The BC Mortgage Broker by Savour Magazine

SUMMER 2011

INSIDE: 2011 MBABC MIC Directory Announcing The BC MIC Managers Association (BCMMA) Underwriting Tips for MICs

PM #41297283

Setting

THE STANDARD! 速

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

ur Bus Your B iness. rand. Your W ay.

Jane Smith

John Smith Sample Real Estate Corp

Sample Mortgage Corp 555.555.5555

Agent Name 1, AMP

sample@verico.ca

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

Agent Name 1, AMP Company Name

555.555.5555

Agent Name 2

sample@sample.com

Company Name

www.sample.com

Agent Name 2 Company List Price:Name $450,000

1.888.555.5555 email@verico.ca www.website.ca

1.888.555.5555 123email@verico.ca 45B Street, Citytown

1.888.555.5555 email@verico.ca www.website.ca

www.website.ca

3.79%

Our Rates: Minimum Downpayment Required

$22,500

Your Savings:

$450,000

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

Purchase Price: Amortization: VERICO Mortgage Rate:

$450,000

Loan = 5.35%

MLS#: VLS10001

Current Listing Price:

10%

$427,500 Closed $13,466

$405,000

Down Payment Options

Bank Posted Rates Down Payment:

Our Rates$22,500

Mortgage Amount: Closed

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

Mortgage Insurance Fee:

10.00%

1 Year Term

Total Mortgage and Insurance Fee:

10.00%

Mortgage Payment:

10.00%

Property Taxes: Condo Fees: Utilities:

10.00% 10.00%

$440,966

3 YearRates Term Bank $2,308 5 Year Term

$150

7 Year Term Monthly 10 YearPayment: Term

OpenMonthly Shelter Expenses: Total

$100 Open $2,558

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

1 Year Term

10.00%

Other

10.00%

1 Year Term Other at Maturity: Balance

$2,421 -

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

$90,777 10.00% 10.00%

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

10.00% $342,000.88

$ 100,000 Balance at Maturity:

$9,720 10.00% $414,720 10.00% $2,171 10.00%

$150 5.79% 10.00% $0

$2,000.59 10.00% $100

Our Rates

Total Savings: 速

#Price

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

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

$45,000

#Amort #Rate #PropTax #Fees #mortTerm

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

$456,000

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

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

Call now to shop for a better rate. MORTGAGE BROKERS NETWORK

an independent owner and operator.

速 MORTGAGE BROKERS NETWORK

Agent Mobile App

VERICO Corporate Customization Program

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

VERICO Marketing Tools

MOBILE MORTGAGE OFFICE

The Best Brokers. The Best Network.

Join VERICO Today.

Mortgage Brokerage of the Year This is an offer of information and is not meant to solicit a breach of contract.

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

Interest Rates Starting from an Incredible 5.75%

1st Mortgage Financing $1,500,000 - $15,000,000 Income Producing Properties: • L/V: Up to 75% • Interest Rates: from 5.75% • Fees: from 1.0%

Condo Inventory Loans: • • • •

L/V: Up to 65% Interest Rates: from 7.0% Fees: from 1.5% Flexible Partial Discharge Provisions

866-698-5388 Toll free FINANCIAL

C O R P O R A T I ON

Visit our website at: www.lanyardgroup.com

Call Brian Chelin or Mike Saba today Or contact us at: bchelin@lanyardgroup.com or msaba@lanyardgroup.com

c o n t e n t s S P R I NG 2 0 1 1

EDITORS Heather Cermak 778-997-5232 heather.cermak@merixfinancial.com

VOLUME 1 , NUMBER 2

Irena Sakic 778-228-9976 irena.sakic@dhltd.com

Publisher

Craig N. Brown

Art Director

Donna Szelest

Contributors

Cindy Freiman CMHC FICOM Lucila Diaz Catherine Barry Dave Fitzpatrick Allan Cross Gary Pabla Jessica Whyte Brian Ganden

30 31

Photographers Unless specially credited, all photos were submitted or taken by staff. Advertising BILLING

Jessica Facini

Debra Hiller

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

38 P.O. Box 32102, 2151 Louie Drive, Westbank, BC V4T 3G2 P: 250.868.2229 F: 250.868.2278 www.nichemedia.ca The bc mortgage broker is published in Westbank , BC by NICHE MEDIA. ©2011 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. PUBLICATIONS MAIL AGREEMENT NO. 41297283. RETURN UNDELIVERABLE CANADIAN ADDRESSES TO: P.O. Box 32102, 2151 Louie Drive, Westbank, BC V4T 3G2

PRINTED IN CANADA.

featuresd e p a r t m e n t s 19 MORTGAGES:

2011 MBABC MIC Directory

Announcing The BC MIC Managers Association

BCMMA

33 Underwriting Tips for Sub Mortgage Brokers submitting to Mortgage Investment Corporations (MICs):

how to get a MIC to love you and your deals.

7 message from the president 28 report on MBIBC 9 viewpoint from the editors 30 MEMBER PROFILE: broker 10 review from the executive 32 member profile: vendor director 38 in the news 11 2011 BOARD OF DIRECTORS 40 thank you to our DIRECTORY advertisers 14 CMHC statistics 41 mbabc new members 16 ficom statistics 18 ON THE SCENE 25 LIFESTYLES

columns

35 it’s time to take control of 12 broker savvy with cindy the future

friedman

SUMMER 2011 | the bc mortgage broker

D E P A R T M E N T

m e s s a g e fro m t h e preside n t

Geoff Parkin, President

It is my pleasure to take on the position of President of the Mortgage Brokers Association for the next year.

his is an exciting time for the Association as we continue to work on advancing professionalism and knowledge within our dynamic industry. We have more exciting work to be done, and it is my pleasure to continue to work on the advancement of our Association which has been so ably guided by my predecessors. CMHC recently released their annual Mortgage Consumer Survey which provides us with valuable insights on consumer behaviour and perceptions. Nationally the mortgage broker share of market has remained constant over the past year at 23%. When measured by segment, mortgage brokers had 48% market share for first time buyers, 32% for repeat buyers, 25% for refinancers, and 15% for renewals. BC continues to have the strongest numbers in Canada. However, there is clearly an opportunity to work with clients at renewal dates to reevaluate whether their current lender remains their best option. More information on the results are provided in one of the feature articles in this magazine and the CMHC report is full of other valuable information and can found at www.cmhc.ca/2011survey. FICOM issued a new Form 10 Conflict of Interest disclosure form at the end of June. While the disclosure requirements remain unchanged, the new forms facilitate clearer presentation to consumers and lenders alike. MBABC worked with FICOM to provide input on the proposed changes to these forms. FICOM also issued communication in June with respect to interprovincial licensing reciprocity. The Registrar of Mortgage Brokers will now recognize individuals who have qualified for licensing or registration under equivalent or similar legislation in the provinces of Alberta, Saskatchewan, Manitoba, Ontario and Quebec. The Registrar will therefore grant registration in BC to those currently licensed or registered in those other provinces without the need for further educational qualification. This has the potential to introduce some challenges to the local industry as educational requirements across the country are not standardized, and in fact the educational standards in BC are reportedly the most rigorous. Similarly we must recognize differences in doing business in other provinces such as varying provincial disclosure requirements and differences in land title registry systems. MBABC will continue to work with FICOM and other provincial broker associations to ensure introduction of this new legislation meets the needs of consumers and industry participants. The Mortgage Brokers Association of British Columbia is pleased to announce its Consumer Literacy initiative in partnering with the Financial Consumer Agency of Canada (FCAC). We are thrilled that the Government of Canada has embarked on this very important project to inform and enlighten consumers about utilizing a mortgage broker as their home financing specialist. Achieving this in cooperation with the

