AMBA Matters Winter 2010

2 0 1 0 w i nt e r

PLUS!

A

NEW DIRECTION

STRATEGIC UPDATES FOR THE ASSOCIATION

SOCIAL BUZZ

INVESTIGATING THE HYPE OF TODAY’S SOCIAL MEDIA

速

WINTER 2010

AMBA 2010-2011

AMBA’s

8

New Direction A new mission, vision, goals and values.

A new AMBA!

Community:

What it Means to You

11

We asked you what community means.

Find out what you had to say ...

Giving Teen Moms a Better Life!

Baby Heroes

Know Your Neighbours

President

Past President

Dean Koeller

Todd Fralic

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

Calvert Home Mortgage Investment Corp.

Quantus Financial

Fisgard................................4

Director at Large

Treasurer

First National.......................6

Phil McDowell

Frank Hickey

VWR Capital Corp. ............9

Mortgages are Marvellous

Concord Mortgage Group Ltd.

National Bank...................15

Education Director

Caplink..............................17

Ken Kirkpatrick

Consumer Awareness Campaign Director

Lanyard.............................10

12

Shaelynn Capital Inc........19

Edmonton AMBA members raise more than 23,000 diapers for Terra.

Program of Coming Together:

A SPECIAL THANKS TO OUR ADVERTISERS...

14

Home Trust.......................22

Axiom - Integrity First Mortgage Solutions

Dominion Lending............24

Event Director

Cedar Peaks.....................26

Kristen Linde-Ferrier

Arbitration Director (North)

Alta West Mortgage..........27

Volunteer for your Neighbourhood Watch.

It could mean more consumers for you!

Equitable Trust..................29

The 2010 Conference Survey:

Dyck Insurance.................30

How We Fared

16

The MLS® Deal

18

What’s all the Buzz About?

20

Identifying Commercial

28

Red Flags

The Personal....................31 Capital Direct....................34

CREA and Competition Bureau ratify a deal that will change the face of the MLS®.

Why Social Media?

Davis + Henderson...........30

Gord McCallum

Street Capital Financial Corp.

First Foundation Residential Mortgages

Membership Director

Arbitration Director (South)

Jill Paish

Paul Bojakli

Merix Financial

Quantus Financial

Public Relations Director

Government Policy and RECA Relations Director

Ron McClenaghan

David McKitrick

Bridgewater Bank.............33

AMBA members agree Red Deer was the best city to host our conference.

CREA Members Approve of

Renee Stribbell

Axiom Wise Mortgage

A fraud awareness announcement: Two scenarios that recently occured.

OTHER FEATURES...

President’s Report..................................................... 5 Executive Director’s Report....................................... 7 Industry News: What’s Going On? . ....................... 25 New AMBA Insurance Benefit: The Personal......... 31 AMBA Community Member Briefs.......................... 32 Member Profile of Yousra Jomha............................ 35 AMBA Calendar........................................................ 38

Optimum Mortgage..........34 J.E. Fletcher......................36 FMC..................................37 Mortgage Intelligence.......39 Invis Inc.............................40

Alta West Mortgage Corp.

Invis

AMBA/RECA Rep

Gary Siegle Invis Inc.

Return undeliverable Canadian addresses to: 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:

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

FOR WINTER 2010

T

he world is continuously changing, whether it is business, economy, regulations, or technology, we are continuously bombarded with the task of adapting to a changing environment.

As human beings, our ability to adapt to change is paramount to survival and success. So the question becomes, how do we adapt to change and, for that matter, how do we assist our clients to adapt to change? From experience, I have found a few key actions that seem to be consistent with change: • Resistance, pull-back and/or avoidance; • Develop alliances and/or find experts to follow; • Acceptance of the change and exploration which leads to learning and growth.

As mortgage professionals, it is our responsibility to recognize change, explore opportunities, learn and grow. As well-informed licensees, we are better equipped to assist our clients. Consumers are looking to the mortgage brokerage industry for answers and it is our role to have the information to aid them in making a good mortgage decision.

AMBA Office At AMBA, we are continuously exploring the landscape of the association to find new ways to assist you in creating value for your business. Part of this evaluation was to review our strategy and to determine how we are creating value for you, the member, so you can bring that value back to your clients.

To assist in the process, the board met in early September to review our mission, vision, goals and values of the organization.

As a board, we are very pleased with the strategic results produced. For more information, please review ‘AMBA’s New Direction,’ on page 8.

Communications As indicated in my fall report, communications is a key focus for both the staff and the board this year. As an association, it is important to be actively engaged in our communities and articulate the value of membership and services the association provides. To carry out this objective, a number of initiatives are being implemented. For more information on the projects, I encourage you to review the following articles: • Know Your Neighbours – A Program of Coming Together,

page 14.

• AMBA’s New Direction, page 8.

• Judy Martin’s Executive Director’s Report, page 7.

As always, the board, staff and, specifically, Communications Specialist Amanda Roy would appreciate any thoughts, ideas and/or suggestions you may have on how to maximize the value and the impact that we are able to create through these initiatives.

Please e-mail any suggestions to communications@amba.ca.

Media Report AMBA director Phil McDowell recently represented the association in the media on an issue that has gained some media attention. The topic involved high-ratio uninsured mortgages that are maturing with no renewals being offered as a result of mortgage companies no longer continuing operations and values not supporting refinancing. Phil communicated to the media that these few examples are not a sign of a surge for future foreclosures related to maturing mortgages. Between 5% and 7% of new mortgages in Alberta done between 2005 and 2008, were N uninsured and have a value that is below mortgage balances.

TIO C

Phil stressed the fact that insured mortgages through RE DI the Canadian Mortgage and Housing Corporation (CMHC), Genworth or Canada Guarantee (AIG) provide renewal protection because lending value is guaranteed for the transferred default insured mortgage.

AM BA ’S N EW

Dean Koeller, AMBA President

CONTINUED ON NEXT PAGE ...

President’s Report

Election of AMBA’s new Vice-President

AMBA & REALTORSÂŽ Charity Face-off (Edmonton & Area)

The board recently held an internal election to select the new Vice-President of AMBA. I am pleased to announce that Paul Bojakli has been elected. Paul is a great individual with good enthusiasm, energy and commitment to the association and the industry. I’m looking forward to working with Paul over the next year.

The board and staff continue to work on a variety of industry and member-related issues and are always looking for volunteers and input on ways to improve the quality of services and programs we offer. I encourage you to contact AMBA’s office at 403.685.9652 with any suggestions and/or questions you may have.

continued from previous page ...

I would like to congratulate Gordon McCallum, Renee Stribbell and all the brokers and brokerages for their support in the Baby Heroes Diaper drive for the Terra Association. This centre provides pregnant and parenting teens with much needed resources. Together, AMBA and our REALTORŽ counterparts were able to raise more than 88,796 diapers for the centre and $4,600 in cash donations. AMBA raised 23,692 diapers, but came up a little short, as the Edmonton REALTORSŽ Community Foundation collected 25,403. Losing the face-off meant director Gord McCallum had to sport a trendy baby outfit. Thanks, Gord for stepping up to the baby plate — next year we won’t let you down!

As always, the board appreciates your support, involvement and feedback on how we can continue to add value to the association.

Respectfully,

Dean Koeller

The results are in Brokers voted us #1 in the industry for turnaround times* again. We understand that hours and minutes count, so at First National fast turnaround times are a top priority. Our goal is to ensure your success, helping you achieve the results you want. s 'ROW YOUR BUSINESS BY EXCEEDING YOUR CUSTOMERSg EXPECTATIONS s %ARN HIGHER COMMISSIONS WITH THE 7IZARD 2EWARDS 0ROGRAM s 7ITH -ERLIN SEE WHEN YOUR COMMISSIONS HAVE BEEN PAID Build your competitive advantage with First National.

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AMBA MATTERS

*2010 Broker on Lenders study, conducted by CMP Magazine and published September 2010.

AMBA Overview The Alberta Mortgage Brokers Association (AMBA) is a trade association that represents and supports the mortgage brokerage industry in Alberta.

Mission

Envisioning a New Future

I

t was the middle of May 2004 when I was sitting at a table with 12 respected mortgage brokerage industry members. Intensely, I was listening to the discussions of what would be a brand new industry for me. Dressed in a sundress and sandals, I glanced out the window and – WHAT? – it was snowing. No one seemed to be as disturbed with the weather as I was. Maybe they hadn’t noticed it.

My thoughts lost focus of what was being discussed at the table, thinking of how just two weeks prior I was smelling the blossoms on the cherry trees in B.C. Since I am an association executive and not a mortgage broker, I started to strategically align my expertise with AMBA. Within a short period of time, I recognized that based on the information I was hearing from the board of directors, the mission for the association needed to be updated. An exercise was completed and a new mission, vision and goals for AMBA were approved.

Moving forward to September 2010 and once again sitting at a table with 12 respected mortgage brokerage industry members (also known as the esteemed board of directors), a strategic discussion realized that the mission, vision and goals from 2004 have been achieved. Congratulations goes to the Presidents before whose mission was to build a strong AMBA. What a triumph!

Dean Koeller, a visionary who is also AMBA’s President, highly praised the accomplishments of his successors and knew it was time to strategically look at AMBA’s direction for the next three to five years. A one and a half day strategic planning session was facilitated and a strategic direction for AMBA was determined. A lot of hard work went into this planning and I applaud the board of directors for their wisdom and sharing of their ideas. AMBA has a new vision!

