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SPRING 2011

INSIDE: WHAT’S NEXT? Embracing Change IFRS and the Implications to the Canadian Mortgage Market

PM #41297283


Setting

THE STANDARD! 速

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

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

Jane Smith

John Smith Sample Real Estate Corp

Sample Mortgage Corp 555.555.5555

Agent Name 1, AMP

sample@verico.ca

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

Agent Name 1, AMP

555.555.5555

Agent Name 2

sample@sample.com

Company Name

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1.888.555.5555 email@verico.ca

Agent Name 2

Company List Price:Name $450,000 www.website.ca 1.888.555.5555 123email@verico.ca 45B Street, Citytown www.website.ca

3.79%

Our Rates: Minimum Downpayment Required

$22,500

Your Savings:

$450,000

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Purchase Price: Amortization: VERICO Mortgage Rate:

$450,000

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MLS#: VLS10001

Current Listing Price:

5%

10%

$427,500 Closed $13,466

$405,000

Down Payment Options

Bank Posted Rates Down Payment:

Our Rates$22,500

Mortgage Amount: Closed

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

Mortgage Insurance Fee:

10.00%

1 Year Term

Total Mortgage and Insurance Fee:

10.00%

Mortgage Payment:

10.00%

Property Taxes: Condo Fees: Utilities:

10.00% 10.00%

$440,966

3 YearRates Term Bank $2,308 5 Year Term

$150

7 Year Term Monthly 10 YearPayment: Term

OpenMonthly Shelter Expenses: Total

$0

$100 Open $2,558

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

1 Year Term

10.00%

Other

10.00%

1 Year Term Other at Maturity: Balance

$2,421 -

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

$90,777 10.00% 10.00%

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

10.00% $342,000.88

$ 100,000 Balance at Maturity:

$9,720 10.00% $414,720 10.00% $2,171 10.00% $150 10.00% $0 $2,000.59 10.00% $100

5.79%

Our Rates

Total Savings: 速

#Price

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

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

$45,000

#Amort #Rate #PropTax #Fees #mortTerm

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

$456,000

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

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

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

VOLUME 1 , NUMBER 2

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

Publisher

Craig N. Brown

Art Director

Donna Szelest

Contributors

Cindy Freiman Jeff Puhl FICOM Divine Elements Catherine Barry Scott Gingles Diane Readings John Bordignon Paul Lewis

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

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Jessica Facini

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

P.O. Box 32102, 2151 Louie Drive Westbank, BC V4T 3G2 T. 778-755-5727 F. 778-755-5728 www.prospermediagroup.ca

PRESIDENT VP SALES & MARKETING DIRECTOR OF SALES

Craig N. Brown Chytra Brown Roy Kunicky

ASSISTANT TO THE PUBLISHER Joanne Clarke The bc mortgage broker is published in Westbank , BC by Prosper Media Group Inc . Š2011 All rights reserved . The views expressed in The bc mortgage broker are those of the respective contributors and not necessarily those of the publishEr or staff . PUBLICATIONS MAIL AGREEMENT NO. 41297283. RETURN UNDELIVERABLE CANADIAN ADDRESSES TO: P.O. Box 32102, 2151 Louie Drive, Westbank, BC V4T 3G2 PRINTED IN CANADA.

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featuresd e p a r t m e n t s 17 WHY YOU WILL NEVER MEET YOUR CLIENTS AGAIN:

technology-based laziness and paranoia

35 IFRS and the implications 38 2010 OLYMPIC LEGACY: hangover or hang on?

7 message from the president 23 LIFESTYLES 9 viewpoint from the editors 27 MBABC REPORT 10 review from the executive 29 MEMBER PROFILE: broker director 31 member profile: lender 12 REPORT ON PROFESSIONAL 32 in the news DEVELOPMENT 37 thank you to our 13 2011 BOARD OF DIRECTORS advertisers DIRECTORY 38 mbabc new members 16 ficom statistics 19 ON THE SCENE

columns 14 broker savvy with cindy friedman

SPRING 2011 | the bc mortgage broker

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D E P A R T M E N T

m e s s a g e PHOTO CREDIT: CHRIS CHERNOFF

fro m t h e preside n t

Joanne Vickery, President

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ver the last year we have seen our industry, again, adapt and change as we evolve and adjust to a changing economic world. Many of us have had to look at how we do business, consider ways to better plan for a successful future, step outside the box. All of us have to stay on top of the constant flow of information, continue to educate ourselves, and be competitive to ensure we are able to provide the consumer with the best solutions and service that they expect from our profession. Our profession is exciting and ever changing and can be consuming. The MBABC and the staff have had a very busy year with many initiatives and accomplishments. As president, I often felt I was not sure how much we had really done, until I sat down and reviewed our work over the last year. In keeping with the MBABC Mission Statement, our goal in all decisions that were made by, the Board of Directors, Committee chairs and MBABC staff was keeping in mind the best interests of the membership and the consumer. We make every stride forward to grow the professionalism and awareness of our industry. Today the MBABC is nearly 1700 members strong. As we all begin to recover from an economic shake-up of a couple years ago our membership is stable and growing with many of our new members, new to the industry, both our individual broker members and our corporate members. Due to prudent fiscal management, we have a strong bottom line therefore giving us the opportunity to fund important initiatives like government relations and media related activities generating greater consumer awareness of mortgage brokers in BC. To support the work of the MBABC Board, we have also been able to responsibly increase our office staff to 4 people. The MBABC has been recognized in the Media as a voice and an industry expert, being called upon in the last year to share our position in many areas of our business. With the support of our media consultant Madelaine Hatch from Granville Communications, we have issued many well constructed press releases that were picked up by TV, radio and print media. The MBABC had over 4 dozen media hits in 2010. We launched our new website, with the splash page offering entry by the consumer, mortgage professionals and the media. In addition it provides links to related websites such as our Re-licensing program through MBIBC. You will also find us on Facebook and Twitter. October 2010 was our second annual “ Mortgage Education Month”. This annual event launched last year to promote consumer awareness of our profession, and the benefits of using a MBABC Mortgage Broker to help them with one of the largest financial decisions they will have in their lifetime. The MBABC supported this initiative with radio advertising spots, promoting Mortgage Month; video’s, power point presentations and materials for our members to offer mortgage seminars in their communities. Our Education Committee has delivered 14 educational events this last year which include our ever popular 2 day AIC Course and our Designated Individual course. Our professional Development seminars were delivered in Kelowna, Vancouver and Victoria, all well attended and successful. One of the MBABC’s biggest accomplishments in 2010 was the cre SPRING 2011 | the bc mortgage broker

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All of us have to stay on top of the constant flow of information, continue to educate ourselves, and be competitive to ensure we are able to provide the consumer with the best solutions and service that they expect from our profession.