SUMMER 2011 | the bc mortgage broker

fro m t h e preside n t , c o n ti n u ed

This is an exciting time for the Association as we continue to work on advancing professionalism and knowledge within our dynamic industry.

the bc mortgage broker | SUMMER 2011

Mortgage Brokers Association of British Columbia means that each one of our members will have the opportunity to participate, and further provide expertise and be identified as THE complete resource for home financing. MBABC members will each be receiving a complete packet of material examples in the mail shortly. You have the option of utilizing this FREE resource simply by ordering the quantity and type of information you choose. It will be sent to you for distribution through your business channel to your clients. The annual MBABC charity golf tournament is coming up September 12, 2011 in Whistler with proceeds going to BC Childrenâ&#x20AC;&#x2122;s Hospital foundation. I look forward to seeing you there. Thank you for your continued support of MBABC and its mandate of raising the profile of our industry as mortgage professionals. Geoff Parkin President, MBABC

D DE EP PA AR RT TM ME EN NT T

v i e w p o i n t PHOTO CREDIT: KENT KEnT KALLBERG KallbERg

fro F R O m M t T h H e editors E E D I T O R S

welcoMe HAPPY to 2011!! SUMMER!

Co-editors Heather Cermak and Irena Sakic Co-editors Irena Sakic and Heather Cermak

H T

appy Summer Everyone! After a seemingly slow start to thestart year, of this to beus, taking a new he a summer new yearseems is upon andbrokers we areinfeeling direction. When the market slowsfor down, thatreasons! is the time particularly excited about that a few aswhen you you really need to develop a niche. We are going to help you do that can probably tell, the BC Mortgage Broker Magazine has a with the 2011 issue of The BC Mortgage Broker by providing you new look and feel, and that is because we have a new Publishing with some valuable information about MIC (Mortgage Investment company called Prosper Media group! the theme for all Corporation) Lending. You will be introduced to this the issue new is MIC about continuing education, and its importance to your business. Managers Association, find some useful tips on how to present and package your MICtodeals, anmoney informative directory Often we may forget investand thehave time, and attention of MIC members right here in BC. There is a lot of other fantastic to such an important matter, however, the more knowledge you information in this issue regarding the MBABC health benefit offers have, the better prepared you will be for your clients and referral and E & O insurance you must check out as well! sources. Wehave havesome also added the magazine We also excitinga new newscolumn to shareto about your new called Maga“Deal Resolution”-tough real life deal together scenarios, your zine Editors! After successfully putting 10 solved issues ofbyThe BC Mortgage Broker, this will be our issuechallenges as your editors. We have peers. Perhaps this will assist youfinal to view in a different enjoyed over learn the past fewabout years, the andMBiBC, appreciate way. alsothis in role this immensely issue you can more as the member support of and wonderfula feedback. are very excited to well as the benefits becoming member We of the MBaBC. One introduce Holly MacPhail and Callum Greig who will be taking over of bestWe educational is also the annual thethe reins. know they opportunities will do a fabulous job, and we look MBaBC forward Conference and tradeshow, so be sure to register before spaces are to seeing the continual evolution of this industry leading magazine. filled. We hope you enjoy the new look of the BC Mortgage Broker Sincerely, magazine and we wish you the very best for a successful 2011! Heather and Irena Heather and Irena

M B A B C M I S S I O N S T A T E M E N T The Mortgage Brokers Association of British Columbia’s mission is to provide its members with the best educational opportunities, ethical guidance and professional representation, while increasing consumer awareness by advocating mortgage brokers as the number one choice for mortgage financing.

WINTER 2011 SUMMER 2011 || the bc mortgage broker the bc mortgage broker

depart m e n t

fro m t h e e x e c u ti v e dire c tor

Welcome to the summer issue of our magazine

hope that each of you has the opportunity to build in wellness this season to balance your otherwise hectic schedule. It is apparent that ‘down time’ very nearly does not exist in this industry, and that makes it all the more important to set time aside to regroup, refocus and renew. Rounding out the summer is our annual Charity Golf Tournament at the Fairmont Chateau Whistler on September 12. This exceptional course has been rated 4.5 stars by Golf Digest and proves to host an amazing game. I would like to thank our generous sponsors and also thank you, our members, for your participation and support of this worthy cause. We hope to see you there. September also features Lydia Johnson, author of The Jalapeńo Handshake. She will be touring BC to include Kelowna, Greater Vancouver and Victoria as our Seminar Series for Professional Development continues. We are already in the planning stages of our 2012 Conference & Trade Show. We’ve an exciting agenda and have taken your feedback into consideration. We greatly appreciate participation

in our industry surveys and recognize the value of a strong dialogue between industry members and your provincial association. Thanks for the ideas and input. MBABC has revamped our electronic communication and will be providing routine updates via email. These will focus on timely newsworthy items, regulatory issues, media relations, announcements, such as from the BC Securities Commission as well as practical information. This will generally occur every 6 to 8 weeks. Also to note, our online magazine is circulated to over 4000 people. It is great exposure for advertisers and we encourage you to review our Media Kit online for information on how to participate. I hope you all have a chance for respite before what we anticipate to be a busy fall season. Stay connected – participate with us and share your concerns. The Board of Directors can be reached easily through our web site under MBABC (about)/Directors. Have a great summer! Tamera Olsen Executive Director

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Mortgage on property owned by a person who is at an arm’s length relationship away from the borrower.

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Scan, click, call or email to find out how an RRSP account can fund a mortgage! 1.800.663.1124 | informationservices@cwt.ca | www.cwt.ca/mortgage.htm 10

the bc mortgage broker | SUMMER 2011

D E P A R T M E N T

2011 directory b oard of dire c tors Geoff Parkin

Susan Shannon

604-531-7310 604-619-5343 cell, 866-218-5996 fax geoff.parkin@vericoselect.com

604-742-3411 604-657-9195 cell, 604-630-7270 fax geoff@origingroup.ca

Callum Greig

Jared Dreyer

S T A F F

250-516-9894 callum.greig@streetcapital.ca

Vice President

604-649-5991 x201, 604-539-3802 fax jared@dreyergroup.ca

Tamera Olsen

Roger Levesque

Executive Director

250-405-4351 250-380-8048 cell, 250-405-4355 fax roger@rocharfinancial.com

Loren Hawkins Secretary

250-862-9504 250-215-3042 cell, 250-861-2939 fax lhawkins@valleyfirst.com

Holly MacPhail

Joanne Vickery

Jason Suttie

vickery@intergate.ca /alternate 604-250-5070 cell, 778-571-4258 778-571-4259 fax joanne.vickery@mtgarc.ca

Deb White

604-760-2247, 866-646-5230 fax jason@custommortgages.ca

Past President

Catherine Barry

Marketing & Communications

604-272-1784 604-341-5798 cell, 866-601-4914 fax koyhenart@shaw.ca

250-480-0633 250-881-3900 cell, 250-480-0662 fax robhafer@invis.ca

Accounting / Member Services

Jessica Facini

Kevyn Oyhenart

Treasurer

Debra Hiller

Education Coordinator

778-772-3619 holly.macphail@genworth.com

Rob Hafer

COVE

Geoff Willis

250-483-1375 250-217-8777cell, 250-483-1377fax susan.shannon@vericoselect.com

President

250-545-2202, 250-549-7283fax deb.w@telus.net

MORTGAGE BROKERS ASSOCIATION OF BRITISH COLUMBIA Suite 404, 999 Canada Place, Vancouver, BC V6C 3E2 Phone: Direct 604-408-9989 Toll Free 877-371-2916 Fax: Direct 604-608-0977 Toll Free Fax 866-557-0977

The name youâ&#x20AC;&#x2122;ve trusted for 35 years when you want to get the deal done.

