AMBA Matters Fall 2015

Matters The

Origins Of AMBA A look at how far we've come!

ALSO INSIDE

How to sell Your house faster Protect yourself - think business continuity planning for your brokerage

Fall 2015

Flexible lending when you need it.

At Antrim, being flexible allows us to create the custom mortgage solutions your clients require.

We provide a broad range of residential 1st and 2nd mortgages tailored to the needs of your selfemployed, stated income, and low beacon clients. Approval turnaround is fast, keeping pace with Albertans’ efficient and common sense approach to business.

Our friendly and knowledgeable underwriters look forward to helping you.

Contact us today

1.888.550.6039

applications@antriminvestments.com

Matters

Fall 2015 A SPECIAL THANKS TO OUR ADVERTISERS...

Antrim Investments �������� 2 AMJ Campbell �������������������� 4 First National ��������������������� 4 Rompsen ����������������������������� 6 Calvert Home ���������������������11 Hendrix Law ����������������������12 Capital Direct �������������������15 CNAREA �����������������������������16 Equitable Bank �����������������16 V.W.R. Capital Corp. ��������18 Home Trust �����������������������19 Armada Mortgage ����������21 D+H �������������������������������������25 LMS PROLINK ������������������ 27 Cedar Peaks ���������������������29 Caplink ������������������������������ 30 Premiere Mortgage �������32 Super Brokers. �����������������34 Lanyard ������������������������������35 Alta West Capital �����������38 MCAP ����������������������������������39 Street Capital ����������������� 40

8 9 12 13

reca update

How to sell your house faster

Equibundle: greater insight means better service for clients

Condominium Documents and the story they tell

ride the AI Train or be run over: accounting for the exponential factor

14 17 18 20 23 26 28 30 31 33 36

CANADIAN NATIONAL ASSOCIATION OF REAL ESTATE APPRAISERS UPDATE

2016 MEMBERSHIP RENEWAL

THE ORIGINS OF AMBA

PROTECT YOURSELF - THINK CONTINUITY business planning FOR YOUR BROKERAGE

CYBER LIABILITY

PRIVATE LENDING - MAKE IT PART OF YOUR BUSINESS

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 150, 1209 59 Ave SE Calgary, AB T2H 2P6

AMBA 2015 AGM

BAND-AID SOLUTIONS MOBILE USERS SHOULD NOT BE IGNORED

member profile: Julie windebank

OTHER FEATURES...

President's Report 5 Manager's Report 7 Industry News 25 AMBA Calendar 38

Amba 2015

Board of Directors President Adil Mawji Invis

Past President Gord Appel TMG

Vice President Dave Trithart DLC 1st Financial Link

Treasurer Phil McDowell Mortgages Are Marvellous

Education Director Ryan Spence D+H

Government Relations Layne Walters TMG

Inter Provincial Ron McClenaghan Invis

Events Erica Fikkert Equitable Bank

Risk Management Kevin Weeks Weeks Law

Communications Dale Koeller Calvert Home Mortgage Investment Corp.

Membership Tracey Robinson Mortgage Protection Plan

Membership Jan Gosse Jencor

Magazine Publisher: Amanda Roy-Macfarlane Magazine Editor: Holly Mazur

Return undeliverable Canadian addresses to: Alberta Mortgage Brokers Association Suite 150, 1209 59 Ave SE Calgary, AB T2H 2P6 Art & Design: Erin Lehtisaari Photo credit for some photos within this issue of AMBA Matters ©shutterstock.com.

Fall 2015

3

Going beyond service with collaboration “It’s really about the client experience – and making it exceptional.”

When you work with First National’s Alberta Team, you get dedication and support. The team is made up of individual roles, yet maintains a sole focus – delivering an exceptional client experience for you and your client.

What makes the experience exceptional? The team collaborates constantly with each other and with brokers -- working together seamlessly to deliver an efficient process, smooth transitions, swift responses and concrete results every time.

Constant collaboration. That’s what going beyond service means to the Alberta Team.

firstnational.ca

4

Fall 2015

Ontario Mortgage Brokerage License No. 10514

Jason Docherty Manager, Residential Underwriting

Jennifer Dekker Underwriter, Residential Underwriting

Shyanne Hilson Fulfillment Specialist, Residential Underwriting

President’s Report

Fall 2015 Adil Mawji AMBA President

Planning; we all do it. How to get work. How to spend our leisurely time. How to deal with clients. Taking the time to plan, whether it’s one day, two years or 15 years from now, takes time, money and effort. However, planning for the future is critical to a business’ success. Hiring a business coach or a consulting company is one way you can obtain your business’ future objectives.

At the end of August, the board and staff took two days to refocus and build AMBA’s future in a strategic planning workshop. Like any company, AMBA works hard to plan for the success of the association. Developing a strategic plan allows us, as an association, to put to action what our members want and what we should work toward.

Back in July, you may have participated in our member engagement survey. I am proud to say more than 200 members took the time to help us develop our new strategic plan. I commend each member who made the effort to complete the survey, as it shows your commitment to AMBA and the industry.

SURVEY FINDINGS:

53%

said the most important benefit of their membership is leverage as an industry voice.

32%

said having an industry voice was the primary reason they joined AMBA.

We will continue to maintain and establish provincial, interprovincial and federal alliances and relationships with potential partners such as: Alberta’s new government, the Real Estate Council of Alberta (RECA), the Canadian Association of Accredited Mortgage Professionals (CAAMP), the Alberta Real Estate Council (AREA), the Canadian Mortgage Brokers Association (CMBA), Mortgage Loans Association of Alberta (MLAA) and any organization that will enhance our members’ credibility.

With the new government, we will continue to keep the lines of communication open and invite government officials to our events. The first step in opening federal relationships was the

CAAMP and AMBA Fall Education Session. At the session, we invited MLAs from across Alberta to attend; increasing our visibility and creating new engagement opportunities for our members. In September, General Manager Amanda Roy and I attended the first Mortgage Brokers Association of Atlantic Canada (MBAAC) conference. Attending events like this across the country strengthens AMBA’s relationships with other provincial associations, creating endless opportunities to share knowledge.

Maintaining and establishing relationships with various associations within Alberta and across Canada will continue to be a focus of AMBA. As we begin to plan for 2016, we look to our new strategic plan to help guide us through the next three years. Our new strategic plan will focus on membership, industry alliances (federally and provincially), documentation, board processes and resource allocation to better serve our membership.

Shaw Media Customers Watch For Us I am extremely excited to announce AMBA will be launching a television advertising campaign, promoting AMBA members as mortgage brokers. Targeting the public to use AMBA members as the recommended choice for a mortgage broker, we look forward to promoting our members, their businesses and what it means to be a licensed mortgage broker in Alberta.

Keep an eye out for our commercials launching December 2015.

Fall 2015

5

Romspen Investment Corporation is a non-bank mortgage lender specializing in commercial real estate across Canada and the United States. With over $1.5 billion under administration, we offer customized mortgage solutions for term, bridge and construction financing from $4M to $100M.

We Make buildings appear and probleMs go aWay. Blake Cassidy I 800 494 0389 I www.romspen.com

General Manager’s Report

Fall 2015 Amanda Roy AMBA General Manager

Spread Some Holiday Cheer At The AMBA Family Frozen Festival

'Tis the season ... to give back. This December, you and your family are invited to join your Alberta Mortgage Brokers Association (AMBA) family at our first AMBA Family Frozen Festival. This new event was designed to spread some cheer and get us into the holiday spirit.

It isn't often that your family is able to accompany you to an industry event and we know your calendars are loaded with work-related holiday commitments, so we've focused on creating a special festive afternoon for you to enjoy with your families. It's easy to forget in the hustle and bustle of it all but family is what the holidays are all about.

AMBA’s 40-year success is due to the support of our member family and their families. We want to show our appreciation to you, and give you the opportunity to show your gratitude toward your family

Keeping the theme of giving back going, we will also support the 19th annual toy angel drive by the Calgary Police and Encana. Rather than asking for a registration fee, we ask that every family who attends our event brings an unwrapped toy to donate to another family in need.

Members must register themselves and their families to attend. Register at AMBA.ca.

Bring your crew along for a good time on Sunday, December 6. Everyone is invited ... children, spouses, grandchildren and grandparents. Your guests will enjoy ice skating, wagon rides, face painting, dancing, a bouncy castle, and much more.

I look forward to seeing you and your family at the AMBA Family Frozen Festival.

Take a few hours and come celebrate this joyous time of year with AMBA and your family.

If anyone would like to volunteer at the event, please contact Holly Mazur at hmazur@amba.ca.

Join Us! Sunday, December 6, 2015 11:30 a.m. – 2:30 p.m.

Chestermere Recreation Centre 105 Marina Road— Chestermere Cost: FREE (Members must register to attend)

Sunday, December 6, 2015

Please bring an unwrapped toy for our toy drive.

Fall 2015

7

Update From The Real Estate Council Of Alberta A Special Thanks As we’re preparing this RECA update, we’re in the last couple of days of the annual renewal period. While we can’t provide a full wrap-up of industry numbers, we would like to take this opportunity to thank mortgage professionals for their patience.

We launched the significantly upgraded myRECA system in late June, and while new systems always come with some bugs, feedback from our mortgage professionals has been overwhelmingly positive. In the rare cases where there have been bugs, mortgage professionals have shown tremendous patience and understanding as we work things out.

Watch for RECA’s November regulator newsletter for a complete renewal wrapup and highlights of industry numbers.

New Consumer Resource From MBRCC Are you looking for a way to share important information with consumers about working with a mortgage broker, and what they should expect? The Mortgage Broker Regulators’ Council of Canada (MBRCC) has released a new resource for consumers, Working with a Mortgage Broker, which will do exactly that.

