the bc mortgage broker

SUMMER 2011

PM #41297283

INSIDE:

2011 MBABC MIC DIreCtory

Announcing the BC MIC MAnAgers AssoCIAtIon (BCMMA)

Underwriting tips for MICs

The Best Network.The Best Brokers.

Join VERICO Today.

The ONLY NETWORK working to promoteYour Business. Your Brand. Your Way.

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MOBILE MORTGAGE OFFICE

Jane SmithSample Mortgage [email protected]

John SmithSample Real Estate Corp

[email protected]

www.sample.com

Minimum Downpayment Required

$22,500Purchase Price:Amortization:VERICO Mortgage Rate:

$450,00035 Years

5.35%

List Price: $450,000123 45B Street, Citytown

$22,500 $45,000 $67,500 $90,000$427,500 $405,000 $382,500 $360,000$13,466 $9,720 $8,224 $0

$440,966 $414,720 $390,724 $360,000$2,308 $2,171 $2,045 $1,884$150 $150 $150 $150

$0 $0 $0 $0$100 $100 $100 $100

$2,558 $2,421 $2,295 $2,134$95,929 $90,777 $86,067 $80,037

Down Payment Options 5% 10% 15% 20%Down Payment:

Mortgage Amount:

Mortgage Insurance Fee:

Total Mortgage and Insurance Fee:

Mortgage Payment:

Property Taxes:

Condo Fees:

Utilities:

Total Monthly Shelter Expenses:

Annual Gross Income Required:

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.MORTGAGE BROKERS NETWORK

®

Agent Name 2Company Name

[email protected]

Agent Name 1, AMPCompany [email protected] www.website.ca

MORTGAGE BROKERS NETWORK

® The above information is believed to be correct but is not guaranteed and therefore should not be relied on without veri�cation. Please contact your VERICO Mortgage Broker for more information. Each VERICO Broker is

an independent owner and operator.

#Amort

#Rate

#PropTax

#Fees

#mortTerm

Current Listing Price:

Downpayment:

Amortization:

Mortgage Insurance Fee:

Total Mortgage Amount:

Mortgage Term:

#Price

Your Savings: $450,000

MLS#: VLS10001

Our Rates: 3.79%

#3302 Jervis Street, Vancouver

Monthly Payment:

Balance at Maturity:

Monthly Payment:

Monthly Difference:

Annual Difference:

Difference over Terms:

Balance at Maturity:

Total Savings:

Bank Rates

5.79%Our Rates

3.79%

$342,000.88

$2,000.59

-

-

-

$342,000.88

$2,000.59

$1,000.23

$1,000.56

$10,000.89

$456,000

Agent Name 2Company Name

[email protected]

Agent Name 1, AMPCompany [email protected] www.website.ca

MORTGAGE BROKERS NETWORK

® The above information is believed to be correct but is not guaranteed and therefore should not be relied on without veri�cation. Please contact your VERICO Mortgage Broker for more information. Each VERICO Broker is

an independent owner and operator.

Loan = $450,000

Call now to shop for a better rate.

Rates effective as of: June, 30th, 2010

1 Year Term

Open

Closed

Bank Posted Rates

10.00%

3 Year Term

5 Year Term

6 Month Term

1 Year Term

Other

7 Year Term

10 Year Term

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

1 Year Term

Open

Closed

Our Rates

10.00%3 Year Term

5 Year Term

6 Month Term

1 Year Term

Other

7 Year Term

10 Year Term

10.00%

10.00%

10.00%

10.00%

10.00%10.00%

10.00%

$ 100,000

Open

Closed

Savings

$ 100,000

$ 100,000

$ 100,000

$ 100,000

$ 100,000

$ 100,000

$ 100,000

VERICO Marketing Tools

This is an o�er of information and is not meant to solicit a breach of contract.

Please visit www.verico.ca/welcome or e-mail [email protected] to �nd out more.

Mortgage Brokerage of the Year

®

Setting

THE STANDARD!

Interest Rates Starting from an Incredible 5.75%

1st MortgageFinancing

$1,500,000 - $15,000,000

Income Producing Properties:

• L/V:Upto75%• InterestRates:from5.75%• Fees:from1.0%

Condo Inventory Loans:

• L/V:Upto65%• InterestRates:from7.0%• Fees:from1.5%• FlexiblePartialDischarge

Provisions

866-698-5388 Toll freeCall Brian Chelin or Mike Saba today

Or contact us at: [email protected] [email protected]

FINANCIAL CORPORATION

Visit our website at: www.lanyardgroup.com

EDITORS Heather Cermak 778-997-5232

[email protected]

Irena Sakic 778-228-9976 [email protected]

PublIShER Craig N. Brown

ARTDIREcTOR Donna Szelest

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

PhOTOgRAPhERS Unless specially credited, all photos were submitted or taken by staff.

