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FALL 2011


Do It Yourself 2011 Charity golf success in whistler DIY for New Brokers The Ins and Outs of E & O insurance


2011/12 MBABC MIC Directory PULLOUT

PM #41297283



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c o n t e n t s F A LL 2 0 1 1 EDITORS


Callum Greig 250-580-5626 Holly MacPhail 604-630-3625


Craig N. Brown

Art Director

Donna Szelest


Kevin Dear Cindy Freiman Paul Plakas Maria Kyle Kathleen Hazen Catherine Barry Jones Brown

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



Jessica Facini 604-408-9989


Debra Hiller 604-408-9989

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

211-1433 St. Paul Street Kelowna, BC V1Y 2E4 P. 250.868.2229 F. 250.868.2278

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




featuresd e p a r t m e n t s 17 JONES BROWN PRESENTS:

The Errors and Omissions Insurance Program

7 8

9 25 APPLIED INFORMATION COURSE: 10 Calling All New 11 Brokers 15 27 2011 Charity Golf 19 Tournament 32 What’s your Mortgage Operating System of Choice?

message from the president 2011 BOARD OF DIRECTORS DIRECTORY viewpoint from the editors rePORT from the executive director ficom statistics in the community LIFESTYLES

22 report on MBIBC 24 MEMBER PROFILE: broker 26 member profile: LendEr 36 in the news 38 thank you to our advertisers

40 mbabc new members

columns 12 broker savvy with cindy friedman

FALL 2011 | the bc mortgage broker



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


Geoff Parkin, President

As we rapidly head toward the end of 2011, we find ourselves still in the midst of economic uncertainty...

s we rapidly head toward the end of 2011, we find ourselves still in the midst of economic uncertainty, that we had all hoped would be well behind us now. Depending on the week, the news is better or worse, and at the time of publication, things may be different again. What we do know though is solid financial advice for our clients is more important than ever and that our services can help clients with their own financial security. Since our last edition in the summer, we have some updates and news to share with you. Mark your Calendars for May 6, 7 & 8th, 2012 for the Annual MBABC Conference and Trade Show. We have a beautiful new venue at the Fairmont Vancouver. We look forward to seeing you there. We are very pleased to report that the MBABC Golf Tournament in September raised $24,000 for our BC Children’s Hospital. My family, and countless others, have personal connections to the work done at BC Children’s Hospital and are proud that our organization supports this cause. Thank you to all of the participants, the organizers and sponsors of this event. We have been working with CAAMP and will soon be launching a discounted membership for those of our members who choose to belong to both the provincial and national organizations. We hope that with the new program more MBABC members will consider joining CAAMP as well. MBABC recently launched its new consumer website The new site has a wealth of user-friendly information for consumers and includes a find a mortgage broker function so that consumers can find each of you. Mid-September, FICOM introduced the new Form 11 in MB11-007. The new The Form 11 Conflict of Interest Disclosure has now been amended to conform with the changes in the Form 10 that had previously been released. Members should now be using the new form 10 and 11 on all of their files. Thank you to all our members for your continued support, and participation and commitment to our industry. Geoff

FALL 2011 | the bc mortgage broker



2011 directory b oard of dire c tors Geoff Parkin

Callum Greig

604-531-7310 604-619-5343 cell, 866-218-5996 fax



Jared Dreyer

Geoff Willis

604-742-3411 604-657-9195 cell, 604-630-7270 fax

Roger Levesque



604-649-5991 x201, 604-539-3802 fax

250-405-4351 250-380-8048 cell, 250-405-4355 fax

Loren Hawkins

Holly MacPhail

Debra Hiller

250-862-9504 250-215-3042 cell, 250-861-2939 fax

604-630-3625 604-408-9989

Vice President


Rob Hafer Treasurer

250-480-0633 250-881-3900 cell, 250-480-0662 fax

Joanne Vickery Past President /alternate 604-250-5070 cell, 778-571-4258 778-571-4259 fax



the bc mortgage broker | FALL 2011


Tamera Olsen

Executive Director Accounting / Member Services

Kevyn Oyhenart

Catherine Barry

604-272-1784 604-341-5798 cell, 866-601-4914 fax

Jessica Facini


Jason Suttie


604-760-2247, 866-646-5230 fax

Deb White


250-545-2202, 250-549-7283fax

Education Coordinator Marketing & Communications


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


v i e w p o i n t fro m t h e editors


Co-editors Holly and Callum

hen we sat down to plan our first issue as Magazine Editors, we really wanted it to become something special. We set out to make an issue that anyone in the broker channel could (and would) use on regular basis. Everyone at some point in their career have had to “doit-themselves�. From business cards to business networking many of us have started from scratch and built our business over time. This was the inspiration for the current and forthcoming DIY (Do-ItYourself) issues you are about to read. For some of you this may be old hat, but we hope for the many new faces in our

industry and for those who are always looking for more, this information will prove to be valuable going forward. We are excited to be guiding the BC Broker magazine into the future and look forward to your feedback. If you have an industry event or community based initiative going on in your part of the province, be sure to send us pictures and a short narrative and we will do our best to include it in a future issue. Remember, this is YOUR magazine of the BC Broker. Until then........Work Hard, Play Harder and Be Great in Our Industry. Holly and Callum.

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FALL 2011 | 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


Tamera Olsen


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.

elcome to your MBABC resource and provincial tool box issue of The BC Mortgage Broker. I am pleased to share that we have created a more comprehensive MIC Directory which will continue to be available online through our Resources tab as a standalone publication. I also want to thank our advertisers for this issue. Our 2012 Advertising Specifications Sheet has been developed as has our

The name you’ve trusted for 35 years when you want to get the deal done.


