The mbabc broker summer 2013 final low res

VOLUME 3 • ISSUE 11 • 2013

INSIDE: Circumscribing Limitation Periods

What the New Limitation Act Means for Mortgage Brokers

Get to Know your 2013 Board of Directors

PM #41297283

My reason

Steve Rogerson

VERICO Paragon Mortgage Group Inc. Member since 2005

“VERICO is the network with the right reputation for our business. They have the respect of lenders and that’s very important to brokers.

VERICO provides us with the latest technology and great support to help us grow our business.”

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

Talk to us and find out why. ®

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

My reason

Sabeena Bubber

VERICO Integré Mortgage Partners Member since 2009

“Since joining VERICO, my success as a broker has been remarkably elevated, not only with my clients, but also among my peers.

I think that it is critically important for mortgage brokers to be recognized for our professionalism, our pursuit of excellence and our ethical standards.

VERICO stands for all of this and more.”

Interest Rates Starting from an Incredible 5.35%

1st Mortgage Financing $1,000,000 - $15,000,000

High-End Single Family: • L/V: Up to 60% • Interest Rates: from 5.35% • Fees: from 1.0%

Income Producing Properties: • L/V: Up to 75% • Interest Rates: from 5.75% • Fees: from 1.0%

Condo Inventory: • • • •

L/V: Up to 60% Interest Rates: from 7.0% Fees: from 1.5% Flexible Partial Discharge Provisions

Toll free: 866-698-5388 Residential: Michael Gough: mgough@lanyardgroup.com FINANCIAL

CORPORA TION

Visit our website at: www.lanyardgroup.com

Commercial: Brian Chelin:

bchelin@lanyardgroup.com

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In this issue: EDITOR Jessica Facini jfacini@mbabc.ca 604.408.9989 MAGAZINE CHAIR Deb White 250.545.2202 deb.w@telus.net Publisher Art Director

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Craig N. Brown Donna Szelest

Contributors Cindy Freiman

Samantha Gale

Anwar Visram

Fred Sarkari

Will Granleese

Stephen Gagnon

Loren Hawkins CMHC Photographers Unless specially credited, all photos were submitted or taken by staff.

features 28 CIRCUMSCRIBING LIMITATION PERIODS 38 EVERY SUCCESSFUL MORTGAGE

Advertising & BILLING Debra Hiller accounting@mbabc.ca 604.408.9989

THE bc mortgage broker is published in conjunction with THE MORTGAGE BROKERS ASSOCIATION OF BRITISH COLUMBIA

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BROKER HAS THESE 5 THINGS IN COMMON

articles

columns

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6

Membership has its benefits

22 2013 CMHC MORTGAGE CONSUMER 31

SURVEY

7 message from the president

GET TO KNOW YOUR 2013 BOARD OF DIRECTORS

8 rePORT from the ceo

34 MBABC SURVEY ON LEGISLATIVE CHANGE The bc mortgage broker ©2013. All rights reserved. The views expressed in The bc mortgage broker are those of the respective contributors and not necessarily those of the publishEr or staff.

VIEWPOINT from the MAGAZINE CHAIR

37 LOSING YOUR SMART PHONE CAN LEAVE YOU LOCKED OUT OF YOUR BUSINESS

42 MBABC Legal Expense COVERAGE

PUBLICATIONS MAIL AGREEMENT NO. 41297283.

RETURN UNDELIVERABLE CANADIAN ADDRESSES TO: Suite 404, 999 Canada Place, Vancouver, BC V6C 3E2

2013 MBABC Charity Golf Tournament

PRINTED IN CANADA.

10 rePORT from GOVERNMENT RELATIONS

12 rePORT from the ethics chair

departments 9

2013 board of directors directory

13 LETTER To the editor 14 CALENDAR OF EVENTS 16 in the COMMUNITY news 17 member profile: LendEr 20 MEMBER PROFILE: broker 40 memORIAL: ANITA JANE LEWIS

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Here forYou!

We are

Deb White, Magazine Chair

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an you believe it, the summer is almost over! Where does the time fly? It just seems like yesterday that I was elected onto the MBABC board and now I have the honor of being elected for another 2 years! Thank you to the members for allowing me to represent you once again.

For the 2013/2014 year I am also blessed as I have been elected as your Vice President. What an amazing honor and I look forward to serving the membership. MBABC has, and always will look out for our member’s best interest. Did you know that as a member you are covered by Legal Protection Insurance?! This is an amazing benefit. If you are not sure what this covers, please feel free to contact any of your

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board members as we will be happy to assist you. Remember we are here for YOU! Call any of us anytime! We have a pretty exciting year planned. MBABC will be hosting an open house at our new office location and we invite you all to come down and say hello! And as by popular demand, we are bringing back the annual Trade Show in 2014. Watch your email for notification of the “Main Event”. Don’t forget to register for the upcoming Annual MBABC Golf Tournament, this year being held at the amazing Predator Ridge in the beautiful Okanagan Valley (ok, I may be a bit prejudice as I live here!)

Wishing you an amazing rest of 2013

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“Proud to be a Mortgage Broker”

Ajay Soni, MBABC President

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t is a pleasure and an honour to write to all MBABC members as your new President for 2013/14. I would like to thank the outgoing Board of Directors and staff for the great work they have done. I would also like to congratulate the new board of Directors and thank them for giving back to their association and industry.

It is with a sense of pride that I see the organization representing BC mortgage brokers celebrating its 23rd year of continued success.

The MBABC is also the oldest organization representing brokers in Canada. An achievement not often thought about.

I was on the very first MBABC Board of Directors in 1990 along with current MBABC board member Karl Madsen. Over the years I look back at what MBABC brokers have contributed to our profession and to the economy in general.

We have the highest education standards in Canada to become a mortgage broker. With the current regulatory environment and the proliferation of our services I only see these standards increasing. We are also unique in having our sister organization, the Mortgage Brokers Institute of BC (MBIBC), setting the standard for re-licensing and education.

The majority of the large brokerage firms in Canada have started right here in our province. They are coast to coast success stories with roots in the BC mortgage broker market.

BC is also the 2nd largest market for mortgage brokers in Canada. With a 20-25% stake in a $60 billion Canadian broker market, BC Mortgage brokers help impact the economy in a significant way.

Think of what the economy would be like without your services. Think of what we do to help consumers!

houses, multi-family projects and commercial developments that would not get off the ground if a commercial mortgage was not available. Think of the home improvements that get funded because a mortgage broker was able to find a low rate mortgage. Think of the first time buyers who found a friendly and non-intimidating broker to help them with their home purchase. Think of the above average yield investors get when they invest in a MIC run by a mortgage broker.

Think of the impact we have on the economy and the public?

When I look back at these achievements I can say that I am proud to be a Mortgage Broker! I am proud to be an MBABC member.

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Our distribution network for lenders brings competition to the mortgage market.

Consumers benefit from lower interest rates and access to mortgages because we help provide more choice. Think of the debts that would not be consolidated if we did not bring private mortgage money to the market. Think of the consumers who would lose their home if a broker didn’t find alternative funds to help a home owner. Think of the Caplink Financial Corporation | Suite 2200, 10104 103 Avenue, Edmonton, AB T5J 0H8 |

www.caplink.ca

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Product Suitability Advice Obligations:

a Potential Role for

Mortgage Brokers?

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can tell you that the BC Securities Commission is listening to the mortgage industry. I attended two BCSC consultation sessions in July with various industry members – one focusing solely on syndicated mortgages and the other on mortgage investment corporations. The Manager of Legal Services for Capital Markets Regulation is heading the project to evaluate whether to revoke the temporary exemption for mortgage investment entities.

This individual really appears to understand the issues. He was readily able to identify and articulate industry concerns around Exempt Market Dealer registration for MICs and syndicators with remarkable accuracy and conciseness. He had clearly read and evaluated all industry submissions on this subject. So you might ask, what are the issues here and why is BCSC proposing to revoke the exemption?

One pivotal issue, which is a driving force behind the BCSC proposal, is what appears to be a considerable lack of compliance with the conditions of the temporary exemption from both MICs and syndicators.

BC Instrument 32-517 requires mortgage investment entities which rely on the exemption to satisfy two conditions: 1) they must notify the BCSC after making a distribution by electronically filing an information report, and 2) they must provide investors with a risk acknowledgement form. The BCSC considers these two requirements to be not onerous and extremely lightweight.

Only 50 mortgage investment entities complied with the obligation to file the information report. Yet BCSC estimates that there are exponentially more MICs and syndicators in BC than 50. FICOM records indicate that there are at least 150 MICs in BC, and there are likely to be additional MICs which are not registered with FICOM. It is difficult, of course, to estimate the degree of noncompliance with any precision, as many MICs will reinvest currently held capital without raising new capital. They may

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therefore not always be in the business of capital raising, which is the trigger for the BCSC regulation of them. However, it is likely that only a fraction of mortgage investment entities have actually complied with the filing requirement. In addition, when the BCSC performed a sample audit of the MICs who are filing the electronic reports, they found that only 10% were providing the requisite risk acknowledgement form to investors. 90% is without question a troubling rate of non-compliance with relatively lightweight exemption requirements. When reviewing these figures, BCSC said “enough is enough” and shortly thereafter, made a decision to seek the revocation of the exemption.

I also note that reliance on the exemption without satisfying the conditions means that mortgage investment entities are actually engaging in illegal distributions. Some of you may recall that earlier this year in February, a MIC was fined $10,000 by BCSC for failing to file exempt distribution reports and making illegal distributions. It was suggested to the BCSC that MICs and syndicators for various reasons may not be aware of the conditions of the exemption. At this point, I would urge everyone to immediately re-evaluate their compliance obligations and ensure that they are following all the rules.