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ation of MBIBC (Mortgage Brokers Institute of BC). The MBIBC is headed up by President Brian Peterson, and Sec/Treas Rob Regan-Pollock, and 3 other board members. The mandate is to deliver re-licensing education to all registered mortgage brokers in BC. Our regulator now requires that all individuals registered as mortgage brokers are to complete re-licensing education in order to renew their registration as a subbroker. The MBIBC was pleased to be given the opportunity to deliver this education. In this last year we have been able to offer numerous “Regulatory Update” Courses throughout the province in classroom and webinar format, in addition to on-line modules. The program has been well received and the calibre of educational material is unmatched. The MBABC has enjoyed a strong working relationship with FICOM, nurturing open communication with regards to regulatory issues and changes, and education, ensuring that our regulator is aware of the strength of our voice representing Mortgage Brokers in BC. As a result of this relationship, the MBABC collaborates regularly with FICOM to ensure quality re-licensing education. The MBABC is also represented on the CAAMP board, by one of our board members, as a director at large to foster open communication and awareness of the mandate of each other’s association, in order to best serve our memberships. In addition our continuous communication with our sister associations AMBA and IMBA help to share and ideas for the effectiveness of provincial associations across the country. As my term as president has come to an end, I will continue to encourage your new board to move forward with plans to strengthen your association and provide members with support and benefits to help our mortgage brokers grow their business. We have some new initiatives to look forward to in the coming year. We are pleased to announce that board members of CAAMP and MBABC have created a task force to review the roles and responsibilities of each association to look towards areas of opportunity to achieve economies of scale, and collaboration in areas of duplication, still keeping in mind the mandate of each association. We also look forward to working with a new partner The Financial Consumer Agency of Canada to assist with promoting Financial Literacy. Our focus will be to continue to strengthen our Educational offerings some including networking opportunities. In addition to seminars and classroom sessions, we will look at other methods of delivery to make it easier for our members in more remote areas to participate such as webinars and online education. The ever popular MBABC Charitable Golf Tournament will this year be held in Whistler in September, where we are proud to donate all our profits from the tournament to the BC Children’s Hospital. And after 8 months of research and negotiation, we have launched a new E & O Insurance program for our members. BC has some of the lowest claims for E and O in Canada. We have the pleasure of being able to deliver to our MBABC members very competitive premiums, in recognition of low claims. The MBABC is your association. Our Mission Statement talks of providing support to members in order help grow their business, and be recognized as professionals. All of the work done by the Board of Directors and staff of MBABC is a result of the feedback we continuously receive. I encourage all of you to participate in our ongoing education and net working activities, please provide your feedback. I also encourage you to volunteer and get involved with your association. We always need help with many of our committees. Joanne Vickery President, MBABC


D DE EP PA AR RT TM ME EN NT T

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

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

welcoMe Spring to 2011!! is here!

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

T A

he start of a new year is upon us, and we are feeling aaahhhhhh Spring is here at last! Bright pink cherry blossoms particularly excitedand about few shining! reasons!With as you are in full bloom, the that sun for has abeen the can tell,behind the BCus, Mortgage Broker hasold a rainprobably and gloom we can also sayMagazine goodbye to new look andthoughts feel, and that because we have a newfuture. Publishing habits, stale and is look towards a brighter This edition ofcalled the BC Mortgage themed What’s Next?, company Prosper MediaBroker group!isthe themethe for this issue is all because we wanted to provide you as muchtohelpful industry about continuing education, and itswith importance your business. insight as possible. The future of financial institutions, technology Often we may forget to invest the time, money and attention and property predictions can be daunting, so inside you will find to such an important the more to knowledge you some excellent articles matter, written however, by industry experts help you pave have, the better prepared you will be for your clients and referral the way. Change is often hard to adapt to, yet we find ourselves in an industry where we haveano choice butto tothe embrace resilience, sources. We have also added new column magazine called modify the way we think and find new ways to get the work “Deal Resolution”-tough real life deal scenarios, solved by done. your Inside you will find some great tips on keeping most peers. Perhaps this also will assist you to view challenges in ayour different important asset aka YOU in top form so you can maintain that work/ way. also in And this we issue you can learn more the2011 MBiBC, as life balance. hope you will enjoy the about fabulous MBABC well as the benefits of becoming a member of the MBaBC. One Conference and Tradeshow spread, with so many smiling faces you of the best educational is the alsobest thetoannual can certainly tell it was a opportunities huge success! All you forMBaBC a flourishing Spring Market. Conference and tradeshow, so be sure to register before spaces are filled. We hope you enjoy the new look of the BC Mortgage Broker Heather and Irena magazine and we wish you the very best for a successful 2011! Heather and Irena

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

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Tamera Olsen, Executive Director

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he MBABC’s Annual General Meeting is about to take place. Our Executive Committee teamed up with a Past President and successfully drafted our Bylaw Resolutions. The verdict is still out as I write my article, and I am optimistic that our recommendations to the members will be met with approval. The effort to craft appropriate bylaws that consider an evolving industry and address member needs is a daunting task. The governance of this association and by extension, the industry in British Columbia, places a great deal of pressure on the board and executive to foresee the future, understand member needs and address critical issues. An important component to this is our annual strategy session and board retreat. We are welcoming several new members to our 2011 Board of Directors. This upcoming session impacts our ability to function as a group in that it builds a team, breaks down communication barriers, enables and empowers members to speak out, work collaboratively and effect positive change. We meet away from the pressures of our daily business lives and come together with a focus and a mission. I am excited when I look at the quality and make up of our incoming Board of Directors. Our Nominations Chair worked hard to solicit interest and commitment from this group and our returning directors are commended for their work thus far and want of greater challenges. This also seems an appropriate time to

gratefully thank our outgoing directors: Linda Fleming, Rob Regan-Pollock, Irena Sakic, Jason Humeniuk, Chris Hoeppner, Heather Cermak and past president, Joe Santos. It isn’t surprising that several of these people will remain on important committees in the year ahead, and while they aren’t serving as a board member, they continue to contribute adding value to each member with their experience and effort. I recently worked on our Annual Report, now published and available on our web site. As I was reviewing 2010 and compiling a snapshot of the significant efforts of the year behind us, I realized once again how much this organization works on behalf of its members. We have a strong voice with our Regulator and in impacting potential legislation. I encourage each of you to take a moment to read this important document which reviews our activities and financial position. It is also with delight that I let you know of the collaborative task force between MBABC and CAAMP. I am fortunate to sit among this group of hard working individuals. The depth of knowledge and length of service to this industry is amazing and this group is definitely going to leave a ANN l e g a c y. R E P OU A L RT MBABC is also proud of the