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Sponsorship Program for the year ahead. These important documents will be distributed and will also be available for viewing through our web site. The MBABC is your conduit to the greater membership. Your participation throughout the year ensures the broadest representation of your company and supports vital programs brought to you by the association. MBABC and CAAMP estab- Phone: Email:


Phone: Email:


est. 1976

Vancouver Island BC Ross Elliot, Agent


cove-halfpagead-jan2011.indd the bc mortgage broker1 | FALL 2011

21/12/2010 2:10:58 PM

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

lished a Collaborative Task Force and are excited to unveil our first initiative. Joint member billing will be available with the new fiscal year’s cycle of invoicing. We hope to simplify this process of renewing memberships between the two organizations so that members need only deal with it once a year and from a single source. We also expect that member renewals for MBABC will increase resulting in fewer inactive memberships, and ultimately, that the MBABC gain membership from the mortgage brokers in BC who are not currently members. The Mortgage Brokers Institute of BC is successfully creating more courses for online access. You can anticipate several more modules to become available in the coming months. These courses are designed to position mortgage brokers in British Columbia as the best trained in Canada. The MBIBC Board of Directors believes in the highest level of education standards and is working diligently to fulfill this mission. We want to thank our Regulator for a year of highly successful Regulatory Updates. The vital information presented during these sessions tremendously benefits each and every one of you. We are thrilled with our recent Charity Golf Tournament. Everyone came out, had a fantastic game, learned from the host of sponsors sitting the holes, and generously contributed to our 2011 donation to the BC Children’s Hospital Foundation. A page within is dedicated to this event and our sponsors are also featured. The BC Children’s Hospital has also offered members of our association an opportunity to do more in their daily lives. Complete details are on our web site and you’ll be receiving an email communication linking you to this information soon. A big thank you to Loren Hawkins for chairing this fabulous event! You can expect our 2012 Cal-

endar of Events shortly. Please mark your calendars now with our 2012 Conference & Trade Show. The MBABC has moved the conference to spring dates: May 6-8. We’ve also relocated to the historic Fairmont Hotel Vancouver. More and greater detail will be forthcoming. The Past President’s Council met recently and will be overseeing Board of Director Nominations. They represent a tremendous breadth of knowledge and contribution to this association. We thank them for assisting in the succession planning of this organization.

Information provided by FICOM Real Estate and Mortgage Broker Department as of October 1, 2011: Registered Mortgage Brokers 286 Head Offices Registered Mortgage Brokers 821 Branch Offices

All the best for a great year end! Total Registered Mortgage Brokers 1107

Registered Sub-Mortgage Brokers 3443

FALL 2011 | the bc mortgage broker


c o l u m n

broker savvy w it h

c i n d y frei m a n

diy for new brokers


ewcomers face many challenges when embark­ ing upon a career in mortgage brokering, but those who succeed do so thanks to dedication and drive – there’s really no “luck” when it comes to starting out in this industry. The number one reason for failure in is often lack of support for newcomers. When faced with the “sink or swim” mentality, many will simply move on when confronted with the challenges of learning the brokering ropes. But, when paired with mentors and a brokerage that offers tools and support to ensure the success of newcomers, the success rate is much higher. In-house support is something every newcomer should actively seek out. And while it may not be plausible to job shadow one successful broker, it is entirely possible to learn from the best of the best in this industry through association membership and joining a team that has your best interests at heart. But you have to be willing to actively seek out a support system and have the drive to succeed. Just like clients won’t simply fall into your lap, neither will support. By showing an eagerness to learn and, therefore, succeed, industry professionals will be more apt to help you


the bc mortgage broker | FALL 2011 SUMMER 2011

out – including other brokers, as well as lender BDMs and underwriters. There’s a wealth of knowledge in this industry – you just have to help yourself find it! It’s overwhelming in the beginning to think about everything you need to learn to successfully fund a deal that ensures your clients obtain the best product and rate catered to their unique needs. As long as you have a base knowledge, learning the business as you work through every application is a smart route to take – particularly if you have strong office support.

Know your lenders Likely the most daunting task is getting to know your lenders and the products they offer. But the great thing is that lender BDMs and underwriters are often more than happy to talk about their offerings and explain what makes them different. Begin with talking to successful brokers to find out who their favourite lenders are and why. From there, you can start to build your handful of lenders that will be able to meet the needs of a variety of client types. Because, although there are a seamlessly endless number of banks, credit unions, trust companies, private lenders, and so on, that offer mortgage financing, there will always be a core

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


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

list of lenders you use in your day-to-day business. And if you work on learning the products and guidelines of just a few lenders at a time, you will easily be able to find out what’s right for your clients by talking to lender BDMs and underwriters.

Planting seeds The work you put into learning the business, attracting clients and referral partners, and seeking out the right networking groups at the onset of your brokering career will likely not pay off immediately, but will help you reap the rewards of success down the road. It’s the consistency of the effort you put forth in building your career on a daily basis that will determine your success rate. Having a game plan is key to success. You have to determine, for instance, how many calls you’re going to make each day to potential clients, referral sources and other contacts, in order to map out your success. By touching people on a regular basis, you’re showing them your drive and determination to be the best possible broker. And while this may not result in immediate deals, chances are hard work will pay off in the long run. By breaking up your day into manageable goals, the big picture will not seem so intimidating. If, for instance, you decide to call four potential clients each day, talk to three potential referrals sources and touch base with two lender BDMs and underwriters, you’re slowly but surely reaching out to a significant amount of people that can help secure your road to success.