Why? Cove Mortgage Ltd. is a private lender with access to our own funds.We offer customized mortgage solutions from 25k to $2 million on nearly EVERY property type in BC. 1st, 2nd & 3rd mortgages available up to 80 % LTV.

We see ways to make the deal work that others miss! s Consistently reliable s Extremely fast s Common sense private lending

Mainland BC Underwriting Direct

www.covemortgage.com Phone: Fax: Email:

604-929-8156 or toll free 1-888-929-8156 604-929-9592 cove_mortgage@telus.net

Phone: Email:

250-480-9566 ross@covemortgage.com

est. 1976

Agent - Vancouver Island, BC Ross Elliot

SUMMER 2011 | the bc mortgage broker

c o l u m n

broker savvy w it h

c i n d y fried m a n

Raising Professionalism to Grow Broker Market Share

here’s no doubt that the Canadian mortgage brokering channel is the superior choice for consumers versus heading to their bank or having a bank “mortgage specialist” set up an appointment when they’re seeking a mortgage. If you didn’t feel that way, you wouldn’t be a broker. Yet, in 2010, only 25% of all Canadians chose a mortgage broker for their mortgage financing needs. That means that every three out of four borrowers did not enlist a mortgage broker to get multiple lenders competing for their business. The latest research released by CAAMP, conducted by Maritz Research Canada, points out that awareness is a key challenge facing the mortgage brokering channel. Just 5% of Canadians said they have a full understanding of the services provided by mortgage brokers, while an additional 28% said they have a good understanding. This means that two-thirds of Canadians have less than a good understanding about what a mortgage broker does, and points to what is likely a great deal of business being lost to other channels due to lack of awareness and understanding. The importance of awareness is clear: Broker market share is 12

the bc mortgage broker | SUMMER 2011

roughly twice as high among those who have a good or full understanding of broker services when compared with those who have a lesser understanding. Furthermore, although the mortgage brokering channel is highly competitive with other channels on first mortgages, Maritz research shows that when it comes time to renew or renegotiate, fewer Canadians think to turn to their broker. On first mortgages, nearly two-thirds of Canadians are consulting mortgage brokers, and broker market share is equal to banks at 40%. Broker share falls to 27% on early term renegotiation, and finally to 21% of scheduled renewals. The answer to the issue of increasing broker market share lies in raising the bar of professionalism in the industry to ensure brokers are not simply acting as order takers but, rather, they’re building long-term businesses that include educating and following up with their databases to ensure repeat and referral business.

Consumer education If consumers feel comfortable working with brokers because they keep them informed throughout the home-buying and mortgage financing processes, as well as throughout the

b ro k er sa v v y , c o n ti n u ed

life of their mortgages, there’s no doubt this will result in repeat and referral business. Educating doesn’t simply mean reminding clients that their mortgage is coming up for renewal, although this is also important. Education is multifaceted and, therefore, must be well planned. The first step involves clearly explaining to everyone you know and everyone you come across throughout the course of both your personal life and business ventures what mortgage brokers can offer borrowers every time they need a mortgage, are approaching renewal or could benefit from a refinance. Too many conversations are cut short by stating “I’m a Mortgage Broker” when asked what you do for a living. Since so few people truly know what a mortgage broker does and has to offer, the conversation must continue with follow-up questions on your part. “Do you know what a Mortgage Broker does?” “Do you know why using a Mortgage Broker is one of the best choices you could ever make?” Don’t bore people with longwinded, technical explanations, but by simply stating you offer professional advice, choice throughout the process and can get multiple lenders competing for their business to ensure they receive the best possible product and rate catered to their unique needs is enough to resonate with people and get them considering using a mortgage broker the next time they’re in need of your services. Then, once you meet with a borrower for the first time, it’s essential to offer a more detailed explanation of why they should use a broker for all their mortgage financing needs. Explain the process from start to finish, hand them professional take-away materials that discuss various aspects of the mortgage process and how you can also help them upon renewal and

the value of a refinance. Holding their hands throughout the mortgage process will build trust, which also leads to loyalty for future business as well as referrals. You must then follow through and keep your clients informed every step of the way. Build a follow-up system that involves sending out specific emails and letters at each step of the mortgage process. But this doesn’t stop with the funding of the mortgage. Keeping in touch at least once a month by providing relevant marketrelated and homeowner-geared information is key to remaining top-of-mind for as long as they require a mortgage. There are many CRM programs available that enable you to set-and-forget a follow-up program with your clients, as well as select specific groups of clients for special articles or information on rates, refinances, property investment, vacation homes, renewals, etc. Of course, keeping your clients informed also means you must remain at the top of your game at all times. Make sure you take time to educate yourself by attending MBABC and CAAMP events, as well as learning sessions offered by your brokerage, lenders and other suppliers. In addition, if you do everything in your power at all times to ensure the best interests of your clients are being met, why wouldn’t they come back to you time and again? It’s really not rocket science – it’s a commitment to ensuring all borrowers have a positive experience with mortgage brokers so they continue to use your services and refer their friends and family your way for years to come.

Our knowledge, Our relationships, Our investors, Your benefit. Commercial Mortgage Bankers

Cindy Freiman is Director of Public Relations & Communications for Dominion Lending Centres (cindy@ dominionlending.ca; 289-240-6322). SUMMER 2011 | the bc mortgage broker nexus-third-pgvert-mbabc-ad-jan2011.indd 1

21/12/2010 4:23:31 PM

c o l u m n

CMHC S T A T I S T I C S

MHC’s Mortgage Consumer Survey provides quality information to mortgage professionals to help them better serve their clients. For over 10 years, this annual survey has provided insight on consumer behaviours, attitudes and expectations when acquiring, renewing or refinancing a mortgage.

2011 CMHC Mortgage Consumer Survey Highlights

British Columbians Lead the Way in Broker Usage While 39% of recent Canadian homebuyers relied on the services of a mortgage broker, British Columbians continued to lead the nation at 54%. Further, while the use of brokers has remained relatively stable throughout the rest of Canada, this rate has increased modestly in BC over the past three years. However, broker use in BC is 29% when refinancers and renewers are included in the results indicating that fewer respondents in these categories sought the services of brokers.

British Columbians Make Decisions More Quickly Recent buyers in BC tended to make decisions more quickly, spending on average nine months planning their purchase compared to eleven months throughout the rest of Canada. British Columbians also tended to spend slightly less time (4 weeks) researching their mortgage options before making a decision than the national average (5 weeks). While slightly below the national average of 86%, the vast majority of recent buyers in BC (81%) believe that homeownership is a good long-term investment.

Opportunities to Improve Service Remain Opportunities exist to enhance the service and education provided to mortgage consumers. The survey found that contacting clients after the mortgage process is completed is good for business. If you follow-up with clients, the likelihood of them contacting you for future mortgage needs or recommending you to family and friends increases substantially. Nationally, the survey showed that during their mortgage research only 23% of first time buyers received advice on budgeting while 18% received advice on managing debt. The survey also found that one in four (25%) recent buyers is not sure where to go to receive reliable advice in case of financial difficulty.

Supporting Mortgage Professionals Buying a home is one of the biggest financial decisions most Canadians will make in their lifetimes. As key participants in this process, we all have a responsibility to help Canadians navigate the homebuying process and understand their financial options. CMHC will continue to work with our partners across the industry – including mortgage professionals – to make sure you have the tools and information you need to help Canadians make the right decisions. Our website, EverythingYouNeed.ca – offers product information, market insights and valuable industry tools you can share with your clients as you confidently manage your business. For more information or to coordinate a presentation of the complete 2011 Mortgage Consumer Survey results visit cmhc.ca or contact your local CMHC representative. 14

the bc mortgage broker | SUMMER 2011

Work with a lender who can bend. 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.