Vision AMBA is a leader in developing excellence in the mortgage brokerage industry.

Values AMBA members abide by the Code of Best Business Practices: 1.

Integrity • Respect • Honesty • Trust • Consistency

2.

Professional Excellence • Knowledge • Learning • Best Practice • Ethical Behaviour

3.

Accountability • Confidentiality • Disclosure • Due diligence • Compliance

4.

Community • Belong • Contribute • Participate • Care

Goals 1. AMBA membership is vital for industry members.

2. AMBA is the leader of educational standards in the N mortgage brokerage industry.

TIO C 3. AMBA is a strong brand.

E IR 4. AMBA provides strategic leadership and direction inDthe mortgage brokerage industry.

Report continued on pg. 9 ...

AM BA ’S N EW

Judy Martin, AMBA Executive Director

AMBA is the collective voice of the mortgage brokerage industry in Alberta. AMBA develops a standard of excellence for its members through advocacy, education, information and networking. AMBA promotes an ethical and sustainable industry for consumers and industry members.

FALL 2010

NEW DIRECTION

W

ith the new year in sight, the Alberta Mortgage Brokers Association (AMBA) has turned a new page and is looking to the future. In recent months, we’ve tackled a three-year strategic plan and started implementing procedures to execute our tactics for bettering the association and strengthening membership.

We’re changing with the times. We are proud of our past accomplishments, but it is now time to reassert AMBA’s message and brand for the future, and benchmark ourselves.

As we grow, our message must, too. AMBA’s new mission, vision, values and goals embrace all that our profession, association and community stand for (see Judy Martin’s Executive Director’s Report on page 7 for new statements).

Addressing Your Communication Needs

CT

In early 2011, we will launch our new website. The new site will be easier to navigate, offer interactivity and include a members secure area. We will continue to publish our much-beloved AMBA Matters magazine and a digital version will be available on our website as well. We will continue to fill the magazine with articles pertinent to the mortgage brokerage industry, AMBA community and province. Our new e-newsletter will launch in January on a biweekly publishing rotation. Each issue will feature member information, critical AMBA news and announcements, media clippings and education and event updates.

AMBA We understand how busy your lives are, so in addition to ’S Ne-newsletter, we will provide online access, through the the EW e-newsletter DI or on amba.ca, to an important weekly media RE clippings package specifically referencing industry news so you can stay informed and updated with ease.

N IO

AMBA MATTERS

AMBA maintains an active presence on the major social media sites, Facebook, Twitter and LinkedIn, but throughout 2011 we will be working to recruit and engage more members to our network. President Dean Koeller will begin a monthly blog in an effort to engage you in AMBA business and to discuss and interact with you more.

Director Ron McClenaghan will also spearhead the campaign Know Your Neighbours – an initiative to get members involved at the grassroots. We will be travelling to three provincial communities and participating in local events (learn more on page 14).

Another area AMBA will delve into will involve engaging and educating the consumer. Through a series of informational videos, website information and brochures, we will encourage consumers to do their mortgage research and make the educated choice.

Moving Education Forward We are well into the development of the new Mortgage Associates Licensing Program (MAP), and anticipate a launch date in the first quarter of 2011. You can expect better prepared, more confident and knowledgeable graduates from this new program!

We will also be offering a host of new professional development (PD) courses for members. In alignment with our 2011 vision for AMBA Education, we continue to strive to be the leader of educational standards in the mortgage brokerage industry. We continue to work with our members, industry partners and sister associations to achieve this goal.

You can look forward to course offerings on topics such as

‘Deciphering Credit Reports,’ ‘Internet Marketing & Search Engine Optimization (SEO),’ ‘Creating Policy & Procedure Manuals’ and ‘Privacy 101’ in the new year. Our PD courses will be available in both face-to-face, as well as convenient online, learning environments.

We’ve also recently welcomed Saskatchewan into our student population. In October 2010, the Saskatchewan Financial Services Commission (SFSC) announced new educational requirements for mortgage brokerage licensing in Saskatchewan, and AMBA’s MAP was adopted by SFSC as an approved prelicensing program. We are excited and thrilled to be recognized as providers of quality education and will continue to work with other provinces to enhance the calibre of pre-licensing education for the mortgage industry – across Canada.

Driving Membership We’ve listened to what you had to say in the 2010 membership survey and now we’re taking action. One of our largest ventures in 2011 will involve Executive Director Judy Martin travelling the province to hear what brokerages have to say. She plans on stopping by member offices and non-member offices to encourage membership and address concerns. If you see her in passing, stop her and express your thoughts. She’d love to hear from you. Or send her an e-mail at jmartin@amba.ca.

Executive Director’s Report continued from pg. 7 ...

The work that you see the board and staff accomplish over the next three years will be reflective of the above information.

I continue to be astonished when I hear an AMBA member say, ‘what does AMBA do for me?’ First off, I challenge you to consider volunteering with the association. Get the true feeling of what your association does for you!

Additionally, I plan to visit each and every one of you over the next year – this will be your opportunity to ask me questions. It is important for me to know that you know the true value of our association.

I would also like to thank everyone who completed the membership survey. I know it was lengthy, but the information we received from you was the basis for the development of our strategic plan. Your feedback is important. It does lead the direction of your association so that we can continue to be the ...

Members’ Voice. Consumers’ Choice.

FALL 2010

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eport in ecutive R x E ’s n ti ar In Judy M Matters, f AMBA o n io it d 2010 e ld our Fall ow wou mbers, ‘H e m r u o d she aske would ity?’ We n u m m ne co you defi nded. ho respo w ll a k n a like to th say: ou had to y t a h w Here is

What

u o Y o t s Mean

importance of believer of the I am a strong ings that need e are social be der community. W mmunity in or a part of a co e. lif r to feel and be in ou and relevance to find meaning definition of e th by ed challeng lves Today we are s find themse any individual or do xt community. M ne rson ect with the pe al rtu vi unable to conn h throug of enjoyment r but find hours book. Whateve ce Fa as ch su s m iu portant that social med munity, it is im m co ur you yo ll you may ca munity but that rt of that com pa a unities. el m fe m ly you not on ute to your co rib nt co d an back to find true are able to give at we are able th n io ct ra te in h our It is only throug r lives. ppiness in ou ha d an meaning nt, AMBA Preside Dean Koeller, stment Corp. ve In e ag Mortg Calvert Home of everything the foundation is ity un m m co ends, of I believe that of peers, of fri a community ve ha e stricted to W re . t do we pport. It’s no su d an ily m fa fices, and it’s neighbours, of r homes or of ou nd ou ar t en Webster’s the environm ical restrictions ph ra og ge e collective greater than th munity is the om C g. in el fe t. places – it’s a all we suppor all we do and r fo g in on as re age Urban Mortg Gord Appel,

e-minde a number of lik Community is mon goal. towards a com nca, TMG Russ Mendo

in s of AMBA w e N e r o M unity ... m m o C r u o Y

Pg. 12 Teen Mom Credits Child and Terra for Saving Her from Self-destruction

Pg. 14 Your K n o w rs : ou b Neigh ram A Prog g in o f C om r e Togeth

orking d individuals w

ity to a commonal nerally relates ge with ity g un on m al k, om C s and wor imity, interest e ox ag pr tg g in or m ud cl ur in similarity. O l ua t ct lle te in g with importan physical and ogeneity alon m ho , es re ud nu cl te enced by community in versity as evid di r ne io tit ac ancing individual pr commercial fin sidential and re s, a constant cu in fo , e ill ar sk ofessionals pr e ag tg or M elling the specialties. , which is prop th ow gr al on state of pers edented rate ! d at an unprec industry forwar rer, AMBA Treasu Frank Hickey, c.

In up tgage Gro Concord Mor ho p of people w think of a grou I , ity eans un m m m at of co hether th W hen I think s or values. W st re te e is a in er th on , m er m bits socc share some co ur child’s Tim yo ng or , ro st ry st A . du in tter good the brokerage ther for the be ge ankful to th g s in ay m w co le ers, so I am al ad group of peop le its as ce the only as good to who sacrifi community is ities I belong un m m co y an m to those in the ctive group. lp out the colle he to ed ed ne time us Financial sident, Quant re P t as P A B M FALL 2010 11 Todd Fralic, A

d You Helpe

Raise

23,000

DIAPERS!

See our Facebook page for more photos

Teen mom, Katel yn Clark, 19, an d 16 months-old, Piper Campbell enjoyed a short story together in Braemar School the librar y. Braemar School is a spec school designed ial for pregnant and parenting teens .

BA members ton and Area AM on m Ed e th ns to ign. With your Congratulatio eroes campa in the Baby H g tin pa ci et ! rti for pa ceed our targ ere able to ex w n e w n, tio pa or his ganizatio partici to Gord and thanks goes l ia ec Sp

,000 diapers! r Productions for raising 14 at Play It By Ea lf of ever yone ha us and be n O

r your genero thank you fo to d te eroes an H w I by Inc., year’s Ba ppor t of this su out ic ith st w ia it us enth d not have done y put, we coul pl A m .