ADvERTISIng Jessica Facini

bIllIng Debra Hiller

ThEbcmORTgAgEbROkERISPublIShEDIncOnjuncTIOnwIThThEmORTgAgEbROkERS

ASSOcIATIOnOFbRITIShcOlumbIA

P.O. Box 32102, 2151 Louie Drive, Westbank, BC V4T 3G2

P: 250.868.2229 F: 250.868.2278 www.nichemedia.ca

ThEbcmORTgAgEbROkERISPublIShEDInwESTbAnk,bcbynIchEmEDIA.©2011AllRIghTSRESERvED.ThEvIEwSExPRESSEDInThEbcmORTgAgEbROkERAREThOSEOFThERESPEcTIvEcOnTRIbuTORSAnDnOT

nEcESSARIlyThOSEOFThEPublIShERORSTAFF.

PublIcATIOnSmAIlAgREEmEnTnO.41297283.RETuRnunDElIvERAblEcAnADIAnADDRESSES

TO:P.O.bOx32102,2151lOuIEDRIvE,wESTbAnk,bcv4T3g2

PRInTEDIncAnADA.

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2011 MBABC MIC Directory

31 AnnOuncIngThEbcmIcmAnAgERSASSOcIATIOnBCMMA

33 unDERwRITIngTIPSFORSubmORTgAgEbROkERSSubmITTIngTOmORTgAgEInvESTmEnTcORPORATIOnS(mIcS):how to get a MIC to love you and your deals.

35 IT’STImETOTAkEcOnTROlOFThEFuTuRE

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10 REvIEwFROmThEExEcuTIvEDIREcTOR

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14 cmhcSTATISTIcS16 FIcOmSTATISTIcS18 OnThEScEnE25lIFESTylES

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SummER2011 | thebcmortgage broker 5

F R O m T h E P R E S I D E n T

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Geoff Parkin, President

This 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 seg-ment, 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 re-evaluate 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 informa-tion 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 inter-provincial licensing reciprocity. The Registrar of Mortgage Brokers will now recognize individuals who have qualified for licensing or registra-tion 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 regis-tered 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 re-portedly 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 con-sumers 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

D E P A R T m E n T

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


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 mate-rial 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 busi-ness channel to your clients.

The annual MBABC charity golf tournament is coming up Septem-ber 12, 2011 in Whistler with proceeds going to BC Children’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 ParkinPresident, MBABC

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

F R O m T h E P R E S I D E n T , c O n T I n u E D

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Co-editors Heather Cermak and Irena Sakic

Happy Summer Everyone! After a seemingly slow start to the year, this summer seems to be taking brokers in a new direction. When the market slows down, that is the time when

you really need to develop a niche. We are going to help you do that with the 2011 issue of The BC Mortgage Broker by providing you with some valuable information about MIC (Mortgage Investment Corporation) Lending. You will be introduced to the new MIC Managers Association, find some useful tips on how to present and package your MIC deals, and have an informative directory of MIC members right here in BC. There is a lot of other fantastic information in this issue regarding the MBABC health benefit offers and E & O insurance you must check out as well!

We also have some exciting news to share about your new Maga-zine Editors! After successfully putting together 10 issues of The BC Mortgage Broker, this will be our final issue as your editors. We have enjoyed this role immensely over the past few years, and appreciate the member support and wonderful feedback. We are very excited to introduce Holly MacPhail and Callum Greig who will be taking over the reins. We know they will do a fabulous job, and we look forward to seeing the continual evolution of this industry leading magazine.

Sincerely, Heather and Irena

v i e w p o i n tF R O M T H E E D I T O R S

Co-editors Irena Sakic and Heather Cermak

The start of a new year is upon us, and we are feeling particularly excited about that for a few reasons! as you can probably tell, the BC Mortgage Broker Magazine has a

new look and feel, and that is because we have a new Publishing company called Prosper Media group! the theme for this issue is all about continuing education, and its importance to your business. Often we may forget to invest the time, money and attention to such an important matter, however, the more knowledge you have, the better prepared you will be for your clients and referral sources. We have also added a new column to the magazine called “Deal Resolution”-tough real life deal scenarios, solved by your peers. Perhaps this will assist you to view challenges in a different way. also in this issue you can learn more about the MBiBC, as well as the benefits of becoming a member of the MBaBC. One of the best educational opportunities is also the annual MBaBC Conference and tradeshow, so be sure to register before spaces are filled. We hope you enjoy the new look of the BC Mortgage Broker magazine and we wish you the very best for a successful 2011!