Working with a Mortgage Broker is a valuable tool mortgage brokers can use to help borrowers better understand the mortgage transaction process.

As mortgage brokerage professionals, you know there’s value for consumers in using a mortgage broker, but sometimes consumers don’t know what to expect. While provincial legislation differs, MBRCC has prepared this guide in such a way as to give consumers an idea of what they should expect when working with a mortgage broker anywhere in Canada.

Broker Of Record Meetings This fall, AMBA held a series of broker of record meetings, that RECA was pleased to be involved with. Charles Stevenson, RECA director of professional standards, spoke at the Calgary, Lethbridge and Edmonton meetings in September and October, about the ten most common misconception of RECA. For more information, please contact AMBA.

It provides valuable information on: Working with a mortgage broker, Being a responsible borrower, Understanding your mortgage contract, and Being aware of other risks.

RECA Strategic Planning RECA has kicked off its next round of strategic planning. The final year of RECA’s current strategic plan begins on October 1, 2015. Now, RECA is hosting a series of town hall meetings across the province to discuss progress on the current plan, as well as to talk about priorities for the future. RECA will also distribute an online survey to industry professionals in the coming weeks. RECA will use results from the online survey, along with consumer focus group, and survey research and feedback from the town hall sessions as part of our strategic planning.

Check out the full list of strategic planning town hall sessions at: https://www.reca.ca/industry/legislation/strategic-planconsultation.html

8

Fall 2015

Working with a Mortgage Broker can be found on the MBRCC website, and includes a pamphlet version for mortgage brokers to print and use. The pamphlet version has blank space on it for Alberta mortgage brokerage professionals to include their brokerage information and their own personal marketing.

Along with this new resource, the MBRCC website includes other consumer-friendly information such as Know your Mortgage Risks and Responsibilities, a document developed by the MBRCC to educate borrowers on the more significant considerations and implication when committing to a mortgage.

HOW TO

SELL YOUR

HOUSE FASTER

Dale Koeller, Calvert Home Mortgage Investment Corporation

When you’re not in peak home buying season and the price of oil makes for a cooler real estate market, it can be frustrating trying to sell your home. Sure you can sell your house faster by lowering the price, but there are several other steps home owners can take to facilitate a speedy sale. Here’s a look at how to enhance your home, generate interest and get the offers rolling in.

The Price Is Right When looking for a quick sale, be realistic. Pricing accordingly from the start can make all the difference when gunning for a fast turnaround. Unfortunately, most people value their home for more than it is actually worth. Take an objective look at the market starting with assessing the properties that have sold in your neighbourhood. If you truly want a quick sale, you’ll likely need to lower your price expectations. This is not the time to get greedy, but that may not be such a bad thing.

Sometimes a price that’s lower than expected can spark a bidding war, which in turn can raise the sale price. Realize, too, the market in Alberta has softened and may continue to stay this way for some time. Even more reason to be assertively priced from the get-go.

“We’re dealing with increased inventory and less buyers.

Those buying are more savvy and understand current market conditions. Leave room for negotiation, but understand the market will take a while to increase,” says Dan Sparks, a licensed Canmore based realtor.

First Impressions Everyone knows first impressions matter, which is why curb appeal is important. Nobody goes on a first date or interviews a prospective employee before conducting a little online reconnaissance anymore, do they? This is the same for homebuyers. Even before a prospective buyer walks through your front door, they’ve likely scrutinized your home online. One of the first images to greet them is your exterior. To ensure you get a proper click through, make certain there are no glaring issues. Consider the look of your property as you approach from the street. Are the steps sagging? Do you have dead plants or weeds growing out of cracked plastic toys? Show you care by sprucing up your home’s exterior.

Home Staging More than upgrading knickknacks, staging is now considered a staple in the home sale process. The adage, vacant properties sit, staged properties sell, rings true when considering how important it is for a buyer to visualize themselves in your home.

“People have a hard time imagining what to do with a space.

It takes a lot of energy to conjure where the couch should go.

Nobody wants to walk into a space and feel like they have to do work. We help them conceptualize the space,” says Spring Savage, certified home stager and interior design coach at Life Junkie.

Fall 2015

9

To show your home to its best advantage, hire a professional photographer so quality images guide potential buyers to your doorstep. Speaking of bringing a buyer in, shoppers are more likely to come when you’re not around. Don’t hang around during your open house or home showings, be flexible with last minute views. While you may request 24-hours’ notice, if you really want to sell quickly you may have to make yourself scarce within an hour.

Staged homes sell faster and for more money.

Home staging offers a third party perspective on how your home appeals to buyers. Most stagers offer on-site consultations, going over your exterior and every room with a fine toothed comb, before producing a detailed report on how the space can be made more appealing to potential buyers. And having an objective opinion is key especially when many home owners are fiercely attached to their possessions and placement of them – something that can adversely affect the sale when not shown to their best advantage.

“We enhance what’s already there,” says Claire Baxter, office manager at Furniture Connection, a furniture rental company in Calgary, “People are visual and need to be shown how a space can be utilized. Additionally, we can dress up your home to make it look its best, which in turn can increase its value.”

A study of 2,772 homes undertaken by Joy Valentine Coldwell Banker revealed staged homes sell two to three times faster and up to six percent more than un-staged ones.

“Staged homes do sell faster and for more money – closer to the asking price. Buyers feel if an owner takes pride and good care of their home, they assume there’ll be fewer issues with the house,” says Savage.

As much as your home is being judged, so is your community.

Don’t hesitate to share information about how fantastic life is in your neighbourhood. Mention access to public transport, what shops, services and trendy restaurants are within walking distance and include access to green space. If any local schools received a stellar rating from the Fraser Institute report highlight it, along with off-leash parks and playgrounds in the area.

Interior Hacks Everyone wants a space that’s bigger and brighter than what they currently have. For this brief period in your life, submit to the mantra less is more. Hint: Take that extra dresser out of your bedroom and the leaf out of the dining room table. Ensure your house has a good flow and that it’s easy to walk around in without bumping into misplaced furniture.

Besides proper staging, consider how scents evoke an emotional response. You might want to hold off cooking fish or pungent dishes, at least until you’ve got a conditional offer. Houses can get musty, especially when it’s too cold to open windows. If you can’t establish airflow, consider purchasing a Febreze furnace filter.

Everyone wants a space that’s bigger and brighter than what they currently have.

Market Like A Pro Many home shoppers buy on emotion. Sellers ought to prep their property so potential buyers can imagine themselves living there. You want your home to feel like their home (at least to them), and a wall of family photos or unmade beds can quickly shatter their fantasy. Make sure you’ve de-cluttered and depersonalized your space to ensure it has neutral ground that appeals to a wide variety of buyers. This included removing pet, religious paraphernalia and stashing away any displays of alcohol or political affiliation.

Yes, you’re allowed to keep a piece of personality in your space, you’re still living there after all, but does your penchant for pink or the NHL need to be stamped all over? Aim to create a blank canvas potential buyers can envision decorating themselves.

“Neutral colours are still preferred. Buyers nowadays are more accommodating of contemporary styles, but it depends on the neighbourhood, price range and the clientele,” says Savage.

10 Fall 2015

Naturally, any large or cosmetic project ought to be dealt with before listing, as nobody wants to finish up your jobs. As far as upgrades go, kitchens and bathrooms are always go-to places, but the level of upgrade depends on your home.

“If you’re hitting one million plus, you need high end appliances with nice cabinetry. Entry level homes need to be functional,” says Sparks.

Spread The Word There are many portals to spread the word of your sale beyond MLS. Remember you want to reach the greatest number of potential of buyers so you’ll need to think like they do. Say you were looking for a three bedroom home in St. Albert. In addition to cruising Realtor.ca, you might also plug your specifications into Google. Kijiji would come up as would several other sites you’ve probably never heard of, including realtors who specialize in your desired community.

Even if you’re using a realtor, it never hurts to spread the word yourself. Use your company intranet, post on office or community bulletin boards and don’t forget to mention it in passing in conversation with friends and acquaintances. Likewise, update your Facebook status and consider boosting the post so it casts a wider net. You never know where these small actions could lead and there’s little harm in sharing this information, so long as you’re not constantly bombarding anyone.

In addition to milking the most of online portals, realize that print is not dead. “Plenty of people peruse ads found in the paper or real estate magazines then follow it up with an online search,” says Sparks.

You’ll want to select a real estate agent who can reach the greatest number of potential buyers, someone who markets extensively and has a good track record. Don’t be afraid to ask how many homes they sold in the last year or how many buyers and sellers they represented. Real estate is a 24-hour business, so good service is also paramount. If your agent goes on holiday, who’s covering your back? If you’re comfortable having more

Alberta’s Private Mortgage Lender

than one point of contact, dealing with a realtor who’s part of team could be the way to go.

Six Ways To

One-Up Your Competition When markets are slow, buyers are on the hunt for deals. Make them feel like they’re getting one by offering a few extras to sweeten the deal. Some suggestions: 1. Offer a few thousand dollars towards the buyer’s closing costs.

2. Pay their closing costs entirely.

3. Transfer the home warranty on appliances to the buyer.

4. Have the home professionally painted any colour the buyer chooses.

5. Cover landscaping or snow removal costs for one year after the sale.

6. Expedite the closing by allowing the buyer to move in faster than expected. Consider allowing access within weeks instead of months.