Si ns n. ig tio za pa cam inded organi community-m ur ds yo ar w d to an ay you ent a long w competition w a personal n bit of healthy O e. us ca a wor thwhile ch su g tin source exists or supp this kind of re at th d ou ith the pr ally ed to work w note, I feel re really honour as w I d t also an bu unity ising diapers in our comm in not only ra ar m ne, ae yo Br er d an thanks to ev team at Terra ! Once again, ed ud a cl in is f el ho mys McCallum, w awareness – loser Gord ed of em nd te ki es e r ted, he’s th especially ou rly demonstra or t. As he clea sp us do en m tre that you depend on. cal community guy you can tion in your lo za ni ga ntact or an te in, please co If you have

bers participa em m BA bers AM em e m would like to se etting AMBA 685.9652. G 3.

40 se ea at cr e in fic AMBA’s of e best way to munities is th m e co ar r ou we in If involved age brokers. ess of mor tg e en th ar t aw ge er consum munity and we g in our com tin , pa es ci iti rti ar pa ch actively for local raising money of n do io nt we te t at ha se w positive ce to showca I ves us a chan your suppor t! r then it also gi fo h uc m thank-you so n, ai !

Ag re tu g. fu in near for a liv k-yous in the ing many than hope to be writ

bell Renee Sectrtoib r

AMBA Dir

12

Teen Mom Credits Child and Terra for Saving Her from Self-destruction

by Amanda Roy,

AMBA Communications Specialist

B

y the time Katelyn Clark was 15, she was addicted to drugs and alcohol and sleeping anywhere she could find. At 16, Clark learned she was pregnant and attempted suicide because she thought she had no options in her situation.

“When I learned I was pregnant, I figured that was it for me,” Clark said. “I truly believed nobody would help me or want to help me because I’d chosen a lifestyle of drugs and alcohol.”

She’s 19 now, and a mother to 16-month-old Piper Campbell, whom she refers to as her gift from the angels.

“Piper saved me from myself,” Clark said. “She gave me a reason to live and to be a better person.”

Clark discovered the Terra–Centre for pregnant and parenting teens through the help of her mother, with whom she reunited after she ended up in the hospital after her suicide scare. Through the help of Terra, Clark has been able to provide the necessities for Piper, attend high school full-time and look forward to the future.

“Without Terra I wouldn’t have diapers or clothes for Piper and I wouldn’t be graduating this spring,” she said. “Since I don’t have to worry about providing diapers and clothes, it takes a lot of stress off me because I know

Continue reading story on Page 14 ...

AMBA MATTERS

Quick Facts: • I n a baby’s fir st year, new pare nts will have brou ght home an aver age of 2,788 diaper s for a total cost of $5 60.

• Canada’s te en pregnancy rate for 2000 was 38,6 00 (38 pregnanc ies per 1,000 peop le).

• Two-thirds of teen pregnanc ies occur among teens 18-19 ye ars old.

First Founda tion Residen tial Mor tgages honoured to was ex tremel be part of th y is year’s Baby drive. It provid H eroes Diaper ed us the oppo rtunity to get local commun involved in th ity and help e su ppor t the youn who are part g families of it. We unde rstand how ex be caring for pensive it can a child’s basi c necessities campaign, w .

Through this e were able to

by Amanda Roy, help young fa of f on milies star t the right foot.

AMBA Communications Specialist Our organiza tion raised a to tal of more than diapers. We 13,000 are so thankf irector Gord McCallum ul for the trem suppor t we re en dous ce ived from ou was all smiles as he r network of friends, client fa mily, s and colleague for held up his part of the bargain, s. Our social sport s a diaper campaign was Gord Mc Callum m ed BA ia AM a AM BA Director are a unique way montonfor us to reac sporting an adult diaper, bib a bet between Ed goal, and it w y raised the h r media as part of ou the ge r To . as a great succes ALTO RS r drive. members and RE s. We bought and soother in front of media wor th of diap

by Heroes Diape Ba ’s $2 rra Te for er s for ever y in 49,09 5 diapers dividual who us on our Fa ‘liked’ and REALTOR® counterparts. cebook page or retweeted “F Fo undation is irst This fall, AMBA Edmonton helping preg nant or pare teens. Ret wee nt ® in g t th is and they’ll bu and area members challenged the Edmonton REALTORS #babyheroes y $2 of diap #yeg ht tp:// ht er s. .ly /2PxaA .”

Community Foundation to a diaper square-off as part exciting to se It was fun e how many and pe ople suppor te so cial media. of Terra’s Baby Heroes Diaper drive, Oct. 6-24. Each d us through

The challeng organization set generous internal goals to 23,000 diapers, e by AMBA to the Edmonton Community REALTORS ® Foundation to and challenged each other to see who could raise the most raise the m especially ex os t di apers was ci ting, and alth

by Oct. 22. ough we ende end—ahem, d up losing in I ha d to wear a di the aper on live te If AMBA won, REALTORS® Community Foundation of the deal—it levision as pa was a great wa rt y for all broker board members were to wear bibs and dine on baby food: A huge thank s to get involve you goes out d. to ever yone w raising at leas ho committed Creamed corn, beef broth, sweet potato custard and, for t 23,000 diap to ers. We surp lo st assed our go by a hair. We’ dessert, pureed prunes – all served cold! al and re looking forw ard to next ye ar’s campaign!

AMBA Helps Terra Give Pregnant and Parenting Teens a Better Life

D

®

Read the remainer of this story on the following page ...

Gord McCallum

First Founda tio

n Residentia

l Mortgages

FALL 2010

13

AMBA Helps Terra Give Pregnant and Parenting Teens a Better Life, continued:

Teen Mom Credits Child and Terra for Saving Her from Self-destruction, continued:

(Gord McCallum’s diaper and bib story)

(Katelyn Clark story)

And the grand tallies were ... AMBA 23,692 diapers and the REALTORS® 25,403. So the REALTORS® won and got to claim bragging rights. Or did they? ... Because Gord wore a diaper on TV, in newspapers and in support of Terra, AMBA received added media exposure through the event. Gord appeared in the Sun, on CBC, Citytv, CTV and Global. In the end, AMBA was the real winner because awareness was raised for Terra and AMBA and a community benefitted from it.

I can afford milk, food and the other necessities.”

The Terra–Centre for pregnant and parenting teens has been serving youth in Edmonton since 1971. Each year approximately 600 young families access their teenage pregnancy support services. Terra seeks the involvement of individuals and groups through community partnerships to support young families in our community. In an effort to continue helping local teens and their children, Terra reached out to the community for their second annual Baby Heroes Diaper drive. This year’s campaign raised 116,431 diapers, a new campaign record.

“Diapers are an expensive necessity for young parents.

By helping alleviate this cost pressure, our teens can better focus on completing their high school education, realize their potential and ensure a positive start for their children,” said Karen Mottershead, Executive Director of Terra.

Know Your Neighbours A PROGRAM OF COMING TOGETHER

W

e should all know the importance of community involvement. The past two years have served up some slow times and allowed for some serious reflection on ways we can engage consumers and educate them about us mortgage professionals.

They need to know there is a professional organization called the Alberta Mortgage Brokers Association (AMBA) that represents mortgage professionals working in the communities of Alberta. All of us are business people who have our clients’ best interests at heart when it comes to their financial well-being.

AMBA representatives are preparing the Know Your Neighbours Program for introduction in the spring of 2011.

The purpose of the program is to promote AMBA membership as the prime choice for mortgage products and services for the consumer in the province.

We also want to show that we care about what is going on in our communities. By getting involved with Neighbourhood Watch Associations and Police Services we can help spread awareness to the public on how to best protect oneself from criminal activities. Neighbourhood Watch Magazine will be utilized by AMBA to participate and provide both industry advertising and worthy

14

AMBA MATTERS

By Ron McClenaghan, AMBA Public Relations Director

crime prevention articles to help educate the public. Our value proposition to the communities will need to be backed by the support of our members. How, you ask?

We plan to be active in supporting some form of social event that will invite people to come and meet not only their own neighbours, but our members who will be literally serving them. We will be serving food and soft drinks at some form of mix-and-meet while encouraging people to register as volunteer members for their local Neighbourhood Watch Associations. Each registrant will receive important information from our association to assist them, not only with crime prevention, but also on how a mortgage broker is the best choice for mortgage services.

AMBA wants to spread the word about the good people in our association. We also want to educate the public on ways to identify criminal activity regarding issues within the finance industry, identity theft, title fraud, title insurance, grow-op houses and holiday protection plans.

Our involvement will pave the way for all mortgage professionals to be better known within the communities they serve. We believe the Know Your Neighbours program will lead people to know their mortgage professionals.

How We Fared ...

2010 Annual Conference & Tradeshow Survey Results

How would you rate the registration fees?

60 50

Very Reasonable Fair

40

Too Expensive 30 20

By Judy Martin, AMBA Executive Director 10

F

or the success of the association, it is vital for the Alberta Mortgage Brokers Association (AMBA) to get your feedback. First off, I’d like to thank those of you who took the time to complete our survey and share your thoughts.

Your feedback is invaluable and helps us to better the association.

The results are as follows: • 451 industry members attended the Conference & Tradeshow. Of those 451 attendees, 279 were brokers, 115 lenders and 75 other.

• 276 people celebrated AMBA at the Awards Gala.

• 13% of you completed the survey.

• 77.48% of those who participated in the survey attended the Conference & Tradeshow.

• 22.52% of those who participated in the survey did not attend the Conference & Tradeshow.

Reasons provided for not attending included: • Economical.

• Got married.

• Had a baby.

• Too big of a commitment/prior commitment • My broker holds lender presentations every AMBA week, so I already know the information. ’

SN EW

D

IR to your satisfaction?