Heather and Irena

welcoMe to 2011!!

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D E P A R T M E N T

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.

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MBABC Feb 2011.indd 9 11-01-28 12:32 PM

HAPPY SUMMER!


Canadian Western Trust RRSP accounts can house more than just mutual funds and GICs. They can actually house a house!

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

Non-Arm’s Length MortgageMortgage on property owned by a person who is related to the borrower, such as their spouse, child, grandchild, or parent.

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

I 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 Tourna-ment 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

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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 infor-mation on how to participate.

I hope you all have a chance for respite before what we antici-pate 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)/Direc-tors. Have a great summer!

Tamera OlsenExecutive Director

WELcOME tO tHE SUMMER ISSUE Of OUR MAgAzINE


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

b O A R D O F D I R E c T O R S

2 0 1 1 d i r e c t o r yD E P A R T m E n T

Geoff Parkin PRESIDENT 604-531-7310 604-619-5343 cell, 866-218-5996 fax [email protected]

Jared dreyer VICE PRESIDENT 604-649-5991 x201, 604-539-3802 fax [email protected]

Loren Hawkins SECRETARY 250-862-9504 250-215-3042 cell, 250-861-2939 fax [email protected]

rob Hafer TREASURER 250-480-0633 250-881-3900 cell, 250-480-0662 fax [email protected]

Joanne Vickery PAST PRESIDENT [email protected] /alternate 604-250-5070 cell, 778-571-4258 778-571-4259 fax [email protected]

susan sHannon 250-483-1375 250-217-8777cell, 250-483-1377fax [email protected]

caLLum GreiG 250-516-9894 [email protected]

roGer LeVesque 250-405-4351 250-380-8048 cell, 250-405-4355 fax [email protected]

HoLLy macPHaiL 778-772-3619 [email protected]

keVyn oyHenart 604-272-1784 604-341-5798 cell, 866-601-4914 fax [email protected]

Jason suttie 604-760-2247, 866-646-5230 fax [email protected]

deb wHite 250-545-2202, 250-549-7283fax [email protected]

Geoff wiLLis 604-742-3411 604-657-9195 cell, 604-630-7270 fax [email protected]

S T A F F

tamera oLsen ExECUTIVE DIRECTOR

debra HiLLer ACCOUNTING / MEMBER SERVICES

catHerine barry EDUCATION COORDINATOR

Jessica facini MARKETING & COMMUNICATIONS

mORTgAgEbROkERSASSOcIATIOnOFbRITIShcOlumbIASuite 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


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There’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 understand-ing of the services provided by mortgage brokers, while an addi-tional 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

RAISINg PROfESSIONALISM tO gROW BROkER MARkEt SHARE

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 rene-gotiate, fewer Canadians think to turn to their broker. On first mortgages, nearly two-thirds of Canadians are consulting mort-gage 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 in-creasing broker market share lies in raising the bar of profession-alism 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 fol-lowing up with their databases to ensure repeat and referral business.

Consumer educationIf consumers feel comfortable

working with brokers because they keep them informed throughout the home-buying and mortgage financing pro-cesses, as well as throughout the


Our knowledge,

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Bankers

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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 ex-plaining to everyone you know and everyone you come across throughout the course of both your personal life and business ventures what mortgage bro-kers 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 explana-tions, 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 con-sidering 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. Hold-ing their hands throughout the mortgage process will build trust, which also leads to loyalty for future business as well as re-ferrals.

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 mort-gage process.

But this doesn’t stop with the funding of the mortgage. Keeping in touch at least once a month by providing relevant market-related and homeowner-geared information is key to remaining top-of-mind for as long as they require a mortgage.

There are many CRM pro-grams 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 in-formation on rates, refinances, property investment, vacation homes, renewals, etc.

Of course, keeping your cli-ents 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 ses-sions offered by your brokerage, lenders and other suppliers.

In addition, if you do every-thing 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 ex-perience with mortgage brokers so they continue to use your services and refer their friends and family your way for years to come.

Cindy Freiman is Director of Public Relations & Communications for

Dominion Lending Centres ([email protected]; 289-240-6322).

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CMHC’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.

British Columbians Lead the Way in Broker UsageWhile 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 through-out 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 QuicklyRecent 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 RemainOpportunities 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 ProfessionalsBuying a home is one of the biggest financial decisions most Cana-

dians 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.

2011 cMHc MORtgAgE cONSUMER SURVEY HIgHLIgHtS


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

Work with a lender who can bend.