Marketing So now that you’re building your own brokering business, how do you let people know you exist without spending a bundle of money you don’t have? Start by sending an email and/ or letter to everyone you know 14

the bc mortgage broker | FALL 2011

Send an educational article to your database at least once a month that shows you’re keeping their best interests at heart. introducing your new career and what you have to offer. Talk about the importance of using a mortgage broker for all their mortgage financing needs, and the fact that your services are usually free because you receive a fee from the lender for bringing business in their door. Send an educational article to your database at least once a month that shows you’re keeping their best interests at heart. Remember that consistency works best. You don’t always have to place a big, expensive ad to benefit your business. Advertise where you’re comfortable, like in your child’s dance studio or hockey arena or your local fitness centre. You can also sponsor an event at your child’s school or even donate sports equipment or some sort of school supplies that they’re lacking. With all the cut backs in educational funding, schools are all very open to these kinds of donations. Monitor where your deals are coming from and reinvest in similar marketing initiatives. Try something new at least every quarter and see what happens. Re-evaluate your marketing plan often and brainstorm new ideas. Try partnering with other professionals, such as real estate agents, financial planners, and so on, to see how you can split marketing costs. The sky truly is the limit when it comes to marketing your busi-

ness. Talk to other brokers to see what works for them and figure out how you can add a personal spin to your campaign. Battling age Many newcomers in their 20s face an extra obstacle when they’re new to the industry. They often feel their age can be a factor that holds them back as people may not trust them because the notion that they’re inexperienced is more apparent. Learning the ropes by continually educating yourself and staying abreast of the industry is just that much more important for younger newcomers, as is ensuring you look and act professional at all times. You may have to work harder to prove yourself, but learning the industry at a younger age definitely has its benefits. For instance, brokers in their 20s often have a technological knowledge base that enables them to successfully reach out to clients and spheres of influence through many marketing devices such as social media and quickly reap the rewards. By actively working on your business to ensure a steady stream of deals begins to flow through your door, success will come naturally. But you have to ensure you’re sowing seeds today that you can harvest down the road. Make sure you openly ask for referrals too to ensure people know referrals are the bread and butter of your business and they’re the biggest compliment anyone could pay you. Cindy Freiman is Director of Public Relations & Communications for Dominion Lending Centres (cindy@; 289-240-6322).


community iN THE


n the summer, Genworth Financial Canada hosted its Days of Service and teamed up with SPCA in Coquitlam with a car wash to raise money for the four legged homeless.

In October, Jacqueline Baker, a mortgage broker with Dominion Lending Centres Total Mortgage & Leasing, will be leaving on a mountain climbing expedition with Summits of Hope. The team will be attempting to climb Mount Kilimanjaro – the highest mountain in Africa – to raise money for children at BC Children’s Hospital. FALL 2011 | the bc mortgage broker





Through a new partnership with the MBABC, Jones Brown is able to provide  unparalleled protection and comprehensive coverage for all members including:     Competitive pricing:    Minimum annual premiums as low as $650     Fast and easy quoting and binding:   With electronic paperwork done via email.  The application is   available online at the MBABC website:   

 Several payment options:  Including cheque, monthly bank withdrawal or credit card  (Visa, MC or AMEX  in up to 3 installments)      Alternate insurance options:  We can provide solutions for your Office Contents, Commercial   General Liability, Mortgage Impairment and Directors & Officers   Liability Insurance needs as well. 

   EARLE McCANDLESS, Program Director    Direct:  604‐609‐2192     Steven Cole, Program Executive                  Direct:  604‐609‐2199   805 ‐ 609 Granville Street, Vancouver, BC  V7Y1G5         Fax:  604‐608‐1174 

The MBABC’s  new  E&O  program  is  underwritten  by  Royal  &  Sun  Alliance  Insurance  Company;  one  of  Canada’s  leading  property  and  casualty  insurers.              

MBABC is a registered trademark of the Mortgage Brokers Association of British Columbia.  RSA is a registered trademark of Royal & Sun Alliance Insurance Company of Canada.   Jones Brown is a registered trademark of Jones Brown Inc.                                                                                                                                                                                                   (10/2011)  SUMMER 2011 | the bc mortgage broker



The Errors and Omissions Insurance Program


he MBABC and Jones Brown Inc. are proud to partner to provide members of the MBABC with an exclusive Professional Liability (Errors and Omissions) insurance program. This article will answer some of the most frequently asked questions about Errors and Omissions Liability.

What is E&O insurance?

Errors and Omissions insurance (E&O) provides coverage for you and your company in the event that a client holds you responsible for a service you provided (or failed to provide), that did not meet the expected or promised results. For doctors and dentists, this coverage is called malpractice insurance. For Mortgage Brokers, it is called professional liability, or Errors & Omissions insurance. E&O insurance covers you, or your employees, for errors or omissions that you may have made or (perhaps more importantly), that the client thinks that you have made. Most E&O policies cover court judgments, out-of-court settlements, and legal defense costs. In the event you are sued, even if you are found to have done nothing wrong, thousands and thousands of dollars may be needed to defend you in court. These legal costs can bankrupt a small company or sole proprietor, and can have a long lasting effect for larger companies.

Why does my company need coverage?

Everyone makes mistakes. Even with the best employees and the best procedures in place, mistakes can be made which can cost you and your firm. In today’s market, mortgage brokers can come under scrutiny for failing to advise their clients of changing market conditions, such as the effect of increasing interest rates, the client’s ability to re-finance in the future, and the likelihood of a property to sell for more than the mortgaged amount. Even though you may have properly advised your clients, there is nothing stopping them from suing you if the market changes and things don’t go the way the client wanted them to. FALL 2011 | the bc mortgage broker


errors a n d o m issio n s , c o n ti n u ed

For example, one of your brokers meets with a couple. Your broker finds them a good rate, and the clients happily buy their house. 18 months down the road, both clients have lost their jobs, and they are unable to pay their mortgage. They receive a letter from the bank, advising them that the bank will foreclose if they do not pay $20,000 in back payments. Desperate to save their home, the clients sue your broker, and your firm, for the $20,000 saying your broker did not properly disclose the terms of the loan. Even though your broker did nothing wrong, it still costs your firm $15,000 to defend yourselves.

Is E&O coverage mandatory?

Some jurisdictions, such as Alberta and Ontario, require mortgage brokers to carry E&O insurance. Although there is no legal requirement to carry E&O insurance in British Columbia yet, the MBABC has worked with Jones Brown Inc. and RSA Insurance to provide a cost effective policy to provide increased protection for its members.