Was the food

CT

E

N IO

• 89.74% said yes.

• 10.26% said no.

16

AMBA MATTERS

How would you rate the conference overall?

0 Conference & Tradeshow

Excellent Satisfactory

Golf Tournament

Awards Gala

Where would you like the 2012 Conference & Tradeshow to be held?

Poor

Do you feel the committee made the right decision to host the 2010 Conference & Tradeshow at the Capri Centre in Red Deer?

• 95.97% said yes.

• 4.03% said no.

Banff Edmonton Lethbridg e

Bora Bora Hawaii Mexico

Calgary Las Vegas Re d De e r

Other report highlights: • 89% said they’re pleased with the Conference & Tradeshow will be at the Capri Centre in Red Deer in 2011.

• 40.65% thought the economist panel was good, 27.64% excellent, 13.82% fair and 5.69% poor.

• 45.90% rated David Baxter’s presentation as good, 22.95% excellent, 10.66% fair and 1.64% poor.

• 65.85% claimed David Chilton’s speech was excellent, 20.33% good and 1.63% fair.

• 54.62% said they’d like to see David Chilton speak about his new book at our Annual General Meeting (AGM) in June.

• 88.7% said they enjoy the opening reception, so we will keep the tradition.

• 45.61% rated the tradeshow as excellent, 43.86% good and 10.53% fair.

• 59.06% of Conference & Tradeshow attendees attend the Awards Gala.

• 50.85% of golfers said they loved the golf format change (Thursday vs. Saturday), 47.46% said the day doesn’t matter and 1.69% said change it back to Saturday.

• 39.32% of golfers said the Innisfail Golf and Country Club was excellent and 5.98% said good.

• 44.55% of golfers said they’d like to go back to the Innisfail Golf and Country Club in 2011 and 51.82% said it doesn’t matter where the tournament is held.

• 30.16% of respondents said they’d attend the annual Curling bonspiel on any date, 20.63% liked the day change to Friday vs.

Saturday and 40.48% said they wouldn’t attend either way.

In summary and based on the survey results including the feedback the structure of the 2011 Conference & Tradeshow will proceed as follows: Golf Tournament 2011 Thursday, Sept. 8, 2011 at the Innisfail Golf and Country Club Conference & Tradeshow 2011 Friday, Sept. 9, 2011 at the Capri Hotel & Convention Centre, Red Deer, Alta. (AMBA will provide breakfast and start the day’s events earlier and wrap events up earlier in the afternoon.)

• Opening Reception – Thursday, Sept. 8, 2011 will begin at a later starting time of 8 p.m.

• Conference Seminars ¬– Our seminars will continue in the same format as 2010 and previous years.

• Tradeshow – The tradeshow will end at 4:30 p.m.

• New Wrap-up Cocktail Reception – The reception will be held between 4:30 p.m. – 6:30 p.m., and at this time exhibitors can announce prize winners and mingle with those in attendance.

• Pre-Gala Networking Reception – 6:30 p.m. – 7 p.m. for those who’d like to pre-party.

• Awards Gala – The gala party will start at 7 p.m.

The 2012 Conference & Tradeshow will also be held in Red Deer, Alta.

“Great networ king opportuni ty.”

“Well planned, well executed , excellent resu lts.”

“Best conferen ce in recent m emor y.”

“World class, it makes me pr oud to be part of AMBA .”

MEMBER

COMMENTS

regarding the 2010 AMBA Conference & Tradeshow

“I believe it wa s a transpare nt and seamless proc ess.”

Upcoming Curling Bonspiel The 2011 Curling Bonspiel will take place Friday, Feb. 11 at the Calgary Curling Club.

Please note: 8:30 a.m. – Registration & Breakfast 4:30 p.m. – Prize Presentation 5:00 p.m. – Dinner

Don’t forget to mark these important dates in your calendars!

I’ve identified some of the written responses that I believe required an answer. I’ll be following up these questions with a phone call soon.

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FALL 2010

17

By Amanda Roy, AMBA Communications Specialist

T

he Canadian Real Estate Association (CREA) is downplaying rumours and fears that the latest ratification deal between CREA and the Competition Bureau could mean the end of the association.

On Oct. 25, 2010 representatives of the country’s 101 real estate boards voted 97 per cent in favour of making a deal with the Competition Bureau.

At the very least, the new deal, which will give consumers access to the Multiple Listing Service (MLS®)’s listing services via a la carte options, will change the current face of the MLS®.

The controversy began in early 2010 when Competition Bureau Commissioner Melanie Aitkin announced she was investigating complaints of anticompetitive behavior, including concerns CREA kept its members from offering services that would lower costs for consumers. An estimated 90 per cent of home sellers go through REALTORS® to list their homes on the MLS®.

What’s at stake?

For CREA, the MLS® system generates billions in commissions.

In 2009, 465,251 homes changed hands on Realtor.ca, at an average price of $320,333. The MLS® is owned by CREA, which has nearly 100,000 members, and each of the country’s real-estate boards operates the service in their region.

The stakes are also high for the bureau. When Ms. Aitken was appointed commissioner in 2008, she promised to improve the bureau’s lackluster record of challenging companies and organizations accused of anti-competitive conduct.

Consumers are also affected – prices may come down if more competition is introduced, but some worry that a ‘wild west’ mentality could overturn the market as more companies begin to offer cut-rate services. With the MLS® regulated the way it is now, the industry has tight control over the listings and is able to ensure they are accurate and timely. The most obvious benefit, however, is that those who want minimal interaction with an agent would still be able to get their homes listed on the MLS®, which guarantees the widest possible audience of potential buyers.

18

Under the new deal, REALTORS® can offer individual services like listing on the MLS® rather than bundling all services together. Real estate boards and associations also cannot ‘deny or discriminate’ against brokers or agents who want to offer those services a la carte.

CREA president Georges Pahud announced he welcomed the decision to ratify the agreement and end the Competition Bureau battle.

Pahud went on to say in a statement, “The commissioner and CREA have agreed that its rules as well as those members should not deny or discriminate against REALTORS® wishing to offer mere posting services. CREA does not believe that such rules exist today, but if they do, they must be repealed or boards will lose their license to operate under the MLS® trademarks.

As real estate professionals, it will become your responsibility to explain to consumers that nothing has changed in MLS® management, but rather it has been confirmed that discount brokers have the right to offer discount services. And those consumers continue to have the opportunity to choose service or no service from their official representative.”

Experts say this new 10-year agreement won’t thrust open the doors to overnight lower-cost services because the industry is dominated by traditional agents who are reluctant to change their business models.

REALTORS® currently operate on the principle that selling agents will split the standard five per cent commission with the buyer’s agent.

CREA members voted on amendments to the organization’s rules in March that were expected to appease the Competition Bureau, but the watchdog took issue with a clause in the amendments that said changes are subject to the rules of local boards. The watchdog said it would settle for nothing less than a legally binding agreement so that CREA couldn’t change its rules back on a whim.

The new deal was legally binding as of Oct. 25, 2010 and will remain in effect for 10 years, with hefty penalties for any violation.

To view the full agreement, visit the Competition Bureau website at www.competitionbureau.gc.ca.

Opinion Debate

Hello, Competition Bureau!

AREA’s Position on the Ratification Deal

Phil McDowell, AMBA Director at Large

Kelly Kimber, AREA Industry Relations Manager

The ratification between the Canadian Real Estate Association (CREA) and the Competition Bureau further confirms REALTORS’® commitment to a competitive real estate services market.

The Commissioner and CREA agree that its rules as well as those of its members should not deny or discriminate against REALTORS ® wishing to offer mere posting services. While it may be more common for brokerages to offer comprehensive levels of services,

AREA’S POSITION CONTINUED ON PAGE 30 ...

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So, you spent millions of dollars, thousands of hours developing, and engaged tens of thousands of monthly subscribers on your garagesalz.ca website.

It is getting 90 per cent of traffic for viewing postings of garage sale activity across Canada. Subscribers and site visitors rank your site as the best in Canada. You built those rankings because it has become the most trusted website for garage sales. Congratulations!

The Competition Bureau will soon be knocking on your door.

Why? Because I tried to do a garage sale by setting up my own website, putting postings on Craigslist, Tweets and YouTube video, events on Facebook, paying to post my sale on garagesalesbyU. com and played garage sale host for weekends upon weekends. But, my junk has not sold. Now I want my garage sale listed on your website. It will give me a better chance to sell my stuff. After all, you get 90 per cent of the garage sale web traffic in Canada.

I have one household of stuff that I no longer want. I don’t want to pay a monthly subscriber fee. I don’t want to pay for some stupid ‘garage sales for professionals’ educational course. I conned some of your subscribers to tell me how to price my junk and I think it is worth more, anyways. I don’t want to pay for errors and omissions insurance just for this one garage sale. Come on!

But, I do want my garage sale posted on your famous website, garagesalz.ca. No monthly subscriber fees, no education, no errors and omissions.

It isn’t fair that you became successful by spending a lot of time, money and creativity to get the most preferred website for garage sales. You will not let me use it for my one-time garage sale for as close to ‘free’ as I can get? All because I’m not a monthly subscriber, who also has to spend the additional time and expense? Well, I found a monthly subscriber who is willing to post my garage sale on your website – and you said, ‘No.’