Call us today

604.530.2301

c o l u m n

F R O M F I C O M

Information provided by FICOM Real Estate and Mortgage Broker Department as of June 30, 2011: Registered Mortgage Brokers 822 Head Offices Registered Mortgage Brokers 284 Branch Offices Total Registered Mortgage Brokers 1106 Registered Sub-Mortgage Brokers 3415

Criminal Record Checks and Suitability Issues

s of June 1, 2011, the Financial Institutions Commission shall no longer be able to obtain criminal record checks on applicants. Therefore, applicants applying for initial registration or registration renewal must supply the Registrar’s staff with a current and original CCRC”, which is dated not more than six months prior to the date of application. An applicant may obtain a CCRC based on his or her name and date of birth by attending at their local police station or a third party service provider. Third party service providers include Canadian Corps of Commissionaires, L-1 Identity Solutions, Express Pardons and International Fingerprinting Services. Applicants must complete a “Third Party Waiver of Consent” form which authorizes the police authority to send the CCRC directly to the Registrar’s staff, or the applicant must forward his or her original CCRC to the Registrar’s staff. In circumstances, where a CCRC based on the name and date of birth of the applicant shows a significant criminal record or the Registrar has concerns over the identity of the applicant, the applicant may be required to obtain a CCRC based on the applicant’s fingerprints. Pending Certified Criminal Record Checks for Renewal Applications The Registrar’s staff may process a current registrant’s application for renewal of registration without having received the CCRC at the time of application by providing proof that a CCRC has been requested. In the event, that the Registrar grants renewal of registration to an

applicant without a CCRC, the applicant’s registration will be conditional on: • the applicant demonstrating that they have submitted a request for the CCRC at the time of application; • the Registrar’s staff receiving the CCRC within a specified time period following renewal of registration; and • any other conditions which may be considered appropriate by the Registrar.

Privacy and Retention

Applicants for registration must consent to the Registrar’s and FICOM’s collection, use, disclosure of personal information, including their CCRC, and any other regulatory purposes under the Act and in accordance with the Freedom of Information and Protection of Privacy Act by providing a signed Form 16. The Registrar’s staff only uses a CCRC for the purposes of determining suitability for registration under the Act. The CCRC is held in confidence by the Registrar’s staff and is not disclosed to any party other than the sponsoring mortgage broker and its Designated Individual, or in accordance with the requirements of a suitability proceeding under the Mortgage Brokers Act.

Criminal Record Disclosure:

The Registrar’s staff assesses an applicant’s suitability for registration or renewal of registration by reviewing a number of factors relating to the applicant, including whether the applicant has been charged or convicted of a criminal offence.

report fro m fi c o m

At the time of making an original application for registration or an application for renewal of registration, applicants must disclose whether he or she has been charged or convicted without pardon of any criminal offence or offences, under any law of any province, state or country. If the applicant does have a criminal record or pending criminal charges, he or she must provide a detailed explanation of them, including the circumstance under which the charges were laid, the specific offences, whether they resulted in convictions, the relevant dates, a description of the disposition of the charges and any penalty imposed. The existence of a criminal record or outstanding criminal charges will not necessarily preclude the applicant from registration. In determining whether a criminal record or

an outstanding criminal record will make an applicant unsuitable for registration, the Registrar will take into consideration:

The seriousness and number of offences;

The nature of the offence or offences, and whether they relate to acts of dishonesty or deception, or demonstrate a risk of potential harm to the public; The length of time which has elapsed since the date of the offence or offences; Any efforts the applicant has made to rehabilitate himself or herself; and The sentence imposed by a court, and whether the sentence has been completed successfully.

Failure to Disclose:

In addition, the Registrar expects that each applicant will complete registration applications with truthful and complete information, including informa-

tion about his or her criminal record or outstanding criminal charges. It a serious matter for any applicant to provide false information in an application by either making false statements or failing to provide complete and truthful statements. Providing false or incomplete information to the Registrar’s staff may affect an applicant’s suitability to be registered and may result in the refusal, suspension or cancellation of registration. If an applicant is uncertain of whether a conviction is criminal in nature or constitutes a criminal record, or whether pending criminal charges have been appropriately concluded or finalized in court and must be disclosed, he or she should contact the Registrar’s office for clarification. For more information about obtaining CCRC’s, please contact the Registrar’s staff at 604-953-5300 or MortgageBrokers@ficombc.ca

We’ll work harder for you

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

1-888-837-2326

Personal. Efficient. Committed.

bwballstarportal.ca MBAB002 08/01/11 SUMMER 2011 | the bc mortgage broker

D E P A R T M E N T

scene

ON THE

he new 2011 Board of Directors enjoyed their team building and strategy planning session out at Loon Lake in Maple Ridge, while

over in Las Vegas the first annual Dominion Lending Centres National Conference was attended by over 500 delegates. MBABC members also enjoyed a day on the links at the 2011 CAAMP Golf Tournament.

the bc mortgage broker | SUMMER 2011

F E A T U R E

2011 MBABC MIC Directory Company

How long has MIC been operating

Niche

Submission process

ACCEPTED FINANCIAL CORP

3 years

Target Market; Primarily 2nd mortgages up to 80% financing with proof of cash flow or 75% without. Target Lending Areas; Lower Mainland and major centres in the Okanagan and Vancouver Island. AFC does not charge more for rental properties and does not insist on a 50/50 fee split with the Broker.

Email: info@acceptedmic.com or Fax: 604-937-7299 or Phone: 604-937-7269

ALPINE CREDITS

27 years

As equity lenders - your clientâ&#x20AC;&#x2122;s credit, income or debt service is not our primary concern. Alpine has experience in all varieties of mortgages including partial interest, land and interest only. We have Same business day approvals and we can fund within 5 business days.

Email: graham@thealpinegroup.com or Fax: 604-583-0757

ALTA PACIFIC MORTGAGES & INVESTMENT

3 years

Canadians encounter opportunities that - if acted upon quickly - can result in great financial benefit and return. The big bank often cannot help. Alta Pacific can, and acts fast as an opportunity lender offering 1st and 2nd mortgages on Western Canadian residential and commercial real estate.

Email: apps@altapacificmortgages.com Phone: Brad Unrau 778-328-7401 ext. 102 Fax: 604-608-9070

ALTA WEST MORTGAGE

18 years

Alta West Mortgage lends a mix of first and second mortgages. We focus on single family residential property, however we will also lend on most other property types including Duplex, Townhouse, Bare land Condos, Apartment style Condos (low and high rise), Acreages, Farms and Commercial property.

Email: steve@altawestmortgage.com Fax: 1-888-240-9087 Filogix

Where homeowners go to borrow money

SUMMER 2011 | the bc mortgage broker

C R E A T I V E L E N D E R S , c o n ti n u ed

Company

How long has MIC been operating

Niche

Submission process

ANTRIM INVESTMENTS

18 years

New to private lending? Our friendly and knowledgeable underwriters will help you every step of the way, creating a custom mortgage solution for your clients. Antrim offers residential 1st and 2nd mortgages (most with open terms as standard) and some of the most convenient residential construction financing on the market.

Email: applications@ antriminvestments.com, Phone: 604-530-2301 or Fax: 604-530-2185 Filogix

BAYFIELD MORTGAGE PROFESSIONALS LTD.

29 years

Common sense equity based lending on Residential and some commercial properties on exception. Being a Equity Based lender we are not limited to a specific market type, GDS/TDS limits and or Proof of Income.