What are the features of the MBABC Policy?

The MBABC’s new E&O insurance program provides you with: • Competitive pricing: Minimum annual premiums as low as $650

• Fast and easy quoting and binding with electronic paperwork provided by email: The application is available online at the MBABC website (www., and quotation and binding of coverage can usually be completed within 24 hours • Several payment options including cheque, monthly bank withdrawal or by credit card (Visa, MC or AMEX ; in up to 3 installments) • Alternative insurance options: Jones Brown Inc. can provide solutions for your Office Contents, Commercial General Liability, Mortgage Impairment and Directors & Officers Liability insurance needs as well. • A custom tailored policy, created specifically for MBABC members. By not purchasing E&O insurance, you can be taking a serious financial risk. The types of losses discussed are not covered under a Commercial General Liability policy, and, as before, even if you are not at fault, defending a lawsuit can be both time consuming and expensive. Protection for your business does not have to be expensive, or difficulty to obtain. Contact Jones Brown Inc. today to obtain a no-obligation quotation on the MBABC program.

Our Power Compensation® Program gives brokers the man advantage. Which means better service and lower rates for your clients and bigger earnings for you. And, with exclusive products in your lineup — like B Lending Solutions and ARM, plus dedicated underwriting and All Star Portal access — you’ll be even more competitive in the market. Be a Power Broker with Team Bridgewater.



Personal. Efficient. Committed.


the bc mortgage broker | FALL 2011 MBAB002 10/01/11


lifestyles The Three Things You Need For A Happy, Healthy Life

Paul Plakas


bout fifteen years ago one of my clients told me the three things a person must have in order to live a happy life. Those things are adventure, love and friendship. At the time the statement did not mean much to me but as I have matured I realize how right he was. When I work with overweight people I see much sadness. I believe that food is being used to replace one of these three voids in their lives. It is unbelievable how many people I find spending their lives sitting at home watching television, working on the computer or playing video games from the time they get home until they go

to bed. The majority of unhealthy calories are consumed after dinner. Think about all the hours you waste sitting staring into a screen while eating at the same time. People do this because they have nothing else to do. The average North American watches about three and a half hours of television per day. At this rate if a person lived to seventy years of age they would have spent over 9 years of their life watching television. I think it would be a shame on your death bed you would regret how you lived your life. What would you give to have any one of those hours back? Think about what you could have FALL 2011 | the bc mortgage broker


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

accomplished with that time. Think about what you could have become, what kind of body you could have had, what you could have done with that body. We all have a genetic potential. Many of us will die without ever realizing even 50% what our body could have done or looked like if it was taken care of. To me adventure is doing something out of my comfort zone that gives me a rush, something that is a bit scary but I also look forward to doing. Exploring new difficult mountain bike trails, doing the keynote address at a fitness conference, jumping out of an airplane, or trying to set a new personal best in my weight training routine even though I know it is going to hurt really bad. These are some of the things I personally do that gets me jazzed up about life. You just have to figure out what will do it for you. Probably the most scary nerve racking thing I have done so far was when I agreed to be a celebrity dance contestant to raise money for a children’s charity. The idea is the same as the “Dancing With The Stars” television show. I had three weeks to practice with a professional ball room dance instructor. Our dance was the Jive. If anyone knows me they can understand the intensity of my discomfort because I am a brutal dancer. My biggest fear was embarrassing myself by forgetting the routine or dropping my partner on one of our lifts (which I did on one of my practice days). I did not know how I was going to feel on the day of the event. Imagine doing something you suck at in a gala event with a thousand set of eyes looking at your every move. To prepare for this I had an idea. I convinced my dance instructor to do our routine the day before the event on the streets of downtown Edmonton. I figured if I can dance in a situation where people walking down the street would wonder “what the hell is this guy doing”, I may be less afraid 20

the bc mortgage broker | FALL 2011

on the night of the real thing. There I was, me and my partner, a few homeless people pushing their grocery carts and a bunch of business types gathered together to watch something unexpected at that place and time. It went surprisingly well. On the night of the charity dance about an hour before I was to go on I remember being more nervous than any other moment of my life. Two of the other celebrity dancers were Jaime Sale and David Pelletier. These are Olympic Gold Medal winners in pair’s figure skating. This is really fair. They dance on ice which is harder than dancing on a floor. How am I going to look after they are done their routines? When they announced my name I remember applause, a few of my co-workers in the audience chanting my name and then silence. Once the music started I went into the routine I had practiced and all the nervousness went away. We went through all the steps and I avoided banging my instructor’s head on the floor. I did something that was scary for me and I believe I am better for doing it. When you do something really great and different you have a great story to tell. When someone asks you “what did you do last night?” Do you want to say, “I stayed home and watched television” or “I conquered my fear.” Adventure is vital for a healthy existence. Without it we would never have anything to look forward to in life. Friends can benefit or hinder your weight loss goal. Research shows that if the friends and family we socialize with are overweight you are most likely to be overweight yourself. Think about the people you spend time with. If their idea of a good time is to BBQ chicken wings and drink beer you will consume those calories if you want to hang out with them. If your over weight friends want to go to a movie and guzzle back a large pop and buttery popcorn (2000 calories +), you will fol-

low to spend time with them. Chances are not great that your overweight family members and friends would ever invite you to go out for a 5km walk/run. If you say to them “lets go to the gym instead of going out to eat” they will think you are nuts. The key for your weight loss success is to spend less time with unmotivated overweight people and spend time finding fitter more active friends. Since they have a like minded goal to stay, lean, fit and take care of their health you will have a better chance of doing it yourself. Join an exercise class, a community walking group, a co-ed volleyball club, sign up for dancing lessons; anything that gets you excited to move your body. You will meet new people that may want to do something different rather than always going out to eat, going to the movies or staying home frying up greasy foods. The next time you decide to go on a diet it is not only about the types of food you eat and the calories you consume. This is only half the battle. The other part is figuring out why you are eating poorly in the first place. Maybe you just need to reduce your boredom and do something active with a buddy. It can be that simple. Paul Plakas has been a personal trainer for 20 years. He has trained every level of fitness from homemaker to professional athlete. Paul has been on television for the past nine years doing weight loss documentaries. Four years he worked on “Taking It Off” and the past five years on “X-Weighted”. Both shows are Gemini Award winners. Paul just finished taping season five of X-Weighted – Families, to be seen on Global TV and the Slice Network. When not working in television Paul trains clients at his personal training studio in Edmonton, Alberta called “Custom Fit”. In his recreational time he enjoys, mountain biking, hockey, cross country skiing, all racquet sports and working out with weights. The motto he lives by is “Pain is temporary, quitting lasts forever.”