The BCSC also explained the policy rationale behind their desire to require EMD registration for MICs and syndicators. They want investors to obtain product suitability advice from a regulated individual prior to making an investment decision. So in an obvious example, an elderly widow with a net worth of $100,000 should not be investing $ 80,000 in a high risk MIC investment, or a presale condo buyer with limited funds should not be investing cash in a MIC investment when closing funds for the condo are needed within a year but the investment will not be paid out for two years. The role of the EMD would be to steer the investor

into appropriate investment vehicles given his or her personal and financial circumstances. The BCSC also emphasized that mortgage investment entities who are EMD’s would not need to provide product suitability advice about investment products other than their own – this is an important clarification.

Herein, lies the opportunity for policy makers to keep the regulation of syndicated mortgages out of the securities regime and within the mortgage broker legislative framework. The Mortgage Brokers Act, which is currently under review by the Ministry of Finance, could require mortgage brokers to ensure that non-sophisticated syndicated mortgage lenders are getting appropriate product suitability advice from the broker.

The broker could clearly assess their clients’ risk tolerance and required rate of return, need for steady monthly cash flow as a prerequisite for participating in a mortgage investment, net worth, experience in investing, income, goals and investment objectives.

In Ontario, product suitability advice and disclosure of material risk is required under sections 24 and 25 of the Mortgage Brokerages: Standards of Practice. The Act here in BC could likewise be amended to provide for similar risk disclosure obligations and product suitability assessments by mortgage brokers for non-sophisticated lenders. It would then provide a comprehensive, relevant and complete system of oversight for mortgage brokers who arrange syndicated mortgages, which would satisfy the concerns of BCSC – EMD registration for mortgage syndicators would then not be necessary to ensure that syndicated mortgage lenders received appropriate product suitability advice.

BCSC will continue to gather data, do some surveys and reach some conclusions on their proposal. Stay tuned!

Samantha Gale, CEO MBABC & MBIBC

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Ajay Soni, President

board

Jared Dreyer, Past President

of

directors

Kevyn Oyhenart

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di r e ctory

S T A F F Samantha Gale

604.272.1784 604.341.5798 cell 250.549.7283 fax koyhenart@shaw.ca

CEO samanthagale@mbabc.ca

604.681.7772 604.889.4349 cell 604.681.7773 fax bk05@shaw.ca

Troy Resvick

accounting@mbabc.ca

250.862.9504 250.215.3042 cell 250.861.2939 fax lhawkins@valleyfirst.com

Karl Madsen

Deenu Patel

Jason Suttie, Treasurer

Megan McDonald

604.868.0903 604.676.2663 ajaysoni@invis.ca

Deb White, Vice President 250.545.2202 250.549.7283 fax deb.w@telus.net

Loren Hawkins, Secretary

604.760.2247 604.294.9335 fax jsuttie@suttiemortgage.com

604.649.5991 x 201 604.539.3802 fax jared@dreyergroup.ca

Bruce Kahkesh

604.290.1219 604.677.5436 fax karl.madsen@shaw.ca 604.630.3653 604.351.7574 cell Megan.mcdonald@mcap.com

604.532.8769 604.677.5436 fax troyresvick@mortgageadvisors.ca 250.391.2933, x 30 250.885.2678 off 250.391.2985 fax deenu.patel@vericoselect.com

Kelly Curtis

250.744.5557 off 250.744.5577 fax kelly@mortgagedesigners.ca

Debra Hiller

Accounting / Member Services

Catherine Barry Manager of Operations

cbarry@mbabc.ca

MORTGAGE BROKERS ASSOCIATION OF BRITISH COLUMBIA 101-1765 8 West Avenue Vancouver, BC V6J 5C6 Direct :604.408.9989 Fax : 604.608.0977

TM

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R E L ATI O N S

LONGER TERM

Goals A step Closer

Karl Madsen, MBABC Director

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erhaps the most important function of our association is to interact with government and advocate on behalf of mortgage brokers in BC. As a provincially regulated industry it is imperative that we work with government at a provincial level to help them understand our industry.

Some of the issues that the MBABC is tackling include: Very strong lobbying by the MBABC has resulted in a further one year extension (until June 2014) of the current exemption for BC

MIC managers and mortgage syndicators from obtaining Exempt Market Dealer status. Your MBABC is using the additional year to research and make proposals to the Securities Commission to address their regulatory concerns in a way that is practical for the various MIC’s and mortgage syndicators. This is a vital part of our industry that allows mortgage brokers to offer clients financing in situations where other institutional lenders are not available.

The Mortgage Brokers Act is undergoing a review and the MBABC has made proposals and recommendations to officials in Victoria to make sure the updated Act is relevant to

our industry and allows effective regulation without handcuffing mortgage brokers.

Desired changes include the ability of mortgage brokers to collect good faith deposits on certain transactions and the ability of sub-mortgage brokers to incorporate for tax purposes while remaining a sub-mortgage broker rather than forming a new broker company as is currently required.

A related issue is the ability of individual sub-mortgage brokers to be treated as subcontractors for tax purposes. MBABC is currently researching this issue as CRA has begun questioning the subcontractor status of sub-mortgage brokers. If this subcontractor status is not available then the structure of our industry may have to undergo sweeping changes and broker companies and individuals could incur substantial new costs so it is vital that we have a united and informed voice in addressing this issue.

Representatives from the MBABC also recently met with representative of BCREA to coordinate strategy on eliminating or at least reducing and / or indexing the provincial Property Purchase Tax which affects housing affordability in BC. Our new CEO Samantha Gale has proven to be an articulate and well connected professional who has represented us well this past year. Without her connections and knowledge we would have much more difficulty engaging with government and regulatory bodies. Longer term goals like self regulation are definitely a step closer now.

One final point: In order to continue to represent mortgage brokers we do need members. The more members we have the better the MBABC can speak to government as a voice for all BC mortgage brokers. So please talk to friends in the industry and point out the valuable work that our association is doing on everyone’s behalf. And in the event that there is a regulatory issue members get access to legal and accounting expertise through MBABC. That alone is worth the price of membership.

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a rticl e

Membership has its Benefits T

he feeling of belonging and receiving value are important aspects of being Canadian – or being human, for that matter. That’s why we often belong to a number of local business or community-focused groups and retail loyalty programs.

In fact, the average Canadian household is a member of 8.2 loyalty programs, according to the 2013 COLLOQUY Loyalty Census. So whether you collect Air Miles for free travel, or other bonus swag, or you hold a Scene card to accumulate points to earn free movies, you understand the value of membership.

Being a part of MBABC has similar benefits. While the points or swag may not be as tangible as loyalty rewards programs, the “freebies” you walk away with will undoubtedly help take your brokering business to the next level.

Case in point is the new Legal Protection Insurance rolled out by MBABC this past spring – free to all active MBABC members as part of your annual membership dues.

This insurance provides legal representation for defense when you’re subject to a FICOM investigation or hearing process, CRA tax audit or appeal, or a Motor Vehicle Act infraction Full details are available on page 40.

Networking & Sharing The relationships you have the opportunity to forge with fellow brokers, lenders, and suppliers at MBABC events and training sessions are second to none. What better way to pick up some business tips – anything from marketing and advertising to client relations and regular database touch points – than from experts in your own industry?

able to offer some valuable feedback. After all, your fellow brokers are not your true competition – the banks are!

Being a proactive member of MBABC also affords you the opportunity to discover and discuss the latest issues affecting your industry and how they’ll impact your business moving forward. Staying on top of industry issues is essential in ensuring you continue to offer your clients the best possible mortgage advice pertaining to their specific situations.

It’s important, therefore, to work together as an industry to help each other ensure the message continues to spread that the mortgage broker channel is the best option for mortgage borrowers, regardless of the company hat you’re currently wearing.

Strong Board In addition to being able to network with the best of the best within the BC mortgage brokering industry, it’s also beneficial to belong to an organization such as MBABC, which is headed up by a strong board that actively listens to, and openly takes direction from, its membership. We’re all stronger in numbers!

Your MBABC board members care immensely about the future of mortgage brokering in BC and beyond, and will ensure the association is heard regarding issues that affect your livelihood.

Cindy Freiman is a regular contributor to MBABC’s magazine, The BC Mortgage Broker.

Instead of reinventing the wheel, your association events present a fabulous opportunity to discuss best practices and run ideas by your peers. Chances are, someone from within MBABC has tried something similar to your idea and will be VOLUME 3 • ISSUE 11 • 2013 | the bc mortgage broker 11

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POINTs to

Ponder

Is this the best fit for your client?

Kevyn Oyhenart

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thical principles and all values bestowed upon us are key to making any decision both in life and in the business world. But how should you react when faced with the following scenarios?

1. Lender ABC is offering a free trip to Mazatlan for continuing support of their product and in reaching the $5 million funded volume you can win an all expense free trip to said destination.

2. Lender DEF is offering a chance to win a free ipad by submitting at least one deal per month to get into their monthly draw.

3. Lender GHI is asking you for more business by offering points that can be used in the future as either cash in your pocket or for expenditures of your choice.

We have access to many different lenders when it comes to choosing the right fit for our clients. Way more than most of us would deem necessary, but having choice is nice in finding the right fit.

What are the determining factors in where to place your client?

• Will they need flexibility in the coming

years as they have school aged children and the possible expenditures of raising them?

• Are they elderly clients that are on a fixed income and need to know what the payment is each month?

• Are they trying to move up in the world and there is the possibility of being relocated?

• Are they comfortable with fluctuations in interest rates?

• Are they going to have children in the coming years and if so, do they want to be able to pay more now and perhaps less in a couple years?

What to do and how to place them... Is there a dilemma here? I believe there is an ethical dilemma as you are now weighing your personal gain (ipad, trip etc.) against perhaps the well-being of your client’s future. We are naïve to believe that this never comes into play when we make a decision.