Email: gord@bayfieldonline.com Fax: 604-533-8909 Filogix

CAN TERRA FINANCIAL

7.5 years

1st & 2nd mortgages in BC & AB • up to 75% LTV • houses, condos, townhouses, rentals, lots, construction draws & some commercial • common sense lending when dealing with debt consolidation, judgments, bankruptcies & equity take outs • rates and fees based on the merits of each deal • Quick turn around

Email: canadmin@telus.net Phone: 250-869-4912 Toll Free:1-888-869-4912 Fax: 250-869-4913 Toll Free:1-888-869-4913

COVE MORTGAGE

12 years

First, second and third mortgages on residential and commercial property in BC. Loans up to 75% LTV in Greater Vancouver and Victoria, 65% elsewhere. Additional financing available from our private sources, up to 80% for refinances and up to 85% for purchases. Managed by Cove Mortgage, private lenders since 1976.

Email: cove_mortgage@telus.net Fax: 604-929-9592 Filogix

DRAKE FINANCIAL

18 years

Loan size: we will consider all requests up to 75,000.00 throughout BC and larger loans on an individual case basis Types of Loans: 1st, 2nd, and 3rd mortgages, bridge financing, foreclosure redemptions, debt consolidations Loan Terms: 1 year closed, commission split 50/50

Email: warren@drakefinancial.co

C R E A T I V E L E N D E R S , c o n ti n u ed

Company

How long has MIC been operating

Niche

Submission process

FIRST CIRCLE

20 years

Our original niche was construction lending, but we have expanded our product line to include residential 1st and 2nd mortgages to 75% LTV, plus some commercial, raw land, and land development financing.

Fax: 604-986-3200 or Email: mortgages@firstcircle.ca

FISGARD

17 Years

Fisgard provides flexible and creative residential and commercial mortgage solutions in BC and Alberta. Fisgard mortgage products range from residential first and second mortgages to multi-million dollar commercial, construction and mezzanine loans. One of Fisgard’s strength’s is it’s experienced underwriting team and innovative approach to difficult or unusual mortgage situations.

Email: newdeal@fisgard.com Fax: 250-384-1498 Filogix/Expert

INTERIOR EQUITITES CORP

29 years

Working in partnership with Mortgage Brokers, we provide flexible, customized lending solutions with a focus on residential 1st mortgages, small land assemblies and developments, commercial properties with leased space, and smaller construction projects. Our primary lending areas include the Okanagan Valley, selected areas in the Kootenays and larger urban centres including Vancouver Island.

Email: info@interiorequities.com or dfinlay@interiorequities.com Fax: 250-763-7765

KENSINGTON REALFUND CORP.

14 Years

We are Vancouver Island Specialists. We lend on residential construction, owner occupied residential properties and small commercial properties. We are an equity based lender. We have a proven track record to our Brokers. We stay on top of your deal until it is funded.

Email: Margaret@midislandbroker.com Phone: 250-752-6944 Fax: 250-752-5363

MANDATE NATIONAL MORTGAGE

29 years

Mandate National Mortgage Corporation invests in residential and commercial mortgages, both fixed and floating rates. Such properties include single family and multifamily dwellings, commercial and industrial properties inclusive of pubs, marinas, strata retail/office and development loans. Mortgages cannot exceed 75% of the appraised valued on properties located primarily in B.C.

Email: mandatenational@telus.net, Fax: 604-734-5546 or Filogix Expert via Co-Broker option

C R E A T I V E L E N D E R S , c o n ti n u ed

Company

How long has MIC been operating

Niche

Submission process

PHL LENDING CAPITAL CORP

4 years

PHL Capital Corp. will fund residential and commercial mortgages between $50,000 to $1,000,000 on properties located in the Metro Vancouver and Fraser Valley areas. PHL Capital Corp.is a common sense, broker focused lender, and will work with the broker to structure private financing to best suit their clientâ&#x20AC;&#x2122;s needs.

Email: steveponte@phlgroup.ca parmpurewall@phlgroup.ca Fax: 604-575-7410 or Fax: 604-513-9196

PACIFICA MORTGAGE INVESTMENT CORPORATION

17 years

Common sense underwriting with the ability to react quickly and fund larger loans. Pacifica lends primarily on residential and commercial real estate in major urban centers in BC and Alberta. We offer competitively priced 1st and 2nd mortgages that are typically open.

Email: shillman@pacificamortgage.ca or Fax: 604-899-0337

PREMIERE MORTGAGE

15 years

No income verification and No credit score requirements - very flexible approvals catering to virtually any situation or circumstance - up to 75% LTV. All types of residential properties considered, including farms, acreages, mobiles â&#x20AC;&#x201C; even raw land! We can even help with foreclosures! Exceptional rates and fees on 1st, 2nd & 3rd mortgages. Lending in British Columbia, Alberta & Manitoba.

Email: lending@premhome.ca or Fax: 1-877-600-3362

RELIABLE MORTGAGES INC

17 Years

Mortgages are all open, interest only. Renewal for only $100. Lines of Credit loans and no interest charged on unadvanced funds. We control our money, no committees or Boards needed to approve our loans so we are fast! Creative solutions, expert advice, and we are fun to deal with!

Email: reliabledale@reliablemortgages.ca or reliablejessica@reliablemortgages.ca Call Dale or Jessica Phone: 604-214-5626 or Fax: 604-214-5625

SECURE MORTGAGE CORP

16 Years

Mainly focus on residential 2nd mortgages in the $50,000.00 to $150,000.00 range.

Email: rickfeilen@securemortgage.ca Fax: 604-523-6794

TEKAMAR MORTGAGES LTD.

13 years

Our Niche is anything that makes sense in southern interior of BC and Selected spots on the Vancouver Island. No ports or forts.

Email: tekamar@telus.net

C R E A T I V E L E N D E R S , c o n ti n u ed

Company

How long has MIC been operating

Niche

Submission process

THOMPSON VALLEY MORTGAGE CORP

19 years

Small town BC & AB, population 3000+, 1st & 2nd residential, we do not use beacons.

Email: w1005@shaw.ca or Fax: 1-877-559-1005

TRILLIUM INVESTMENT FUND I (MIC) INC. AND TRILLIUM INVESTMENT FUND II (MIC) INC.

3 years and newly established

Primarily residential 2nd mortgages in urban BC, targeting Greater Vancouver and Southwestern BC. No default management or extremely poor credit unless LTv is <60%. Prefer self employed revenue property financing, or funds for well established business clients looking for funds to invest in their own business. We are looking for good quality people with equity in homes in high turnover markets. Will lend up to 85% LTV under some circumstances, although generally most loans are 75% LTV or less. We make decisions quickly and generally fund within ten days.

Email: d.wilson.dlc@gmail.com

VECTOR PACIFIC MORTGAGE CORPORATION

30 years

Vector Pacific started managing PCMIC in 2006 and prior to that VPMC was a specialist in Non-Institutional Commercial Mortgages. With the history of PCMIC being in Residential Construction Mortgages, and VPMC specialty being Commercial Mortgages we married the two to provide Common Sense for Uncommon Mortgages.

Email: paul@vpmc.ca Fax: 604-986-3155

VIA MORTGAGE INVESTMENT CORPORATION

10 years

Open terms and lower rate 2nd mortgages for clean credit borrowers who canâ&#x20AC;&#x2122;t confirm sufficient income. Lending in and near major centres in BC. Up to 75% LTV (80 - 85% on purchase/exception with exit strategy). Inter alia and bridge financing OK. Flexible repayment terms.