ANTRIM_6691_AI001_N.indd 1 7/4/11 10:06:45 AM

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Information provided by FICOM Real Estate and Mortgage Broker Department as of June 30, 2011:

Registered Mortgage Brokers Head Offices 822

Registered Mortgage Brokers Branch Offices 284

Total Registered Mortgage Brokers 1106

Registered Sub-Mortgage Brokers 3415

cRIMINAL REcORD cHEckS AND SUItABILItY ISSUES

As 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 Cana-dian Corps of Commissionaires, L-1 Identity Solutions, Express Pardons and International Fin-gerprinting 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 ap-plicant may be required to obtain a CCRC based on the applicant’s fingerprints.

Pending Certified Criminal Record Checks for Renewal Ap-plications

The Registrar’s staff may process a current registrant’s application for renewal of regis-tration without having received the CCRC at the time of applica-tion 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 appro-priate by the Registrar.

Privacy and RetentionApplicants for registration

must consent to the Registrar’s and FICOM’s collection, use, dis-closure 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 determin-ing 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 sponsor-ing mortgage broker and its Designated Individual, or in ac-cordance 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 regis-tration by reviewing a number of factors relating to the applicant, including whether the applicant has been charged or convicted of a criminal offence.

At the time of making an original application for regis-tration or an application for renewal of registration, ap-plicants 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 ex-planation of them, including the circumstance under which the charges were laid, the specific of-fences, whether they resulted in convictions, the relevant dates, a description of the disposition of the charges and any penalty imposed.

The existence of a crimi-nal record or outstanding criminal charges will not neces-sarily preclude the applicant from registration. In determin-ing whether a criminal record or

an outstanding criminal record will make an applicant unsuit-able 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 of-fence 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 applica-tions with truthful and complete information, including informa-

R E P O R T F R O m F I c O m

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 informa-tion 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 of-fice for clarification.

For more information about obtaining CCRC’s, please contact the

Registrar’s staff at 604-953-5300 or [email protected]

Personal. Efficient. Committed.

1 - 8 8 8 - 8 3 7 - 2 3 2 6 n b w b a l l s t a r p o r t a l . c aMBAB002 08/01/11

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.


The new 2011 Board of Directors enjoyed their team building

and strategy planning session out at Loon Lake in Maple Ridge, while

ON tHEsceneD E P A R T m E n T


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.

company How long has MIc been operating

Niche Submission process

AccEPTEDFInAncIAlcORP

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: [email protected] or Fax: 604-937-7299 or Phone: 604-937-7269

AlPInEcREDITS 27 years As equity lenders - your client’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: [email protected] or Fax: 604-583-0757

AlTAPAcIFIcmORTgAgES&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: [email protected]: Brad Unrau 778-328-7401 ext. 102 Fax: 604-608-9070

AlTAwESTmORTgAgE 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: [email protected] Fax: 1-888-240-9087 Filogix


Where homeowners go to borrow money

f E A t U R E

2011 MBABC MIC Directory



AnTRImInvESTmEnTS 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: [email protected], Phone: 604-530-2301 or Fax: 604-530-2185Filogix

bAyFIElDmORTgAgEPROFESSIOnAlSlTD.

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: [email protected]: 604-533-8909Filogix

cAnTERRAFInAncIAl 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: [email protected] Phone: 250-869-4912 Toll Free:1-888-869-4912 Fax: 250-869-4913 Toll Free:1-888-869-4913

cOvEmORTgAgE 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: [email protected] Fax: 604-929-9592 Filogix

DRAkEFInAncIAl 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: [email protected]

c R E A T I v E l E n D E R S , c O n T I n u E D



FIRSTcIRclE 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: [email protected]

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: [email protected] Fax: 250-384-1498 Filogix/Expert

InTERIOREQuITITEScORP 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: [email protected] or [email protected] Fax: 250-763-7765

kEnSIngTOnREAlFunDcORP.

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: [email protected]: 250-752-6944 Fax: 250-752-5363

mAnDATEnATIOnAlmORTgAgE

29 years Mandate National Mortgage Corporation invests in residential and commercial mortgages, both fixed and floating rates. Such properties include single family and multi-family 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: [email protected], Fax: 604-734-5546 or Filogix Expert via Co-Broker option




PhllEnDIngcAPITAlcORP

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 client’s needs.

Email: [email protected] [email protected] Fax: 604-575-7410 or Fax: 604-513-9196

PAcIFIcAmORTgAgEInvESTmEnTcORPORATIOn

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.


PREmIEREmORTgAgE 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 – 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: [email protected] or Fax: 1-877-600-3362

RElIAblEmORTgAgESInc 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: [email protected] or [email protected] Dale or Jessica Phone: 604-214-5626 or Fax: 604-214-5625

SEcuREmORTgAgEcORP 16 Years Mainly focus on residential 2nd mortgages in the $50,000.00 to $150,000.00 range.