The subscriber said they would post my sale on their subscriber account. They’re not going to use any of the information they learned from subscribers’ courses. They will post the pictures of my stuff, but put a disclaimer stating it’s not their responsibility for marketing, sales contracts, or transaction processing for sales of goods. I was going to do all of that on my own anyway.

Frankly, I don’t care if my ‘mere posting,’ along with a lot of other ‘mere postings,’ may erode what your website has created for public confidence. As long as there is enough public confidence to get my junk sold-cheap: That’s all I care about.

Hello, Competition Bureau? I got a complaint!

Phil McDowell, AMBA Director at Large FALL 2010

19

5 Most Engaged Brands in Social Media

They dominate the social media landscape, creating active and engaging profiles on a variety of platforms. Starbucks actively responds to tweets, apologizes for bad experiences and engages in conversations with their Twitter followers. They’ve also engaged the public through their My Starbucks Idea campaign.

They actively engage in conversation with their 150,000 Twitter followers, using many different languages. The key to their Facebook page is its level of interactivity with users. The page is a hub of all sorts of activity, including posting fan photos, videos and social-good initiatives like Live Positively, where fans voted for America’s favourite park to receive a $100,000 grant. They’ve also created their own YouTube channel for fans.

acebook outreach has been Kraft’s F main strategy. The Oreo Facebook page is a place to find recipes, videos, photos of fans enjoying the cookie, and interactive games.

heir website has a vibrant landing T page that invites you to ‘Experience the Rainbow’ by interacting with various features throughout the on-site experience. Users have opportunities to vote and post photos and videos while interacting with content.

They’ve developed an interactive Facebook page that appeals to the brand’s core consumer. The site offers a games page, videos, recordings of Red Bull drinkers and creative contests.

da Roy,

by A mmuanicnations Specialist

AMBA Com

I

t’s getting harder to reach people through traditional means and e-mail inboxes are inundated with messages every day. Moreover, AMBA members don’t visit the amba.ca website on a regular basis and the general public even less. However, members and the public visit Facebook, Twitter and YouTube frequently, many on a daily basis.

Everywhere one turns today, they see or hear about social media, but still many do not understand why businesses are using it. Or why it is receiving so much attention.

The answer to ‘why’ is related to ‘how and what’ a business does to engage in market relations aiming to create an opportunity for a transaction.

Why do businesses exist? Primarily to create value, attract a market who wants the value and engage the market in transaction. However, the ‘how’ of doing this has changed from ‘push marketing’ to ‘pull marketing’ via relevant and relative conversations that attract the market you seek.

If you think about the real reason ‘why’ you really need to engage in social media, it boils down to forming the right relations, networks and community to build your business.

Social media isn’t effective if you use it to simply ‘collect’ people or to just stay hip. Collecting connections and followers is a numbers game and it is very easy to do so. However, just collecting people doesn’t mean you’re creating valuable relations that are relative and relevant to your business.

Just ‘collecting people’ means you’re likely to end up with a lot of spam mail filling up your social networking accounts or spamming your blog post.

on ...

Find

8

Top 10 Reasons to Use Social Media

1 2 3 4

ou will find whomever you want to do business Y with somewhere online. ou will find whatever knowledge you need about Y any market or person online. ou can reach your target market by simply Y engaging in the right conversations with the right people. This can be more effective than advertising.

I f your business isn’t connected, it won’t be found.

If it isn’t engaging with the market, or worse yet, ignoring the market, you are not likely to be creating transactional opportunities while your competition does.

5

ommunications is a way to leverage your C organization’s ability to communicate with your market. Social media is the new communications system.

6

ocial media saves time and money if you use it S right for the right things.

7

I f you learn ‘how’ to use social media correctly then you’ll understand ‘what’ your market is looking for and ‘where’ they are looking.

ww w.facebook.com

‘When’ your ww w.twit ter.com customers and prospects are talking about you, your industry ww w.linkedin.com or your products and services, you need to be there listening. Otherwise, how will you gain the necessary market intelligence, be enabled to respond or even be aware of problems or needs?

If you are not present when and where the conversations are occurring, you are basically out of touch with your market.

Communications is about reach. Communicating is about relational dynamics between people. Social media provides the means to effectively communicate with your market. However, communicating in human rather than institutional terms.

9

10

If you are not communicating (listening first, initiating second), how do you expect to create relationships with people and businesses that may want the value you offer?

When people need or want something in the old days, they’d look up information in the yellow pages. Today, people turn to search engines to find what they want or need. On average, Google is used 235 million times per day.

People are influenced by the online culture and the information available to them. Buyers’ behaviours are affected by the new technological and interactive culture that exists today. That’s why you want to be involved in online discussions involving your area of expertise.

Now do you know why?

See pg. 23 for more information on social media ...

21

www.hometrust.ca

T

he Calgary Real Estate News (CREN), a weekly newspaper published by the Calgary Real Estate Board (CREB) featuring articles, listings, classified ads and maintenance matters, uses the new initiative Microsoft (MS)Tag technology on property listing advertisements. Future property owners with smartphones need only scan a picture of the Tag associated with the property of interest, once downloading the application to their phone. In a matter of seconds, they will be directly linked to a website with a video that contains all the listing details.

More than 500 Microsoft Tags are printed weekly next to associated real estate property ads in weekly editions of CREN. While reading the paper, readers come across a house they are interested in, scan the MS Tag, and are instantly directed to a detailed real estate listing page on Calgary’s mobile website that includes everything from additional photos of the property, more detailed property descriptions or perhaps a YouTube video slide show of the house set to music. Tech-savvy consumers have reached a new level of self-sufficiency when it comes to arming themselves with the information necessary to search for their next real estate venture.

Download the software to your phone at http://gettag.mobi, it’s fast and easy to download.

REALTORS® Use Microsoft Tag Technology to Sell Homes

By Amanda Roy, AMBA Communications Specialist

ba.ca!

This t

to am es you k a t g a

Try it now!

1. With your mobile phone, go to http://gettag.mobi.

2. Download software and install it.

3. Take a picture of the tag shown above.

The Power of Social Media • 9 6% of Millennials (generation Y) use social media.

• 1 out of 8 couples married in the U.S. last year met via social media.

• I t took radio 38 years to reach 50 million users, 13 years for TV, while Facebook in one year added 200 million users.

• i Pod application downloads hit a Billion in nine months.

• I f Facebook were a country it would be the world’s fourth largest.

• 1 7 million Canadians have a Facebook profile. That’s nearly half of the population.

• 80% of companies are using LinkedIn as their primary tool to find employees.

• The fastest growing segment on Facebook is 55-65year-old females.

• 90% of Twitter usage is on mobile devices. People update anywhere, anytime.

• Y ouTube is the second largest search engine in the world.

• Wikipedia has more than 15 million articles.

• T here are more than two billion blogs.

(54% of bloggers post content or tweet daily) • 2 5% of search results for the world’s Top 20 largest brands are links to user-generated content.

• 3 4% of bloggers post opinions about products and brands.

• 7 8% of consumers trust peer recommendations.

• 7 0% of 18-34-year-olds have watched TV on the web.

• 4 5% of book sales on Amazon are for the Kindle ebooks. They outsold paper books last Christmas.

• M ore than 1.5 million pieces of content (web links, news stories, blog posts, notes, photos, etc.) are shared on Facebook.

• 6 0 million status updates happen on Facebook daily.

Source: YouTube/Social Revolution

FALL 2010

23

WHAT’S GOING ON? ...

INDUSTRY NEWS More Canadians Seek Mortgage Brokers Help

Calgary Condominiums Being Built with Young Buyers in Mind There are 3,710 apartment-style condominiums under construction in the Calgary Census Metropolitan Area, according to Canada Mortgage and Housing Corporation (CMHC).

Earlier this year, several new condo developments experienced a rush on sales of smaller units, priced under $200,000, but as soon as those units vanished, so did the buyers.

There are three major apartment-condominium projects either under construction or about to be launched that are targeting the new reality of the condo market. The Manchester, The Drake and University City are all selling units below the $200,000 threshold with some as low as $160,000.

The price point is targeted at younger buyers and could bring investors back into the condo market—because of location and the confidence they will easily be able to rent the units cheaply and cover their mortgage costs.

More than two-thirds of repeat homebuyers believe their next home purchase won’t be their last, according to a survey by TD Canada Trust.

Out of 1,000 participants, more than 23 per cent said they plan to move again within six years. One in five repeat buyers has owned more than five homes. The survey participants either purchased a home that was not their first within the past two years, or intend to purchase a home that is not their first within the next two years.

Roughly half of Canadians will look for a smaller house, while the rest want to upsize. Most intend to find a fully detached home for their next purchase. As a result, 51 per cent will need to take out a mortgage to finance their next purchase, said TD. Report highlights: •

• • • •

• • • •

in 5 repeat home buyers have owned more than 1 five homes.

49% plan to upgrade when they buy their next home.

21% plan to take the maximum mortgage they’ll qualify for.

72% plan to stick with their current lender when they buy a new home.

60% aren’t familiar with their portability or assumability options.

Only 1 in 3 port their mortgage when buying a new home.

Only 8% of home sellers offer an assumption as a selling feature of their home.

84% plan to sell their current property before purchasing another one.

Two-thirds will choose accelerated payments for their next mortgage.

