthalmic surgical assistant.

Having travelled across North America and Europe, it was easy to say that Alberta is one of the best places to live and the people here are some of the finest and friendliest in the world. Staying in Alberta was one of the best decisions I have ever made.

Do you have a family?

I met my husband Bob in Edmonton, a single father raising three daughters. We lived on an acreage and enjoyed the outdoor life that makes Alberta such a great place to live.

After moving to Calgary in 1992, our family grew to four daughters. Our youngest is now attending university here in Calgary. Flexibility being the key to surviving the teen years, I decided to change careers and join the mortgage industry.

what are a few of your hobbies?

As a family, we like to spend time outdoors, camping, fishing, boating and golfing. We like to take our motor home and just get out of town whenever possible. I also enjoy playing pool in a recreational league.”Life is a journey not a destination” (Emerson). And ... with that in mind, off we go again.

And anything else you’d like to share?

Yes, sometimes I just dance! Fortunately I don’t sing (out loud).

CONTINUED NEXT PAGE ...

FAR LEFT: Paula and her husband Bob. LEFT: Paula after reeling in a big one.

FALL 2011

35

FALL 2011 member profile Please tell us a little about your company.

When I started my career in the industry, I was called a mortgage broker, and then the name changed to mortgage agent, then changed again to mortgage associate. (Phew!) For the last two years, I have had the privilege of being Business Development Manager for Capital Direct Lending Corp. We are a private lending corporation that fills a gap by offering financial assistance to people who do not qualify at traditional financial Attention to Details institutions. The experience I gained by being an associate has helped me to understand what is needed to close a deal. As a Capital Direct Business Development Manager, I follow your application through the whole process. If documents are missing or if the deal needs to be re-arranged, I call you about it. I follow your application from first questions and underwriting until instructing. Based in Calgary, I enjoy travelling across Alberta visiting with brokerages and their associates. CALL ME.

36 FALL 2011

Attending the 2011 AMBA Golf Tournament.

What is your experience with AMBA? I have watched AMBA grow from humble beginnings into the well run, industry leading organization that it is today. I am proud to be a part of an organization that is looked to, from across Canada, for its high standards in education, ethics and licensing. I have volunteered to be on the events committee for the last few years and have enjoyed helping with the conferences and curling fun spiels.

There is a wealth of leadership qualities and volunteer spirit among the people of AMBA and I am proud to be included in this group.

FALL 2011 member profile What advice would you give to people wanting to enter the mortgage business?

The most important advice I could give someone new to the business would be to join a company that will give you the mentorship that you will need. Having experienced people to help guide you is a vital key to success.

Then, pay attention to detail. It may seem old fashioned in this electronic age to actually write things down, but you need to keep good records. Use of a day-timer or calendar is going to help keep things straight and you can then print out and file it as a record of your activity.

What is your vision for the mortgage industry?

I would like to see lenders accepting individual deals from brokers and associates, not just from elite volume brokerages.

A deal is a deal and it should be funded on its merits. It might help if there was an apprenticeship system for new associates.

Much like the trades, there is much practical experience that can only be gained with hands-on experience. A high level of competence would be maintained if new industry members were coached after graduation.

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FALL 2011

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amba calendar

we ' vE moved!

November 2011 Open House & Appreciation Gathering November 3, 2011 AMBA’s New Location Suite 200, 1940 9 Ave SE Calgary, AB

December 2011 AMBA Christmas Party (Calgary) December 15, 2011 Ric’s Grill – North East 2875 Sunridge Way NE AMBA Christmas Party (EDMONTON) TBA

MARCH 2012 Annual Bonspiel MARCH 2, 2012 Calgary Curling Club

June 2012 Spring Golf Tournament (Edmonton) june 1, 2012 Coloniale Golf Course, Beaumont, AB Annual General Meeting june 7, 2012 TBA

SEPTEMBER 2012 Annual Conference & Trade Show/ Fall Golf Tournament SEPTEMBER 6 & 7, 2012 Banff 38 FALL 2011

OPEN HOUSE & APPRECIATION GATHERING! November 3, 2011

4:00 PM AT OUR NEW OFFICES

SUITE 200, 1940 9 AVE SE, CALGARY, AB PLEASE RSVP TO TARA info@amba.ca

HEADLINES Your solution to get information out...QUICK! AMBA offers its members this service to help get announcements and job postings to a mass audience, quickly and cost-effectively.

Headlines, job postings and other classified advertisements are posted on the Industry Members Main Page and the AMBA Members Main Page for a cost of $25 (+GST) / week. Respondents can notify the posting brokerage directly Graphic Design for this issues of AMBA Matters

403.890.9782 erin@5ofSix.com

Photo credit for some photos used with in this issue of AMBA Matters are ©Shutterstock.com Please Recycle This Magazine

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