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Our communication and feedback has increased and leaders among the associations are coming together routinely to impact the greater good...

extended relationships among all provincial associations. Our communication and feedback has increased and leaders among the associations are coming together routinely to impact the greater good - a positive environment giving us all an adaptive advantage. MBABC launched a new Errors & Omission insurance program at the conference with Jones Brown. I strongly encourage each of you as individuals and as companies, to examine this highly competitive program and take advantage of this benefit for MBABC members exclusively. We will continue to feature this program at all of our events. Additionally, the Health & Dental Insurance program we’ve created for members is exceptional. These member benefits are important and we hope that you

take advantage of them. Be sure to stay abreast of our educational offerings this year. We have some great seminars in June and September, as well as the Designated Individual course on May 17. Watch for information and registration for our Charity Golf Tournament on September 12 at the Fairmont Chateau Whistler golf course. This is always a fun and worthwhile event benefitting the BC Children’s Hospital Foundation. Remember also that October is Mortgage Education Month. We will continue to build on this initiative and support the participation of our members. Thanks and see you at an upcoming event. Tamera Olsen, Executive Director Mortgage Brokers Association of British Columbia

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s your outgoing chair, I want to thank you for your support of MBABC’s professional development objectives! As our industry matures, bridging the gap from being professional shoppers to trusted advisors continues to be one of our main challenges. The MBABC’s Professional Development Committee are committed to this transition through its offering of timely and relevant education. As I leave MBABC to your incoming Professional Development Chair, I want to express my thanks to the past committee members, and current committee members for their contributions and dedication to improving our great industry! Your 2011 Professional Development Committee are: Ajay Soni, Roger Levesque, Joanne Vickery, Jason Suttie, Kevin Mercier, Tony Spagnuolu, Karl Madsen, Samantha Gale, Jessi Johnson, Adam Yeats, and Rob Jaswell. I also wish to thank the MBABC executive staff of Tamera Olsen, Jessica Facini, Deborah Hiller, and Catherine Barry for their dedication & assistance!   For a list of upcoming education events, please visit the MBABC website. Thanks again and have a great Spring!

Rob Regan-Pollock, outgoing chairman

Sincerely, Rob Regan-Pollock

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est. 1976


D E P A R T M E N T

2011 directory b oard of dire c tors

Geoff Parkin

Callum Greig

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

Roger Levesque

President

Jared Dreyer

vice president

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

Loren Hawkins secretary

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

Rob Hafer

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

Executive Director

Holly MacPhail

Catherine Barry

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

Kevyn Oyhenart

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

Jason Suttie

Joanne Vickery

Deb White

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

Geoff Willis

604-760-2247 866-646-5230 fax jason@custommortgages.ca 250-545-2202 250-549-7283 fax deb.w@telus.net

Past President

Tamera Olsen

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

treasurer

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

S T A F F

Debra Hiller

Accounting / Member Services Education Coordinator

Jessica Facini

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

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

Susan Shannon

250-483-1375 VWR half-pg-magazinead-CMYK-march2011.pdf 250-217-8777 cell, 250-483-1377 fax susan.shannon@vericoselect.com

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Embracing Change

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he need for change in business is an ongoing necessity. And while many mortgage brokers continually try different ways to keep up with new business ventures, technology or products, many others cringe at the thought of learning new ways to reach out to customers and drive their businesses to the next level. In the Canadian mortgage brokering landscape, change on some fronts is something no one can prevent. For instance, with the latest round of mortgage rule changes that came into force in March reducing amortizations and refinance maximums, this represented the second round of changes in less than a year. And while many brokers felt these changes were unnecessary and voiced their opinions on this matter, the changes were still brought about. With this type of change, brokers were forced to modify the way they do business to meet new lending requirements. But there are other types of change you can bring about yourself to ensure your brokering business remains on the cutting edge. And once you get used to changing the way you do business on a regular basis, you look at change as a positive step as opposed to something you know you should do, but don’t embrace because it’s part of the unknown. 14

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Social media for business One area where many brokers have tended to drag their heels is in taking advantage of social media. It’s well known that the Internet and social media are important to marketing, but there is overwhelming new evidence to underscore what impact an online presence can mean – in particular to Canadian consumers – and to the professionals trying to win their business. According to a recent poll released by marketing survey company comScore, Canada is the global leader in terms of time spent online. In fact, Canadians spent more time online than Internet users from any other country during Q4 2010. On average, Canadians reported spending 43.5 hours online per month in Q4 2010 – an increase from the 42.2 hours reported just a year earlier. So then, for business to fully leverage marketing initiatives, they need to meet Canadians where they are – and that’s, overwhelmingly, online.  This means that if you’re not venturing out into the world of social media these days, you’re not in touch with an extremely important avenue that is changing the face of business across Canada – and the world.


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

The best way to figure out the world of social media is to set time aside each month – as you would for any other marketing initiative – and start making your way through such sites as Facebook and Twitter. Or find yourself a friend or expert who can walk you through this new world. The incredible thing about these two sites is how you can expose your business to potential clients and referral sources you simply would never have been introduced to before social media caught on. In Facebook, you become “friends” with your friends’ family and friends, or new people “like” your business page because they saw that their friend liked it. And with Twitter, you can be introduced to new “followers” simply because you had something interesting to say and other followers retweeted your advice. The key is to approach social media from an educational perspective. The more helpful information you can relay to your friends and followers, the more people will come to depend on you for your expertise. But don’t spend all day on social media – it can be a real time zapper. Set time aside each morning and before the end of your day – 15 minutes maximum each session – and then close down the sites. Make sure you let your clients and referral partners know you use Facebook and Twitter, and invite them to become your friend or follow you. You never know what tidbit of information you’ll post that they’ll share with friends or family members who are also in need of mortgage services.