Email: toddhickling@shaw.ca or Fax: 604-899-0362

VWR CAPTIAL CORP

17 years

V.W.R. Capital Corp is a private mortgage investment corporation specializing in 1st, 2nd, and 3rd mortgages for individuals who cannot qualify through conventional financial institutions. We work with a large network of mortgage brokers and currently lend in Alberta, British Columbia, and Manitoba.

Email: info@vwrcapital.com Fax: 1-877-291-7582

One broker at a time.

www.invis.ca

www.mortgageintelligence.ca

D E P A R T M E N T

lifestyles Don’t Let Your Family Bury Your Sense of Style

t will be unrealistic to expect that when raising a family everything will look crisp and tidy all around the house at all times, the reality is that kids come with a lot of stuff and before you notice they can take over the whole house leaving your sense of style buried under the clutter. But that doesn’t mean that you should give up on having style and wait until they move out to start decorating your home. Style can still be achieved if you follow these simple solutions from Lucila Diaz, interior decorator and owner of Harmony Sense Interiors 1. Control the clutter: Have bins or baskets in every room so everything has a place and can be put away easily. 2. Establish boundaries: Assign an area where kids can be messy. 3. Select spill-proof sofas: Select leather, suede or water repellant fabrics for your sofas, don’t be afraid of light surfaces, just make sure they are cleanable. 4. Upgrade big box store furniture: If you don’t want to invest a lot in your teenager’s room, upgrade inexpensive items by adding knobs, mirrors or lampshades. 5. Do other than pink for girls and blue for boys: When doing a nursery select a color pallet that is fresh and more gender neutral. SUMMER 2011 | the bc mortgage broker

l ifest y l es , c o n ti n u ed

Use pillows with texture and pattern to add life and playfulness to your space.

6. Let kids have a say: Especially when decorating their rooms, allow them to express what they like and want, but avoid decorating with cartoon characters as they will grow out of it before you even finish decorating the room.

Practical tips Use fabrics to introduce color: Use pillows with texture and pattern to add life and playfulness to your space. Avoid carpet: If you donâ&#x20AC;&#x2122;t want to be steam cleaning your carpet every other moth select laminated or hardwood floors and add softness by using carpet tiles that can be easily replaced and cleaned. Use non-breakable accessories: Wood and textured accents are a great and safe addition Paint with Wipe-clean paint: Especially for high traffic areas and family rooms. Photos: Marcos Armstrong Interiors by Harmony Sense Interiors

the bc mortgage broker | SUMMER 2011

c o l u m n

o n MB I BC

MBIBC RELICENSING NEWS

t was only last year that the Registrar announced new relicensing education requirements to be offered by MBIBC. In British Columbia, we have had as many as 2,298 mortgage broker registrants who have participated in the MBIBC program. So far: • 2,298 brokers have signed up for the Regulatory Update seminar; • 669 brokers have completed the Record Keeping Module; and • 322 brokers have completed the Advertising Module. The Regulatory Update seminar has been provided in 21 cities throughout British Columbia and we have now provided 3 webinars. Another webinar is scheduled for August 4th, 2011 and will also be providing a seminar in Victoria on September the 14th, in Kelowna on September 21th and in Vancouver September 28th. Please visit our website at www.mbibc.ca regularly for information. Under the Bulletin MB 10-002, if a registrant’s renewal date is between January 31, 2011 and December 31, 2011, in order to qualify for registration TO SUIT YOUR NEEDS renewal, he or she must participate in a seminar facilitated by the Registrar’s staff called the “Regula• Short Term Bridge Loans tory Update for Mortgage Brokers” and one online • Development Cost Over-runs course offered by the MBIBC. Thereafter, registrants must participate in the seminar and take three • Multi-Family online courses.

Catherine Barry, Education Coordinator MBIBC

MORTGAGES • Commercial/Residential • Land/Subdivision Loans • Project Workout Solutions

MBABC NEWS: MCLAREN

ALAN LONG CRAIG PHONE: 604-731-2899 • FAX: 604-734-5546 TOLL FREE: 1-866-432-4949 EMAIL: mandatenational@telus.net Suite 505 - 1195 W. Broadway, Vancouver BC V6H 3X5

Vancouver’s Sub-Prime Mortgage Lender since 1982 28

the bc mortgage broker | SUMMER 2011

Don’t forget our Professional Development seminar with Lydia Johnston. She is a passionate leadership coach and has authored “The Jalapeno Handshake”. She will be in Kelowna on September 21th, in Vancouver on September 27th, and in Victoria on September 29th, 2011. And for our Junior Brokers, please join us at our AIC – Applied Information Course – on October 20th and 21th, 2011. This seminar will leave you with tons of valuable information provided by our best educators as well as professional mortgage brokers.

The Right Partner Makes All the Difference. Industry-leading compensation CMHC or Genworth insured mortgages 3% Cash Back towards down payment Dedicated Business Development Managers to serve you Competitive Fixed & Variable Rates

Lower Mainland

Island & Interior

Sasha Idema

Tania Hatcher

cell

(604) 328-6901

e-mail sasha.idema@resmor.com

(250) 818-3884

e-mail tania.hatcher@resmor.com

D E P A R T M E N T

broker p

CMHC rules don`t change), so it`s a matter of waiting out the dead period to the point where buyers are confident again that they are actually buying an investment as opposed to a depreciating asset. Our industry will consolidate in numbers, but, maybe that`s necessary.

I believe it is key for brokers to have a professional organization for our province. The MBABC helps maintain the highest ethical standards, without which we would find ourselves untrusted, and unused. The MBABC is something every BC broker should fight to keep.

4) Advice for new brokers coming into the market… 1) My best practice: What makes me successful – Taking a laid-back-but-thorough approach when dealing with clients. Being honest in advance about any costs of doing a deal. Overall, being ethical when dealing with borrowers and lenders – It always pays back in spades. Surrounding myself with good, focused people keeps me at my best, as does taking time off as an investment in myself. Without a balanced life, there isn’t enough energy to work hard.

2) Biggest challenge mortgage brokers face today. Things are good today, but I believe the biggest challenge coming is dealing with higher costs of borrowing. Maintaining volume for A-brokers could become very challenging when fixed and prime rates go up. House values will likely stabilize thereby extinguishing the equity that many current homeowners try to utilize. Theoretically though, this deflation should bring more potential home purchasers to the table (assuming the bc mortgage broker | SUMMER 2011

3) What do I find important about the MBABC -??

MBABC’s Member Broker Profile presents Dave Fitzpatrick of Mountain City Mortgage Corporation

I would say the challenge for new mortgage brokers is to get enough volume of leads to really learn the ins and outs of pricing, selling and submitting mortgages confidently. There is a lot of trial-and-error at first because there are a lot of specifics to know, and operational training is very hard to come by. The advice? Find a good DI and reputable company to cut your teeth with. Make sure you check the credentials of who you are going to work for.