WE PROVIDE NICHE LENDING FOR: » FLIPS/REHABS » 2ND MORTGAGES » QUICK CLOSINGS

» CONSTRUCTION » SHORT TERM NEEDS » DEBT CONSOLIDATION

Call us today for more infomation

888.752.4642

Dale Koeller, Sherwin Dziwenka & Dean Koeller

info@chmic.ca

|

www.chmic.ca

Fall 2015

11

EquiBundle: Greater Insight Means Better Service For Clients Eric Poblete, Strategic Account Executive, Equifax Canada

As a key contact for customers seeking a competitive mortgage rate, the more information you have, the better. That’s the premise behind EquiBundle, an enhanced Equifax report that can help you qualify applicants using the same lens a lender may have at the time of adjudication.

As a mortgage broker, you may be interested in finding the best rate for your clients. You may also be invested in finding qualified clients and adding value to customers as an important member of their financial team. EquiBundle can provide you with a clearer view of your customer’s financial picture up front, therefore, making the best use of your time and energy.

What Is EquiBundle?

EquiBundle gives brokers an enhanced view of their customers’ and prospects’ credit lifecycles. Launched by Equifax in April, 2015, EquiBundle delivers a variety of delinquency and bankruptcy scores based on the most currently reported information. It also provides mortgage trade data. When bundled together, this expanded consumer information paints an accurate picture of your customer and prospect’s payment behaviour.

Hendrix Law WHEN NOTHING BUT THE BEST WILL DO!

Your chosen law firm that you can count on for all your efficient, effective, reliable lending and enforcement needs in AB, NWT and NT.

Why Did Equifax Launch This Service?

Scores may influence the type of products and interest rates offered. They are predictive and can be used as a valuable component of your consistent business rules. The scores included in Equibundle are used by many lenders to adjudicate mortgage applicants, so having these scores bundled together can help you in your applicant qualification process.

Qualify applicants using many of the same adjudication scores a lender may use.

What Scores Are Being Used?

Delinquency and bankruptcy scores help lenders assess the likelihood that a customer will meet their financial obligations.

The delinquency scores included in EquiBundle address changes in consumer behaviour, economic conditions and trends reflected in Equifax data. The mortgage data now included in Equibundle can give you more insight into a customer’s mortgage history.

It’s important to note that delinquency scores do not say that a specific individual is a good or bad customer; they are but one factor in assessing an individual’s credit worthiness and should be considered in light of all other information that is collected on that person.

Spend more time and energy on quality customers and building relationships.

Given today’s tough marketplace, it’s a continuing challenge for mortgage brokers and lenders alike to achieve growth objectives while managing risk. To that end, you want to ensure the applications you do submit have an optimized chance of being approved. You also want to achieve a high level of customer satisfaction. EquiBundle can go a long way to helping you achieve those goals.

#500, 707 – 7th Avenue SW Calgary, AB T2P 3H6 403.269.9400 www.hendrixlaw.ca Eric Poblete is a strategic account executive with Equifax Canada. If you have any questions about EquiBundle, Eric can be reached at 416.227.5181 or eric.poblete@equifax.com.

12

Fall 2015

Condominium Documents And The Story They Tell Jason Espetveidt, Genworth Canada Regional Risk Manager, Prairies

The condominium market is a typical market for first-time homebuyers and can serve as a stepping stone towards owning a single-family dwelling. Most first-time condo buyers may be able to save the five percent minimum down payment required for a high ratio mortgage, but can find themselves with minimal additional resources for unanticipated expenses associated with the condition of the condominium. It is therefore important that buyers understand the financial obligations associated with condominium ownership before making a purchase.

As mortgage advisors, your role according to the Real Estate Council of Alberta’s definition of competent service includes providing advice on emerging issues affecting the industry and consumers. Logically, this would extend to advice on condominium ownership.

To determine the acceptability of a condominium property, a thorough review of the condominium documentation is recommended. Generally in Alberta, the condominium documents sometimes requested for review are: The reserve fund study; Minutes from board meetings held during the last 12 months and last two annual general meetings; The information statement (or estoppel if available); and The most recent financial statements, budget and balance sheet.

Other documents may be requested depending on the subject property.

A review of these documents will provide information relating to the condominium corporation financial position, including reserve fund balance and the condition of the building. Any single document on its own will have limited value, whereas combined, the documents help provide a more robust picture of the condominiums overall acceptability.

One of the more important documents is the comprehensive reserve fund study. The reserve fund study should reveal the size of the reserve fund and deficiency or surplus based on the projected maintenance required over the next several years. It will also include contribution recommendations to try and ensure that major maintenance can be properly attended to over time.

One of the largest reserve fund expenses a condominium board may face is the entire remediation of the building envelope. In many cases, this will entail a large assessment which can range from $10,000 to $160,000 per unit depending on the current reserve balance and the remediation required. With the limited resources that a typical first-time homebuyer often has at their disposal, such an assessment can be financially devastating for the condominium owner and limit their options for future homeownership. Proper due diligence will help minimize the risk of such outcomes and benefit all stakeholders involved.

The rest of the condominium documents provide some colour around the reserve fund study and can highlight any additional items of concern.

What are the current issues based on the minutes?

Are these issues financially detrimental to the condominium corporation?

Do these issues require further investigation by a building science engineer to determine the cost and scope of work?

Are there outstanding or planned special assessments?

These are just a few of the questions that can be answered by a review of the additional documents in conjunction with the reserve fund study, making the condominium’s story clearer.

Condominium homeownership can be a positive experience.

Managing the buyer’s expectations through open and honest communication will help build trust with your client and prevent disappointment at the end of the road. A thorough document review not only by the insurer, but also by the buyers themselves is highly recommended to ensure they fully understand their potential liabilities and to protect their interests.

Genworth Canada is committed to helping first-time homebuyers fulfill their dream of home ownership, and putting the right buyer into the right property helps make that dream a sustainable reality.

Fall 2015

13

Ride The AI Train Or Be Run Over: Accounting For the Exponential Factor – Part One Kevin Weeks, Weeks Law

“It is change, continuing change, inevitable change that is the dominant factor in society today. No sensible decision can be made any longer without taking into account not only the world as it is, but the world as it will be … This, in turn, means that our statesmen, our businessmen, our everyman must take on a science fictional way of thinking.”

— Isaac Asimov, Asimov on Science Fiction In the 2013 fall edition of AMBA Matters, I considered a threefold analogy for contemplating our industry from a 50,000 foot macro perspective, considering in particular, the role played by programs, systems and processes, in the article Trains, Quarterbacks and Architects.1 Today’s article is about the Artificial Intelligence (AI) train, which is running and picking up speed.

What is AI? At its core, AI is about creating systems to do the work that would otherwise be done by humans.

Be it physical work, such as sealing tomato cans, or analytically driven cognitive work, such as generating a beacon credit score by evaluating a consumer's financial history. The capacity of automated computer driven systems is growing exponentially.

Consider for a moment the extent to which we, as human beings, tend to define our lives according to a linear yardstick of time. Time progresses at a fixed pace, one year is always followed by exactly one more year. When the numbers are small and the rate of change is slow, an exponential rate of change is almost indistinguishable from a linear rate of change. It is only when the quantities become sufficiently large that the radical implications of exponential growth become apparent.

Coupled with required doubling time compression, also known as accelerating exponential growth, it is only a matter of time before the capacity of computers displace the vast majority of human professionals currently performing the cognitively taxing analytical work involved in facilitating complex commercial transactions is upon us. How soon is not exactly clear, but it is a certainty nevertheless.

I have been known to mutter that people just don’t get exponential. You may recall from your primary schooling years learning about exponential series (for example, one, eight, 16, 64, 128, etc.). If you’re like most people, such lessons were likely accompanied with glazed over eyes and wandering of the mind.

Yet, the impact of such rates of change, as manifesting in the physical world, is everywhere. And it’s not just the doubling, it’s the qualitative differences and the increasing doubling speed.

The more we learn, the faster we learn.

Indeed, we are at the precipice of a new era. Much like the crew of the Starship Enterprise in The Trouble with Tribbles episode, from the original Star Trek— we face the risk of being overrun by what we can call the AI Train. Mortgage brokers, along with every other professional involved in real estate and mortgage financing transactions, need to be cognizant of the very real prospect that much of today’s work will one day be done by an AI-driven system for a fraction of the cost (both in time and in money).

1 2

See Weeks, K. "Trains, Quarterbacks and Architects", Fall 2013, AMBA Matters. http://www.motherjones.com/media/2013/05/robots-artificial-intelligence-jobs-automation

14 Fall 2015

Already there are firms actively seeking to develop new applications of existing AI technologies to streamline real estate and mortgage transactions, unbundle services and reduce costs.

Companies like Mor tgageHippo.com, are offering end-to-end solutions for securing a mortgage.

Other companies, such as Conversica.com, are assisting with frontend customer relations by using AI software, capable of engaging with customers by crafting original emails to clients, without any real person entering a keystroke.

AI's exponential growth and impact is already being felt in the form of an ever increasing insidious creep that at some point will hit hard, fast and seemingly suddenly. The speed of change will continue to accelerate with the adoption of cloud computing and the Internet of Things (“IoT”) – think big data connected. For further insight, read Mother Jones, May 2013 article, Welcome, Robot Overlords. Please Don’t Fire Us? 2 We have already seen disruptive upheaval in many industries, and AI is poised to strike more. In some ways, it will be just a natural progression and inadvertent collateral damage is bound to ensue. Or as Tim Urban so eloquently said, “What does it feel like to stand here?”

This is not meant for you to worry about the ‘Terminator’ coming.