Of course we all would like to profit as best we can, after all we are doing this for a living and why not get a free trip or an ipad whenever we can? But by placing the client with the lender for our personal gain ahead of perhaps our clients’ best interests, we are doing wrong by them. Not only that, but FICOM is now starting to ask these kinds of questions when they are investigating complaints. They want to know the WHY behind where you placed it. They want to know and see what sorts of questions you asked the clients to determine where you placed them.

What are the ethical stakes involved in these decisions?

When you consider the ethics of any case, consider all the stakeholders - i.e., any person or group who will be directly and significantly affected by a decision. In this case, let’s just consider the key stakeholders as

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the firm, brokers, and clients. What questions are clients likely to ask about this case? Are they being treated the way they want to be treated? Why would this case pose some serious ethical questions for them?

Is there an ethically appropriate decision?

Consider just a few of the main ethical standards. One asks us to consider possible consequences and to be sure that the overall benefits outweigh the harms of a particular course of action. Clients might rightfully ask who benefits the most from placing of the client with this lender (they, the broker, or the firm?) In the best world, all will benefit equally. When might that not be the case?

Secondly, should each individual not have the right to be treated as a free and equal human being capable of making his or her own decision? In this case, how would clients react if the broker told them ahead of time that the broker would qualify for “free ipad or extra commission” from the firm in return for placement of the mortgage? How would the clients react if they found out later, without the broker telling them? Most

clients would probably feel that they should have had all the information they needed to make their own decision.

The third standard is related to the second I believe: Fairness! An equal distribution of benefits and burdens. Clients should feel that his mortgage options were presented to them because it represented the broker’s best judgment of their situation or opportunity, not because it had an edge due to some irrelevant criterion (i.e., the broker’s personal gain). In other words, clients should feel that they would benefit from this mortgage; the mortgage should not be a burden to them and a benefit for broker and firm.

Is this broker not clearly in a conflict of interest here? Clients don’t generally like to deal with brokers in such a situation. Most brokers will try to avoid even the appearance of a conflict of interest, no matter the reality. Feeling that something else guides the broker’s judgment besides the client’s best interest is the quickest way to erode trust and business.

And are we not all looking for repeat and lifetime clients?

Editor

TO THE

Dear MBABC,

I would like to thank you for your well written and clearly articulated article on impending regulations surrounding MIC’s. While I do make every effort to stay well informed through Gord Wintrup (my head office) often being in a more isolated community means a lack of adequate communication.

Due to the socioeconomic breakdown of my direct trading area, many of my clients depend upon access to unconventional funds provided by MIC’s.

Many larger and centrally located (Vancouver, Kelowna) MIC’s will not deal in my area and I rely heavily on smaller MIC’s who may be more significantly impacted by the changes you have detailed.

Thank you for continued work on behalf of our industry.

Yours Truly, Vic Hamilton Sr. Broker

VOLUME 3 • ISSUE 11 • 2013 | the bc mortgage broker 13

c al e n d a r

of

events

September 9th

2013 Charity Golf Tournament, Predator Ridge Golf & Country Club, Vernon, BC

19th

MBABC Open House Come visit us at our new office from 5 pm – 8 pm for Wine & Cheese at 101-1765 West 8th Avenue, Vancouver, BC V6J 5C6 Our doors are always open!

October

10 & 11 Applied Information Course

November 8th

Professional Development: Designated Individual Course

14th

Be a Better Broker

Richard Earles

Business Development Manager 1-866-907-5407 richard@vwrcapital.com Twitter: @VWRCAPITALCORP

Your Private Mortgage Solution Funding Mortgages In: x x x x

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x Competitive rates and nominal lender fees x Purchases, refinances, ETO, and renovations x Rental properties, owner occupied, raw land, serviced land, small multi-family x No income qualification x No minimum beacon score

Your Underwriting Team: Dimitri Kosturos: VP Underwriting Richard Earles: Business Development Manager Leah Wilson: Underwriter

Send Deals To: info@vwrcapital.com Or Call:

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the bc mortgage broker | VOLUME 3 • ISSUE 11 • 2013

1-866-907-5407

The Home Trust Accelerator Program FOR YOUR CLIENTS AND FOR YOU

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DEPOSITS

News in the

Mortgage Brokers Association of British Columbia (MBABC) Donates $10,000 to the BC Children’s Hospital Miracle Weekend

J

une, 2013 – Excitement was in the air as hundreds of companies, associations and residents of BC lined up to present their cheque at the BC Children’s Hospital Miracle Weekend. Jared Dreyer, Past President, Mortgage Brokers Association of BC (MBABC) was on hand with an oversized cheque in the amount of $10,000 raised at the annual MBABC golf tournament in September. “It is moving to be at the hospital to present the donation” says Dreyer, “Hearing all the personal stories of triumph and courage of these kids, their parents and all the doctors and staff at the hospital. The service BC Children’s provides is critical to the health of our province and I honoured and proud the members of the MBABC give so generously”.

This is the 6th year MBABC has donated to BC Children’s Hospital totalling over $126,000 in donations year-to-date. This year’s 2013 Charity Golf Tournament is September 9th, 2013 at Predator Ridge Golf & Country Club Vernon BC. To register visit www.mbabc.ca

The MBABC office has MOVED! MBABC Open House Come visit us at our new office located at 101-1765 West 8th Avenue, Vancouver, BC on September 19th 2013 for Wine & Cheese from 5 pm – 8 pm

Paradigm Mortgage Corporation is pleased to announce the addition of Ryan Lee as Relationship Manager to their team of professionals effective June 3rd, 2013.

R

yan brings a wealth of experience and knowledge having served 13 years in the Real Estate Investment and Securities industry, most recently as the President of

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Becksley Capital Inc., one of Canada’s premiere Exempt Market Dealers (EMD).

Ryan will apply his passion, skills and strengths as Paradigm continues to grow as one of Western Canada’s largest and most respected alternative lenders and Mortgage Investment Corporations.

Paradigm Mortgage Corporation specializes in private investment and equity lending, providing creative financing solutions exclusively through mortgage professionals. We firmly believe that professional mortgage brokers offer highly valuable service in our communities and highly support the broker

channel. “We are thrilled to have Ryan join our team of professionals as we continue to expand and develop our business within the mortgage and investment industries. We look forward to continuing to serve the brokerage and private investor communities with knowledge, expertise and enthusiasm,” says Leanne Wilson, President & CEO. Contact Information PARADIGM MORTGAGE CORPORATION Phone: 250.979.2911 solutions@paradigmmortgage.ca www.paradigmmortgage.ca

p ro f i le

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MBABC’s Member Lender Profile presents

Will Granleese

Antrim Investments

What is your background in the industry?

My lending career began at TD Bank in 2000. I was hired into the management training program and finished the program as a residential mortgage specialist. I enjoyed getting to know my clients wants and needs; then advising them on the most suitable mortgage product the Bank had to offer. Although I enjoyed the client interaction, the strict lending guidelines with no flexibility did prove to be more than a little frustrating at times. Not that many years ago, the branch had approval limits for residential mortgages. These ‘in-branch’ approvals were valuable when the underwriter and/or branch manager knew the clients well and felt it appropriate to be more flexible with certain application. Sadly, these in-branch approvals have not existed for many years.

After my time at TD I completed my

M.B.A. I then joined Antrim Investments in 2006 as a residential underwriter and eventual business development manager. Antrim is a non-bank private lender specializing in residential 1st and 2nd mortgages. It is so much more satisfying working in an environment that promotes “solutions” rather than running clients through a standard approval matrix. Every day I work with Mortgage Brokers creating custom mortgage solutions for clients. The lack of red tap in the application process and being able to approve a deal in hours not days just seems natural.

Furthermore, every Antrim mortgage has open terms standard so borrowers can migrate back to prime rates as soon as they qualify at no cost.

Which do you prefer? The B lending or A at TD? Antrim is a non-bank private lender. We provide 1st and 2nd mortgages to 75%

LTV in major centres of BC and Alberta.

Open terms standard. Interest only on most mortgages. BC’s best rates on private deals and even offer a HELOC. What more can you ask for J B lending is all we do.

Do you lend to all areas of BC? Major centres of BC and Alberta.

Where do you find the most value from being a member of MBABC? The MBABC has been very supportive of private lenders with regards to the proposed securities rule changes over the past several years. With the help of the MBABC we have been able to postpone new licensing requirements that would make it more difficult to raise investor capital in BC. I also appreciate the hard work the executive team puts in each year to host the annual conference and trade show. continued

VOLUME 3 • ISSUE 11 • 2013 | the bc mortgage broker 17

continued from page 17

What is your opinion of the market these days and what do you the future holds for B lenders?

We are entering a new ‘Golden Age’ for B lenders in British Columbia. Banks will continue to restrict their lending for years to come; Ottawa has a mandate to stop a national housing bubble and shareholders of the major Banks are not interested in any alternative lending programs as the U.S. mortgage meltdown is still fresh in their mind.

Combine this with an increasing trend towards self-employment and non-traditional income sources and B lenders should be very busy for the next several years.

How are you finding the new regulations?

The new mortgage rule changes have been very beneficial for Antrim. We are seeing a noticeable increase in mortgage applications as brokers find it more and more difficult to get self-employed applications approved with the Banks. With regards to property prices however, the new regulations have not been so kind; new regulations have definitely reduced the demand for real estate and prices in major centres of BC have fallen over the past 6 months.

We expect prices to find support at current levels and do not expect any noticeable price increases for several years.

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 self-employed, stated income, and low beacon clients. Furthermore, a common sense lending approach allows us to approve and fund deals fast.

Our friendly and knowledgeable underwriters look forward to helping you.

604.530.2301 · 1.888.550.6039 · applications@antriminvestments.com

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the bc mortgage broker | VOLUME 3 • ISSUE 11 • 2013

What tips can you give mortgage brokers to assist them through this time?