Email: [email protected] Fax: 604-523-6794

TEkAmARmORTgAgESlTD.

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.





ThOmPSOnvAllEymORTgAgEcORP

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

Email: [email protected] or Fax: 1-877-559-1005

TRIllIumInvESTmEnTFunDI(mIc)Inc.AnDTRIllIumInvESTmEnTFunDII(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.


vEcTORPAcIFIcmORTgAgEcORPORATIOn

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: [email protected]: 604-986-3155

vIAmORTgAgEInvESTmEnTcORPORATIOn

10 years Open terms and lower rate 2nd mortgages for clean credit borrowers who can’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.


vwRcAPTIAlcORP 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: [email protected] Fax: 1-877-291-7582


One broker at a time.

www.invis.cawww.mortgageintelligence.ca

D E P A R T m E n T

It 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 Interiors1. 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 repel-

lant 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.

DON’t LEt YOUR fAMILY BURY YOUR SENSE Of StYLE

lifestyles


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 tipsUse fabrics to introduce color: Use pillows with texture and pattern

to add life and playfulness to your space. Avoid carpet: If you don’t want to be steam cleaning your carpet

every other moth select laminated or hardwood floors and add soft-ness 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 ArmstrongInteriors by Harmony Sense Interiors

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

l I F E S T y l E S , c O n T I n u E D


MBABC_Full_Page_2011_v1.indd 1 2/24/2011 10:05:09 AM

It 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 informa-tion.

Under the Bulletin MB 10-002, if a registrant’s renewal date is between January 31, 2011 and De-cember 31, 2011, in order to qualify for registration renewal, he or she must participate in a seminar facilitated by the Registrar’s staff called the “Regula-tory Update for Mortgage Brokers” and one online course offered by the MBIBC. Thereafter, registrants must participate in the seminar and take three online courses.

MBABC NEWS: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 Vic-toria 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.

c O l u m n

O n m b I b c

r e p o r t

Catherine Barry,Education Coordinator MBIBC

MBIBc RELIcENSINg NEWS


MORTGAGES TO SUIT YOUR NEEDS

ALAN LONG CRAIG MCLARENPHONE: 604-731-2899 • FAX: 604-734-5546

TOLL FREE: 1-866-432-4949

EMAIL: [email protected] 505 - 1195 W. Broadway,

Vancouver BC V6H 3X5

Vancouver’s Sub-Prime Mortgage Lender since 1982

• Commercial/Residential

• Land/Subdivision Loans

• Project Workout Solutions

• Short Term Bridge Loans

• Development Cost Over-runs

• Multi-Family

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

Tania Hatchercell (250) 818-3884

e-mail [email protected]

Island & Interior

Sasha Idemacell (604) 328-6901

e-mail [email protected]

Lower Mainland

p r o f i l eD E P A R T m E n T

broker

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

MBABC’s Member Broker Profile presents Dave Fitzpatrick

of Mountain City Mortgage

Corporation

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.

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

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…

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, AMPMOUNTAIN CITY MORTGAGE

CORPORATION1 888 685 6181 Toll Free

778 837 8321 Mobilehttp://www.davefitzpatrick.ca


f E A t U R E

Announcing The BC MIC Managers Association (BCMMA)

In 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 informa-tion 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 pri-mary 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 capac-ity 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 FinancialPresident – BC MIC Managers Association (BCMMA)

[email protected](604) 986-4975www.firstcircle.ca

Fast answers Quick turn arounds

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

[email protected] [email protected]

1st-circle-third page-vertical ad-july2011.indd 1 13/07/2011 9:29:25 AM

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 salesperson’s appeal. Clients will interact and show interest with someone who is up-beat 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 jobMy 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, AMPD+H LIMITED PARTNERSHIP

778-837-1495 [email protected]

p r o f i l eD E P A R T m E n T

vendorMBABC’s Member

Vendor Profile presents

Gary Pabla of D+H Limited

Partnership


f E A t U R E

Underwriting Tips for Sub

Mortgage Brokers

submitting to Mortgage Investment

Corporations (MICs)

I 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 bro-ker’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 refi-nance) 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.

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


Read the entire commitment letter. Take the time to read the com-mitment 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 comfort-able 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 mak-ing 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)

u n D E R w R I T E R T I P S , c O n T I n u E D


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

f E A t U R E

It is time to take control of the future

It 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 organi-zations 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 guide-lines, consumers are left with very few options. Granville West Group, in partnership with the Mortgage Brokers Association of BC, has nego-tiated 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 say-ing 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”


“The money that I have saved on my health and dental premi-ums 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!”