Leave that to the likes of Stephen Hawking, Bill Gates, Elon Musk, Steve Wozniak, Neil Bostrom and that whole crew. They know better. Just concern yourself about ‘Terminate Me’ and what that may

For those willing to be on the leading edge, there is ample room for growing your business through the creative applications of existing and future technologies—a topic I will cover in more detail in part two of the 2015 AMBA Matters winter issue. In the meantime, if you are interested in developing an AI strategy, feel free to call me at 403.209.4988 – our AI is standing by or out to lunch learning.

entail.

While failure to attend to the impact of the AI Train is to court unnecessary disaster; all is not lost and my purpose is not to prognosticate apocalyptic. Oh contraire! With great changes comes great opportunity.

Equity Lending!

Over 800 Million lent since 1997 BRITISH COLUMBIA

•

ALBERTA

UP TO

80%

LTV Residential Private Money Lending

•

ONTARIO

1st Mortgage

2nd Mortgage

rates start at

rates start at

5.25%

8.25%

R ATES & F EES A R E SU BJ E CT TO CH A N G E WI T H OU T N OT I CE .

Donna Hunter

Business Development Manager Alberta, British Columbia, Ontario Office: 403 | 278.6200 Cell: 403 | 874 6348 Toll Free: 800 | 959.9290 dhunter@capitaldirect.ca

No Lending Area Restrictions No Fee Loan Special on 1st, 2nd or 3rd Mortgages From $10,000 - $40,000 Me m b e r C A A M P, A M BA , M BA BC , BBB, Off ic e s in Va n c o u ve r, C a lg a r y, Ed m o n to n & Toronto

Fall 2015

15

THE BEST APPRAISERS IN CANADA ARE CERTIFIED AND LICENSED BY THE CANADIAN NATIONAL ASSOCIATION of REAL ESTATE APPRAISERS

LOOK FOR THE PROFESSIONAL DESIGNATIONS

DAR & DAC

CALL 888-399-3366 or FIND AN APPRAISER at WWW.CNAREA.CA

Renovations?

No problem.

Equitable Bank’s combined Home Equity Line of Credit (HELOC) and Mortgage has the solution!

Call us today!

1-866-940-1201 equitablebank.ca

EQB_AMBA_HalfPageAd_Fall2015.indd 1

16 Fall 2015

2015-07-13 10:38 AM

Canadian National Association Of Real Estate Appraisers Update The Canadian National Association of Real Estate Appraisers (CNAREA) is a national not-for-profit association that certifies, licenses and regulates real property appraisers in Canada. The association is dedicated to: Raising the standards of the profession, maintaining the professionalism of its members through continuing education, advancing the recognition of its members as qualified appraisers, and protecting the consumer.

Presently, there are two professional associations that certify and regulate appraisers in Canada, CNAREA and the Appraisal Institute of Canada (AIC). These two associations are similar in they are both private associations and non-profit corporations consisting of members that are real property appraisers from across Canada.

Designated Appraiser Residential (DAR) The qualifications and educational requirements to obtain the DAR professional designation of CNAREA: A minimum of 300 classroom hours (27 appraisal courses) of specific appraisal education; 3,000 hours of full-time appraisal experience, over a minimum of two years; The final submission of two field appraisal reports for review; Successful completion of the comprehensive DAR final examination.

Carry errors and omissions insurance at a minimum of $1 million per claim.

Complete 28 hours of continuing education every two years, and submit one field report for review by our staff compliance officer every six months; and Abide by the Uniform Standards of Professional Appraisal Practice (USPAP), and complete at least four hours of USPAP education, with examination every two years.

Designated Appraiser Commercial (DAC) This professional designation identifies a member who is qualified to perform appraisal assignments of all types of real property. To attain this designation an individual must have the DAR designation, five years of full-time appraisal experience and complete the required CNAREA educational program.

All CNAREA designated members who act as a supervisor for a candidate member must be a certified appraisal reviewer and adhere to a continuing education program specific to certified reviewers. This is the only such program available in Canada.

CNAREA provides an appraisal review program designed specifically for bankers, lenders and other participants of the mortgage industry, to assist in the training of: In house reviewers, lending officers, underwriters, mortgage brokers, bank examiners, regulators, and risk management staff. The program covers: The actual mechanics of appraisal reports which is guaranteed to expose the quality of any appraisal report.

Teaches participants how the cost approach and the sales comparison approach are linked, and the methods to detect appraisal fraud.

Is delivered free of charge and available across the country.

CNAREA also offers the more in-depth Certified Mortgage Appraisal Reviewer (CMAR) which sets the professional education standard in Canada for all individuals involved in the mortgage finance profession, where real property appraisals are involved.

Simply put, CNAREA is the only source of an educational, experience and ethical standard for all appraisal reviewers.

CNAREA designated members are accepted by every major mortgage lender in Canada, Canada Guaranty, Genworth, CMHC as well as all appraisal management companies.

Fall 2015

17

Canadian National Association Mark Your Calendars – of Real Estate Appraisers Update

2016 Membership Renewal Coming Soon

Renewing your membership means value-added services such as: Representation on federal and provincial levels; Access to ongoing professional development, networking and social events; Discounts on a variety of products and services from industry partners; Industry updates; Best practice management, and Consumer outreach through our Verified Information Program (VIP).

Paula Hutton BDM - Prairies 1 - 866 - 907 - 5407 paula@vwrcapital.com LENDING IN: British Columbia Alberta Saskatchewan Manitoba Ontario

1st, 2nd, and 3rd mortgages Lender fees from $500 No income qualification No minimum beacon scores Purchase, Refinance, ETO Up to 75% Loan to value

Edmonton

Victoria Regina

Winniepeg Ottawa Toronto

Property types: houses, condos, townhouses, serviced land, raw land and multi-family properties

Email lender notes, application, and credit bureaus to: info@vwrcapital.com WWW.VWRCAPITAL.COM

18 Fall 2015

Alternative Mortgage Solutions

CLASSIC MORTGAGE PROGRAM

Your clients have better things to do than struggle to get a mortgage. You can help.

Getting approval for a mortgage can be difficult, but

•

Classic Ace Plus Rates

with your knowledge, expertise and experience, you can

•

Classic Ace Rates

help. We can help too. Our Classic Mortgage Program

•

High ratio LTV mortgage bundles

offers solutions that are flexible, affordable and

•

Equityline ® Visa*

available across Canada. We have some great options

•

Experience with BFS, new to Canada,

to benefit your clients, including:

renovators, and debt consolidators

To learn more about our Alternative Mortgage Solutions, talk to your BDM. Registered trademark of Home Trust Company. * Visa Int./Home Trust Company, licensed user of mark. * Each mortgage application is subject to approval based on its own merits in accordance with Home Trust’s policies and guidelines.

®

MORTGAGES | CREDIT CARDS | RETAIL CREDIT | DEPOSITS

The

Origins Of AMBA

A look at how far we've come!

Everett Koeller, Calvert Home Mortgage, previous AMBA Board Member, with assistance from Marcel Notschaele

The Beginning In the spring of 1975, I drove my 1970 Pontiac station wagon to the Capri Hotel in Red Deer to join my colleagues in founding the Alberta Mortgage Brokers Association (AMBA). At that time, I was a mortgage underwriter with Pacific Finance and a registered guest at this historic meeting.

Back then, mortgage brokers were licensed by the Alberta government’s consumer and corporate affairs, and there was only one significant rule to follow: Licensed brokers had to grant borrowers a 24-hour waiting period after signing the statement of affairs, which detailed how much they had borrowed, the rate, end of term and pre-payment penalties. The trouble with that was there were mavericks operating in the marketplace who were not respecting this legislation. There was a fear the government could quickly take action and, if they did, it would be bad for everybody in the industry.

Several Calgary mortgage brokers were concerned and felt the need to do something to protect the industry. This group visited lawyer and former senator Ron Ghitter, who introduced them to a group in Edmonton with similar concerns. Ghitter was a catalyst in organizing this first meeting and he put in AMBA’s application to become a non-profit organization in 1975.

The industry has come a long way... and so has AMBA!

20 Fall 2015

On June 13, 1975, brokers from Edmonton and Calgary were appointed as the founding board of directors: Glen Gregory, president, representative of Midwest Mortgage; Harry Hodgson, vice-president, representative of Venture Mortgage Ltd.; Ed Dooley, secretary/treasurer, representative of Lance Mortgage Consultants; Barry Slipp, director, representative of Guildwood Investment Group Ltd.; Eldon Hallberg, director, representative of Dial Mortgage Corp.; Barry Smith, director, representative of Trans Alta Mortgage; Michael Andrews, director, representative of Anchor Mortgage and Financial Consultants; and Ghitter was the signing lawyer for the Mortgage Brokers Charter.

John Fraser from Trans Alta Mortgage was also active in organizing the first AMBA conference, electing a board of directors and adequately toasting the first board. Industry representatives were present from consumer and corporate affairs. Also, some of the companies on record included: Midwest Mortgage, Dial Mortgage, Principal Group, First Investors, Midtown Mortgage and Northguard Mortgage.

The big concern at the first meeting was these mavericks, who had the potential to create dire situations. We didn’t want to get into any legislation because of a few rotten eggs, so as a group we discussed the need to organize and demonstrate to the government we were and had upstanding operators.

The Need To Act Quickly After our group elected its first board of directors, we began hearing rumours that B.C.’s provincial governing body was adopting a stringent education program at the university level. AMBA quickly realized that the Alberta government could mandate a similar program, so the first initiative of the organization was to develop an education program for industry members. As soon as it was drafted, the board had a meeting with the administrator in charge of the Alberta Consumer and Corporate Affairs, and right on their desk sat the B.C. program.

Alberta was close to replicating and implementing it. We were just in time. If AMBA hadn’t been so swift and effective in developing this education program, our members would’ve had to jump through a lot more hoops to become licensed.