c o l u m n







o n MB I BC


Catherine Barry, Education Coordinator MBIBC


eading into fall we have already held three Regulatory Update Seminars in Victoria, Kelowna and Vancouver. Another webinar is scheduled for October 20th and another seminar will be held in Surrey on November 25th. Please visit our website at regularly for information and updates to the schedule. To date we are offering two online modules: one on Record Keeping and another on Advertising. I am pleased to announce that the Registrar has just approved a new module on Lender Disclosure. It is now scheduled to be launched on the MBIBC website on October 11th, 2011. As you all may know by now, FICOM has made some modifications to the new lender disclosure form, which are explained in Bulletin MB 11-005. Under the section 17.1 of the Mortgage Brokers Act - A mortgage broker who: Arranges a mortgage in which another person is to be the lender; 22

the bc mortgage broker | FALL 2011

Arranges the sale of a mortgage lender’s interest in a mortgage to a new lender; or Is a mortgage lender and sells its interest in the mortgage to another person who will be the new mortgage lender; must provide the mortgage lender (unless exempt) with a Form 9 Lender Disclosure Statement in Form 9 with the attachments listed in the Form. Below is the excerpt from the Form 9 module: Compliance Issue: As part of a mortgage broker examination, the staff of the Registrar found that a mortgage broker did not independently verify information provided by a corporate borrower, and distributed an investment offering to potential lenders which described the existing financial charges on the borrower’s properties. The existing charges were shown to be a single inter-alia mortgage in the amount of 2 million dollars registered against two property titles. However, a land title search found that there were in fact two separate mortgages in the amount of 2 million dollars each, filed against each property title, therefore, making the total encumbrances ranking in priority 4 million dollars and not 2 million dollars. The mortgage broker failed to provide lenders with a Form 9 and did not investigate the title of the sub-

ject properties. The mortgage broker explained that he did not represent the lenders and did not believe that verifying the investment information was his responsibility. However, by failing to provide the required disclosure to the lenders and by providing erroneous information about the existing financial encumbrances which had priority over the mortgage investment, the mortgage broker failed to exercise reasonable care and skill in its dealings on behalf of the lender. This module explains in detail how to complete the Form 9 and discusses some common compliance issues. This module is essential for any mortgage broker who deals with private lenders! Just a kindly reminder: The MBIBC doesn’t have access to your FICOM registration number. You therefore need to contact FICOM at to obtain this information. MBABC NEWS: For our Junior Brokers, don’t forget the AIC – Applied Information Course – on November 29 & 30, 2011 at the Hilton Metrotown Burnaby. This seminar provides young brokers with practical tools and current industry insight delivered by our best educators and 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

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3) What do I find important about the MBABC MBABC give brokers credibility. Its important to have an organization stand behind and support brokers. MBABC also provides continuing education, which helps to keep brokers informed and up to date on current policies, regulations etc. . As brokers we have a code of ethics that we have to abide by and from time to time there may be instances where a broker does not act in the clients‘ best interest or perhaps is not conducting him or herself in a manner in keeping with the Code of Ethics. Its reassuring to know there is an organization that regulates that.

MBABC’s Member Broker Profile presents Maria Kyle of DLC - Vintage Financial

4) Advice for new brokers coming into the market…

1) My best practice: what makes me successful I think being in a small town is a large part of my success. Word of mouth gets around quickly. I have a large database that I make sure to keep in contact with. I also send out gift cards to all clients that send me a referral, regardless of the outcome of the deal. Clients that purchase a home also get a special little treat. Its imperative to not lose the personal touch. Its also important to have a good team surrounding you. I think the bottom line is that I love what I do. I love helping people and I hope that comes through to my clients I think it does, because my client and referral base continues to expand.


the bc mortgage broker | FALL 2011

2) Biggest challenge mortgage brokers face today. The ever changing practices brought on by the insurance companies. It’s a challenge to keep up with all the changes and how they impact clients. Also the banks have become so competitive. Clients that may have been loyal to you seem to be getting swayed more and more towards their banks. Its important to show clients just how much better off they are in using a broker as opposed to their bank. There is still a misconceived notion that mortgage brokers are for people with bad credit. Part of a broker’s challenge is to educate clients and the public as to why brokers should be their first choice, not their last.

Make sure you have savings in place to get you through the lean times during that first year. Don’t expect to come into this profession and make a ton of money like your fellow broker who has been doing it for 20 years. Also this should be your career, not something you do part time. If you give 100% effort and work your database and get advice from veterans, stay informed and educated, then you are more likely to succeed. It also helps to join a company that is supportive and has great tools to assist a new broker (like DLC) with the challenges they face. Its not easy out there, not even for seasoned brokers.

5) The last book you read? Two for the Dough. By Janet Evanovich. It’s a great light funny easy read series. After looking at credit bureaus and financials all day, it’s a treat to pick up this book!!


calling all new brokers APPLIED INFORMATION COURSE

Date: November 29 & 30 2011 8:30 – 5:00 pm Both Days Hilton Vancouver Metrotown 6083 McKay Avenue, Burnaby BC Member Price: $350 + hst Non Member Price: $399 + hst Please visit our Events Centre for more information on the AIC Course & to Register. Non Members call 604.408.9989. Q: What is the AIC Course? A: The AIC was created and designed by the Mortgage Brokers Association of British Columbia over several years with the assistance of the Industry’s best talent. It is a two day course that provides new entrants into the industry with the basics of how to operate as a mortgage broker.