I look forward to the opportu-nity of reviewing your personal and corporate benefits program needs. If you are an independent operation or an established of-fice 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,

[email protected]

c O n T R O l T h E F u T u R E , c O n T .


D E P A R T m E n T

IN tHEnewsThe inaugural Dominion

Lending Centres National Sales Con-ference in Las Vegas May 15th-18th was a huge success, with extremely high ratings coming in via the post-conference survey completed by the DLC network and sponsors/exhibi-tors (the location and dates for the

WealthLine, a brand new line of mortgage products exclusive to Invis and Mortgage Intelligence (MI) brokers, is now available to Cana-dian mortgage consumers. “We’re extremely pleased with how Invis and MI brokers have enthusiasti-cally embraced WealthLine,” says Lee Perry, Corporate Account Manager for WealthLine. “Our compelling con-sumer pricing and our efficient service are definitely getting attention.”

“Your Private Mortgage Solution”

Phone: 604-530-7430Toll Free: 1-866-907-5407Email: [email protected]

#111 - 20434 - 64th Avenue, Langley, BC V2Y 1N4www.vwrcapital.com

DOUGAL SHEWAN DON KILLEEN LINDA WESTON [email protected] [email protected] [email protected]

• 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

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

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VWR half-pg-magazinead-CMYK-march2011.pdf 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 learn-ing and education with networking and fun. The three-day event at-tracted 435 fully-registered delegates and more than 500 attendees at the evening events, as well as 36 trade fair exhibitors and 20 indus-try 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.

New WealthLine Mortgage

Products Launch


www.equitabletrust.com

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 & hearwhat’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

SPRIng2011 | thebcmortgage broker 39

thank youT O O u R A D v E R T I S E R S :

Antrim InvestmentsArmada Mortgage CorpBridgewater BankCanadian Western TrustClub MBABCCove MortgageD+H Limited PartnershipDominion Lending CentresEquitable TrustFisgard CapitalFirst Circle FinancialFirst National FinancialGranville West GroupHome Trust

Invis & Mortgage IntelligenceLanyard Financial CorpLawrenson WalkerMandate National Mortgage CorpNational Bank Financial GroupNexus Investment CorpOptimum MortgageParadigm Mortgage CorpResMor TrustTD Canada TrustThompson Valley MortgageVector Pacific Mortgage CorpVerico FinancialVWR Capital Corp


Broker Sourced Private Lending since 1994

Exceptional Service - Solution Based Lending - Competitive Rates & FeesParadigm Mortgage Corporation managing agent for Mission Creek Mortgage Ltd.

MORTGAGECORPORATION

LEANNE WILSON

#210 - 1980 COOPER RD. KELOWNA, B.C. V1Y 8K5 PHONE: 250.979.2911 TOLL FREE: 1.800.979.2911 WWW.PMCBC.CA

RAE MEIER BRAD GRAHAM GRANT PLUNKIE

Andrea Beaulieu Verico Dreyer Group Mortgages Inc.

Toni Bensmiller Premiere Home Mortgage Ltd.

Sukh Bharya Invis Inc.

Michael Birch Tri City Mortgage Broker Services Ltd.

Tanya Cederholm Invis Inc.

Chung Cheong Mortgage Centre Citywide

Lance Cook CBM Canadas Best Mortgage Corp.

Gord Dahlen Dominion Lending Centres Inc

Shahinoor Datoo AK Mortgage Plus

Tom Dohan DLC Prime Mortgage Works

Margaret Dron DLC Canadian Mortgage Experts

Beverly Droulis Origin Home Financial Partners

nicole apps verico select Mortgage Corp.gurjinder athwal aK Mortgage Plus inc.Hanny au Macquarie Financial ltd.gordon Beynon Dominion lending Centres vic City Mortgage groupOwen Brown invis inc.Brian Buchanan invis inc.alfredo Carrete Dominion lending Centres Casa Mortgage inc.Erin Chadwick alliance Mortgage Meridian Mortgage servicesshashi Chander verico Paragon Mortgage group incJason Chapman northern savings Credit UnionMarion Chekaluk Ecom appraisals inc.Patrick Cheng Mortgage Centre - Mortgage EvolutionDulce Coelho-Fedoriw verico select Mortgage Corp.Kirk Colman invis - Mary Ellen Colmansteven Corcoran invis inc.Peter Daniel verico select Mortgage Corp.Janine Davies g & F Financial groupCandice Delorme invis inc.Paul Devine scotia Mortgage authorityDerek Diener invisRichard Earles Dominion lending Centres | valley Financial specialistsalvin Farmer Dominion lending Centres Drake Entrust Mortgage servicestara Fels MCaP service Corp.sannie Fisher Bayfield Mortgage Professionals ltd.Jillanne Ford Dominion lending CentresPaul gill Bayfield Mortgage Professionals ltd.lisa glasper invis inc.Michelle Haddad lendingmaxBrett Hall Mortgage allianceMichael Hayward verico select Mortgage Corp.Kees Hendricks HomEquity Banksaba Hessamian strategic Professional Mortgage inc.Elizabeth Howatson scotiabankJoyce Hubenig Dominion Macklem MortgagesRyan iannone Macquarie Financial ltd.Chris Jimenez the Mortgage groupamarjit Johal tMg the Mortgage group Canada inc.Jennifer Jollymour Dominion lending Centres Duet FinancialHenny Karbowiak tMg the Mortgage group Canada inc.Ruhi Kaur vERiCO superior Mortgageteisha Keith Exclusive Mortgage Professionals ltd.