About the TD Canada Trust Home Buyers Report: Results for the TD Canada Trust Home Buyers Report were collected through a custom online survey conducted by Environics Research Group. A total of 1,000 completed surveys ION were collected from August 12 to 27, 2010. All participants ECT R either purchased a home that was not their first home within DI the past 24 months, or intend to purchase a home that is not their first home within the next 24 months. (Source: TD). You can view the full report, ‘2010 Repeat Home Buyers Report’ at www.td.mediaroom.com.

AM BA ’S N EW

The percentage of Canadians using mortgage brokers to buy their homes has increased significantly this decade.

Released Nov. 3, the Deloitte report, ‘Winning Strategies in the Brokered Mortgage Marketplace,’ said that in the 1990s mortgage brokers numbered in the hundreds and were a last resort for borrowers unable to obtain a mortgage directly from a bank or credit union.

“Over the last decade, an increasing number of viable options for borrowers have surfaced,” said the report. “In addition to branch-based lenders, borrowers can now consult with the banks’ own mobile mortgage specialists as well as independent brokers – while also conducting their own research online. In this changing and information-abundant environment, the mortgage brokerage channel has emerged as a legitimate competitor.”

The report said the share of transactions increased from 26 per cent in 2003 to 38 per cent in 2009 as mortgage brokers made inroads, particularly with first-time homebuyers and young Canadians. To learn more, visit www.deloitte.com.

Two-thirds of Repeat Homebuyers Keep Buying Homes

FALL 2010

25

The campaign, launched Oct. 25, will run for four weeks. It will include transit ads inside subways and sky trains, and inside and outside buses in Toronto, Vancouver and Ottawa. Online and banner ads will also run on selected websites.

AMBA met with the FCAC in Calgary on Nov. 4, to discuss how we can assist the FCAC in future consumer campaigns and how they can help AMBA speak to our consumer market.

FCAC Launches Consumer Campaign Targeting First Time Homebuyers To encourage first time home buyers to consider all options before they choose a mortgage, the Financial Consumer Agency of Canada (FCAC) has launched a public awareness campaign. The campaign, which offers free ‘unbiased mortgage information’ is a new take on what is often seen as a daunting subject.

“A mortgage is one of the biggest financial commitments most people ever make, and taking the time to research the choices available can make a huge difference in the amount of money they will pay in interest and other charges. There are so many options for consumers, including the type of lender, the type of mortgage, the length of the term and amortization period, and the size and frequency of payments, that it can be overwhelming, particularly for first time buyers,” according to FCAC Commissioner Ursula Menke. “First time home buyers need to weigh those options, as they would if they were interviewing someone for a job.”

The New TD Mortgage Program TD Canada Trust is redesigning its mortgage program to make it easier for homeowners to tap into their equity and harder for them to switch to another lender when their mortgage renewal comes up.

The main difference of the overhaul is a switch to collateralcharge mortgages, which are similar to lines of credit. The bank is encouraging employees to approve customers at 125 per cent of a home’s actual value with certain conditions, so the homeowner can easily borrow more money if the property value increases.

Unlike traditional mortgages, collateral mortgages are difficult to transfer from one lender to another because they must be paid in full to be cancelled.

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| 26

Residential AMBA MATTERS

|

Commercial

|

Industrial

|

Multi-Family

|

Calgary MLS ® Numbers Tumble How Women Differ from Men in Home-buying stress A Canadian survey conducted by Genworth Financial found more women than men want an easy to understand mortgage structure, and low monthly payments.

Women are also more anxious about their financial future, they find shopping for a home more stressful than men, but like men find the notion of home ownership comforting.

A recent Bank of Montreal study made similar findings, noting that women are more likely to report feeling overwhelmed by the home buying process. This trend – and the fact that more women are buying their own homes – has led to a rise in services catering to women.

Banks are focusing on female buyers in their marketing materials and mortgage brokers.

Alberta’s Plan to End Homelessness Wins National Award Last year, Alberta launched a new strategy to end homelessness within 10 years, and that strategy won the province the Institute of Public Administration of Canada’s Gold Innovative Management Award. Alberta’s Housing and Urban Affairs Minister, Jonathan Denis, was able to proudly state, “we’re the only province to have that plan.”

In 2010, 30 facilities across Alberta supported 3,473 shelter spaces providing emergency accommodations.

The province’s strategy is to move homeless people into permanent housing 21 days after they have entered one of the province’s shelters. The minister says statistics are already showing a decline in shelter use.

In 2010/11 alone, Alberta will provide $42 million in funding to community-based organizations to meet what the department describes as unique local needs. Using a formula that takes into account population and shelter use, Calgary will be receiving more than $19 million to address homelessness, while Edmonton’s Homeward Trust will receive $13.5 million.

Red Deer, Fort McMurray, Lethbridge, Medicine Hat, and Grande Prairie will be receiving an average of $1.5 million each to address local conditions. For more information on the project, visit www.housing.alberta.ca.

Residential MLS® sales in Calgary took a sharp downturn in October compared with a year ago and average sale prices also dipped in the past 12 months.

According to data released by the Calgary Real Estate Board (CREB), there were only 888 single-family MLS® transactions last month for an average sale price of $444,744.

In October 2009, there were 1,285 sales for an average price of $462,465. October sales were the second lowest level for the month in the past decade – behind 2008’s 820 transactions.

Edmonton-area home sales dip, prices stay stable Edmonton-area Multiple Listing Service (MLS®) home sales plunged by nearly a third in October compared with a year earlier, but prices are holding steady.

There were 1,077 residential MLS® sales for the month, down 29.6 per cent year-over-year, according to figures released Tuesday by the REALTORS® Association of Edmonton.

Transactions also dropped more than nine per cent from September, when 1,187 homes sold. It’s the fifth consecutive monthly drop in sales from a peak in April of 1,740 transactions.

FALL 2010

27

Fraud Awareness Announcement

C

ommercial mortgages can be a tricky transaction. They take time and require much attention. Be cautious when a deal begins to look ‘too good to be true.’ Our goal is to make you aware of some commercial red flags and possible fraudulent activity occurring in our current marketplace. The following are two examples of situations that recently occurred:

Situation One

CT

A member was working with a client looking for commercial financing. The file was submitted to an Eastern Canadian Company. When they did their correspondence, all they got back was a first name on the commitment, no last name given.

The commitment was for $2 million and for a one-year open term at 4.99% (lower than the banks), and only a $50,000 lender fee, of which the lender wanted $30,000 up front with HST. Part of this was $5,000 plus HST to fly out here from Eastern Canada to inspect the property. The lender ALSO wanted a new appraisal done by a ‘local commercial real estate company.’

The interest rate and the low fees were the first red flags to the member’s radar, as the member was expecting a rate between 15-20% and fees in the $200,000 range. The member called the ‘local commercial real estate company’ in Calgary to talk to their appraisal department to see how much business they have done with this lender in the past and was promptly told that they did NOT have an Appraisal Department in Calgary.

The member then called a colleague in Eastern Canada who is in the private mortgage business and is connected with the lending Community in Eastern Canada. The member’s colleague did not know this lender company or even whom it may be, but directed the member to the Financial Services Commission of Ontario (FSCO) and through FSCO, the member was able to find out the individual’s true identity and the individual/lender is not licensed by FSCO, and never will be. After the member googled the name of the individual, the member found fraudulent and criminal activity associated with the individual’s name for more than two decades in Eastern Canada. As well, the member asked their colleague to drive by the lender’s address and it turned out AMBAto be Mailboxes ETC and a UPS store at that location. ’S NEFortunately, this member has much experience in the industry W IR to recognize the red flags in this circumstance. You and wasDable E should really be careful with up-front non-refundable fees or when a lender asks for a ‘standby fee.’

N IO

28

AMBA MATTERS

IDENTIFYING COMMERCIAL RED FLAGS Real Name: s Sandy Hutchen Ont.) Pl. Thornhill, (33 Theodore least He goes by at mes : na nt re 12 diffe chens ut H Sandy • raig Hutchens C y nd Sa • s Craig Hutchen • Hutchens e sh oi M • r Craig Alexande • exander Al he os M • der Moishe Alexan • Ben Avraham e sh oi M • rohom Moishe Ben Av • hom ro Av Moshe Ben • m ha ra Ben Av • Fred Hayes • es are: names he us The Company ration po or C ing Canadian Fund • c.

In et re 308 Elgin St • ing or tgage Fund First Central M •

Situation Two In this next example, AMBA received a call from the Edmonton police requesting our membership be made aware of this scheme.

“There is a man in Edmonton posing as a doctor. The fraudulent doctor contacted a broker to get a mortgage to open up an MRI clinic – the broker suspected that there was something unusual about this file and refused to do the loan. The broker contacted the police and it was discovered that this was not the first time this has happened. This same person has been doing this very same fraudulent activity in B.C. and the U.S. and it now seems likely he is targeting Alberta brokerages.”

It’s really important to know your client, but it’s just as important to know your lenders. It pays to do your diligence.

Please practice caution! We thank our members and the police for coming forward. Part of AMBA’s ongoing commitment is to communicate situations like this closely with our members.

Please note: Parts of the story were changed to protect the parties involved for obvious reasons.

You live life in 3D. Equitable Lending Teams see mortgages the same way.

Everyone talks about service. Equitable delivers.

It’s a team approach to lending.

Open conversation.

Partnership success.

Unique, in an otherwise compartmentalized world, means Equitable Teams can see & hear what others often miss . . . . . . Client Circumstance.

Got a Client Circumstance you want someone to hear?

Pick up the phone. Let’s talk today.