Submitting and selling a private mortgage is so much easier than most mortgage brokers think. Some high volume ‘A’ brokers will be just fine during this time but most mortgage brokers will need to learn the B lending side if they want to continue to be successful. I encourage every mortgage broker to speak with a business development manager at a B lender to find out how easy and rewarding this type of lending can be.

Lisa Nikiforuk Bell

Account Executive B.C. – Lower Mainland and Vancouver Island

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Canada Guaranty Mortgage Insurance Company 877.244.8422 I www.canadaguaranty.ca

Cell 604.807.7545 Toll Free 866.414.9109 ext. 7004 VOLUME 3 • ISSUE 9 • 2013 | the bc mortgage broker 19

p ro f i le

|

B R O K E R

MBABC’s Member Broker Profile presents

Stephen Gagnon

Mortgage Designers at Mortgage Architects

How long have you been working as a Sub Mortgage Broker?

I have been a mortgage broker for 16 years. I started in the business in late 1997. I worked alongside my mother who owned and operated one of the original 7 Mortgage Centre franchises in Timmins Ontario. Through her mentorship and 23 years experience as a banker, I simply learned from one of the best in the industry! In 2006, I moved to Victoria BC and joined Mortgage Architects alongside my business partner Kelly Curtis, and have built a business model that works excellent for both of our lifestyles.

Have you noticed a change in the industry this year over last?

Buyers are very cautious and want guidance from us, their trusted professionals. They are looking for people with experience in the industry to help them through what has sometimes become a

20 the bc mortgage broker | VOLUME 3 • ISSUE 11 • 2013

little more difficult of a process with all the changes over the last year. We are seeing lenders tighten up their qualifications on top of all the mortgage rule changes, making it very challenging to get approvals with certain lenders, thus opening the door for us to help find a lender for them.

What do you do to stay busy in the “historically slower” months?

It is always good practice to look at your business model every year to make sure you are as effective as you can be. Revamping and tweaking existing CRM programs and streaming processes to ensure you are always consistent on how you deal with your files, ensures continued success when those busy months come up. Having a partnership in this business and especially in the quieter months, allows us some time to get away with family and friends and recharge for the upcoming months.

What do you do that sets yourself apart from other brokers.

Well, I wish I had some magic formula that sets me miles apart from everyone, but the simple truth is I don’t. What I do however is consistently work hard, with ethical and moral values. I try to find solutions and do the absolute best in the interest of our clients, even if it means not getting paid on a deal... karma has a way of working, that I’ve learned over the years. Staying on top of industry changes and delivering these to our various referral channels and keeping our clients educated throughout their mortgage life are the simple things that keep our company first of mind.

Romspen Investment Corporation is a non-bank mortgage lender specializing in commercial real estate across Canada and the United States. With over $1 billion under administration, we offer customized mortgage solutions for term, bridge and construction financing from $4M to $100M.

OppOrtunity is Often simply a matter Of seeing it first.

Blake Cassidy I 800 494 0389 I www.romspen.com

ar t icle

2013

CMHC MORTGAGE

Survey CONSUMER

C

MHC’s Mortgage Consumer Survey provides valuable information to mortgage professionals to help you better serve your clients. Since 1999, this annual on-line survey, the largest of its kind in Canada, has provided insight on consumer behaviours, attitudes and expectations

when acquiring, renewing or refinancing a mortgage. Some key findings are presented below. For addi-

tional results, visit the 2013 Mortgage Consumer Survey.

Broker market share – all consumers • In terms of overall Canadian mortgage market share, 23% of mortgage consumers used a mortgage broker to arrange their mortgage in 2012 (27% in 2012 and 23% in 2011.)

• Broker share declined slightly in most regions except Ontario.

• Broker market share was higher in large urban areas (GTA, GVA and GMA).

Broker market share – consumer segment • Brokers have maintained their share among purchaser segments. Broker share of mortgage originations has remained stable among first-time buyers at 49%, repeat buyers at 34%, and refinancers at 26%.

• Among those renewing their mortgage, 17% used a broker compared to 21% in 2012.

Mortgage broker influence • On average, brokers presented offers from 2.3 different lenders.

• Brokers made recommendations to consumers about which offer to accept 68% of the time.

• Nine times out-of-ten, the borrower accepted the broker’s recommendation.

• Buyers cited past excellent service and best mortgage rate or deal as key influencers (60% and 65% respectively) in their decision to use a broker for their mortgage transaction.

• Buyers received advice on a range of topics from their mortgage professional and most felt the advice was very useful. continued

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the bc mortgage broker | VOLUME 3 • ISSUE 11 • 2013

FINANCIAL LP

“First National’s

reliability and

innovative technology has helped me establish an Ed Kim, Underwriter Maria Dominelli, AMP, Senior Mortgage Broker, Invis Lyndsie Beale, Account Manager

outstanding reputation.”

“By offering fast turnarounds, exceptional service and competitive products and rates, First National has helped me be successful.”

For the past 25 years we at First National have invested all of our time, expertise and energy into helping mortgage brokers build successful businesses.

Behind the scenes

Thank you mortgage brokers for 25 years of shared success.

continued from page 23

Advice provided by mortgage professionals

Broker Users

Lender Users

Specifics regarding terms and conditions of your mortgage

67%

70%

Fixed or variable rate

67%

67%

Recommendation to accelerate mortgage payments

49%

50%

Long term mortgage/financial strategies

41%

45%

• Providing useful advice to buyers significantly increases the likelihood that a buyer will use the same mortgage professional again, or recommend him or her to family and friends.

Post-transaction follow-up • 49% of consumers reported being contacted by their broker after the mortgage transaction (compared to 33% of consumers being contacted by their lender.) In the majority of cases, the purpose was to say thank you (65%), while almost a third indicated it was to confirm the closing (32%). Another 14% of clients were welcomed by their broker and 20% were offered another lending product or mortgage life insurance.

• Phone and email are the preferred methods for broker post-transaction follow-up at 39% and 35%.

• Among consumers contacted, 70% totally agreed that they were satisfied with the services provided by their mortgage broker, compared to 42% among those who had not been contacted.

• Post-transaction follow-up also greatly increases likelihood of repeat business, with 63% of consumers who had been contacted by their broker totally agreeing they would use the same broker again to arrange their next mortgage transaction.

Degree of influence • Of recent buyers who used a broker, 59% indicated the broker had a great deal of influence on their mortgage decision.

• Recent buyers also pointed to family members (42%), real estate agent (26%), friend (26%) and lawyer (19%) as exerting a great deal of influence during the mortgage process.

Reaching consumers on-line • Overall, 66% of mortgage consumers reported using online sources.

• Of all mortgage consumers who went on-line, 23% went to mortgage broker sites. Consumers visited an average 3.4 broker sites.

• 63% of all mortgage consumers who went on-line used a 24

the bc mortgage broker | VOLUME 3 • ISSUE 11 • 2013

mortgage calculator. Mortgage payment calculators are the most popular. The main sources of on-line calculators are lenders (47%), CMHC (17%), brokers (13%), realtors (11%), and financial planners (9%).

• Of the 21% of mortgage consumers who asked to be contacted on-line, 86% were actually contacted and 73% found the information useful.

Social media usage • 14% of mortgage consumers who went on line used social media in their decision process. Among the top reasons for using social media, 37% of consumers sought general advice, 25% researched a specific topic, and 22% asked a specific question.

• Facebook (40%), blogs (36%) and on-line forums (39%) are the most popular social media platforms used among consumers.

• A growing segment of mortgage consumers going online are using mobile devices to look up mortgage information (19% of consumers in 2013 compared to 14% in 2012.)

Among 18-24 year olds, mobile device usage increased from 38% in 2012 to 53% in 2013.

CMHC can help Take a moment to see how CMHC can help mortgage professionals leverage the key findings of the 2013 Mortgage Consumer Survey and identify opportunities to continue to foster valuable client relationships. To coordinate a presentation of the complete results, contact your local CMHC representative.

As always, our website EverythingYouNeed.ca continues to offer product information, market insight and valuable industry tools you can share with your clients as you confidently manage your business.

About the Survey In March and April 2013, CMHC completed an online survey of 2,951 active mortgage consumers — all prime decision makers — who undertook a mortgage transaction within the previous 12 months. The findings represent the views of the consumers surveyed.

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the bc mortgage broker | VOLUME 3 • ISSUE 11 • 2013

Spectacular greens, DRAMATIC scenery

World Class

T

Resort

hose are words used to describe this years venue for the 8th Annual MBABC Charity Golf Tournament, benefiting BC Children’s Hospital.

This year the Association is hitting the road and headed to the Okanagan for the first time with the event being co-hosted by Predator Ridge and Sparkling Hill Resort Spa. Both resorts are regarded as some of the best in the World. In 2011 Predator Ridge was awarded Readers Choice, Golf Digest Best Place to Play and Score Golf’s Best Public Golf Course and has hosted two Telus World Skins Games.

It is also home to Hockey Canada. Sparkling Hill was given the 2011 Senses Wellness Award for Best Spa Resort of the year in the category of Mountain Resorts during the 14th Annual Awards held at the Regent Berlin. These awards are recognized as the International Barometer of excellence in the wellness industry. Sparkling Hill beat out 600 other resorts.

MBABC is dedicated to provide you the best networking experiences possible and encourage you to join us at these beautiful venues. For registration, please visit www.mbabc.ca for further details. Spaces are limited so don’t miss out.

Thank you to our sponsors who have already partnered with us for this amazing event:

Dinner & Cocktails: First National Carts: D+H Sleeve of Balls: TD Canada Trust Wine: The Mortgage Centre Canada Men’s Long Drive: Street Capital Ladies Long Drive: Instafund Financial Putting Contest: Paradigm Mortgage Hole Sponsors: Spagnuolo & Company Real

Estate Lawyers, Canada Guaranty, MCap, Home Trust, Aubin &

Associates Notary Public, and

Thompson Valley Mortgage Corp.