38 thebcmortgagebroker | WINTER2011

n e w m e m b e r swelcomeF I R S T N A M E L A S T N A M E C O M PA N Y

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MBABC Feb 2011.indd 38 11-01-28 12:33 PM


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

Mortgages at the speed of lifeWith First National you can rely on the strength and innovationof our technology and the flexibility of our mortgage solutions –introducing Option 60, our newest solution designed to keep you responsive to the always changing needs of clients.

Mortgage solutions are our business – making clients’ homeownership dreams come true is yours. Let’s make this happen together, call your Account Manager today.

800.567.8711 | FirstNational.ca

Delivering Service. Creating Solutions. Building Success.

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MBABC_BCBroker_HalfPg_Ad_0711.pdf 1 7/5/2011 9:28:11 AM

Roger Dusanj AQuick Mortgage Corp dba DLC Ace Capital Mortgage

Arman Esmaili Verico ABC Mortgages Inc

Galil Fahmy Augustin Financial

Terri Fisher Drake Financial Services Ltd.

Dave Fitzpatrick Mountain City Mortgage

Mike Fonseca Dominion Lending Centres Leading Edge

Doug Foster Invis Inc.

Todd Fralic Quantus Mortgage Solutions

Jim Gordon Mortgage Alternative

Gary Grewal AQuick Mortgage Corp dba DLC Ace Capital Mortgage

Glen Grierson Grierson Commercial Mortgages

Daryl Harris Verico One Link Mortgage & Financial

Larry Heran AQuick Mortgage Corp dba DLC Ace Capital Mortgage

Frank Hickey Concord Mortgage Group Ltd.

Randy Hollands Harbour View Mortgages

Sasha Idema ResMor Trust Company

Carol Lea Kalman Equitable Trust Company

Mona Lan Verico Clear Trust Mortgages Inc

Louie Lapa Invis Inc.

Monica Leggett Premiere Home Mortgage Ltd.

Kun Li Verico Select Mortgage




MBABC Feb 2011.indd 38 11-01-28 12:33 PM

F I R S T N A M E L A S T N A M E C O M PA N Y

Dimitri Kosturos Dominion lending Centres valley Financial specialistsKerry lacroix Dominion lending Centresgeorge lay Capital Direct lending CorpJeffrey leung MCaP service Corp.sherrie lofthouse global Mortgage CorporationChad luider Okanagan Home Buyer servicesJason lyne invis inc.niall Macnaughton verico select Mortgage Corp.Olivia Martin tMK Mortgage Centreida Martin lendingMaxsusan McEvoy iPC save inc. (Osoyoos)Darren McQueen Meridian southwest Mortgagegraham Meckling invis inc.Rob Mills verico aBCBilia Minelli Dominion lending Centerssarah Montagliani verico zanders & associates Mortgage Brokers inclaurie Morgan northern savings Credit UnionJeff Morgan terrapin Mortgage investment CorpErik nienhuis Dominion lending Centres Drake Entrust Mortgage serviceslaura northrup global Mortgage Corpsean Patterson axiom Bayfield Mortgage ProfessionalsMoreen Perimal invis inc.Kyle Radick invis inc.gary Ramwell verico lighthouse Mortgage Corp.aaron Reece Harbourview Mortgages, Dominion lendingJan Reynolds ResMor trust Companynishka Riley verico gibbard Hoffart Financial groupafsaneh saffari vancouver Mortgage tMg CorpKristine schenkey invis inc.Mak sidhu Bayfield Mortgage Professionals ltd.Jordan simmonds the Mortgage Centre - island Propertiesnadine smith invis inc.Rinat sneg vERiCO Covengo mortgages inc.Carol song Dominion lending CentresMikaela stevenson invis - Resvick & associates Mortgage advisorsstephanie storey invis inc.sharon stromdahl northern savings Credit UnionMarcus stroud Bayfield Mortgage Professionals ltd.lisa thorpe Universal Mortgage architectslawrence tong tMg the Mortgage group Canada inc.anny tso verico Paragon Mortgage groupBruno valko ResMor trust CompanyRoss van adrichem Beyer Mortgage services inc.andy vickers Dominion lendingDavid Weiss Dominion lending Okanaganamy White invis on the PeninsulaKathryn Wild Dominion lending Centres - island MortgageMarvin zayac MyMortgage.ca