The power of video There are many reasonably priced products available today that do not require a lot of technological savvy in order to leverage them to showcase your

mortgage financing expertise. The Flip camera is a great example of a product you can use to deliver mortgage rule or product updates or information to your clients, referral partners, and anyone who happens to stumble across your youtube channel. You can even send video emails to clients to grab their attention, which is a great alternative to always giving them something to read. By using video as another medium to reach out to clients, you’re covering your bases and ensuring you’re going above and beyond to introduce your business and its services to secure yourself as an expert. And, of course, you can also post your youtube videos to both Facebook and Twitter to ensure they’re getting great exposure.

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

What’s next? Regardless of what means you explore to continually drive your business forward, you can’t expect to rely on the same fundamentals that you did one year to ensure your success the next year. It’s important to always be trying something new in order to reach more people and continue to build your business. This is an excellent way to ensure you have a recession proof business. Set time aside during your monthly planning meetings to brainstorm new ways to reach out to borrowers. You’ll be surprised what you and/or your team can come up with. And by joining in on industry events – such as those offered through MBABC or CAAMP – you’re sure to be able to keep up with what’s new and emerging within the industry. Cindy Freiman is Director of Public Relations & Communications for Dominion Lending Centres (cindy@dominionlending.ca; 289-240-6322). SPRING 2011 | the bc mortgage broker nexus-third-pgvert-mbabc-ad-jan2011.indd 1

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F R O M F I C O M

Information provided by FICOM Real Estate and Mortgage Broker Department as of April 1 2011:

Due Diligence and Fraud Avoidance - Obtaining Lender Payout and Balance Statements

Registered Mortgage Brokers 826 Head Offices

here have been some recent cases in BC of mortgage fraud in which fraudsters create forged mortgage payout and lender information statements to obtain mortgage loan proceeds from mortgage lenders. The scheme is perpetrated by someone who falsely claims to be the owner of a property, which has a current mortgage registered on title. The purported owner arranges a  new mortgage to replace the existing mortgage, and he or she will present the new lender or their lawyer with a forged payout statement.  The forged payout statement shows the balance owing on the current mortgage as being significantly less than what it actually is.  This creates the appearance of the purported owner having a substantial amount of equity in the property. This apparent equity is relied on by the new lender in approving a new mortgage for an amount which supposedly exceeds the amount necessary to payout the existing lender pursuant to the forged payout statement. The lender or their lawyer then rely on the forged payout statements to advance funds, which are used to payout out the existing lender, with excess amounts paid out to the purported owner.  However, the amount sent to payout the existing lender falls short of the actual amount necessary to payout the true mortgage balance, and the new lender never gets security for advancing the funds. In most cases, lawyers or notar-

Registered Mortgage Brokers 290 Branch Offices Total Registered Mortgage Brokers 1116 Registered Sub-Mortgage Brokers 3396

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ies will attend to the payout of the mortgage and should ensure that they have reliable payout information. However, in general, brokers should be aware of frauds related to false payout statements. Due diligence would require that if brokers are aware of a new lender’s reliance on payout or balance information obtained directly from the borrower, they should caution the new lender, or their lawyer, to instead obtain the information directly from the current lender. In addition, brokers who assist private mortgage lenders and are required to prepare and deliver a Form 9, Lender Disclosure Statement to the lender, must ensure that the Form 9 includes accurate information which is obtained from mortgage lenders who will rank ahead of the new lender/ investor. Upon a recent review of one broker’s files, the Registrar’s staff found that the broker estimated the balance owing under a first mortgage by reviewing the borrower’s credit bureau report, and failed to obtain a current balance directly from the lender. As a result the amount owing under the prior mortgage was determined to be $440,000, but was actually $520,000. The borrower defaulted, the property was foreclosed upon and the court approved a sale for $615,000. The second mortgage lender lost $55,000 of his $150,000 investment. Samantha Gale Manager, Mortgage Brokers Department Financial Institutions Commission


F E AT U R E

Why you will never meet your clients again:

technologybased laziness and paranoia P

eople find me uncomfortably good looking. More specifically, they are good and uncomfortable looking at me. I dislike people. I used to like people. I used to enjoy spending time with them in coffee houses, understanding their interests, asking questions about their life histories and listening to their disturbingly mundane thoughts on current events. I remember the good times we had sitting on park benches laughing at all the people running up and down the street getting in “shape” and staying “healthy”. Fools. I used to like going to book stores to buy my bathroom reading material, banks to pay my bills only a few days past due, big box stores to return the technology I thought I needed but didn’t, and building super stores to buy supplies to renovate my bathroom (who am I kidding, I don’t even cut my own grass). I loved interacting with knowledge-less store clerks and pleasant but annoying cashiers. There were even occasions when there were less than 30 people in line at the bank waiting to deposit their pay checks on a Thursday night. I used to like waking up in the morning, opening my front door, walking halfway down my driveway to retrieve my wet/cold/ripped newspaper disclosing all the information that happened 12 hours ago and apparently had no opinions about what happened this morning. Fortunately the paper did include all the huge sales events happening in my local community. Too bad when I actually needed the information two days later the valuable 50% off coupon for my weekly mani-pedi was being used to recreate a paper mache Spaceship Earth in all its geodesic dome glory (yes, that would by my mandatory Disney reference). I remember a time when I freely gave all my intimate personal details to any random stranger with a name tag. I presumed that the plastic-bound embossment meant you were official, and had all rights and entitlements to my photo identification, health records, social insurance number, credit information, buying patterns, GPS track for the last 60 days, and personal hygiene interests. I did think it was SPRING 2011 | the bc mortgage broker

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strange when I had to sign a credit consent form to buy my toenail clippers, but who was I to judge the guy behind the counter. Heck, I already know his first name. Then I thought to myself. Who need this hassle? Who needs to interact with real people? Not me. And I am not alone. It’s a mystery wrapped in a conundrum under a furry blanket of I don’t know what….oh that’s right…reality. Real world interaction with living breathing people is no longer required, and that’s where technology has and will continue to be focused… to fundamentally change the way we live our everyday lives. Consumerization is just a fancy term for the pursuit of isolation and seclusion wrapped under a furry blanket of “convenience”. I’m sure it’s not just me. The goal for you is to recognize this change, and ensure you are supporting the idea of never having to be seen by a client again… Let’s discuss a few examples:

Interaction Do you really need to interact in-person with your clients anymore? With the advent of social networking, where the largest communities of souls interact in real time, there is no need to finda-time to meet and shake hands. With over 500 million subscribers, Facebook leads the competition in social interaction. The ability to have this virtual dialogue without waiting a week to schedule a face-to-face will mean the difference between you getting the deal, and your competitor: Joe Broker and Sally Customer are now friends Joe: Hey Sally, your brother Peter mentioned you were thinking of renewing with your lender. I bet I could help you find a better product to meet your needs. Sally: Really? I’m not sure Peter: Yeah Sally, Joe is great. He really found a way to get the deal we needed last month Sally: Great. What’s next? Joe: Why don’t we start by you telling me a little about….. Imagine if you waited until the following week for Sally to meet you at your office…. You need to be as social as your clients, in the same manner as your clients. You need to introduce yourself, your company, your services on Facebook and wherever else people virtually congregate.

Awareness There is a trend in consumer electronics to allow for the consumption of content (news, websites, social networking, television) on all of your personal “panes of glass”. Apple allows you to share your movies and music among your computer, your iPod, your iPhone, and your television with iTunes 18

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and AppleTV, seamlessly. Microsoft shares media across the Zune, Xbox, Windows operating system and Windows 7 phone with a significant relationship with Nokia. HP, LG, Compaq, Blackberry, and Apple are all delivering tablet computer offerings to enable the ultimate combination of portability and consumption in a single device. People are reading papers, researching and comparing products and services, comparing various lender offerings all online, and are better equipped with up to date information on the products and process of our industry. They will be using their iPad to look for someone to help them with their very expensive house purchase, and you need to be accessible to them literally at their fingertips. What does that mean for you? Make sure your online presence is accessible by all three panes of glass. Make sure that they can get the same level of value from their mobile phone as they do with their laptop browser by creating a mobile version of your site for a variety devices. Make sure you use geo-location in your site and on your own devices to help them find you when they are out on the town looking to use your services. They will be very aware, at all times, and you will need to be very available.

Identification We used to keep the windows open in our cars, and our doors unlocked at night. We used to hand over our driver’s license to anyone who asked for it. We used to provide our personal information and signed endless consent forms to use our prize possession for almost any reason. Unfortunately a lot of that data has been lost, abused, and used for nefarious reasons accounting for billions of dollars in personal loss and hardship over the last few decades. Times will change. We live in a fraudulent world and we need to protect ourselves. People are getting much more protective of their own personal information and there will be technology to secure information under lock and key, and only provide permission-based access to that data. Some of the technology will be in the form of Vaults, where individuals can store all of their personal information, documents, passwords, etc. Some of the technology will be in the form electronic access to information from trusted sources, like a government agency, a credit reporting agency, or trusted private corporation.

Imagine a new application process: While creating the mortgage application you ask for Joe’s information regarding his assets, liabilities, and income Joe creates a 30 day access account pointing to


his information for you and only you within his secure vault with the federal government Your temporary access allows you to create a “virtual” application combining the information in Joe’s vault, his mortgage request and his new property information The virtual application is sent to the lender, who in turns asks Joe for their own 30 day access to Joe’s personal information The loan is underwritten, processed, and closed After 30 days, both you and the lender lose complete access to Joe’s information, and you were unable to print or store a copy for your own purposes Logging of the transaction is automatically sent to the parties and the appropriate government bodies In all practical means, from a physical and digital prospective, there is no record of Joe in your possession You need to be prepared of this eventuality and start to build a means to “work your database” without actually having a database. That will mean focusing less on delivering monthly newsletters and annual birthdays cards, to engaging and creating a much deeper relationship with each of your clients

by embedding yourself in their social circle, making sure your information is already in their possession over a variety of media before the deal closes. Ensure you become their social network “friend” so you can communicate with them constantly versus only on newsletter day. Make sure you can get on their contact list on their phones so as they scroll through names they always see you in the list. If they are playing online games, make sure they see your name online too, but let them win sometimes. And when they sitting in their living room, surfing the web on their television, drinking their Grande Extra Hot Vanilla Low-Foam Skinny Vanilla Latte from the neighbourhood Starbucks, they see your face on the cup sleeve, and they already know you…even if they don’t like you. Paul Lewis Vice President Technology & Architecture Davis + Henderson paul.lewis@dhltd.com

Being asked to work magic? Seeing more customers with challenging income and credit situations? 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? n n

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

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

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

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D E P A R T M E N T

scene

ON THE

2011 MBABC Conference and Tradeshow Edition

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ndustry professionals gathered for the 9th Annual MBABC Conference and Tradeshow at the Westin Bayshore Resort. It was a huge success, and the wonderful feedback on this exciting Havana Nights themed event continues to flow in. Emcee Michael Eckford from the popular T.V. show Urban Rush kept the crowd in chuckles and excited for the day’s events. Speakers included Carolyn Rogers from FICOM, Economist Benjamin Tal, and Trend Hunter Jeremy Gutsche. The ever popular Lender Panel was also a favorite amongst the crowds, with delegates taking advantage of the open mic Q & A. The food was fabulous at the Havana Nights party, complete with lobster tails, plantain chips and a beautiful spread of Cuban themed delicacies. The well dressed crowd enjoyed sipping their mojitos, while tapping their toes to the amazing beats of Kutapira, while others hit the Cigar Lounge. The gala luncheon was well attended as people joined together to celebrate the success and recognition of their industry peers. We look forward to seeing you all again in 2012! Photographer for On the Scene: Martin Jongejan martin@everafter.ca

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Equity Based Sub Prime Mortgages Residential Construction Mortgages Ask us about small commercial mortgages and land development financing too! Phone: 604.986.3200 Fax: 604.986.3201 alancross@firstcircle.ca • annewalker@firstcircle.ca

Fast answers • Quick turn arounds • Great service SPRING 2011 | the bc mortgage broker 1st-circle-quarter page ad-jan2011.indd 1