Hole in One: Scotiabank Ladies KP: Premiere Canadian Mortgage Corp.

We look forward to hosting you! www.predatorridge.com www.sparklinghill.com

2013 MBABC

Charity Golf Tournament September 9th 2013 Predator Ridge Golf & Country Club, Vernon, BC 1.888.578.6688 $285.00 for members

This is always a SOLD OUT EVENT

Don’t miss the opportunity to market your company to an engaged & active audience!

• Every Sponsor will be recognized by Tournament Chair and/or President at dinner, signage throughout the day, and recognized in the magazine following the event • Every Sponsor receives a hole with exception of: Carts, Driving Range & Photographer • Par, Birdie & Eagle levels receive dinner for two • Photographer Sponsor receives golf for two & sponsor can outfit photographer in company apparel • Cart Sponsor receives golf for two & sponsor has option of cart to drive and greet players • Dinner & Cocktail Sponsor receives golf for four and sponsor gets 5 minutes mic time to thank the crowd

Check in: 8:30 am – 9:30 am Shotgun Start: 10:00 am Dinner Only Price : $ 75 Cocktails: 5:30 - 6:00 p.m.

Dinner: 6:30 p.m.

Mulligans, Door Prizes, Raffle Tickets & 50 – 50 available on Site

MBABC ROOM RATE AVAILABLE Please visit www.mbabc.ca

under Events to download form

COD – All Proceeds for B.C. Children’s Hospital Foundation

feat ure

Circumscribing Limitation

Periods

What the New Limitation Act Means for Mortgage Brokers

A

new Limitation Act (“Act”) came into force in British Columbia on June 1, 2013. The former Limitation Act was first introduced in 1975 and was due for a comprehensive overhaul. Among the industry stakeholder groups calling for change to the Act were real estate developers, engineers, builders, architects and municipalities. The new Act creates some significant changes to the window of time following a loss within which a plaintiff can bring a cause of action against a defendant in British Columbia. It will have implica-

tions for real estate developers, mortgage lenders and real estate professionals, including mortgage brokers. One significant goal of the new Act is to make the real estate construction industry and other businesses more competitive as shorter and more precise limitation periods will result in an ability to predict litigation exposure with greater accuracy. In addition, narrower limitation periods will, in all likelihood, significantly reduce litigation costs and liabilities. Simpler and better understood limitation periods are intended to seek a balance between the plaintiff’s need to access justice and the defendant’s need to close off potential, unknown liabilities. However, potential plaintiffs will need to be more decisive about their litigation decisions and take faster action when opting to proceed with a claim. Here is an explanation of why.

In a nutshell, limitation periods put a cap on the length of time since the occurrence of an event that people have to pursue a legal claim in the court system. The most significant change is that under the former Act, there were a variety of limitation periods ranging from two to ten years.

Now, for most civil claims (subject to limitation periods contained in specific statutes) there is just one two year limitation period requiring that civil claims be brought within two years of the facts constituting a claim become known to a plaintiff. Changing limitation periods from between two and ten years to just one two year period represents a dramatic shift in our civil justice system.

In addition, there is another critical change in the new legislation. Under the former Act, the running of time for a limitation period could be postponed or interrupted with the occurrence of a number of different events – culminating in an ultimate limitation period of 30 years. No claim 28

the bc mortgage broker | VOLUME 3 • ISSUE 11 • 2013

can ever be brought for any reason after an ultimate limitation period has expired. This 30 year ultimate limitation period has now been cut in half to just fifteen years! The reduction in the ultimate limitation period will clearly create more certainty in the construction industry and other businesses with civil claims exposure.

Here are some examples of how the new limitation period provisions work.

The two year rule: A mortgage broker provides negligent advice to a client in September of 2013 which gives rise to a cause of action, but the client does not act upon the advice until September of 2015. The client experiences a loss one year later in September of 2016, but only becomes aware of the loss in September of 2017 after reviewing mortgage files with a new mortgage broker. Can the client sue the original mortgage broker for negligence after discovering the loss?

The answer is yes, the client can bring an action against the mortgage broker up until September of 2019, as that is two years from the date in which the client discovered the damages from the potentially negligent advice. Any claim after September of 2019 would then be statute barred.

The Ultimate Limitation Period: A condominium builder fails to put rebar in the concrete foundation of a building which is

completed in September of 2013. The strata corporation notices the cracks in the foundation in September of 2029.

Can the strata corporation sue once it discovers the cause of the cracked foundation? No, it is precluded from taking action against the builder to recover any damages as the 15 year ultimate limitation period expired the year before the cause of the cracks was discovered.

There are still exemptions to the two year limitation rule that have been carried forward in the new Act, which include: • claims for possession of land, • court proceedings to enforce a local judgment for the possession of land, • claims by a debtor or a secured party in possession of collateral, • claims by a landlord to recover possession of land, • court proceedings to enforce an injunction, a restraining order, an easement, restrictive covenant or profit à prendre, • court proceedings in which the only relief sought is to obtain a declaration, • claims for title to property by a person in possession, and

banklike.

Un

In the world of banking, common sense has become surprisingly uncommon. Rules are piled on top of rules, making life harder than it needs to be for everybody. Well, that’s not how we operate.

We strive to do right by our broker partners in a way that simply makes sense, like our new Advantage and Edge programs. We’re Bridgewater Bank, and that’s just how we do things. bwballstarportal.ca

VOLUME 3 • ISSUE 11 • 2013 | the bc mortgage broker 29

• claims relating to misconduct of a sexual nature and relating to sexual assault.

In addition, the list of exemptions has been broadened to include: • an appeal, • a judicial review application, • a court proceeding under the Offence Act to prosecute an offence, • a claim that is subject to a limitation period established by an international convention or treaty that is adopted by an Act, • a claim for possession of land by a person who has a right to enter for breach of a condition subsequent, or a right to possession arising under possibility of reverter of a determinable estate, • a claim relating to assault or battery if the claimant was a minor or living

in a personal or dependency relationship, • a claim for arrears of child support or spousal support payable under a judgment or filed agreement, and • fines and penalties under the Offence Act So how does the new Act apply to demand loans? As most industry members already know, demand loans have no fixed date for the repayment of the loan. Under the former legislation, demand loans were subject to a six year limitation period, regardless of whether a demand had ever been made under the loan. This meant that no creditor could collect under a demand loan without making a demand, experiencing a default and then initiating litigation if more than six years passed from when the loan was first entered into. Now the limitation clock for demand loans is shortened to two years from six, but makes more sense,

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30

the bc mortgage broker | VOLUME 3 • ISSUE 11 • 2013

as the clock only starts ticking once a demand has been made under the loan and the debtor has failed to perform. For instance, a parent could lend the sum of $200,000 to a daughter on October 1, 2013, and then make a demand to have the money returned upon his or her retirement in January of 2020. Under the old legislation, this claim would be statute barred as more than six years has passed since the demand loan was entered into.

However, the claim is now no longer statue barred. If the daughter fails to pay the sum, then the parent must commence civil action against the daughter by January 2022. This limitation period change provides greater certainty and fairness for parties granting demand obligations.

Mortgage lenders may want to know that there are provisions which trigger additional two year limitation periods through written acknowledgements by debtors. The two year limitation period can start to run afresh should a debtor or other person with a liability acknowledge the liability within the original two year limitation period. If a debtor acknowledges interest, under section 24(2) of the Act, the acknowledgement will also cover claims for outstanding principal and interest falling due after the acknowledgement is made. If a case involves a claim for a liquidated sum, part payment of the liquidated sum by a person who is the subject of the claim will amount to an acknowledgement triggering a fresh two year limitation period. In addition, a debtor’s part payment or performance of an obligation under a security agreement is an acknowledgment by the debtor of liability in respect of a claim by the creditor for realization on the secured collateral.

Comprehending the specific details of statutory provisions can be a challenge, and industry members will of course, still need to have lawyers analyze the merits and limitation issues involved in any claim. However, these new limitation period changes deliver good news for everyone – so they are worth a review!

a rticl e

GET TO KNOW YOUR 2013 of

Board Directors What would you like to see happen in the future of our industry?

Deb White, Vice President

Our industry is forever changing and I would like to make sure that the brokers from all around the province are kept fully up to date with that we as MBABC are doing on behalf of the brokers! I would like to see that we as MBABC are a united voice and are presented to the consumers of BC as the first stop for your mortgage and not the bank. Making sure that the consumers are educated on what we as sub-mortgages brokers can do for them is the key to making the consumers think of banks second!!

I am most passionate about the potential changes to the Mortgage Brokers Act. Our profession is at a crossroads and the new legislation may help us determine our future destiny as an industry and a profession.

Ajay Soni, MBABC President

What provincial issues in brokering are you passionate about?

Those issues specific to supporting and developing the ability for mortgage brokers to conduct their business; B-20 guidelines, the legislative review of the Act, and SelfRegulation.

Loren Hawkins, Secretary

What would you like to see happen in the future of our industry?

I would like to see BC take a further step in our educational requirements by having a 2 year diploma program required to work as a broker. The impact that brokers have on people’s lives is often underestimated and I feel the barrier to entry to this industry needs to be raised.

What provincial issues in brokering are you passionate about?

What would you like to see happen in the future for our industry?

I believe the new board and executive of the Mbabc bring enthusiasm, passion and experience for the BC mortgage broker. I am very excited about the future of the Mbabc in supporting the broker of BC to be the best that he or she can be.

Jason Suttie, Treasurer

Jared Dreyer, Past President VOLUME 3 • ISSUE 11 • 2013 | the bc mortgage broker 31

What would you like to see happen in the future for our industry ?

What would you like to see happen in the future for our industry?