Being A Mortgage Broker Back Then Brokers of the 1975 era weren’t able to make referral transactions to banks and major financial corporations. Banks weren’t aggressive in the refinance business. They focused on new housing projects and their bank clientele. Brokers regularly visited banks and finance company employees to solicit decline referrals and offer referral fees. Dial Mortgage, Midwest and Trans Alta all promoted investors to purchase their mortgages or fund them coinciding with the commitment stage. You’d find the borrower, get them signed up and commit to finding the money, while simultaneously finding the investor.

Also at that time, there was a lot of residential real estate which didn’t qualify as Canada Mortgage and Housing Corporation (CMHC) insurable transactions. This sizeable chunk of the marketplace wasn’t and couldn’t be serviced by the banks.

These were properties with issues such as: No basements, prewar electrical circuits, too small a footprint, rural properties or expensive dwellings. The increase in values thanks to inflation was approaching double digit figures annually. Opportunities were prevalent for mortgages brokers, yet the dollar figures would feel small by today's standards. In 1975, many second mortgages would peak at $10,000 and numerous first mortgages were $25,000.

Board Of Directors - 1980 Barry Slipp, Robert Beingessner, Dave Carlson, Everett Koeller, John Fraser, Merle Grover, Peter Yamada, Dennis Schmidt, Art Howard, Mike Lazaruk and Ed Dooley.

Board Of Directors - 1990 Fred Crone, Lorne Keetbaas, Marcel Notschaele, Marvis Olsen, Robert Austin, Doug Chorley, and Don Troock.

Board Of Directors – 2000 Eric Stewart, Dave McNabb, Brian Menges, Dave Mercer, Karen McLeod, Bob Hutton, Bonny Clarke, Dan Cameron, Darrel Cook, David Burns, Gerry Garvey, Larry Frondall, Susan Klein, and Trent Johnson.

Board Of Directors – 2010 Dean Koeller, Todd Fralic, Frank Hickey, Paul Bojakli, Ken Kirkpatrick, Kristen Linde-Ferrier, Gord McCallum, Ron McClenaghan, Phil McDowell, David McKitrick, Jill Paish, and Renee Stribbell.

To give you some perspective, my family purchased a 1,100 square foot house in Sage Crescent in Sherwood Park for $44,000, and 18 months later sold it for $49,000. From the sale we were able to purchase a 1,350 square foot house in Calgary’s new suburb, Willow Park, for $60,000. House prices today are a much different story.

The Story Continues Here we are, 40 years later and AMBA today mirrors the AMBA of these past four decades. You’ll still find approximately a third of the brokers are active and carry the organization.

Starting AMBA was absolutely the right thing to do and a huge credit is owed to those early founders. If they didn’t organize and create our education program, we’d all be faced with stringent rules. Because of what these founders did, the industry flourished. And if you made it through the tumultuous ‘80s, you probably did as well.

AMBA is a huge success story, and I’m proud to have been a part of it.

Fall 2015

21

Where Are They Now? Do you ever wonder where some of those mortgage brokers of 1975 ended up?

Calvert Home Mortgage is still operating, celebrating its 40th year in 2015.

Glenn Gregory and Ray Chipchar took over Midwest Mortgage, where they brokered B paper to institutions and worked with Equiplan on private deals. Gregory passed away a few years ago and Chipchar is a parttime starter and marshall at Lewis Estates Golf Course in Edmonton.

Ed Dooley of Lance Mortgage succeeded as an alderman for a number of years and retired as a successful mortgage broker.

Barry Smith moved into the factoring business with his son and exited the mortgage industry.

George Littlejohn of Midwest Mortgage acquired a car wash and exited the mortgage industry.

Roy Thompson become a real estate investor and moved to British Columbia.

Burrell Wolsey of Concord Mortgage acquired the Drain Doctor.

Jean Fournet held both a mortgage broker and real estate licence and is close to his 40th year in the business. He’s still selling commercial real estate, which has been his focus since 2000.

Merrill Morstad sold a manufacturing business in the early 80s and began investing with Marcel Notschaele at Equiplan Mortgage. He later mentored his sons Cal and Todd in the mortgage industry.

Marcel Notschaele of Equiplan Mortgage joined the industry during the ‘70s and merged with Brian Menges’ Caplink in 2003. Marcel remains on the board of two of their mics, retiring in 2005, two years after his wife.

Larry McCallum passed away after a series of strokes.

His wife Loretta worked closely with Larry and she now resides in Calgary and enjoys travelling.

Wally Slatter ran the mortgage department of Northwest Trust for many years.

Bob Whitney and Gary Neufeld transitioned through Farmers and Merchants Trust, Eaton Trust and then with Gerry Penzer and Bill Tanner of Financial Trust.

Len Brost was an executive at United Trust.

Tony Lamb was at Canada Trust for many years and Jim Rankin was at Canada Life for a long tenure.

Lorne Elliot was the manager of Fidelity Trust for a long time.

22 Fall 2015

Tower Mortgage lead by George Larson had a successful run underwriting 90 percent second mortgages. However, they discontinued their business when the recession of the 80s hit property values.

Lee Ellison started Invesco Mortgage and was active for 30-years.

Lorne and Shirley Keetbaas of Kee-West Business and Mortgage Consultants were also early entrants to the mortgage business and members of AMBA. Frank Hickey acquired Concord Mortgage from Burrell Wolsey, John Kisielewicz, Robert Beingessner and Brian Doege in 1979.

Eric Stewart was president of AMBA twice; he was an employee of Standard Trust and Gibraltar Mortgage before 2000. More recently, he’s worked at Calvert Home Mortgage and Versatile Mortgage.

Dennis Petersen of Westcor Mortgage is likely the best known long-term mortgage broker still in the market today.

Jennifer Bergstrom, who was trained by Peterson in the ‘80s passed away a few years ago. She had a wellrespected reputation, a large team and produced high volume thanks to her boundless energy. Croft Axen still manages her successful business model.

Jack Sequin ran Ram Mortgage with Keith Gilmour. Jack is now in Vancouver in the English Bay Batter cookie business, while Keith is running Mortgage Makers with his daughter in Edmonton.

Al Rolfe actively managed mortgage corporations in the 70s prior to moving to Appraisal Accreditation during the 80s.

One does not consider mortgage brokering or banking a high risk profession, however, it’s fitting we recognize one of our fallen members. Jack Beauchamp lost his life in his Calgary office in 2006, due to a fatal shooting. He left behind a spouse and two children. The brokerage community came together through the charitable foundation for the family and helped his children pay their university education.

Dial Mortgage, Northguard Mortgage, Principal Group, First Investors, and a number of small trust companies either didn’t survive the recession of the 80s, closed their doors or were merged with other companies in the 80s.

Please forgive me for any oversights and persons not mentioned above. My memory isn’t what it once was.

Respectfully submitted, Everett Koeller, with Marcel Notschaele

Protect Yourself – Think Business Continuity Planning For Your Brokerage Jason Provencher, Bridgewater Bank

If disaster struck tomorrow, how would your business survive?

How would you contact clients and financial institutions, generate sales and future business? For many small to medium-sized brokerages and firms, a sudden and unexpected interruption in operations could prove harmful. It’s the responsibility of every business to stay ahead of the risks and potential crises.

From a sole proprietorship to a large corporation, a Business Continuity Plan (BCP) is essential for all businesses. Start protecting your business from a possible natural disaster, operational failure, illness, or actions of another person by reading these quick tips.

Consider The Unthinkable Brainstorm every scenario that could impact the day-to-day operations of your business, or prevent it from running smoothly for any length of time. Write them down and consider all the ways you could prevent or respond to them. Ponder every type of situation from power outages, disconnected Wi-Fi access, staff shortages, burst air conditioning ducts, snowstorms, train derailments, floods, fires, hailstorms, security threats, and theft.

As you brainstorm all the potential risks to your business, think about what initial statements and key messages you would say to assure people you are handling the scenario. Having some communications material handy will give you a jump start in a crisis.

Put Together A BCP Team And Meet Regularly Whether you have one, five, 20 or 100 employees, identify the key people who know the inner-workings of your business and its operating structure. If you have a larger business, find a subject matter expert in each main department to participate.

Getting a team of knowledgeable staff together regularly is the best way to brainstorm crises, strategize, assign roles, find solutions and make a plan. Choose a senior team member to act as a spokesperson for the group ­– someone willing and able to speak publicly in the case of a crisis.

Set Up Communication Systems For Internal and External Stakeholders Technology makes communication easy, whether it’s phone calls, text messages, emails or social media. Gather and continuously update a list for all employees, including emergency contact information. Prepare an email distribution list, phone call tree and text notification service to test regularly. It’s better to use more than one system to reach everyone quickly. This will ensure all employees are safe and inform them of their role in resuming normal operations. Also consider how you would

inform and update external audiences, such as customers, suppliers, sponsors and neighbours.

Communicate Often and Quickly When disaster does strike, stay in constant communication with internal and external stakeholders. Explain how and when you will update them next, and make sure you stick to that schedule.

Even if nothing has changed, let them know. Talk about the situation, how it’s being resolved and what they need to know.

BCP – Wash, Rinse, Repeat Most disasters and emergencies are unexpected or arrive with little notice. Once the BCP is built, you need to train employees, test the plan, hold drills and refine the process. Gaps, challenges and missed opportunities can be identified only with regular evaluation.

Recently, the Calgary Emergency Management Agency (CEMA) (calgary.ca/cema) and the Calgary Chamber of Commerce (calgarychamber.com) collaborated on some useful BCP preparedness materials. I recommend visiting both websites for more information on preparing your business for the unthinkable.

Jason Provencher is the manager of B2B Solutions with Bridgewater Bank in Calgary.