23/12/2010 1:50:53 PM

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D E P A R T M E N T

lifestyles Naturopathic Success Principles

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nteracting with clients is more than just a simple handshake and reviewing potential deals. Clients require complete trust and accountability on whoever they work with. Clients want to feel comfortable, confident and excited about their next venture. To be available on this level with people it is important to mirror that same energy. If the winter blues have overwhelmed our systems and the stress of home and work life seems daunting, we’re clearly not at our best and not really available to make the sale. Whether you are working with a client, spending time with your friends and family, or just having some time to yourself, the last thing you need getting in the way is feeling ill and fatigued. We are told at a young age that success comes to those who work hard and put in the hours. What we are not told is the impact these hours of work can have on our body, mind, and spirit. We need to learn to adapt to our stressful environments and to do so requires an awareness about how to create health in our lives. Stress comes in all shapes and forms, it could be the seemingly endless rainy days, the foods we eat, family, your lifestyle and belief system, or job and finances, these stressors are a part of everyday life. Stress can affect our bodies in many different ways, from frequent colds and muscle aches and pains, allergies, insomnia, digestive problems, to hormonal imbalances and chronic fatigue. Below is a list of Divine Elements Optimizing Guidelines to help you feel your best, impress your clients, and close the deal! 1) Have a Breathing Routine SPRING 2011 | the bc mortgage broker

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

Practice deep breathing for a minimum of 5 minutes/day

2) Proper sleep hygiene: get to sleep by 10/10:30pm latest every night

Sleep in complete darkness without cell phone, TV or other electronic devices in the room

3) Eat Breakfast:

An adequate source of protein in the morning can stabilize blood sugar for the rest of the day

Avoid simple sugars (except fruit sugar) and caffeine

Incorporate a Protein shake or oatmeal in the form of Steel cut oats

4) Whole Food Nutrition:

Buy local organic foods that are in season

Increase intake of fruits and vegetables

Alternate whole grains

Buy organic free range poultry and wild fish

Avoid sugar and processed foods

Decrease intake of red meat and alcohol

5) Exercise: minimum of 4x per week

Yoga, weights, walking, running, cycling, tai chi, kung fu etc

6) Supplements

To create lasting success, choosing to feel good will be your best investment!

Probiotics: essential for proper digestion and absorption and immune function

Oils: Fish, seed, coconut, olive

Greens Super food supplement: containing a good source of spirulina and chlorella

Fiber: Psyllium, Ground Flax, Chia,etc (Remember to drink plenty water)

Vitamin D: 3-5000 IU/day: Mandatory in our Northern winter climate

Vitamin C: 2,000mg.day

7) Treatments:

Dr Sonya Jensen ND Divine Elements Health Centre 2689 W Broadway T:(604)568-3735 W: divineelements.ca “Creating Space for Balance and Harmony” 24

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Discovering your food sensitivities and avoiding them

Incorporate the appropriate Vitamins and Herbs for your body

Intravenous Vitamin and Mineral Therapy

Homeopathic Booster injections

Acupuncture

8) Creating healthy relationships with yourself and others: never stop learning about yourself and the experiences you go through. Cultivate gratitude and compassion for all moments in life Observe your thoughts and raise your consciousness “Be the change you wish to see in the world”-Gandhi.


Training without all the structure. As leaders in industry training and education, Genworth Financial Canada is dedicated to helping raise the bar for more mortgage professionals. Through our online Webinar Series, you’ll hear from housing market experts and product specialists on a variety of topics that will help you increase your edge in the marketplace. What’s more, you and your colleagues don’t even have to leave the office. No classrooms. No travel. What could be better? To see our calendar of courses, visit www.genworth.ca/webinars

© 2011 Genworth Financial, Inc.


Jose Dos Santos

Regional Vice President, Sales Western Region

Building on MCAP's exceptional service, we are committed to maximizing every interaction with our valued broker customers in this ever-changing marketplace. We offer you access to industry leading tools, processes and people. With an exciting mandate focused on progressive growth, Gino Tieri, VP Sales, is pleased to announce that Jose Dos Santos is now directly leading the entire Western sales force. Jose began his career after graduating from BCIT's Marketing Management Real Estate Program. His 26 years of experience spans various positions including mortgage broker, underwriter, branch manager and senior management in the financial industry prior to joining MCAP. Jose has been a director with the Mortgage Brokers Association of B.C. for 4 years as well as previously holding the title of president of the association.

For more information, contact Jose directly: Tel: 604 630-3625 Email: jose.dos-santos@mcap.com Website: www.mcap.com/brokers


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MBABC Education One of the MBABC’s mandates is to provide its members with professional development. This year we are thrilled to have in our line up of professional development presenters, two authors, Lydia Johnston and Fred Sarkari.

L

Catherine Barry, Education Coordinator MBIBC

ydia is also a passionate leadership coach, sales trainer, presenter and speaker. Her goal is to inspire purpose and ignite the passion within her clients. She authored “The Jalapeño Handshake: Strategies to heat up your business relationships”. In this book, she shares decades of experience and lessons learned from her years in corporate sales along with her new passions about how our minds works and how we get results. Fred is considered an expert in human behaviour. He coaches, teaches, and provides management consulting to a broad range of organization. He is the author of “How the Top 5% Think: the principles of Great Leaders” and has written “The Courage To Be Naked- The Ultimate guide to: Presenting and Communicating your Message”. In the new book, Fred shows people who wish to achieve their full potential, to stop being someone they are not and share from the heart. Fred will be in Kelowna June 1st, Vancouver June 7th and Victoria June the 8th. Lydia will be in Kelowna September 22nd, Vancouver September 27th and Victoria September 29th. To register for those events visit our website at www. mbabc.ca

Those two courses will leave you feeling highly motivated to begin creating lasting relationship in your business. If you are an entrepreneur, sales person, realtor, broker, financial consultant or in business development, you do not want to miss this opportunity to grow your business. Below are excerpts from the works of Lydia and Fred. From Lydia: Sadly, most of us also know who you would not use again because of feeling “burned” in the past. We’ve all been there. We’ve felt taken advantage of in some way when we’ve bought something, told one thing and paid for something else, let down along the way when our needs weren’t met and it was clearly a case of the seller getting his or her sale, not about a satisfied customer end result. No relationships are built in these cases and we all have a tendency to share our misfortunes in our buying experiences with others. In fact, we can’t wait to tell others. No company wants that to happen to them and to their valuable name. Most companies don’t have a clear sense of what their sales staff are creating as a reputation with their precious company brand at risk. Raising the profile of the sales person to one of a trusted SPRING 2011 | the bc mortgage broker

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There is nothing more refreshing than meeting someone who possesses true courage... ~ Fred Sarkari