Better lender and broker business partnerships. Also, to embrace the MBABC’s value proposition to attract more new members and build up an astonishing organization in BC and Canada.

Bruce Kahkesh

A great opportunity for the future of this industry is to clearly define the unique value proposition of mortgage brokers and communicate that to the consumer. Mortgage brokers are providers of choice, sound advice and education.

The consumer’s ability to differentiate mortgage brokers from the bank is key to our future growth and increased Megan McDonald market share. Mortgage brokers serve a unique purpose; discovering consumer needs and desires, and matching them to a competitive mortgage product.

The goal of mortgage brokers, unlike the bank, is to service the consumer’s mortgage financing needs for life: advocating for the customer, revisiting choices or offering advice in a changing market.

The future of mortgage brokers is bright as the value they offer is unmatched.

What is your main objective for running for a director position?

Karl Madsen

What would you like to see happen in the future for our industry ?

I would like to see ongoing education and rising standards so that the public sees mortgage brokers on the same level as accountants and lawyers. It will mean more effort for brokers but I believe the long term reward will be more respect and higher market share for mortgage brokers.

In the future getting your own mortgage should be like doing your own taxes, you could still do it but why not let a professional take away the stress?

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the bc mortgage broker | VOLUME 3 • ISSUE 11 • 2013

Now, entering the second year of my 2-year term, I have had many opportunities to speak with MBABC members, and my question to everyone has been the “What can we do at the MBABC to better serve you?”

Of course, asking an open-ended question invites a few cheeky responses, usually followed with a laugh.

However, the serious replies have had a resounding theme: a real desire for greater public awareness of the tremendous value and service proposition we, as Mortgage Professionals, offer to prospective and existing Home-owners in British Columbia. The other re-occurring theme focused on increased educational requirements for both new entrants and continuing education.

Troy Resvick In my mind, these issues are intrinsically intertwined.

The increased educational requirements for re-licensing, the Mortgage Broker Institute of BC has raised the bar, setting new & higher standards, elevating our professional profile & value proposition over other market participants. I also think we require higher educational requirements for Pre-licensing and for Designated Individuals. With our educational standards raised, I believe we have a compelling message to share with our target audience here in BC, and a real marketing advantage to set ourselves apart as the “Right Choice for the BC Homebuyers”.

What provincial issues in brokering are you passionate about?

A couple things interest me. First off, the easing of the property transfer tax is a something that I think is long overdue. It makes it tough for a young family nowadays that is trying to grow be able to upgrade their home without losing sometimes 5% of their equity in tax and Realtor fees. The other issue that is overdue in my eyes is self-legislation and the need to be able to carry a bigger stick when dealing with unethical Brokers. We just being a trade association do not have much power in the whole scheme of things. If we were to be able to control licensing and registration then we would be able to better implement our set of standards and be more accountable to the public.

Deenu Patel

Kevyn Oyhenart

Kelly Curtis

What is your main objective for running for a director position?

What is your main objective for running for a director position?

I have really enjoyed many of the changes the board has made in the past, but I am seeing more negativity from members, which is saddening. I know that things have been tougher over the past 4 years for the industry, however, it doesn’t mean we need to give up hope and lay blame. We are an association of members. Members matter, change is inevitable, and I would like to see the members start embracing change, and the board embracing the needs of the members. Together, we can bring a positive awareness to our industry, and flourish as a whole. I want to be a part of that change.

It’s always great to give back to your industry especially if its been good to you... I have sat on the board in the past for a total of 10 years and have seen and been a part of many changes.

I’m fully aware that numbers are down for membership due largely to economic factors. I feel I’d like to contribute my time and help the MBABC get back into a growth pattern by improving the value of belonging to the association.

VOLUME 3 • ISSUE 11 • 2013 | the bc mortgage broker 33

ar t icle

MBABC

survey ON LEGISLATIVE

Change T

he MBABC recently surveyed its members on a number of legislative issues.

Provided below is a sampling from respondents:

1) Do you support a legislative requirement for mandatory errors and omissions insurance?

The vast majority of respondents said they do support mandatory E & O, with less than a quarter of respondents saying they were not in favour of it.

Some of the comments made by members on the issue of mandatory E & O insurance were: “No. Any reasonable business person has insurance. MBABC should educate the public to ask the right questions of their broker – like do you carry insurance” Yes 71.9% No 23.6% No opinion or not sure 4.5%

“Definitely. I don’t know anyone who would be stupid enough not to have it!”

“No – the insurance industry does not need legislative assistance in promoting their products” “I can’t believe it isn’t already mandatory. Seems to be like driving without a license”

2) What are the top three legislative changes you wish to see with a revision of the Mortgage Brokers Act? Respondents provided a variety of issues they would like to see with a revision of the Act, which included: “Open up Inter-Provincial Brokering with other provinces. Improve current reciprocity road blocks with other provinces. 2. Allow licensed individual brokers to incorporate for tax savings purposes. Allow Broker Fees to be paid direct to the corporation” “Personal Mortgage Broker Corps. Raising the Bar for mandatory education. Protection of MIC’s as to not have EMD’s” “Clearer definition of what constitutes mortgage brokering and enforcement of that definition. (There are presently all kinds of private lenders who under the terms of the Act required to be registered, but are not.) 2.

Creation of self- regulating body and removal of jurisdiction of FICOM-- perhaps expanding the role of MBI 3. Mandatory Errors and Omissions Insurance” “Allow SUB Mortgage Brokers to Incorporate.

More educational requirements for 1st 2 - 3 years and the business. Bank Mortgage Specialists to be Regulated!!! Require them to say they are NOT licensed and that they are employed by the bank” “A cost of credit formula that makes sense for the mortgage marketplace too. Regulations defining true Mortgage Brokers vs. mortgage placement agency offices that only place business with a few lenders. 3. a requirement

34

the bc mortgage broker | VOLUME 3 • ISSUE 11 • 2013

that new Agents spend a minimum 18 months or two year apprenticeship period before being allowed to deal directly with: referral sources, borrowers, and potential borrowers” “Self regulating within our own industry. A process that is clear and Fines for disobedience. Not all about clerical errors -education required - annual mandatory CE credits at least one course has to involve a classroom. Rookie brokers under two years should have (Junior) or something behind their name as well the name of their sponsor should be clearly defined and present on their documents so if there is an issue the coach will have to answer” “Brokers should be able to collect upfront fees. We spend way too much time on files to have the client not pay us for our efforts. Lawyers & accountants charge per hour for their time, we should be able to as well. We spend money on credit bureaus and the time to put files together in order to present to lenders. This has to have value especially commercial files” “Bank or Lender reps be distinctly and separately licensed within the provinces to put them on par with independent brokers. Regs should support exactly the same penalties and obligations. A separate sublicense is available for support and administrative positions in the mortgage brokerage industry. Declarations to clients and public regarding the employment and fiduciary obligations. Mortgage brokers must sign consents and conflicts of interests and bank employees need to represent themselves to the public the same way. Abuses and missrepresentations are evident now in the marketplace”

• MIC regulation should not be so onerous as to push MICs out of operation • The exemption rules around bank mortgage representatives should be clarified – if they act as mortgage brokers and not employees they should follow all of the requirements of mortgage brokers under provincial licensing rules • a clear majority want raised standards, more professionalism in the industry • a clear majority want more industry involvement in regulation – in other words, more self regulation • Enforcement of unregistered activity should be more rigorous, and • Personal mortgage broker corporations should be permitted.

3) Do you believe that Designated Individuals should have to qualify to manage a mortgage brokerage by taking an education program?

An overwhelming 80.5% of respondents would like to see some kind of qualification course for Designated Individuals.

Yes 80.5% No 19.5%

“A revised education/licensing program that provides practical steps towards releasing informed quality brokers into the public. The ability to charge even an advance basic fee. Too often we spend hours with clients that take all they have learned from us back to their own banker. I have even had said bankers call me for clarity on just how to get a file submitted properly. Restrictions around paying referral fees.

The mortgage industry clearly has a diversity of views, but there were some common areas of concern in the survey responses, which include the following: • syndication activity should be regulated under mortgage broker legislation not by the BCSC under securities rules

VOLUME 3 • ISSUE 11 • 2013 | the bc mortgage broker 35

] [

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Choice

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Advice

Mortgage Brokers offer alternatives in selecting a mortgage product that are best suited for your client’s situation.

Service

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They manage the mortgage process to ensure a positive experience.

Savings

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Discover the MCAP Broker Advantage.

To learn more, please visit: www.mcap.com/brokers

* According to CAAMP’s study**, those who renewed or renegotiated with a mortgage Broker reported an average rate decrease of 1.4% compared with 1.0% among all renewers. **CAAMP January 2011 study — Canadian Mortgage Channel: Industry Perceptions Consumer and Broker

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a rticl e

LOSING YOUR SMART

CAN LEAVE YOU

PHONE

Locked out

“T

OF YOUR BUSINESS

hat morning started like every other morning. Up at 6 am, workout while watching the business network, shower, breakfast and then catch up on emails. But that is when everything went terribly wrong. When Steve tried to access his emails he found that all his emails (except one) including current deals, client information, business contacts and calendar had all been deleted. The only email that remained was a note indicating if he wanted to get all his information back again, he needed to pay a ransom of $15,000 plus many more thousands to get access to his Dropbox, LinkedIn and many other online accounts.

The criminals also threatened to post messages on his Twitter and Facebook accounts if he did not pay the ransom within two days. He knew these posts would be deeply embarrassing, damaging to his reputation, and lead him to lose his license or some other regulatory penalty. He felt that he could do nothing to prevent this and felt utterly helpless. He couldn’t even communicate to his clients and friend as he was locked out of all his accounts.

Update your software – ensure that your smartphone has the latest software and patches

He could not work on his files without the emails and his Dropbox files. His calendar contained the details of the meetings he had that day. And how was he going to contact his clients to postpone today’s meetings while he went through this crisis?