Fall 2015

23

AMBA VIP! Did you know consumers and industry professionals can easily access the latest information about AMBA members through our Verified Information Program (VIP)?

Latest Addition We’ve added an easily searchable ‘Industry Partner’ button on our home page, similar to our popular ‘Find A Broker’.

For the first time, industry partners have the opportunity to display their latest information, giving them more exposure to clients and mortgage professionals. The new industry partner search engine separates our partner members into applicable categories such as: Lawyers, appraisers, insurers, lenders and others, making it easier for the public to find you.

Since AMBA is an authoritative site, our members’ rankings on Google will also increase.

Why VIP? • A personalized online profile with direct links to your company website, Twitter, LinkedIn and Facebook pages; • Advertising throughout our website at no additional cost outside of your membership fee; • Ensures you have up-to-date and accurate information; • Provides search engine optimization when clients and mortgage professionals are searching for you;

• Adds credibility to your partnership with AMBA and the industry; and • Association VIP status – VIP badge.

How to Become VIP (it only takes five minutes): 1. Log in to the AMBA member zone; 2. Go to your profile; 3. Verify your contact information; and 4. Upload a headshot, company logo, and a short biography.

24 Fall 2015

Take advantage of our VIP today.

Industry News Mortgage Brokers Income Breakdown

Prairie Housing Starts To Decline Further

Canadian Mortgage Professional (CMP) recently published its 2014 CMP Lifestyle Survey findings. The survey took a look at brokers 2014 incomes compared to housing prices, sales and much more.

The survey found:

According to Canada Mortgage and Housing Corporation’s (CMHC) fourth quarter 2015 Housing Market Outlook, prairies highlights, housing starts in the prairies are projected to decrease to 48,600 in 2015, and move lower in 2016.

British Columbia brokers earned an average income of $98,036, when the average home price was $568,405.

In Alberta, the 2015 housing starts are projected to reach 37,200, an estimated eight per cent decline from 2014, and resale transactions are projected to decline approximately 20 per cent.

Alberta brokers earned an average income of $140,542, when the average home price was $400,590.

In Saskatchewan, housing starts are estimated to decline to 5,800 total units, and Multiple Listing Services (MLS®) sales are projected to decline 11 per cent in 2015.

Saskatchewan brokers earned an average income of $73,333, when the average home price was $430,984.

Ontario brokers earned an average income of $157,453, when the average home price was $298,360.

In Manitoba, the 2015 housing starts are forecasted to decline to 5,600 units, and resales are projected to rise nearly two per cent above the 2014 level.

Quebec brokers earned an average income of $61,250, when the average home price was $271,227.

2016 Forecast The average price in Alberta is forecasted to range between $373,600 and $409,600.

Overall, there was a 20 per cent income boost compared to 2013, for brokers.

The average MLS® price in Saskatchewan is projected to rise between the range of $287,500 and $314,100.

60 per cent of home equity was held by mortgage brokers is 2014.

The average MLS® price in Manitoba is forecasted to increase below two per cent over the next two years, and range between $268,500 and $278,700.

45 per cent of brokers own rental properties.

The average mortgage rate secured by brokers was 2.5 per cent.

Source: CanadaAMBA Mortgage and Housing Corporation. (October, 2015). Prairie housing AM Ad March 2015_Final.pdf 1 01/04/2015 10:53:40 starts to decline further in 2016, rebound in 2017. Retrieved from https://www.cmhc-schl. gc.ca/en/corp/nero/nere/2015/2015-10-26-0816e.cfm

Source: Canadian Mortgage Professional. (September, 2015). Broker incomes and real estate. (p. 6). Retrieved from http://m.mortgagebrokernews.ca/e-magazines/

Canadian Debt Increasing At A Slower Rate Equifax Canada’s second quarter National Consumer Credit Trends Report, suggests Canadians are still adding on debt, but at a slower rate.

Total consumer debt in the second quarter was $1.568 trillion, mainly driven by the installment loan and auto loan sectors.

The average consumer debt was $21,164, which increased by two per cent.

Western Canada’s debt levels have increased by 0.6 per cent.

Alberta still holds the most debt compared to other provinces.

The average debt in Alberta was $27,313, with a yearover-year change of -0.1 per cent.

Demand for new credit is strongest in the auto sector.

Western Canada demand for credit year-over-year was 3.2 per cent.

C

M

Y

CM

MY

CY

CMY

K

Data for the National Consumer Credit Trends Report is sourced from the repository of the majority of credit transactions that occur in Canada. Information provided in this report was adjusted to ensure the data reflects the results as of the last month of each quarter.

Source: Equifax. (September, 2105). Equifax Canada reports Canadian consumers debt increasing but at a slower pace. Retrieved from http://www.consumer.equifax.ca/about_ equifax/newsroom/news/en_ca?newsId=e0ffb385-ad7a-4367-a971-4341de9d1f66

Fall 2015

25

Cyber Liability Derrick Leue, President, LMS PROLINK Insurance Group Inc.

The digital age has turned business models upside down. Mortgage brokers operating when AMBA started 40 years ago could never have imagined uploading an electronic mortgage application over a mobile phone to a lender in 10 seconds. Business moves much faster than it did in 1975; however there are new exposures that our colleagues in the 1970s never had to worry about.

Protection of Personal Information News of the latest privacy breach has almost become a daily occurrence. The incidents that get public attention are just the tip of the iceberg. Most breaches don’t become public knowledge because there is no legal requirement to notify affected parties in Alberta unless organizations fear reputational damage if they do not publicly disclose the breach; or the privacy commissioner specifically requires a notification to be made.

The New Digital Privacy Act On June 18, 2015, Bill S-4, better known as the Digital Privacy Act (DPA), became law. The DPA makes significant changes to the Personal Information Protection and Electronic Documents Act (PIPEDA), including requiring mandatory breach reporting to the Office of the Privacy Commissioner of Canada and the affected individuals, and instituting additional fines up to $100,000. Mortgage brokerages and lenders should be aware of these amendments, and evaluate their privacy policies and safeguards in light of the new DPA changes introduced.

Key Changes to PIPEDA The definition of consent has changed. The DPA adds a requirement that it must be reasonable to expect that the individual understands what they are consenting to.

Breach reporting to the privacy commissioner will become mandatory (not inforce). The privacy commissioner must be notified of any breach that creates a real risk of significant harm to an individual. The definition of significant harm is broad and includes but not limited to: Humiliation, damage to reputation, identity theft and financial loss. The breach test in Bill S-4 mirrors the test found in Alberta’s Personal Information Protection Act (PIPA).

Organizations will be required to report breaches to the impacted individuals (not in force). All individuals who may reasonably face a real risk of significant harm from the breach must be notified directly and as soon as feasibly possible following the breach.

The privacy commissioner may report breaches to the public. Prior to the DPA, the privacy commissioner had limited power to make any information relating to a

26 Fall 2015

company’s personal information management practices public. The DPA significantly broadens this power to include any information that comes to the privacy commissioner’s knowledge during the exercise of their powers or duties.

Failure to report a breach may result in significant fines.

The DPA introduces fines of up to $100,000 for failing to report any breach to both the commissioner and the impacted individual(s). Organizations may also be fined up to $100,000 for failing to maintain records of any breach. It is not yet clear how these provisions will be interpreted – whether the $100,000 limit would apply per organization, per breach event, per individual affected, or in some other way.

Canadian Companies Are Not Ready Focusing on cyber security is not the top priority for small to mid-sized companies. A recent report from PwC Canada notes that while 88 percent of private companies polled agreed or strongly agreed cyber security is an important issue for their organizations, their companies are in the dark about what they need to do and where their vulnerabilities lie.

A survey by Trustwave, a leading United States cyber security consulting firm, found 28 percent of breaches resulted from weak passwords and another 28 percent from weak remote access security. These are things that can be addressed with a bit of education. The key to successfully mitigate the impact of a cyber-breach, or even preventing one in the first place, is knowledge!

Risk Management The DPA’s privacy breach response requirements, forensic investigation costs and mandatory reporting will create real, measurable costs for organizations that experience a breach.

Implementing proper policies and procedures around data protection is critical to reduce the impact of a breach. However, even the most sophisticated organizations in the world cannot prevent a hacker or rogue employee from breaching their computer systems. The insurance industry has responded with unique cyber insurance, specifically designed to respond to direct costs incurred on a first-party basis (i.e., your own costs) following a data breach, as well as to third-party liability claims arising from the data breach incident.

What Does Cyber Insurance Cover?

Cyber insurance can cover the following short-term risks to organizations: • Lost data and records management; • Loss of customers; • Financial loss (in the case of theft); • Immediate loss in profits; • Notification of those affected by a breach; and

Cyber insurance is a highly customizable product that is more valuable than ever with the changes to the DPA law across Canada. As mortgage brokers and lenders continue to rely more heavily on digital data records, cyber risk, is an exposure that mortgage brokerages would never have imagined 40 years ago when AMBA was launched.

• Identity theft protection.

Cyb er insurance can cover the following long-term risks to organizations: • Brand image damage; • Loss of jobs; • Lawyer defence fees during the investigation stage and trials; • Updating IT systems; • UForensic investigation costs to investigate incidents to find out if data was stolen and why; • UFinding and fixing any vulnerabilities; and • UCredit monitoring.

Learn More about the AMBA E&O PLUS+ Program The PROLINK Insurance Group Inc. is the proud manager of the AMBA E&O Liability insurance program.

Please contact a representative from the PROLINK Insurance Group’s AMBA Service Team in order to learn more about how E&O PLUS+ protects you.