5) Favorite place to Network Professional events. Day to day though, it’s being open to people where ever I go. But I don’t advise being in sales mode all the time. Fortunately, I`ve been successful using the soft-sell approach and I have stuck with what has worked for me. Dave Fitzpatrick, AMP MOUNTAIN CITY MORTGAGE CORPORATION 1 888 685 6181 Toll Free 778 837 8321 Mobile http://www.davefitzpatrick.ca

F E A T U R E

Announcing The BC MIC Managers Association (BCMMA)

n May of last year, a number of prominent Mortgage Investment Corporation (MIC) owners and managers met informally to discuss the issues facing their industry. By the time the meeting concluded a unanimous consensus was reached and, as a result, we are pleased to announce the formation of the British Columbia MIC Managers Association (BCMMA). The Board of Directors consists of Alan Cross, President (First Circle Financial), Dawn Paniz, Meetings Chair (Fisgard Capital), John Mercuri, Regulators Chair (Premiere Home Mortgage), and Jessica Whyte, Membership and Policy Chair (Reliable Mortgages). The goals of the Association are to facilitate the exchange of information and ideas among members as well as to present a common voice to regulators and others in an effort to protect member interests and further an understanding of our industry. One of the criteria needed to qualify for membership in the Association is that the member’s primary source of income is derived from the management of a Mortgage Investment Corporation. Also, each member has signed an Oath to the Association acknowledging that they conduct business in an ethical, professional, and respectful manner. Over the past twenty years, and especially of late, our industry has grown into a significant source of mortgage funds in the Canadian landscape. Our twenty members have in excess of one billion dollars in lending capacity. The implications of the formation of this Association for mortgage brokers is that our members are an important source of mortgage financing in British Columbia that should not be overlooked. Furthermore, mortgage brokers can be assured that if they contact one of our members with a loan application, their file will be handled in a professional manner and that our members have the financial capacity to follow through on their commitments. We are working on a website which should be launched this fall. In the meantime, please feel free to contact one of the aforementioned directors for a complete list of our members. Alan Cross – President, First Circle Financial President – BC MIC Managers Association (BCMMA)

Equity Based Sub Prime Mortgages Residential Construction Mortgages Ask us about small commercial mortgages and land development financing too!

Phone: 604.986.3200 Fax: 604.986.3201 alancross@firstcircle.ca annewalker@firstcircle.ca

alancross@firstcircle.ca (604) 986-4975 www.firstcircle.ca

Fast answers Quick turn arounds

1st-circle-third page-vertical ad-july2011.indd 1

13/07/2011 9:29:25 AM

D E P A R T M E N T

vendor p

MBABCâ&#x20AC;&#x2122;s Member Vendor Profile presents Gary Pabla of D+H Limited Partnership

1. What Territory do you focus on: My focus is the province of British Columbia, major centers, Victoria, Vancouver/Lower Mainland and the Interior.

2. Qualities that make for a successful salesperson: I believe there are a few different qualities that make for a successful salesperson: a) Product knowledge - he or she should have a vast knowledge and understanding of the products they are offering. This will certainly allow for answering any questions or concerns the client might have. b) Patience - selling to a potential client, it is important to be patient. Patience will go a long way to show the customer that you are not putting pressure on them to take the product or service. It allows them to make the decision when they feel comfortable. c) Personality - having a great personality adds to a salespersonâ&#x20AC;&#x2122;s appeal. Clients will interact and show interest with someone who is upbeat and personable. d) Team Player - a successful salesperson must also be a team player. Having the ability to provide input and assist coworkers when necessary is a huge asset.

3. What do you find important about the MBABC: The MBABC is very proactive and constructive in providing their members with education and relevant information. The MBABC is also instrumental in helping consumers understand the importance of the broker community and the services they provide.

4. Technology tip for brokers: When moving through the lifecycle of a mortgage application in Expert, always be sure to update its status. This will allow for correct reporting on files that are either, in progress, closed, paid or even cancelled. It is ideal for tracking purposes and gives integrity to your data. All in all, adjusting the status for files, either for yourself or for your firm, will go a long way.

5. Favorite aspect of my job My role has allowed me to interact with great people and build lasting relationships. It has also allowed me to travel throughout the great province of British Columbia. Gary Pabla, AMP D+H LIMITED PARTNERSHIP 778-837-1495 Mobile gary.pabla@dhltd.com

the bc mortgage broker | SUMMER 2011

F E A T U R E

How to get a MIC to Love you and your Deals!

Underwriting Tips for Sub Mortgage Brokers submitting to Mortgage Investment Corporations (MICs)

have been working in the mortgage business for sixteen years and the majority of that time has been spent underwriting mortgages for our Mortgage Investment Corp. During that time, I have learned what I and other MICs like to see. If you want to impress the MIC you are applying to, follow this list of what to do. Read the entire file you are sending. Make sure your application is up-to-date and the file is complete. You need to thoroughly know the clients entire financial picture and understand the context of the financing request. Nothing turns the lender off more and makes them nervous than a broker who does not know the details regarding the file they submitted! Provide a summary with your file. We love to read (or hear) a quick summary of what the situation is, what the clients are looking for and how they plan to exit the deal. We don’t like digging through the broker’s file to try to figure out what they are looking for. If you make less work for your lender, they will naturally like you better! Be organized. Ask who the lender accepts for an appraiser. Every MIC will have their trusted appraisers. Since we are equity lenders, we want to know about the property and the value. Before ordering the report, check with your lender first to make sure they accept the appraiser. Don’t send your deal to several MICs at once. Alternative deals are more complicated to assess and “shot gunning” a deal out to several MICs on one email is frowned upon as we have limited resources. Get to know the MICs who lend in your area - what they can and can’t do and send to the lender that best fits your client’s needs. We will pay more attention to deals from brokers that send quality deals and don’t waste our time. Let us know the bad stuff upfront. We are used to seeing applications with flawed credit, previous financial issues, self-employed clients with little provable income etc. If you don’t disclose this information up front, we feel that we are being misled and wonder what else the broker is not telling us? Lay it on us, we can handle it and if one MIC doesn’t deal with the particular issue (ex. a current foreclosure refinance) another MIC will. Get to know the MICs and what they can do. There are some great lenders with neat products and they can facilitate deals you may think are un-lendable. Get their information at Trade shows, call and meet with them, read their websites – get informed. There is a large part of the population that does not fit the bank mold; that could use your help and grow your business. SUMMER 2011 | the bc mortgage broker

UN D E R W R I T E R T I P S , c o n ti n u ed

Take the time to read the commitment letter and know what the MIC requires of you to close the deal.

Read the entire commitment letter. Take the time to read the commitment letter and know what the MIC requires of you to close the deal. Generally, the requirements are less than on an “A” deal but there are still things the lender wants to know or see, so they are comfortable with the deal. The sooner you get the information to them, the quicker they can act. Often with private deals, time is of the essence! Send quality deals. Your rent is due next week, and you aren’t making the kind of money you thought you would be. You are stressed and you think, if “I can get this one deal through, I will be set for several months”. DON’T get involved in a sketchy deal. Think to yourself “would I be happy lending my own money on this deal”? If the answer is “No”, then pass on the deal. Don’t be scared of private/secondary/MIC deals. It is tough when a broker who generally deals with” A” type business gets a deal that doesn’t fit the bank criteria. They don’t know where to turn, they don’t know how to package, they don’t want to appear uninformed. The key is to say to the MIC at the beginning “I have never done this before and don’t know how to do it”.. we like honesty and will help you out. Prepare your clients for other costs. When dealing with a MIC lender, your clients will be responsible for fees (whether broker or lender) – usually these can be paid from proceeds. Also, many MICs require title insurance and Independent Legal Advice (ILA). Assist your clients in budgeting for the extra costs. Jessica Whyte - VP Reliable Mortgages Investment Corp. Membership & Policy Chair, BC MIC Managers Association (BCMMA)

the bc mortgage broker | SUMMER 2011

F E A T U R E

It is time to take control of the future

t is time to take control of the future of your benefits program… we can help. The Mortgage Brokers Association of British Columbia has negotiated an industry leading association benefits plan available to all members. Strong buying power allows offices and individuals to obtain customized levels of coverage to address members and organizations unique needs and protect against loss of life, critical illnesses, unexpected disability, medical and dental expenses. As the cost of securing comprehensive benefit programs continue to rise, combined with restrictive plans and strict underwriting guidelines, consumers are left with very few options. Granville West Group, in partnership with the Mortgage Brokers Association of BC, has negotiated an association plan that addresses the unique needs of mortgage brokers and their valued employees. As a well established Insurance brokerage, the Granville West Group client experience platform ensures our clients receive the best product, at the best price, complemented with our ongoing full service, support, and market insight. The foundation has been set and now members will benefit: • Preferential pricing based on higher volumes of participants. • Less volatile rating at renewal. • Grandfathering of current coverage, meaning no medical testing. • Customized administration for each specific location. • Full online administration and member portals. • Complete plan design flexibility. • Personalized member service at no additional charge. What have Mortgage Brokers Association of BC members been saying about the plan coverage and service experience? “I had compared other large association type plans and there was no doubt what you as the broker and the selected insurer pulled together for my small company in haste was fantastic! Better coverage, lower deductibles and remarkably – better rates.” “Brian, thank you for your assistance in helping our organization secure a plan that was tailored more to or needs, at the same time you reduced our monthly premiums by over 35%! You answered all the questions that we had promptly and made the entire transition very seamless” SUMMER 2011 | the bc mortgage broker

c o n tro l t h e f u t u re , c o n t .