Q: Why should I take the AIC? A: The AIC course provides information currently not part of the UBC mortgage brokers’ course curriculum. If you feel disconnect from what you learned at UBC how to apply that knowledge to the actual business of brokering - the AIC will help you bridge this gap! The objective of the AIC is to provide a clear picture of the processes involved in seeking and obtaining approval of mortgage financing.

Thanks to our Generous Sponsors:

Q: Who Should Attend? A: Students and graduates of the Sauder School of Business (UBC) Mortgage Brokers course, newly registered mortgage brokers, institutional underwriters, credit grantors, lender assistants, or anyone with an interest in mortgage brokering.

Q: What will the Course Cover? A: Day 1


Day 2

Intro to Industry

Deal Analysis Part 2

Role of the Mortgage Broker

The Closing Process

The Application

Mortgage & Conveyance

Reading & Understanding the Credit Bureau Report

BPCPA & Forms 9, 10 & 11

Income Confirmation

Marketing Yourself in the Industry

Deal Analysis Part 1 *The Applied Information Course is recognized by CAAMP with 12 CE compulsory credits. FALL 2011 | the bc mortgage broker



lender p

MBABC’s member profile presents Broker Relationship Manager, Kathleen Hazen, just one of the many with Scotia Mortgage Authority







1) What does the role of Broker Relationship Manager entail? LOL… what doesn’t it entail!! All kidding aside, the BRM’s primary role is underwriting. We work with most of the best and busiest brokers in the industry. Working with the best means we are busy. Despite the volume; we try to work quickly, efficiently and accurately to process the applications that come our way.

2) Qualities that make for a successful BRM: I would say organizational skills and an eye for detail. As underwriters we have to make credit decisions quickly and with accuracy. That means we have to get up to speed quickly with every file to understand the applicants and their circumstances.

3) What do you find important about the MBABC I have been in the business since the days before there was a fully organized MBABC. Since the full organization of the MBABC the industry has blossomed. It has been exciting to watch the industry grow year after year. I don’t think this growth would have been possible without the MBABC. They helped usher in the AMP designation and the standards of professionalism, accountability and disclosure.

4) What is the favorite aspect of the job? Working from home. This allows me to maximize the efficiency of every working hour of the day. In the time it would take to drive to and from an office I can be underwriting files to ensure the best possible turn around time. More than not, we have very long work days; if we had to go into an office these work hours wouldn’t be sustainable week after week, month after month. And personally, I save a fortune in business attire! 26

the bc mortgage broker | FALL 2011


2011 Charity Golf Tournament


or this year’s Charity Golf Tournament we headed back to Whistler to continue our support of BC Children’s Hospital. The event was held at the Fairmont Chateau Whistler and were treated to world class service and hospitality! The day started off with a gorgeous sunrise over the Mountains which provided a spectacular back drop for a great day on the links. As usual, the day provided some great fun from an axle breaking on a golf cart (completely by accident) to a couple of our sponsors getting checked out by a group of “locals” …. a family of black bears. Once the golf was done we all headed back to the hotel for some networking and a fabulous meal.

FALL 2011 | the bc mortgage broker


c h arit y g o l f to u r n a m e n t , c o n ti n u ed

We would like to thank all of our sponsors for making the day possible including First National as our Title Sponsor. With everyone’s efforts we pushed the donation raised to over $24,000. I would also like to thank one and all for taking time out of your busy schedules to help make the day a tremendous success.


the bc mortgage broker | FALL 2011

c h arit y g o l f to u r n a m e n t , c o n ti n u ed

We look forward to seeing you at next year’s event which we be held in the Lower Mainland, golf course to be determined, but the date will be the 10th of September 2012. Cheers Loren Hawkins Chair, MBABC Golf Tournament FALL 2011 | the bc mortgage broker


MBABC 2011 Annual Charity Golf Tournament Thank you to all our Sponsors Dinner & Cocktails

Golf Carts

Sleeve of Balls


Mens’ Long Drive

Mens’ KP

Dinner Wine

Ladies’ KP

Ladies’ Long Drive

Hole Sponsors

Gallery Sponsor

To Benefit

Beat The Pro

Putting Contest

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Vancouver’s Sub-Prime Mortgage Lender since 1982

FALL 2011 | the bc mortgage broker



What’s your Mortgage Operating System of choice? Kevin Dear

You can’t make it through a day in business anymore without an article, an email blast, a new form of technology or a new book…


the bc mortgage broker | FALL 2011


ou can’t make it through a day in business anymore without an article, an email blast, a new form of technology or a new book….exclaiming the importance of making improvements to your systems! In other words, improving how it is you operate your business. The essence of “how you do it here.” In most industries and in businesses there are generally accepted systems, practices, and tried and tested processes to operate your business so that as the key sales agent for the business you can focus on building the business. In the mortgage origination business, the original intent of the D+H Expert system and its predecessors was to offer such a platform, allowing broker and lender to interact from application to funding. Updating each other on status changes, the provision and acceptance of documents, confirmation of mortgage advances and finder’s fee payment to name a few. Sounds great in concept?! In recent years, some lenders have committed their time, energy and IT dollars to creating their own platforms and many have made excellent strides to improving our service experience with them as a result. Names such as First National’s Merlin, and MCAP’s Professor come to mind. Still other lenders continue to work more extensively with Expert, providing status updates and document exchange services on this platform. So, as a broker, dealing with different lenders that communicate on, and promote differing platforms, it is pretty difficult to improve on “how we do it here” if how we do it changes depending on who we do it with? And that is the real purpose of this article…. Can you even have one operating system in this business?? I think the short answer is yes. Your operating system could be a collection of resources you pull together to define how it is you do it here, or it could be a one stop solution you can obtain from a third party that has already invested time, energy and money into an operating system for you.