Delete suspicious messages – Delete Emails, Social Media messages, SMS/ text messages that look suspicious and/ or are from people/ businesses you are unfamiliar with

Steve started to feel light headed, nauseous and felt a migraine coming on … all symptoms familiar to Steve when he was under stress. He took his medication and followed the instructions that the doctor gave him to recover from these attacks. Then Steve gave me a call.

We contacted his email and other Internet service providers and were able track the source of the attack – they all originated from his smartphone that he lost just a few days prior.

His smartphone had direct access to all his accounts.

We worked with his providers to regain access to his accounts and did more work to recover most of his emails, contacts and calendars. Then took some additional steps to reduce the chance of this happening again.”

Did you know that criminals are now targeting your smart devices (iPhones, Androids, iPads, etc.) to steal your money?

Also, did you know that having access to your smart device means criminals now have access to everything you have done in the past, what you are doing now and what you plan to do in the future?

Use a Password – first defense against unauthorized access Install/ configure device locator and remote wipe app – using an application that allows you to remotely locate and wipe the sensitive data on your device

Android: Research apps before install – Perform a quick internet search for reviews of your apps before installing them.

Android: Install security software – many vendors that create security software.

Apple: Do not jailbreak – Jail breaking allows criminals to by-pass security features For additional information and more in-depth details on the above security features, please visit Visram Security Website at http://www.VisramSecurity.com/MBABC-01.

In addition, you may contact Visram Security directly by phone (778-888-8698) or email (info@VisramSecurity.com) so that you can learn how to naturally, effortlessly and easily use your technology safely and securely.

Anwar Visram CISSP, CISA “The World’s Only Reputation and Security Strategist” CEO and Founder of Visram Security Ph: 778-888-8698 www.VisramSecurity.com

The following 7 security tips to secure your smart device will allow you to protect

VOLUME 3 • ISSUE 11 • 2013 | the bc mortgage broker 37

feat ure

EVERYSUCCESSFUL

Mortgage Broker

I

has tHEse

magine that you are looking to buy a house. For many people, this is an exciting time full of possibility and expectation. After searching, you find the one. It fits all your needs, and you can see yourself there for years to come.

It sounds like a perfect ending, right?

However, you will only have your happy ending if you are well prepared for the process of buying a house. What if you discover that the house is more than you can afford? What if you have not talked to a bank about funding? What if you have no money for a downpayment? What if you do not have a realtor and cannot understand the legalese necessary to submit an offer?

Any one of these practical concerns can jolt the entire process, turning a dream home into a nightmare of an experience. If you have not been careful before you start home shopping, you may end up devastated when you miss out on the house you really want.

Planning is everything. It is important to have a goal in mind, but without a clear path to achieve that goal, it is mostly worthless.

As a mortgage broker, you may shake your head at this typical tale of house-buying woe. However, do not be so quick to point the finger at overly optimistic home buyers. Did you know that up to 60% of mortgage brokers will fail? That means that over half of the mortgage brokers in Canada will not be in the business in another five years.

This grim statistic is not meant to scare anyone out of the profession. To the contrary, these facts are essential to motivate you to work harder, plan better and avoid becoming another statistic.

The problem for mortgage brokers is the same as the problem for over-eager first time home buyers. It is a lack of planning and a lack of foresight. Most mortgage brokers do not 38

the bc mortgage broker | VOLUME 3 • ISSUE 11 • 2013

5 thingSin COMMON look ahead at the obstacles to come and then fail to create practical steps to confront those obstacles. Therefore, when the inevitable hardships arrive, they are forced to scramble, and many do not survive.

As daunting as this may seem, there is hope. If you want to beat the odds, remember these five tips.

1. Think like a marketer. Mortgage brokers are committed to helping clients find the best deals on their mortgages, which is a very important service. To do this, mortgage brokers need to have a strong understanding of finance and accounting. However, financial know-how is not the only thing that makes a mortgage broker successful. Mortgage brokers also have to be able to sell themselves. After all, it is impossible to negotiate deals for clients who do not exist.

Therefore, think about how to sell yourself. Come up with ways to make yourself more appealing. Put yourself in your clients’ shoes. What are they looking for? What is important to them? What will motivate them to put their faith in you?

A marketing mindset does not negate the importance of being good at finances. It merely helps clients realize your potential. You have to get clients before you can help them, all of which is critical to turning a profit.

2. Be coachable. When it comes to basketball, there is no name better known than Michael Jordan. While it is indisputable that Jordan had more raw talent than many people in the league, the thing that set him apart was his ability to take direction. In 1989, when Phil Jackson became the Bulls’ head coach, Jordan welcomed him and declared, “I am coachable and ready to learn.” Jordan probably would have had a good career no matter what sort of attitude he had in practice, but he had a brilliant career because he was coachable.

It is not just Michael Jordan. All the top athletes have a coach. The best actors, the most proficient musicians and the most talented artists all have coaches, too. Mortgage brokers should be no different.

If you want to excel as a mortgage broker, be open to

learning. Attend seminars and workshops; take classes and read books. Find a mentor in the field who you respect and ask for their advice. The more you learn, the more you will improve and the more success you will find in your profession.

3. Navigate the minefield. If you have to walk across a minefield, what is the one thing you want? A map might be helpful, and a GPS would have some use, but neither of those are the best guarantees for your safety. No, the best thing to have when crossing a minefield is someone else who has already walked through that minefield and lived to tell the tale.

The fact is, you are not the first mortgage broker in Canada. You are probably not even the best. You do not have everything figured out, and you should be able to admit that. More importantly, you should acknowledge that there are other people out there with skills and knowledge that can help you succeed in your field.

Just consider the fact that more than 70% of business failures could have been avoided if the owners had received and implemented proper professional advice.

Do not make that mistake. You may be able to make it alone, but the odds are not in your favor. Do not risk your business. Instead, actively seek guidance and insight from other mortgage brokers who have found success.

Achieve YOUR TRUe

BUYiNG

POWeR ThROUGh cONSOLiDATiON

4. Get off your ass. There was a movie in 2006 called “The Secret.” As it turned out, the secret, according to the movie, was that good intentions made all the difference in life. Good intentions are better than malicious ones, but “The Secret” missed out on one valuable fact: an intention is worth nothing unless it is acted upon.

In your business as a mortgage broker, you can intend to do a lot of things. You can intend to spend more time marketing. You can intend to enroll in a training seminar. You can intend to get organized and hire an assistant. These are all great intentions, but if you never do them, then they have not gotten you anywhere.

The point is, stop intending for success. Instead, get off your ass and make it happen.

5. The power of three. On your daily to-do list, there are probably lots of tasks to consider. These tasks are undoubtedly all important and necessary. However, it has been shown that even with all the demands of being in business, only three of those tasks will actually lead to profits. While this can seem discouraging at first, it is a fact that can revolutionize how you approach your time and dramatically improve your profits.

ONE STOP, ONE S

ONE STOP, ONE SOURCE

To capitalize on the power of three, you need to identify the three things that lead to your income. Whatever those three things are for you, reorganize your priorities so that the majority of your workday is devoted to these things. Then, delegate the rest of your tasks. With this kind of focus and dedication, you will see your profits start to soar.

Ultimately, the statistics may seem overwhelming, but the choice is yours. If you fail to have a plan, then you are gambling your career and your reputation with the odds stacked against you. If you choose to approach your business proactively, then these numbers mean nothing. In this way, success is not a dream or a statistical probability. For those who put in the hard work and plan carefully, it is a reality ready to be grasped.

Fred Sarkari is a Licensed Psychotherapist and a best selling author with a background in Human Engagement. He has trained and coached within this industry for over a decade. www.FredSarkari.com www.Facebook.com/FredSarkari

A DiviSiON OF

PRiNT . LABeLS . FORMS

1.800.661. 9952 centralforms.com

VOLUME 3 • ISSUE 11 • 2013 | the bc mortgage broker 39

memo ri a l

The mortgage broker industry HAS suffered a sudden and tragic loss...

Anita Jane Lewis

The mortgage broker industry suffered a sudden and tragic loss on July 14th, 2013. Anita Jane Lewis, a long time member of the mortgage industry, was struck and killed by an Amtrak train while jogging in White Rock with her husband on a beautiful Sunday evening.

Anita worked in many capacities in the mortgage industry for the past 18 years including Loans Officer, BDM, Account Manager and most recently (since 2006) , a Senior Mortgage Broker with VERICO Dreyer Group Mortgages Inc. “Anita was a consummate professional adored by all her colleagues, clients and partners”, says Jared Dreyer, President of VERICO Dreyer Group Mortgages. Her work as a mortgage professional was well recognized in the community.

Anita grew up in Chilliwack with her sister and two brothers. She was an avid traveler and fitness enthusiast. Anita deeply cared for everyone around her and her enthusiasm and zest for life was contagious. A devoted and loving mother to her 20 year old son Braydon, adoring wife to Mike Grahame, sister, daughter and special friend to all.

Recently, Anita wrote a piece of advice to a new broker looking to enter the industry.

“I focus on the personal relationship with the client. I am committed to the client. I believe ‘true success’ is measured not in new clients, but those who keep coming back because of excellent service.

My advice to anyone entering this business is to surround yourself with professionals who “know” the business and are the best in what they do.”

Anita’s husband has asked that any gifts be made to the Peach Arch Hospital Foundation ER team for their tireless efforts at the scene. www.pahfoundation.ca/index.php/ways-to-give/tribute-giving Click on “search for a tribute page” Anita Jane Lewis.

Anita will be deeply and profoundly missed.