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advocate is a clear way to increasing sales for any business and removing the anticipated doubt and negative perceptions most consumers have of the world of sales. I hope to be able to share with you how you can do this. It’s not rocket science and can make a world of difference in our challenging market place. Some simple changes can set you personally, and whatever business you are in, aside from the crowd. Create the relationship with your customers so that, like my grandchildren and the jalapeños, they are willing to try something new or different because they trust you. That relationship is the essence of The Jalapeño Handshake. In the coming chapters, we’ll address questions that may have occurred to you, such as •    Why are some people and businesses successful while others aren’t? •    What are the special elements that make up a trusting relationship? •    Why do I do things that I know I shouldn’t do, or not do things I know I should? •    How do I feel good about what I do as a professional salesperson? •    Where do I even begin? From Fred: Meaning of Courage The word courage itself comes from the Latin word “cor,” which means heart. People who have real courage are those who are willing to open themselves up and reveal their heart – their true self. They are willing to be imperfect and let go of who they think they should be in order to become who they are truly meant to be. People with real courage are essentially vulnerable: accepting that what makes them vulnerable is actually what makes them beautiful, unique and special. This type of courage comes naturally to some people - they are ready to shed their skin and

just open themselves up to the world. For others, letting go of inhibitions and doubts is much more of a struggle. I have fought with this my entire life. Being vulnerable and exposed has never been second nature for me, even though I have always known deep within my soul that I wanted to be like that. Therefore, despite my developed inhibitions, I have spent many years surrounding myself with people who do possess such courage. These individuals are often regarded as odd. Mainstream culture does not always understand or embrace the powerful quirks that these folks willingly let shine. It is their desire to be who they are that makes them different. There is nothing more refreshing than meeting someone who possesses true courage - Courage to be themselves, no matter what. I have seen no better example than in my niece and nephew. Children have the gift of honesty, plainly showing their feelings to the world. When they hurt, they tell you. When they love, they show you. My relationship with Natasha and Zal has been an important awakening for me. By surrounding myself with courageous people, I have discovered that courage is not simply something you are born with. It is something you cultivate. It has taken me years to let go of my fears and I have fought with myself countless times as I try to leave my skin by the door. The process has been a series of battles - I’ve won some and lost some, and over time, I’ve found my courage. It is that courage that I want to share with you. It may not be easy, at times it may seem like a lonely road, and it probably won’t be comfortable, but ultimately it’s worth it. By Catherine Barry Education Coordinator MBABC/ MBIBC.


D E P A R T M E N T

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MBABC’s Member Broker Profile presents Scott Gingles of The Mortgage Hub 1) My best practice One of our keys to success is definitely our small team atmosphere coupled with constant, open communication. Working closely with like-minded, experienced individuals has proven to be invaluable when faced with the day to day grind of mortgage origination. We have embraced technology and developed proprietary tools to maximize efficiencies allowing us to be extremely flexible in regards to how, when, and where we conduct our business. It is important to work hard and strive to be successful, but it is equally as important to play just as hard and take time to enjoy the fruits of our labor. Our approval centre model enables brokers to free up more time and key in on their individual strengths increasing overall productivity. When health, family and travel/play take precedent, it’s important to us that business carries on uninterrupted.

2) Biggest challenge mortgage brokers face today I lean heavily on my experience working for a leading wholesale lender

(CIBC, Firstline Mortgages) early in my career as an Underwriter, and later as a Business Development Manager. Drawing on my previous underwriting experience enables me to provide guidance to my clients and referral partners without pause. For new brokers to the industry trying to find their way, it is extremely difficult to keep up with the dynamic environment that is our industry. Government regulations, product guidelines, and program features are changing daily which limits the pool of clients and lenders we can draw on in some areas. Increasing rates will be a reality at some point in the not too distant future, and the “information age” only adds to what is already a feverishly competitive marketplace. The evolution of marketing (Viral/Social Media etc.) remains tough for some to embrace and adapt to. The overall competitiveness of the mortgage market demands a strong value proposition to attract, and deliver to, a more educated clientele. It is a challenge to find a balance as a new broker and incorporate all these facets while striving to be top ranked mortgage professional. SPRING 2011 | the bc mortgage broker

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b ro k er profi l e , c o n ti n u ed

3. What do we find important about the MBABC The MBABC is vital in consistently building on one’s education. In order to present yourself as an industry expert to the marketplace, it is extremely important to take advantage of the tools provided by the MBABC: conferences, seminars, online publications etc. The industry, economy, and technology are constantly evolving. If you don’t participate in increasing your knowledge and professionalism, quite simply, you will be left behind.

4) Best way to meet new clients The very best way to meet new clients is to step out of your comfort zone. Extend your social network and be open to meeting people outside of your everyday circle. When you have the education and experience to confidently answer any question that may be thrown your way, it should excite you to approach that person in line at the grocery store or engage that person in conversation in the elevator. It really isn’t that difficult to introduce yourself as a specialist in mortgages and offer some expert advice. Once you make that initial, though potentially uncomfortable, effort to open the door just slightly, the opportunities are endless. Everyone has a network available to them to meet new clients, reacquaint with old ones, and discover unique referral sources; it’s simply a matter of stepping up and acting on it! Scott Gingles Mortgage Broker/Owner Dominion Lending Centres The Mortgage Hub P: 604.999.2864 / 250.808.0290 F: 888.212.5402

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MBABC’s Member Lender Profile presents Diane Readings of Broker Services TD Canada Trust

1) What territory do I focus on?

I service part of the lower mainland and all the interior and northern BC

2) Qualities that make for a successful sales person?

Listening is key. Assessing the brokers needs, and don’t assume you know everything, or what people want.

3) What do I find important about the MBABC?

I look at my association with the MBABC as a privilege. MBABC allows me to network with the brokers at different events.  The trade show is a huge win for TD.  We sponsor it with pride, and get the opportunity to see so many brokers in one place in return.

4) Lender tip for brokers…always be sure to…..

Own your deal. Don’t let anyone take control of your client.  Also deal packaging is key, know what each lender is looking for.  Educate yourselves fully on all of the lenders offerings.