Call us at: 403.440.1200 1.866.940.1201

www.equitabletrust.com

some REALTORS ® have offered mere posting services for some time. However, despite what has been reported by the media, board MLS ® Systems in the province and across the country remain a memberto-member service designed to provide accurate and timely information critical to the delivery of professional real estate services to Canadians.

REALTORS ® are professionals who provide service and value through a variety of business models and fee structures. In Alberta, more than 10,000 REALTORS ® work through hundreds of brokerages to deliver a myriad of services and business models, with each striving to set themselves apart from their competitors. A consumer should choose to work with a REALTOR ® who provides the services best suited to their specific needs and expectations. These services could vary from simply posting a listing on a board’s MLS ® System, to assisting a client through an entire transaction, and other service models in between.

Regardless of the services the consumer chooses, the Alberta Real Estate Association (AREA)’s members (11 regional real estate boards and more than 10,000 licensed REALTORS ® province-wide), are committed to helping Albertans make the dream of homeownership a reality.

Kelly Kimber,

AREA Industry Relations Manager

30

AMBA MATTERS

Continued from pg. 19 ...

AREA’s Position on CREA Deal

Home Auto Business

Group Automobile & Property Insurance At Dyck Insurance, we are working with many insurance carriers to provide you with the best insurance coverage that fits your individual needs.

Dyck Insurance

2632 Crowchild Trail S.W. Calgary, AB T2T 5H9 Phone: (403) 246-4600 Fax: (403) 242-1369

1-888-811-6100 www.dyckinsurance.com

Take Advantage of AMBA’s

New Member Benefit

A New Home and Auto Insurance Provider

T

he Alberta Mortgage Brokers Association (AMBA) is pleased to announce that we’ve selected The Personal Insurance Company as our new and exclusive provider of home and auto group insurance for you, our members.

In an effort to provide you with the best value and service on the market for home and auto insurance, we considered various group providers. The evaluation took into consideration a number of common industry criteria: Rates, claims satisfaction, financial history, renewal rates and service capability among other key measures. In all of the important areas, The Personal received the highest overall ranking.

The Personal pioneered the concept of home and auto group insurance in Canada 35 years ago. Now, as one of the country’s largest group insurers, The Personal insures members

and employees of more than 600 organizations in the public and private sectors.

The advantages of this voluntary benefit include preferred rates, special discounts, and exceptional service. And should the unexpected happen, your claim would be handled quickly and efficiently. AMBA members, their spouses and dependants are all eligible for this new program.

The Personal provides home and auto insurance products to suit a variety of needs. They also insure mobile homes, cottages, swimming pools, personal watercraft, motorcycles, ATVs, and more. Auto insurance customers can enjoy additional savings with the winter tire discount and student rates, and offers like the $0 deductible option.

Offering convenient hours of operation, you can also take advantage of their online service options at any time of day. You can get a quote, access information and other insurance tips, or manage your own policy if you need to change your address, payment information, add a vehicle or even file a claim.

You can expect to hear more about this new member benefit in early 2011. In the meantime, to take advantage of this new benefit and get a quote now, you can contact The Personal at 1.888.476.8737 or go online at: thepersonal.com/amba.

FALL 2010

31

AMBA COMMUNITY NEWS

Time to Renew Your AMBA Membership It’s that time of year again, go online to amba.ca and renew your annual membership. This year’s fees haven’t increased. Individuals fee is $95. Brokerage and other industry corporations fee is $325, plus one representative.

Amba.ca Under Construction We are redesigning our website. It will be under construction throughout the next couple of months. If you experience any troubles, please call the office at 403.685.9652.

MAP Update The new Mortgage Associates Pre-Licensing Program (MAP) will launch in the new year. Program registration will also be taken over by the Real Estate Council of Alberta (RECA) in the near future. However, currently we are still approving students in the online MAP program. Please check our website, amba.ca, regularly for updates as to when the changeover will occur.

Register for Our Annual Curling Bonspiel Registration for the Curling Bonspiel will open in early January. You will be able to register online at amba.ca.

Check out More Baby Heroes Photos on Facebook An image gallery is available on AMBA’s Facebook page. We also have other fun updates and discussions going on. Join us on Facebook and get connected.

32

AMBA MATTERS

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

Mortgage Alliance launches new Offline Application featuring Lender Logic Mortgage Alliance is pleased to announce the launch of its newest compliment to the MortgageBOSSTM suite of products for mortgage professionals – the offline application with lender logic caller The Professor, that includes several enhancements to the already popular ‘anytime-anyplace’ software platform.

From its inception, the MortgageBOSSTM offline application was designed to do one thing better than anything else, –allow the Mortgage Alliance network of mortgage professionals the freedom and access to create client applications regardless of network connections and add value to the client relationship.

In less than one year, this software has become the highest used offline application in the mortgage brokerage industry.

New design augmentations include the abilities to: • Fill out mortgage applications and

send anytime.

• A Real Time – Rate Grid Systems that shows BEST Rates available.

• A Rate Matrix – A comprehensive screen showing rates offered by Lenders.

• The Mortgage Professor – a unique software wizard with Lender Logic that includes current products offered by the lenders, their guidelines and policies that guide the mortgage professional, in real time, as they complete the application.

• Faster and smarter calculators for MAC’s hugely successful RightMortgage® & SmartMortgageTM products.

As Michael Beckette, C.E.O. of Mortgage Alliance stated, “this new technology will continue Press release continued on pg. 33 ...

FEATURE PHOTO: LEST WE FORGET Press release continued from pg. 32 ...

to change the way we do business.

It will improve efficiencies and empower our network of mortgage professionals with resources and lender relationships they need to grow their business and add value to the client relationship.”

For more information, please contact: Michael Beckette mbeckette@mortgagealliance.com 416.499.5454, extension 235

Karl Sutton ksutton@mortgagealliance.com 416.499.5454, extension 233

AMBA staff competed in a shopping contest on Nov. 10, at a local Safeway in Calgary. The object of the shopping contest was to see who could fill their cart with the largest quantity and most original items for $20.

AMBA Education Manager Julia Lee was the winner. Each staff member donated $20 and AMBA matched their contributions, totaling $160 in cash and food donations.

SCORE ON THE POWER PAY®

Learn more about Bridgewater’s Power Compensation® Program Team Bridgewater wants you to succeed at the highest level. That’s why we give you the right tools to be on top of your game through our Power Compensation Program.

The three stars of the program are: Power Pay® Rate – You have the power to earn more and provide your clients with a lower rate.

AMBA 001 01/01/11

Power Bonus® – Available to power brokers who meet our attainable funding ratio.

Service Priority – Being a Power Compensation broker means being treated like a VIP.

Ask how you can qualify for our Power Compensation® Program.

1-888-837-2326

Q

Personal. Efficient. Committed.

bridgewaterbank.ca ® Registered Trademarks of Bridgewater Bank

FALL 2010

33

Equity Lending!

We don’t rely on credit, income, or age. We do lend on appraised value.

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BR I T I SH COLUMBI A • A LBER TA • ONTA R IO

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George Lay

Moe Haymour

Paula Hutton

Carmelo Buttice

Trevor Bowie

Business Development Manager

Business Development Manager

Business Development Manager

Business Development Manager

Business Development Manager

Phone: 604 | 329.6067 Fax: 604 | 430.3287 Toll Free: 800 | 625.7747 glay@capitaldirect.ca

Phone: 780 | 919.9211 Fax: 780 | 665.6010 Toll Free: 800 | 959.9290 mhaymour@capitaldirect.ca

Phone: 403 | 278.6200 Fax: 403 | 278.6296 Toll Free: 800 | 959.9290 phutton@capitaldirect.ca

Phone: 905 | 605.1626 Fax: 905 | 279.4579 Toll Free: 800 | 814.2578 cbuttice@capitaldirect.ca

Phone: 902 | 894.7700 Fax: 902 | 894.7736 Toll Free: 866 | 830.7734 tbowie@capitaldirect.ca

British Columbia

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Feeling a little left out in the cold?

Having difficulty with “out-of-the-box” applications?

Seeing more customers with challenging credit situations? n Frustrated with restrictive lending criteria? n Ready to expand your client base beyond the traditional borrower? n n

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Serving brokers in Alberta, British Columbia, Manitoba, Ontario, and Saskatchewan.

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34

AMBA MATTERS

Questions? Comments? Deals?

Contact your regional business development manager or our underwriting centre at 866.441.3775

INDUSTRY TALK WITH

YOUSRA JOMHA WINTER 2010 MEMBER PROFILE 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?

Yousra is the owner of Western Canadian Mortgage Services.

Her brokerage has won many awards, including AMP Broker of the Year.

Memorable

Quote:

“...

I don’t send

out thank-you cards because my clients are the ones who say the big thank-yous — I get them a welcome to your new home card.

I also include a small gift card for a packet of salt and a loaf of bread

...”

I was born in Lebanon. I’m the eldest of seven siblings and was raised in Fort McMurray, Alta. In 1980, I returned to Lebanon to study the Lebanese culture and language, where I, unfortunately, lived through and learned about the devastating effects of war.

I’m married and have raised four beautiful daughters.

My girls keep me busy and daily life is always busy, but I find ‘me time’ to unwind by travelling to Banff for the scenery and spa relief. I also love hot yoga and firmly believe that maybe one day, I will be able to balance on one leg … yikes … but one day I will!

Please tell us a little about your company.