WH A T ’ S Y O U R M O S , c o n ti n u ed

The first option has been the preferred method for most brokerages, often combining homemade or brokerage provided solutions with contracted services for certain needs. A complete Mortgage Operating System should provide you with the following key components; A Deal Dashboard is that key system that most impacts our clients experience with us and their mortgage approval. When we began our brokerage in 2005, it was evident to us there was no such system offered in our industry so we began to create our own Dashboard to support us in the operation of our business, and it has become our key go-to system and defines how it is we operate….or how we do it here. In my view the Dashboard could be the “second” centre besides the “you”. The reason for this is that you could have separate systems for managing your client communications, your documents, tracking your compensation and managing your client base for new business opportunities….and for the most part, that is what has been offered to mortgage originators to date. Components to solve a portion of our need - rather than an end to end mortgage operating system that by virtue of simply doing what we do

every day in serving our clients, we have a complete system to support the operation of our business in these 5 key areas. I can certainly find a Task Manager program to assist me with key activities and Reminders to ensure I guide my clients through the application process. But does it interact with how my documents are collected, forwarded, accepted and tracked by my lending partner? I can contract with a client communication provider, but is the content provided to my clients tied into where my clients might be in the application process? More importantly, can the content I share with them also be dynamic and automated, yet stay personal? You can probably see a pattern here. It is important to have ALL five components to define your overall system of, “how you do it here.” But if all of the components are not integrated and are separate and have mutually exclusive benefits, you may not have a system at all. You certainly won’t have a system that is easy to improve upon! I think that many of the most progressive mortgage brokerage companies understand this, and that is why you are hearing more and more about Dashboards. This is code for a key system

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WH A T ’ S Y O U R M O S , c o n ti n u ed

makes good mortgage brokers better with: • A complete process management system • Timely reminders that are sensitive to the deal process • A complete conditions management system • Automated CRM and performance management systems

Want to evolve to create a smarter, faster and simpler mortgage brokerage operation? Contact Us for a no-obligation, no cost presentation of OTTO. This system is available to all mortgage brokers in all mortgage networks.

from which the clients experience is delivered and the other important systems are integrated into. That is what we have been driven to create for our own use these last 5+ years. An integrated mortgage operating system that begins with an online credit application for our clients that inputs directly into Expert and our Dashboard simultaneously. Deal States and Reminders that are sensitive to the mortgage process only, so our system ensures we never forget appraisal report orders or solicitor instructions. Store key documents within the Dashboard; send client documents to lenders; log all email communications and provide clients with dynamic and updated “to do” lists on remaining and lender accepted conditions all within the Conditions page. After the client has committed to choosing you for their financing needs, wouldn’t it be reasonable to have all of the compensation details associated with that deal. In fact, for all your deals by status and by date range available to you so you can make investment or vacation plans? And not because you entered in the finder’s fee details for the deal into a separate spreadsheet but because you told your system the mortgage terms were accepted by the client. And last but not least, to be able to access your client database, present and past and sort by any considered sort field. Without having to access the information via someone else’s group database where your query for data gets into a queue. This way you can segment your client base on the fly and provide very specific solutions ongoing to your clients. This is a system we should all aspire to have! The difficult part isn’t finding all of the pieces in our industry for us to do all of these things; it is to find a solution that ties these components together. Just by doing what we are meant to be doing everyday- serving our clients financing needs-the systems supports us….rather than the other way around. I’d encourage you to look at how you can define “how you do it here” for your own business whether you be a sub broker or brokerage owner. Please stay tuned for more detailed content in upcoming issues on the system sections, and how to optimize the application, submission and condition management parts of the process. Kevin Dear - Managing Partner of OTTO Mortgage Systems Inc.

Email or call Kevin Dear at 604-562-8328

In the Next Issue...

The BC Broker Do-It-Yourself features continue! Join us for an OTTO presentation in November or December and be entered to win 2 tickets to a Canuck’s game 34

the bc mortgage broker | FALL 2011

• • • •

Best Practices and Tips from Lender Underwriters Continued coverage on OTTO and what it can do for you Inside information from Canada’s Mortgage Insurers Deal Packaging 101

Remember, if you have story ideas or submissions for the BC Broker please contact Holly or Callum directly!

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9:45:37 AM

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Kevin Dear Over the past 5+ years, Kevin Dear has been involved with develannounced as oping OTTO as the operating system Origin and now OTTO Mortgage new managing for Systems announces Kevin Dear as Managing Partner. partner for OTTO Mortgage MyNext Mortgage Systems Company

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the bc mortgage broker | FALL 2011

Sonny Saran was recently appointed for one of two Regional Vice-President, Business Development positions for British Columbia. Saran will work with brokers at Mortgage Architects and with select external brokers, providing support and training on the myNext products and the many other business advantages available through myNext Mortgage.

New Director of Sales for TMG in British Columbia

TMG The Mortgage Group Canada Inc. has announced Dan Pultr as Director of Sales for British Columbia. A seasoned veteran on both sides of mortgage lending (prime and subprime), along with his respect for and commitment to the broker channel, makes him a valuable addition to the TMG team.


Pacific Mortgage Group Inc. announces Ron Swift as CEO

Mr. Swift, a Canadian mortgage hall of famer and one of the Canadian mortgage industry’s most recognized and respected leaders, will take over the helm at Pacific in the coming weeks. “The appointment of Ron Swift to lead our continuing growth at Pacific signals the achievement of a great milestone for our company, our shareholders and for myself personally”, said Alex Haditaghi, the company’s Founder and former CEO, who will move to a key support role as Executive Vice Chair. “I have admired and respected Ron’s accomplishments for many years and am extremely pleased that he has agreed to lead our company forward.”