40

the bc mortgage broker | VOLUME 3 • ISSUE 11 • 2013

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VOLUME 3 • ISSUE 11 • 2013 | the bc mortgage broker 41

ar t icle

MBABC Legal Expense Coverage “This service is unique in that it gives you access to a lawyer and, if there is a claim, all the expenses are covered by the insurance policy” Barbara Haynes, DAS Canada Individual Membership

Corporate Membership

An Individual member is defined in the MBABC bylaws as “an active Sub-Mortgage Broker registered in accordance with the Mortgage Brokers Act including a Designated Individual”.

LEI Coverage for Individual members:

A Corporate member is defined in the MBABC bylaws as “a corporation or a person who is a sole proprietor, registered to practice as a Mortgage Broker in accordance with the Mortgage Broker Act.”

»»

»»

»»

FICOM Hearings & Investigations Legal Defense for Submortgage Brokers Coverage for FICOM related hearings and investigations in BC relating to the Individual member in his or her capacity as a SUBMORTGAGE BROKER. The insurer will pay an Individual member’s legal costs in respect of an investigation or hearing brought against that insured person by FICOM provided the investigation or hearing relates to the activities of that insured person carried out in his or her professional capacity.

Coverage for FICOM related hearings and investigations in BC relating to the Corporate member in its capacity as a MORTGAGE BROKER. The insurer will pay an insured member’s legal costs in respect of an investigation or hearing brought against the mortgage broker by FICOM provided the investigation or hearing relates to the activities of that the mortgage broker carried out in its professional capacity.

Maximum annual coverage amount: $100,000. There is no deductible applied.

Maximum annual coverage amount: $100,000. There is no deductible applied.

Personal Tax Protection

»»

a. Liability for income tax, GST, PST or HST arising from the Corporate member’s business.

Maximum annual coverage amount: $25,000. A $500 deductible is applied.

Maximum annual coverage amount: $100,000. There is no deductible applied.

42

b. Payroll deductions compliance by the Corporate member; or

Legal Defense of Highway Traffic Act & Motor Vehicle Offences Coverage for an Individual member’s legal costs to defend his or her legal rights in relation to being prosecuted for a highway traffic or motor vehicle offence in connection with the ownership, use or operation of an automobile. This would include defense of most traffic tickets and defense against license suspension. The policy does not cover alcohol, drug or street racing charges. The policy will cover a member who wishes to pursue or defend auto-related contract disputes. We feel that this coverage will be particularly valuable to mortgage brokers who spend a significant time in their automobiles meeting with customers.

the bc mortgage broker | VOLUME 3 • ISSUE 11 • 2013

Business Tax Protection The insurer will pay a Corporate member’s legal costs in respect of a tax appeal or a tax audit from the Canada Revenue Agency relating to:

Coverage for an Individual member’s legal costs in respect of a Canada Revenue Agency tax appeal or a tax audit relating to their personal tax affairs.

»»

FICOM Hearings & Investigations Legal Defense for Mortgage Brokers

c. Corporate member’s legal costs in respect of a tax appeal or a tax audit relating to its business tax affairs.

Maximum annual coverage amount: $25,000. A $500 deductible is applied.

In addition, both Corporate (mortgage brokers) and Individual (submortgage brokers) members will have: »»

Telephone Legal Advice Insured members will have access to a legal advice helpline through which they can receive confidential general legal advice and information over the phone relating to any legal or tax problem to help determine legal rights and options under the provincial laws of the applicable province and the federal laws of Canada. The

advice lawyer cannot provide case specific research or review documents. The insurer will provide this service between the hours of 8 am and midnight, local time, 7 days a week. In addition, the insurer will facilitate access to a lawyer twenty-four hours a day, 7 days a week, in emergency situations.

What are legal costs?

The DAS policy covers the following “Legal costs” as defined under the MBABC Legal Expense Insurance policy: In respect of the insured events described in the policy:

“We find that the biggest use so far from the mortgage brokers has been calls to the legal advice hotline,” says Haynes. “The great thing about the legal advice hotline is that people can call in about any matter. So even though the policies don’t cover family law, for example, or estates, people can call in and receive professional advice.

There have been calls about taxation, highway traffic disputes, parking tickets, contract law, employment – a wide variety of calls. We’re happy to encourage extensive use of the hotline because that could mitigate a situation before it turns into litigation.” Barbara Haynes, DAS Canada

1. all reasonable and necessary costs incurred by the appointed representative, including any additional expenses and disbursements such as court fees, experts’ fees, police reports and medical reports; 2. the costs awarded by a court in Canada to opponents in civil cases if the insured person has been ordered to pay them, or pays them with our agreement; and 3. the insured person’s net salary or wages, that are not otherwise payable or recoverable, for the time that they are off work to attend any court proceeding, tribunal, arbitration, mediation or other hearing at the request of the appointed representative, up to a maximum of $500 per insured person per day, and $10,000 in total in respect of all claims resulting from any one court or tribunal proceeding, arbitration, mediation or other hearing.” continued...

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VOLUME 3 • ISSUE 11 • 2013 | the bc mortgage broker 43

Continued from page 43

Why MBABC Legal Expense Insurance is Important for you and your business Regulators need to enforce standards and ensure a high level of compliance amongst industry members. Recently FSCO announced an intention to focus more attention on compliance enforcement amongst mortgage brokers in Ontario, and cited the goals of the newly formed, Mortgage Broker Regulators’ Council of Canada as being a strong influence on provincial regulators taking action to raise industry standards. Of course, raising the bar for the industry is necessary and will only help strengthen it. However, we always advise industry members to obtain legal advice or representation if they are subject to a regulatory investigation or proceedings. This protects their interests, and ensures that the disciplinary process is fair and adheres to the rules of fairness – which is in the interests of both the public and the industry. Unfortunately, the cost of legal representation is exorbitant and can easily add up to $50,000, and in some cases well over that. This can cripple an industry member, potentially ruin their business, and in some cases, eat into their personal assets, for example by forcing them to mortgage their house to pay for legal costs.

MBABC corporate membership provides legal defense for FICOM investigations and hearings for the registered

mortgage broker entity. Potentially any registered mortgage broker may be on the hook for failing to supervise its submortgage brokers if they have been found to be non-compliant by FICOM. The Canada Revenue Agency has announced that it intends to focus audits on what they consider to be high risk tax payers. Most mortgage brokers earn commissions and not salaries. They receive a T4A, and then write off their business expenses against their earnings – they are therefore at high risk of being audited by CRA. Mortgage broker businesses also remit payroll expenses and GST or HST payments to the CRA. The CRA is a powerful government entity and the Income Tax Act is overwhelmingly complex. Industry members facing a CRA audit need an advocate to ensure that the audit result is fair and they do not overpay on taxes, penalties and interest.

LEI can alleviate these concerns for MBABC members. The DAS LEI program brings significant value to your MBABC membership!!

Ensure that you have LEI coverage by keeping your membership current or becoming a new member. If you have questions about the program, please contact the MBABC office at 604-408-9989.

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Fisgard_2013_halpage.indd the bc mortgage broker1

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www.fisgardmortgage.com 4/30/2013 10:34:52 AM

Thank you to our sponsors for the MBABC & CAAMP 2013 Spring Conference and Trade Show

VOLUME 3 • ISSUE 11 • 2013 | the bc mortgage broker 45

Thank You TO OUR

ADVERTISERS

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the bc mortgage broker | VOLUME 3 • ISSUE 11 • 2013

Lanyard Financial Corporation Lawrenson Walker Realty Advisors Mandate National Mortgage Corporation

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RMG mortgages

Visit www.RMGmortgages.ca or contact one of our Business Development Managers to learn how RMG Mortgages can help you create homeownership opportunities.

New MEMBERS welcome WELCOME

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the bc mortgage broker | VOLUME 3 • ISSUE 11 • 2013

MBABC Feb 2011.indd 38

Mah

invis - Mary Ellen Colman

McGregor

Peter

Reza

48

COMPANY

nicole Membership apps Corporate

Kirk

38

new members

FDS Broker Services Inc.

11-01-28 12:33 PM

VOLUME 3 • ISSUE 11 • 2013 | the bc mortgage broker 49

CLOSE MORE DEALS WITH INSTAFUND’S FAST, PERSONAL BROKER SERVICE.

For over 30 years InstaFund has been funding equity mortgages with the help of mortgage brokers like you.

We are known for our fast quotes, simple application process and firm commitments.

Contact Adam Korbin or Chris Delisle for a quote on your client’s application. akorbin@instafund.com or cdelisle@instafund.com 604.687.2020 InstaFund.com

InstaFund Financial Services (2000) Ltd

FINANCIAL LP

“They’re

smart

about using

technology to really set

Brad Checknita, Account Manager Mike Lloyd, Mortgage Expert/ Team Lead DLC Canadian Mortgage Experts Xue Lee, Underwriter

themselves apart from the

competition.”

“First National gets deals approved a lot faster.”

At First National we know the importance of delivering the quickest approvals and outstanding service. For 25 years we’ve been providing this outstanding level of service to you, and we’ll continue that commitment for the next 25.

Behind the scenes

Thank you mortgage brokers for 25 years of shared success.

Save the Date!

Come to CMHC’s Annual Vancouver Housing Outlook Conference Friday, November 1st, 2013 Discover key housing trends, transitions and new market realities Join B.C.’s top housing industry professionals and explore housing demand and supply in the new home, rental and resale housing markets. Learn what’s in store for Metro Vancouver’s market in 2014 from CMHC housing market experts and keynote speaker Neil Chrystal, President and CEO, Polygon Homes Ltd. Follow CMHC on Twitter @CMHC_ca For registration details go to www.cmhc.ca in September.

Download the CMHC Mobile Kit for Mortgage Professionals at cmhc.ca/mobile to stay informed and become a trusted advisor to your clients 24/7.

Conference Location Hyatt Regency Hotel 655 Burrard Street, Vancouver 8:00 am - Noon

Housing market intelligence you can count on

CMHC is a Platinum Partner for Habitat for Humanity Canada