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MBABC Feb 2011.indd 38 11-01-28 12:33 PM

F I R S T N A M E L A S T N A M E C O M PA N Y

Dimitri Kosturos Dominion lending Centres valley Financial specialistsKerry lacroix Dominion lending Centresgeorge lay Capital Direct lending CorpJeffrey leung MCaP service Corp.sherrie lofthouse global Mortgage CorporationChad luider Okanagan Home Buyer servicesJason lyne invis inc.niall Macnaughton verico select Mortgage Corp.Olivia Martin tMK Mortgage Centreida Martin lendingMaxsusan McEvoy iPC save inc. (Osoyoos)Darren McQueen Meridian southwest Mortgagegraham Meckling invis inc.Rob Mills verico aBCBilia Minelli Dominion lending Centerssarah Montagliani verico zanders & associates Mortgage Brokers inclaurie Morgan northern savings Credit UnionJeff Morgan terrapin Mortgage investment CorpErik nienhuis Dominion lending Centres Drake Entrust Mortgage serviceslaura northrup global Mortgage Corpsean Patterson axiom Bayfield Mortgage ProfessionalsMoreen Perimal invis inc.Kyle Radick invis inc.gary Ramwell verico lighthouse Mortgage Corp.aaron Reece Harbourview Mortgages, Dominion lendingJan Reynolds ResMor trust Companynishka Riley verico gibbard Hoffart Financial groupafsaneh saffari vancouver Mortgage tMg CorpKristine schenkey invis inc.Mak sidhu Bayfield Mortgage Professionals ltd.Jordan simmonds the Mortgage Centre - island Propertiesnadine smith invis inc.Rinat sneg vERiCO Covengo mortgages inc.Carol song Dominion lending CentresMikaela stevenson invis - Resvick & associates Mortgage advisorsstephanie storey invis inc.sharon stromdahl northern savings Credit UnionMarcus stroud Bayfield Mortgage Professionals ltd.lisa thorpe Universal Mortgage architectslawrence tong tMg the Mortgage group Canada inc.anny tso verico Paragon Mortgage groupBruno valko ResMor trust CompanyRoss van adrichem Beyer Mortgage services inc.andy vickers Dominion lendingDavid Weiss Dominion lending Okanaganamy White invis on the PeninsulaKathryn Wild Dominion lending Centres - island MortgageMarvin zayac MyMortgage.ca


MBABC Feb 2011.indd 39 11-01-28 12:33 PM

Tom Mah Invis Inc.

Derek Matthews Spectrum-Canada Mortgage Services

Bob McDonald Universal Mortgage Architects

Rachael McErlean Dominion Lending Centres BC

Elia Franca Mercuri Premiere Home Mortgage Ltd.

Michele Nason HLC - Home Loans Canada

Pandora Ng VERICO Clear Trust Mortgages Inc.

Matt Oberle Westpoint Capital

Karen Rodger Premiere Home Mortgage Ltd.

James Russell CIBC

Vivi Saddik Augustin Financial

Blaise Salmon Verico Select Gurwinder (Sunny) Sarai Dominion Lending Centres- Valley Financial Specialists

Baktash Sayed AK Mortgage Plus

John Sayer Professional Mortgages

Michael Smith Verico Select Mortgage

Jas Sodhi TMG The Mortgage Group Canada Inc.

Amor Yeung VERICO Clear Trust Mortgages Inc

Brenda Yu VERICO Clear Trust Mortgages Inc.

Angela Zumbo TMG The Mortgage Group Canada Inc.

Tough deals wearing you down? n Seeing more customers with challenging income and credit situations?n Having difficulty with “out-of-the-box” applications?n Frustrated with restrictive lending criteria?n Ready to expand your client base beyond the traditional borrower?

We are the home of Sensible Lending® and have mortgage options suitable for most borrowers. (TSX:CWB)

Questions? Comments? Deals? Contact your regional business development manager or our underwriting centre at 866.441.3775

Serving brokers in Alberta, British Columbia, Manitoba, Ontario, and Saskatchewan. 866.441.3775 www.OptimumMortgage.ca




MBABC Feb 2011.indd 38 11-01-28 12:33 PM


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