Phone: 1.800.663.6828; Website: www.LMS.ca/AMBA Peter McCabe: AMBA Program Business Development Manager; PETERM@LMS.CA

Private Lender Proteccon:

Fall 2015

27

Private Lending – Make It A Part Of Your Business Mark Pullin, Cedar Peaks Mortgage Services Ltd.

Private lenders are a source for non-conventional mortgage funding, and an alternative when traditional institutional financing is not available. With recent tightening of lending policies legislated by the Federal Government, combined with more stringent guidelines from mainstream lenders, the requirement for private mortgages is becoming much more common.

Frequently, borrowers do not meet the current lending criteria of traditional lenders, despite having sufficient equity in their property. This is where a private mortgage can be a short-term solution to meet your client’s needs.

Characteristics Of Private Mortgage Lending

Creating and Submitting Your Loan Package

Most private lenders do not have a hard set of lending policies like traditional lenders, and are more apt to customizing the mortgage loan to fit the borrowers circumstances. While also considering the available equity and loan to value of the security. It is common that private mortgage loans are much more flexible and faster to fund than conventional financing.

Private mortgage lenders are subject to Alberta Security Laws, the Real Estate Act, and RECA’s rules and regulations.

It is for these reasons there is not much difference in the application and supporting document requirements for a private mortgage than an institutional mortgage.

Self-employed income and non-verified income sources are more easily accepted.

Credit scores are considered, however, private lenders generally take a common sense approach in assessing each mortgage request and tend to look at the overall situation with an emphasis on the secured property.

Most private mortgage loans are short term – usually 12 to 24 months with interest-only payments.

Interest rates and lender fees are usually based on the assessment of risk, including: Strength of the borrower, location, type and use of property, mortgage position and loan to value.

First and second private mortgage loans are available for a wide scope of properties and uses including: Residential purchases and equity take outs, Residential and project construction financing, Bridge financing, Second homes and rental properties, Commercial and industrial properties, and Land and development financing.

28 Fall 2015

Private lenders have established relationships with their individual or pools of investors that provide the capital to fund clients mortgages. These investors must meet certain criteria set by the Security Regulators. The professional reputation and future business with the investors will be impacted by the performance of the mortgage loan. A complete and thorough application, income and credit package, allows the private lender an opportunity to complete the due diligence process and pass this information to the investor(s) to make an informed lending decision.

Be as comprehensive as possible. You will receive a much quicker and in a lot of instances, a more positive response with a properly prepared package.

Typical initial submission documents and information should include: A fully completed mortgage application and statement of assets & liabilities; Details of the amount of loan being requested, purpose of the loan and security being offered with a loan to value calculation; Current credit reports for all borrowers; Income information including most recent NOA’s, job letters, last pay cheque stub; and If self-employed, the registered corporate entity, occupation and most recent financial statements.

Each lender or investor may have other document requirements based upon review of the application package and initial picture.

In most cases the value of the property will be determined by obtaining a current appraisal report.

Final Tips Private Lenders are available to help you work through your difficult files. Feel comfortable in using their expertise and knowledge.

Private mortgages are an interim solution to getting to an end goal.

Prepare your clients up front for what private rates and fees may be. Help them understand why a private mortgage is required at this time, and what steps can be taken to get them to a conventional lender. Your closing ratio will be much higher by taking this step early in the process.

Follow up with your clients as the private mortgage term matures to determine if their current circumstances warrant a more conventional financing option.

For more information on private lending please contact: Mark Pullin Broker of Record, Co-owner Cedar Peaks Mortgage Services Ltd. 403.249.2007 mark@cedarpeaksmortgage.ca Your preferred Private Lender since 2002

Fall 2015

29

AMBA 2015 Annual General Meeting & Holiday Gathering December 3, 2015 AMBA Office Atrium

Enjoy an evening of live music, drinks, appetizers, networking, industry updates and fun celebratory times, as we welcome AMBA into its 41st-year as an association.

The AGM package will be available in the Member Zone under Member Resources. A proxy vote will be conducted for those who are unable to attend.

1209 59 Ave SE Calgary, AB 5:30 p.m. – 8 p.m.

(AGM begins at 6 p.m.)

Western Canada’s Private Lending Specialists Since 1997

-

First and seconds to 85% LTV Flexible terms and renewal options No beacon requirements Fast approval times

Sunday, December 6, 2015

Join Us! 11:30 a.m. – 2:30 p.m.

Chestermere Recreation Centre 105 Marina Road — Chestermere Residential Helen Neufeld 780-702-9215 helen@caplink.ca

FREE (AMBA members must register themselves and thier family members)

Commercial Gay Andrews 780-702-9236 gay@caplink.ca

Please bring an unwrapped toy for our toy drive.

www.caplink.ca

30 Fall 2015

Band-Aid Solutions Tim Hurlbut, Alta West Capital

Band-Aid solution is an accurate term for private mortgage financing, but the term does not sound as impressive or correct as equity lending and private lending.

A Band-Aid can be defined as a makeshift, limited, or temporary aid or solution that does not satisfy long-range needs.

When I am at tradeshows or presenting to brokerages, I always have a Band-Aid® on me. Most people assume it’s because I’m a klutz (which is true) or because I have kids (also true). The real reason is that it is part of my delivery. Private lending is just like applying a Band-Aid®.

As you will have read in previous articles, our clients often have been through what we refer to as life events. These life events need solutions, and often a solution will involve a temporary fix while you, the broker, work on the long-range needs of the client.

Let’s consider some financial injury situations that require Band-Aid solutions.

Unemployment Injury

Construction Injury

We all know how critically oil affects our daily lives in Alberta.

Currently we’re witnessing increased numbers of unemployment or under-employment. Oil workers in particular have had their hours reduced or been completely laid-off. In these difficult circumstances, private lending can be a Band-Aid by securing money for the client to live on until employment is found.

With the banks tightening up on construction costs, it’s becoming increasingly difficult to complete building projects. A Band-Aid can be applied to a builder, as it takes six to eight months for a build, this give the broker time to complete refinancing.

Debt Consolidation Injury

You will notice a trend with all of these examples. Equity lending is fundamentally solution based lending. The goal is to fix the client’s problems, and put them in a better situation.

Here in Alberta we work hard and we play hard. Playing hard can be a lot of fun, but can result in a lot of debt. Consistently we see clients with significant amounts of high interest payments on their boats, trucks, hot tubs, etc., putting them in a cash flow crisis. Private lending can be a Band-Aid, as you the broker, can help bring down the TDS and free up cash while getting the client’s finances back on track.

Foreclosure Injury This is usually a consequence of not seeing a broker early enough. The client has tried to fix an injury on his/her own, but they need your expert bandaging skills to get them refinanced.

By gaining a one-year term with a private lender before a foreclosure starts, this allows the broker to refinance the client into a better situation.

Too Many Rentals Injury With banks restricting the number of rentals one person is allowed to own, a private loan may be the Band-Aid. The rates are slightly higher than the banks, but the client is able to purchase as many as he/she thinks they are able to afford, as well as using 100 percent rental income.

Fall 2015

31

Quick. Simple. Approved.™ Your private lending experts since 1985!

Specializing in equity based residential financing in BC, Alberta and Manitoba Types of MorTgages • 1st, 2nd and 3rd mortgages for any purpose • NO credit or beacon score requirements • NO debt servicing requirements • NO income verification required in virtually all cases - BFS and Stated Income with no tax returns or NOA’s • Rentals, vacation and second properties considered • Amortized payments up to 30 years. Interest only payments up to 70% LTV. Interest accrual and prepaid options also available • We can deal with bankruptcies, collections, and judgments — even foreclosures!

Loan To VaLue guideLines • Up to 75% Loan to value: Major urban residential properties • Up to 65% Loan to value: Small town, rural residential, mobiles on land • Up to 65% Loan to value: Raw land (serviced in urban area)/acreage properties • Up to 60% Loan to value: Farms and agricultural properties • Up to 55% Loan to value: Raw land (rural or unserviced) • Alternate Lending - more flexible with property types and increased loan to values easy subMission • Email package to lending@premhome.ca • Fax toll-free to 1-877-600-3362

Your Dedicated Premiere Mortgage Team!

Belle Sproule

Mortgage Associate

Lindsay Munif

Mortgage Associate

Monica Leggett

Manager Broker Services

John Mercuri

Call us ToDaY! 1-866-460-4409 www.mortgagescanada.net/brokers lending@premhome.ca

President

Mobile Users Should Not Be Ignored Daryl Maksymec, Creative/Technical Director, SidePix Ltd.

In the last few years, online usage patterns have dramatically changed. More and more users are viewing company websites on smartphones and tablets, and that’s just the tipping point.

In 2014, for the first time, web traffic from mobile devices eclipsed traffic from desktop computers.

With the staggering growth of mobile devices, a mobile-friendly responsive website is no longer optional. Users expect to view a website wherever they are: At work, on their desktop, at home on their tablet or on their smartphone.

If users cannot view your website, they’ll go somewhere else.

It’s that simple. In early 2015, Google adjusted its search ranking algorithm to boost the placement of websites with mobilefriendly designs and purged non-responsive websites from its results for users searching on mobile devices. What this means is your potential clients may never view your website even if they are actively searching for it on their mobile devices.

A few years ago, a mobile website might have been a luxury, but in today’s and tomorrow’s market, ignoring mobile users is a mistake.

A Mobile Version Of Your Website Is Not Enough Not all mobile websites are equal. When smartphones started to gain traction in the late 2000s, the prevailing opinion was that mobile users should view a completely different website because their phones had limited hardware that could not handle full websites. This is no longer the case. Using this solution

often forces mobile users to view a less functional facsimile in comparison to the full desktop version of the website.