I currently live and work in High River, Alta., where my highly successful company consistently earns awards and accolades from CMP, BBB, AMBA and the very prestigious AMP Broker of the Year award. I joined the industry in 1997 and I’ve been the owner-operator of Western Mortgage Services Inc. since 2004. I lead a very small, but highly successful team. Susan Lovell Stafford and Brenda Tuttle aid in helping me to keep the highest of standards, ethics and education in our industry. Prior to becoming a mortgage professional, I worked in the property management sector.

CONTINUED ON NEXT PAGE ...

AM BA ’S N EW

Born in Lebanon and raised in Fort McMurray,

FALL 2010

CT RE I D

35

ION

What is your history with AMBA? I’ve been a member with AMBA since 2001 and, since then, I realized the importance of belonging to an organization such as AMBA. To maintain membership is like having a family to stand behind you and with you at all times. This is the reason membership is important to myself and my team of associates.

AMBA’s gift to those in the industry is support.

of us who have been in the industry for a while. We’ve spent a lot of money on educating the public with advertisements and seminars to clean up any negative images of brokers and the industry.

What is your vision for the mortgage industry?

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

My vision, and others may have the same, is to see more consumers use mortgage brokers, as they educate about credit, finances and wealth management.

One of my favourite times with AMBA was when they asked me to be a guest speaker at one of their Industry Nights at Mount Royal University (MRU). I love to talk to those who are interested in a life-changing career. I enjoy learning why some have chosen the mortgage brokerage industry as a new career choice. At Industry Nights, I interact with the students and get the opportunity to potentially recruit some — after all, students are looking for employment placement with the best fit brokerages. Once, a student indicated to me that he thought that he could broker for a year, and then retire … the high life! I told him that image of a broker is extremely damaging to those

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

36

AMBA MATTERS

A successful broker not only treats others as they would like to be treated, but sometimes the little things in life are the most memorable. As my clients purchase their new homes, re-finance, or port their mortgages, they come back for the services. I don’t send out thank-you cards because my clients are the ones who

say the big thank-yous — I get them a welcome to your new home card. I also include a small gift card for a packet of salt and a loaf of bread, and write the following: • A loaf of bread so you or your family may never see hunger; • A packet of salt, so you and your family may have all the seasonings of life!

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

We all face challenges in our lives, as everyone has a story. Our lender partners are always our support systems — they are only a call away. Today, I find draw mortgages and secured lines of credit for the self employed to be a bit more challenging than a few years ago.

I have the utmost respect and love for my fellow colleagues, friends, industry associates and lenders. I will always advocate for the betterment of our industry!

“... I’ve been a member with AMBA since 2001 and, since then, I realized the importance of belonging to an organization such as AMBA. To maintain membership is like having a family to stand behind you and with you at all times ... AMBA’s gift to those in the industry is support.

Love always and happy holidays!

...”

TYLER BOND | FMC CALGARY

Tyler Bond joins FMC’s National Insolvency | Restructuring Group FMC is proud to welcome Tyler Bond whose practice focuses on matters pertaining to both lending and collection in the mortgage lending industry.

His knowledge and experience complement FMC’s already-accomplished team, by offering exceptional service and value to our clients in the areas of real estate law and litigation, with particular emphasis on foreclosures.

MONTRÉAL 42°30'5.72"N 73°34'6.32"W

| TORONTO 43°38'52.42"N 79°22'56.54"W | VANCOUVER 49°17'12.03"N 123°6'47.56"W | VANCOUVER 49°17'12.03"N 123°6'47

INSOLVENCY | RESTRUCTURING | INSOLVENCY | BANKRUPTCY | PUBLIC POLICY | CONST

VANCOUVER 49°17'12.03"N 123°6'47.56"W | OTTAWA 45°25'14.25"N 75°42'0.41"W | TORONTO 43°38'52.42"N 79°22'56.54"W | MONTRÉAL 45°30'5.72"N 73°34'6.32"W | CALGARY 51°2'41.87"N 113°29'39.96"W | VANCOUVE

M & A | FORESTRY | ENERGY | CORPORATE | EMPLOYMENT & LABOUR | INSOLVENCY | COMMERC

VANCOUVER 49°17'12.03"N 123°6'47.56"W | MONTRÉAL 45°30'5.72"N 73°34'6.32"W | TORONTO 43°38'52.42"N 79°22'56.54"W | MONTRÉAL 45°30

REAL ESTATE | COMPETITION | PUBLIC POLICY | M & A | FORESTRY | ENERGY | BUSINESS IMMIGRATION | LITIGATION | FINANCIAL |

OTTAWA 45°25'14.25"N 75°42'0.41"W | OTTAWA 45°25'14.25"N 75°42'0.41"W | EDMONTON 53°32'33.55"N 113°29'39.96"W | CALGARY 51°2'41.87"N 113°29'39.96"W | TORONTO 4

PRO BONO | ENERGY | INSOLVENCY | RESTRUCTURING | COMMERCIAL

OTTAWA 45°25'14.25"N 75°42'0.41"W | OTTAWA 45°25'14.25"N 75°42'0.41"W | VANCOUVER 49°17'12.03"N 123°6'47.56"W | OTTAWA 45°25'14.25"N 75°42'0.41"W | TORONTO 43°38'52.42"N 79°22'56.54"W | VANCO

REAL ESTATE | COMPETITION | PUBLIC POLICY | CORPORATE COMMERCIAL PRO BONO | ENERGY| COMMUNICATIONS | INTELLECTUAL PROPERTY | CORPORATE | COMMERCIAL

fmc-law.com SERVICE | NATIONAL SCOPE | ENTERTAINMENT | PRO BONO | SERVICE | EXPERTISE

Milner Casgrain llp OTTAWA 45°25'14.25"NFraser 75°42'0.41"W | EDMONTON 53°32'33.55"N 113°29'39.96"W | CALGARY 51°2'41.87"N 113°29'39.96"W | OTTAWA 45°25'14.25"N 75°42'0.41"W | VANCOUVER 49°17'12.03"N 123°6'47.56"W | CALGARY 51°2

INNOVATIVE | RESPONSIVE | CLIENT-FOCUSED | INCLUSIVE | TEAM WORK | EXPERTISE | KNOWLEDGEABLE

OTTAWA 45°25'14.25"N 75°42'0.41"W | TORONTO 43°38'52.42"N 79°22'56.54"W | MONTRÉAL 42°30'5.72"N 73°34'6.32"W | EDMONTON 53°349°15'N 123°10'W | CALGARY 51°2'41.87"N 113°29'39.96"W | VANC

FINANCIAL SERVICES | TECHNOLOGY | EMPLOYMENT & LABOUR | INSOLVENCY | LITIGAT TORONTO 43°38'52.42"N 79°22'56.54"W | DIVERSITY | MONTRÉAL 42°30'5.72"N 73°34'6.32"W | TORONTO 43°38'52.42"N 79°22'56.54"W | EDMONTON 53°32'33.55"N 113°29'39.96"W

FALL 2010

37

MEMBERS’ CALENDAR December 2010

MLAA & AMBA Christmas Luncheon (Edmonton)

Tickets $45 @ door 11:30 a.m. – 2:15 p.m.

9

Location: Royal Glenora (Braemar Room)

11160 River Valley Rd.

Your Membership ...

RENEW NOW!

It’s that time of year again, go online to amba.ca and renew your annual membership. This year’s fees haven’t increased. Individuals fee is $95. Brokerage and other industry corporations fee is $325, plus one representative.

Don’t forget ... don’t miss out!

01. 01.11 WATCH FOR THE AMBA E-NEWSLETTER

16

Location:

you joy for the holiday season!

38

AMBA MATTERS

Chili’s Texas Grill (Upstairs reserved lounge) North Hill Centre 1632 14 Ave. NW Calgary, Alta.

February 2011 11

Annual Curling Bonspiel 8:30 a.m. – Registration & Breakfast 4:30 p.m. – Prize Presentation 5:00 p.m. – Dinner

Location: Calgary Curling Club

720 3 St. NW

Calgary, Alta.

Watch for sponsorship opportunities and registration, coming in January 2010.

June 2011 9

Annual General Meeting

Location: Edmonton (venue to be determined.)

September 2011 8&9

AMBA wishes

AMBA Holiday Social Free event open to all members 4:00 p.m. – 9 p.m.

AMBA Conference & Tradeshow

Location: Capri Hotel & Convention Centre

3310 50 Ave.

Red Deer, AB

Graphic design for this issue completed by:

403.801.6032

9:05am

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

FINALIZED TEXT WITH MI COPYWRITER 11:30am

APPROVED GRAPHICS WITH MI DESIGNER 11:45am

Better support can be yours.

Hit send – final flyers off to printer

Winning marketing campaigns. Simplified.

In today’s tougher marketplace, driving new business demands marketing materials that are professional, focused, and on-message.

At Mortgage Intelligence, our consultants have free access to the resources they need to execute winning marketing campaigns: hundreds of marketing templates, professional graphic designers and copywriters, expert marketing advice. Get our team of marketing experts behind you.

Learn more at

Better support can be yours . com

For more information contact:

© Copyright 2010, Mortgage Intelligence Inc., all rights reserved. ® Registered trademark of Mortgage Intelligence Inc.

Gary Siegle (403) 508-7800 ext. 100

Indra Bains Ladha (780) 489-2020

gary.siegle@migroup.ca

indra.bainsladha@migroup.ca

Canada’s Trusted Source for Mortgage Solutions