â&#x20AC;&#x153;The money that I have saved on my health and dental premiums in one month more than offsets the annual fees that I pay to be a member of the Mortgage Brokers Association of BC. In less that 2 weeks you sorted out all our plan requirements and completed the enrollment for our office, thanks you for your fantastic support!â&#x20AC;? I look forward to the opportunity of reviewing your personal and corporate benefits program needs. If you are an independent operation or an established office of 50 or more, I assure you that we can find a product that will help achieve your goals. Please contact me, Brian Ganden CFP, GBA, 604-687-4758 bganden@granvillewest.com

the bc mortgage broker | SUMMER 2011

D E P A R T M E N T

news

iN THE

The inaugural Dominion Lending Centres National Sales Conference in Las Vegas May 15th-18th was a huge success, with extremely high ratings coming in via the postconference survey completed by the DLC network and sponsors/exhibitors (the location and dates for the

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

New WealthLine Mortgage Products Launch 1

09/03/2011

9:45:37 AM

next national event in 2013 will be announced shortly). Attendees are reporting that DLC successfully paired the perfect amount of learning and education with networking and fun. The three-day event attracted 435 fully-registered delegates and more than 500 attendees at the evening events, as well as 36 trade fair exhibitors and 20 industry sponsors. Speakers included CIBC economist Ben Tal, business positioning expert Simon Sinek and business transformation specialist Doug Bolger, and was worth 7-8 CAAMP CE credits. WealthLine, a brand new line of mortgage products exclusive to Invis and Mortgage Intelligence (MI) brokers, is now available to Canadian mortgage consumers. “We’re extremely pleased with how Invis and MI brokers have enthusiastically embraced WealthLine,” says Lee Perry, Corporate Account Manager for WealthLine. “Our compelling consumer pricing and our efficient service are definitely getting attention.”

Phone: 604-530-7430 Toll Free: 1-866-907-5407 Email: info@vwrcapital.com

1st, 2nd and 3rd Private Mortgage Funds Available

• Competitive rates and nominal lender fees • Quick approvals • Lending Areas: British Columbia, Alberta and Manitoba • Purchases, refinances, equity takeouts or renovations • Bridge financing, serviced land or acreages • No income qualifications, no minimum beacon score

CMY

“Your Private Mortgage Solution” DOUGAL SHEWAN

DON KILLEEN

LINDA WESTON

dougal@vwrcapital.com

don@vwrcapital.com

linda@vwrcapital.com

#111 - 20434 - 64th Avenue, Langley, BC V2Y 1N4 www.vwrcapital.com 38

the bc mortgage broker | SUMMER 2011

It’s about more than just a great rate. And you know it! Service wins the deal! Lending Excellence, by people who care. Experience the Equitable approach. Open conversation. Partnership success. Equitable Teams take the time to see & hear what’s often missed...Client Circumstance. Got a Client Circumstance that wants Lending Excellence? Let’s talk today. For Lower Mainland & Victoria, call: Ian Silvester at 604.561.4966

www.equitabletrust.com SPRING 2011 | the bc mortgage broker

to o u r ad v ertisers :

Antrim Investments

thank you Invis & Mortgage Intelligence

Armada Mortgage Corp

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the bc mortgage broker | SUMMER 2011

welcome

nn ee w w m m ee m m bb ee rr ss

FIRST NAME F I nicole RST NAME

nicole Andrea gurjinder

gurjinder Toni Hanny Hanny Sukh gordon

gordon Michael Owen Owen Tanya Brian Brian Chung alfredo

alfredo Lance Erin Erin Gord shashi

shashi Shahinoor Jason Jason Tom Marion Marion Margaret Patrick Patrick Beverly Dulce Dulce Kirk

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Peter Janine Janine Candice

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LAST NAME LAST NAME apps apps Beaulieu athwal

athwal Bensmiller au au Bharya Beynon

Beynon Birch Brown Brown Cederholm Buchanan Buchanan Cheong Carrete Carrete Cook Chadwick

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Devine Diener Diener Earles

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Davies Delorme Delorme Devine

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RAE MEIER

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the bc mortgage broker | WINTER 2011 the bc mortgage broker | WINTER 2011

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WWW.PMCBC.CA

SUMMER 2011 | the bc mortgage broker

welcome FF II R RS S TT N NA AM M EE nicole Roger Dimitri

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LL A AS S TT N NA AM M EE

apps Dusanj Kosturos athwal Esmaili lacroix

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shashi Olivia Jim

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CMY

invis inc. Home Dominion Lending Centres Leading Edge Okanagan Buyer services alliance Mortgage Meridian verico select Mortgage Corp.Mortgage services Quantus Mortgage Solutions Credit Union lendingMax AQuicknorthern Mortgagesavings Corp dba DLC Ace Capital Mortgage

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Leggett

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valko

ResMor trust Company

Ross

van adrichem

Beyer Mortgage services inc.

andy

vickers

Dominion lending

David

Weiss

Dominion lending Okanagan

amy

White

Kathryn

Wild

invis on the Peninsula Delivering Ser vice. Creating Solutions. Building Success. Broker on Lenders study, conducted by CMP Magazine and published September 2010. Dominion lending Centres*2010 - island Mortgage

Marvin

zayac

MyMortgage.ca

the bc mortgage broker | WINTER 2011

MBABC Feb 2011.indd 38

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Verico Select 1 7/5/2011 9:28:11 AM

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11-01-28 12:33 PM

WINTER 2011 | the bc mortgage broker

welcome FF II R RS S TT N NA AM M EE nicole Tom Dimitri

gurjinder Derek Kerry Hanny Bob george

C CO OM MP PA AN NY Y verico select Mortgage Corp. Invis Inc. Dominion lending Centres valley Financial specialists

aK Mortgage Plus inc. Spectrum-Canada Mortgage Services Dominion lending Centres

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John

Sayer

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Angela

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Bruno

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ResMor trust Company

Ross

van adrichem

Beyer Mortgage services inc.

andy

vickers

Dominion lending

the bc mortgage broker | WINTER 2011

David Dominion lending Okanagan Serving brokersWeiss in Alberta, British Columbia,

Questions? Comments? Deals?

amy

White Ontario, and Saskatchewan. invis on the Peninsula Contact your regional business development manager Kathryn Wild Dominion lending Centres - island Mortgage 866.441.3775 www.OptimumMortgage.ca or our underwriting centre at 866.441.3775

MBABC Feb 2011.indd Manitoba, 38

Marvin

zayac

11-01-28 12:33 PM

MyMortgage.ca

WINTER 2011 SUMMER 2011 || the bc mortgage broker the bc mortgage broker

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