Building a separate mobile website can lead to a very common problem, easily explained in the following image.

By making a separate website for mobile users and redirecting users to it, you run the risk of sending users to the wrong page, or to a page that doesn’t exist. There is also the problem of sharing links. If a mobile user wants to bookmark a page, or share a link with another person, they might send the link to the mobile version of your website. If the person viewing the link views the site on their desktop it could lead to confusion or an unfavourable user experience because the links do not coincide.

Another problem with this approach is the question of what is to be done with smartphones with large screens, tablets with small screen and hybrid/ convertible devices. Do they get the watered down mobile site, or do they get the full fledged desktop site?

Does this mean you need a website compatible with each smartphone and tablet size? Where do you draw the line?

Thankfully there’s a better solution – responsive design.

Fall 2015

33

Responsive Design With responsive design, every user views the same website at the same website address, but the content and design is fluid, changing elegantly to fit the user’s device. No matter if they are viewing your website on a smartphone, tablet, desktop computer, or anything in between, your website remains beautiful and functional.

If a user wants to bookmark your webpage, they can use the same link and pick up where they left off on their other devices.

The same goes for sharing links – if a user shares a link over email or social media, everyone can view the same page without missing a beat, no matter what kind of device they’re viewing it on.

All of this takes place on one website with the same content management system or file, so you don’t need to change content in multiple places if and when you decide to update information.

Making An Existing Website Responsive Building your website to be responsive from the ground up is the best solution, but in many cases making a website responsive doesn’t take a complete redesign. Adding responsive elements to an existing website can be more cost effective than remaking a website from scratch.

Adding responsive elements to a website will rarely be as effective as designing a website to be responsive from the getgo, but it can turn a website that is unusable on mobile devices into one that will serve the needs of your clients, often at a fraction of the cost.

We can evaluate your current website and see how your mobile user’s experience can be more favourable. Using a number of web tools including JavaScript, CSS and more, the layout of your website can be modified to work better on mobile devices.

New agents needed.

Guaranteed leads.

One-on-one training. tamar@superbrokers.ca

34 Fall 2015

Licensed associates with TMG

All Resid ential Loans ar e now fully open !

FIRST MORTGAGES

of $750,000+

REWARD: GREAT INTEREST RATES! RESIDENTIAL MORTGAGE LENDING CRITERIA

Mortgage Type

Loan to Value (up to)

Loan Amount Range

Typical Interest Rate Range

High End Single Family

65%

$750K - $5 Million

5.35% - 7.50%

•

Resident or Non-Resident Borrowers

•

Non-Income Qualified Deals

•

Flexible Repayment Options

•

Interest Reserves Available

COMMERCIAL MORTGAGE LENDING CRITERIA Mortgage Type

Loan to Value (up to)

Loan Amount Range

Typical Interest Rate Range

Apartments

80%

$1 Million - $15 Million

5.75% - 7.75%

Residential Condo Inventory

65%

$1 Million - $15 Million

6.35% - 7.85%

Retail

70%

$1 Million - $15 Million

6.25% - 7.85%

Office

65%

$1 Million - $15 Million

6.25% - 7.85%

Industrial

70%

$1 Million - $15 Million

6.50% - 7.85%

Land (urban infill)

50%

$1 Million - $10 Million

6.85% - 8.75%

Toll Free 1.866.698.5388 Residential

Andrea Gvozdanovich

Commercial Sam Fogell

Phone 604.688.5388

andrea@lanyardgroup.com sfogell@lanyardgroup.com

www.lanyardgroup.com

Member Profile

Julie Windebank A recent graduate of the Mortgage Associate Program (MAP), Julie Windebank was born in Halifax.

Moving to Albert in the early ‘90s, Julie has lived in Penhold, a small community in between Red Deer and Innisfail, for the past 13 years. Obtaining her legal assistant diploma from Red Deer College in 2001, Julie worked her way to becoming a supervisor for the commercial real estate department.

In 2009, she decided to become a stay-at-home mom to her two sons, Logan and Dylan. As her sons grew, Julie decided to change her career path and became a mortgage associate in 2014 with The Place to Mortgage – Mortgage Alliance.

What got you started in the mortgage brokerage industry?

I was approaching a new chapter in my life – both of my boys were going to be in school full-time and I was looking for a new career path. One day I was talking with my mortgage broker about her business and the things she has accomplished and it clicked.

I have always been a numbers person, and with my experience in the real estate industry, the mortgage brokerage industry made sense. I could utilize my existing knowledge, as well as my strong number sense while continuing to be a stay-at-home mom.

What is your favorite part of being a mortgage associate thus far?

Hands down, it’s helping people.

There are few jobs as rewarding as this one. Whether it is the excitement I feel over getting someone into their first home, the relief I feel when I save someone thousands of dollars a month by re-financing and consolidating, or the pride I feel when I find a better product at a lower rate for someone at renewal time. What other job makes those dreams come true every single day?

What aspect of the mortgage brokerage industry do you find most challenging?

Competing with the banks is the most challenging part of the mortgage brokerage industry. People have a sense of security associated with the bank they’ve dealt with for years and it makes it difficult to convince them otherwise.

What do you love about mortgages?

How did AMBA’s course prepare you to become a mortgage associate?

The course familiarized me with the common terminology of the industry, provided real-life scenarios to work through, and helped me gain the basic knowledge of sales and marketing techniques, which has helped me in my career.

36 Fall 2015

Mortgages allow people to live out their dreams. With only five percent down, a person can stop paying rent and purchase their own home. When they have more than 20 percent equity, they have access to extra cash to take a family holiday or help their kids pay for university.

What would you like to accomplish in the next five years?

I would like to become a mortgage professional who is recognized and respected by consumers and industry professionals.

I believe that if I continue to expand my knowledge surrounding the different products and services each lender offers, as well as maintain my high level of service, I will be able to accomplish this goal.

What is your vision for the mortgage industry?

Better education for consumers. It would start with education at the high school level in the areas of debt and credit, and expand from there. It is shocking how little knowledge most consumers have with respect to debt, credit and mortgage options, and if people better educated it would enable mortgage professionals to capture much more of the market share. After all, without awareness, nothing can change.

Please tell us a little about your company …

The Place to Mortgage is an independently owned and operated franchise of Mortgage Alliance. Starting in 2011, by four licensed associates as a small brokerage, The Place to Mortgage has grown to 17 licensed associates and two un-licensed support staff.

In 2014, we ranked in the top three for volume within Mortgage Alliance’s prairie region and our broker was awarded the Mortgage Alliance 5 Diamond Award.

Mortgage Alliance is one of the largest mortgage brokerages in Canada, and has a strong emphasis on family. Mortgage Alliance provides exceptional customer service, a strong network of support and un-paralleled technology. Making The Place to Mortgage – Mortgage Alliance the best choice for me!

Please share three facts about your company.

1. We do annual mortgage check-ups with each and every one of our clients.

2. Every year we giveaway a $1,000 in travel vouchers for subscribing to one of our automatic services, referring a client our way or closing a mortgage.

3. We’ve partnered with other local business to bring savings to our clients.

Please share three fun facts about yourself.

1. I’m really scared of birds.

2. I love to travel.

3. I don’t like coffee, not even the smell.

Bonus: My hobbies include scrapbooking, card making with my friends and camping with my family.

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

By being myself! I am an organized, articulate and detail orientated person, with a knack for numbers and a passion for helping people. I believe once clients chat with me and get to know me, they realize they are working with someone who genuinely cares about them and it’s hard to turn your back on a friend.

What did you think of this year’s conference?

Being new to the industry, I cannot say enough good things about this year’s conference. I thought the latte station, photo fun station and phone charging station were great touches. And the Sweet Shoppe was AMAZING, the best one I have ever seen.

Overall, everything from the breakout sessions to the keynote speaker to the trade show was well put together and I had a great time. The opportunity to meet lenders, as well as other brokers was truly an invaluable experience.

Fall 2015

37

facebook.com/AlbertaMtgBrokersAssoc

2015 AMBA Update

Follow AMBA on Facebook and Twitter for the latest on events, webinars and industry updates Twitter @AMBA1975

December 2015 AMBA Annual General Meeting

AMBA Family Holiday Party

Holiday Party Edmonton

December 3, 2015 AMBA Office Atrium Suite 150 - 1209 59 Ave SE Calgary, AB

December 6, 2015 Chestermere Recreation Centre 105 Marina Road Chestermere, AB

Register at AMBA.ca

Register at AMBA.ca

December 10, 2015 Marriott River Cree 300 East Lapotac Blvd Enoch, AB

Register at AMBA.ca

WHY

WHY CHOOSE US?

www.awcapital.ca 1.888.554.9075

Top 5 reasons to work with Alta West Capital 1. Get your deal done.

We understand private lending and private clients.

2. There is no “box”.

We are flexible and able to structure the best deal.

3. Get paid sooner.

Decisions are made quickly and efficiently.

4. Deal Direct.

We are “the lender” giving us control and flexibility.

5. Proven and trusted. With decades of experience we have earned our stripes.

ALTA WEST MORTGAGE CAPITAL CORPORATION 600, 11012 MACLEOD TRAIL SE, CALGARY, AB T2J 6A5

AWC AMBA ad.indd 1

38 Fall 2015

2015-02-12 11:48 AM

STAY Deal Connected MCAP Service Corporation | Ontario Mortgage Brokerage #10515 | Ontario Mortgage Administrator #11692

Discover the competitive advantages of partnering with Street Capital.

Dedicated Underwriters | Broker Status | Rewards Program

1.877.416.7873 • www.streetcapital.ca ™

Trademark of Street Capital Financial Corporation. FSCO Licence No. 11428