PAST President’s message
Dean Koeller foundations of amba As my term as president of the Alberta Mortgage Brokers Association (AMBA) comes to a close, I am reminded at how my term began with a celebration of 35 years as an association. In my opening remarks, I thanked all the past directors, employees and volunteers who have supported AMBA through the years. Truly, it is the vision and the hard work of so many amazing individuals that has created a foundation for our association. This year, the directors, staff and all of the volunteers have worked tremendously hard to develop, create and continue to improve on a number of initiatives that build on the successes of the past, make a better present, and create opportunities for the future. I have had the privilege of being able to work with so many passionate individuals who care about their community and the business we are in. It is this enthusiasm and love for our industry that continues to set us apart and raise the bar. The following are some highlights of the year, and some important information for our members to be aware of: As always, the board of directors would like to encourage our membership to provide feedback on any areas of interest or concern.
Insurance It is important for all industry members to be aware of the recent changes that have been made by the Real Estate Council of Alberta (RECA) with respect to insurance:
As of September 1, 2011, all mortgage brokers in the province of Alberta will be required to have professional errors and omission liability insurance through a compulsory program approved by Council. In light of these and a number of other insurance industry changes, AMBA has established a new partnership with Liberty International Underwriters through LMS Prolink to provide a competitively priced option for our members. I would encourage all of our members to consider this program for your insurance needs. It is strategically imperative that the mortgage broker industry have competitive options when it comes to insurance products to ensure fair long term pricing. For more information, go to www.lms.ca/amba/index.asp.
Real Estate Council of Alberta (RECA) Recently, RECA went through an extensive public and industrywide consultation process in the development of their new strategic plan. The plan takes an industry-wide approach of strengthening the real estate industry and raising the professional standards. I believe this will allow the real estate industry to act as a more cohesive body and assist in improving standards in our province. I would like to congratulate them for their work and leadership.
Dual Licensing Over the last year, there have been a number of conversations with respect to dual licensing in our industry. I would like to encourage any of our members who hold dual licenses, of any kind, to disclose their roles and relationships with their clients. AMBA is currently working on ‘best practices’ to further assist members in protecting themselves from both a legal and ethical standpoint. You can expect more information in the coming months.
Private Lenders Forum It is important for AMBA members to be aware of recent changes with respect to the legislation of private lending as it applies to Alberta. As of March 31, 2011, all mortgage syndication and private lending (subject to certain exemptions) are now regulated by the Alberta Securities Commission (ASC). It is recommended, if you are using the services of a private lender that you inquire as to their compliance with the ASC. Failure to comply may put your clients in difficult circumstances. For more information or to participate in the private lenders forum, please contact the AMBA office.
Interprovincial Associations Over the last several months, AMBA has been in communication with a number of mortgage brokers in other jurisdictions who have communicated an interest in building their own provincial mortgage brokers association. The board believes that it is important that we support our industry and do our part to build resources for other provinces. A new position has been created on the board to specifically work and assist other provincial associations in their growth and development. continued on next page ...
SUMMER 2011
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