Bob Ord goes Private

Mortgage industry veteran Bob Ord will lead Title Mortgage Investment Corporation, a newly-formed national mortgage investment corporation. With this new endeavour, Mr. Ord will oversee the establishment of a new residential lender that will provide genuinely new mortgage options to Canadian homebuyers and homeowners. “There have been huge changes in the financial sector over the last several years with the ABCP crisis and the more recent credit crunch, and overall mortgage originations  have shrunk about 20 per cent.  When operational, Title Mortgage will develop innovative, non-standard products and shorter-term financing solutions for mortgage brokers. The ultimate winner, of course, is the Canadian mortgage consumer.” 

The Canadian mortgage industry is mourning the passing of Fraser Smith who was the architect of the tax deductible mortgage plan in Canada. He pioneered The Smith Manoeuvre, a ground-breaking, legal strategy that enables ordinary Canadian homeowners to make their mortgages tax deductible in a simple yet effective way.

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 FALL 2011 | the bc mortgage broker


to o u r ad v ertisers :

thank you Antrim Investments Ltd Armada Mortgage Corp. Bridgewater Bank Caps Link Financial Corp. Club MBABC Consumers Choice Mortgages Inc. Cove Mortgage Ltd. D+H Dominion Lending Centres Equitable Trust First National Financial LP Granville West Home Trust Interior Equities Corp. Fisgard Capital Corporation Jones Brown Lanyard Financial Corporation


the bc mortgage broker | FALL 2011

Lawrenson Walker Realty Advisors Mandate National Mortgage Corporation MCAP Merix Financial National Bank of Canada Nexus Investment Corporation Optimum Mortgage – A Division of Canadian Western Trust Otto Mortgage Systems Paradigm Mortgage Corporation ResMor Romspen Investment Corporation TD Canada Trust Vector Pacific Mortgage Corporation VERICO VWR Capital Corp

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Questions? Comments? Deals? Contact your regional business development manager or our underwriting centre at 866.441.3775 FALL 2011 | the bc mortgage broker



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38 38



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Buchanan Neufeld Carrete Carrete Chadwick

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Invis Inc. Meridian Mortgage services alliance Mortgage verico Paragon Mortgage group inc verico ParagonSelect Mortgage group inc Verico Corp. northern savings CreditMortgage Union northern savings Credit Union Ecom appraisals inc. VERICO Clear Trust Mortgages Ecom appraisals inc. Mortgage Centre - Mortgage Evolution Mortgage Centre - Mortgage Evolution vericoDominion select MortgageLending Corp. Centres Hilltop Financial verico select Mortgage Corp. invis - Mary Ellen Colman invisInvis - Mary Inc. Ellen Colman invis inc. invis inc. vericoDominion select MortgageMacklem Corp. Mortgages verico select Mortgage Corp. g & F Financial group g & F Financial group invis SRS inc. MORTGAGES & LENDING CORPORATION invis inc. scotiaVerico Mortgage authority Select Mortgage scotia Mortgage authority invis invisDominion Lending Centres Hilltop Financial Dominion lending Centres | valley Financial specialists Dominion lending Centres | valley Financial specialists Dominion lending CentresCredit Drake Entrust Mortgage services Island Savings Union Dominion lending Centres Drake Entrust Mortgage services MCaP service Corp. MCaP service Corp. Dominion Lending Centres Hilltop Financial Bayfield Mortgage Professionals ltd. Bayfield Mortgage Professionals ltd. Dominion lending Centres Verico Select Mortgage Corp. Dominion lending Centres Bayfield Mortgage Professionals ltd. Bayfield Mortgage Professionals ltd. invis AGF inc. Trust Company invis inc. lendingmax lendingmax Dominion Lending Centres Hilltop Financial Mortgage alliance Mortgage alliance vericoAlpha select Mortgage Corp. House Corp Mortgage verico select Mortgage Corp. HomEquity Bank HomEquity Bank Dominion Lending Centres strategic Professional Mortgage inc. strategic Professional Mortgage inc. scotiabank Dominion Lending scotiabank Dominion Macklem Mortgages Dominion Macklem Lending Mortgages Centres - Liberty Financial Dominion Macquarie Financial ltd. Macquarie Financial ltd. the Mortgage group Invis Inc. the Mortgage group tMg the Mortgage group Canada inc. tMg the Mortgage group Canada inc. VERICO Clear Trust Mortgages Inc. Dominion lending Centres Duet Financial Dominion lending Centres Duet Financial tMg Dominion the Mortgage group Canada inc. Lending tMg the Mortgage group Canada inc. vERiCO superior Mortgage vERiCO superior Mortgage Invis Inc. Professionals ltd. Exclusive Mortgage Exclusive Mortgage Professionals ltd. Centum Innovative Financial Inc.



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MBABC Feb 2011.indd 38 MBABC Feb 2011.indd 38


The Mortgage Brokers Association of British Columbia’s mission is to provide its members with the best educations opportunities, ethical guidance and professional representation, while increasing consumer awaremenss by advocating mortgage brokers as the number one choice for mortgage financing.


the bc mortgage broker | FALL 2011

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Holly MacPhail

Regional Vice President, Sales Western Region

As the mortgage market changes, MCAP continues to evolve to better serve our broker customers by providing industry leading tools, processes and people. Gino Tieri, VP Sales at MCAP, is pleased to announce the appointment of Holly MacPhail to Regional Vice President, Sales, for the Western Canada Region. Holly's illustrious 26 year career in the financial services industry began at HSBC Bank and continued with Firstline, where she held a variety of roles with increasing responsibility. Most recently, Holly was an Account Manager at Genworth Financial Canada where she developed strong working relationships with brokers and lender partners alike. She is actively involved and committed to the growth of the mortgage broker industry, and is currently a Board Director of the MBABC.

For more information, contact Holly MacPhail directly: Tel: 604 630-3625 Email:

The BC Mortgage Broker  

Official Publication of the Mortgage Brokers Assoication of British Columbia.

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