5) Favorite aspect of my job

LUNCH…. Seriously.  I enjoy helping brokers solve problems, and figuring out ways to put tough deals together. Diane Readings I Regional Sales Manager BC I Broker Services I TD Canada Trust 604 218 5919 or 1 877 299 8740

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In just five years, Dominion Lending Centres has surpassed the 2,000 Mortgage Professionals mark from coast to coast – one more milestone for Canada’s National Mortgage Company! Thank you to our top-notch franchise owners and agents for empowering us to build a company culture that more and more talented brokers want to be a part of. Our goal has, however, always been about more than growing – we aim to retain our talent by helping grow their businesses any way we can.

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Veteran industry executive Gord Dahlen joined Dominion Lending Centres as Executive Vice President in April. Dahlen is widely known throughout the industry, having cultivated strong relationships with lenders, brokers and insurers during his 21 years in the business. He was previously President and CEO of Invis and Mortgage Intelligence, and has also worked with MCAP. “Gord Dahlen is a pioneer in our industry. He’s a passionate leader who has demonstrated exceptional values and integrity, and is a selfless ambassador to the Canadian mortgage brokering industry,” said DLC President Gary Mauris. “This is a great industry and I was fortunate to have some real choices regarding my next move,” said Dahlen. “I’m rejuvenated and as pumped as I’ve ever been about my future in this incredible industry with a forward-thinking company.” Paradigm Mortgage Corporation (PMC) is pleased to announce that it has formed a strategic alliance with Chris Quiring of Bassett Quiring & Co. to provide exclusive legal representation effective June 1st, 2011. Chris has extensive experience in Real Estate law, Title Insurance and the private mortgage lending market. PMC strives to be the leader and innovator within the private mortgage industry and we are excited about how our broker partners and their clients will benefit from efficient communication, streamlined processes, competitive pricing and an exceptional closing experience.


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500,000 reasons to celebrate: Invis and MI launch new consumer contest

Having operated as an independent broker and top producer for 13 years, Ron Beyer looked at a range of other brokerages before making the move to join Invis. By becoming part of Invis, Ron and the team not only get access to a wider variety of lenders and bigger volume bonuses, they also benefit from the wide-ranging support from a national full service

brokerage. “Invis handles a lot of our admin, payroll and compliance workload, which allows all our team members to focus more on our clients and build our business,” says Ron. Also joining Invis are Beyer team members Ross van Adrichem, Laurie Anne Faulkner, Lauren Knight, Diane Strang and Susanne Reiser-Beyer.   

This year Invis and Mortgage Intelligence celebrate their 500,000th mortgage client with a new consumer promotion which anyone can win. With the NOWiCAN Contest, one lucky winner will receive a prize of $25,000.  Every client who funds a mortgage through Invis or MI through the rest of 2011 has a chance to win, and the public is invited to enter the contest at NOWiCAN.ca.    If the winner is an Invis or MI client, or if their entry was submitted via the personalized contest

webpage of an Invis or MI broker, that broker will win a trip for two to Mexico. The contest runs from April 1 to December 31, 2011 and one prize of $25,000 will be awarded by a random draw.  Full contest details are on the NOWiCAN.ca website.

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

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

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Broker Sourced Private Lending since 1994

MORTGAGE

CORPORATION

RAE MEIER

LEANNE WILSON

BRAD GRAHAM

GRANT PLUNKIE

Exceptional Service - Solution Based Lending - Competitive Rates & Fees Paradigm Mortgage Corporation managing agent for Mission Creek Mortgage Ltd. #210 - 1980 COOPER RD. KELOWNA, B.C. V1Y 8K5

PHONE: 250.979.2911

TOLL FREE: 1.800.979.2911

WWW.PMCBC.CA

With more than $10 billion in assets under management and 10 CMP medals under our belt, MERIX Financial continues to provide originators with the tools they need to succeed.

Find out how rewarding partnering with MERIX is. Call 1-877-637-4911, email info@merixfinancial.com or

Can you spot the MERIX originator?

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follow us online.


F E AT U R E

IFRS and the Implications to the Canadian Mortgage Market

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nternational Financial Reporting Standards or better known as IFRS, has been the topic of discussion and preoccupation of financial institutions (FI) for the last 2 years. IFRS is basically an international standard for reporting and accounting that will be adopted by companies around the world. The United States will eventually adopt the practice, however, has not yet set a specific date as to when IFRS will be adopted. The concept is simple: all companies report financial statements in the same manner around the world, that way there are no differences and everyone has the same understanding of what is on a company’s balance sheet and how it reports its profits and/or losses. The other main benefit is that if everyone reports their financial statements in the same way, then there is no possibility of starting a company in one country and conducting business in another country where the accounting rules could be different therefore creating a potential uneven playing field. Great. We now have a common standard, but what happens if your existing standards aren’t the same? We will focus only on the FI, however, one should realize that IFRS does impact other companies as well. There are several changes that will have to be implemented by the FI in order to conform to IFRS, however, for this discussion we will focus on the two biggest issues and impacts. The first issue has to do with the capital treatment of securitized assets. IFRS rules indicate that securitized assets are now considered an asset of the company, therefore, must be carried on the company’s balance sheet and cannot be considered an “off balance sheet” item. What does this mean to a FI? All FI that are regulated by OSFI (Office of the Superintendent of Financial Institutions) have a requirement to maintain a certain level of capital for all assets on their balance sheet. We won’t get into the complexity of the capital ratios and how they are calculated, however, typically the  amount of capital required for every $100 of assets on balance sheet ranges anywhere from $7.00 to $5.00. Prior to the implementation of IFRS, securitized assets were considered “off balance sheet items.” In other words, because they did not appear on the FI balance sheet, these assets were not subject to the FI capital requirements. That meant the FI did not have to put up its regulatory capital against these assets (the $7.00 to $5.00 discussed above). There was some capital required by the FI in order to securitize these assets, however, it was substantially less than the regulatory capital required, anywhere from $3.00 to $2.00 per $100 of assets. So let’s use an example, ABC FI has $1 billion in assets on its balance SPRING 2011 | the bc mortgage broker

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ifrs a n d t h e i m p l i c atio n s , c o n ti n u ed

sheet today (prior to IFRS) and has $50 million in capital as required by OSFI ($5.00 for every $100.00 in assets). It also has $500 million in securitized assets maturing next year. Under the new rules, when the securitized assets mature, they will be considered assets of ABC FI, in addition to any new securitized assets they may issue today. Therefore, a year from now ABC FI (assuming it does not grow its existing asset base), will have $1.5 billion of assets on its balance sheet. It will now need additional capital of $25 million for a total of $75 million (the existing $50 million plus the additional $25 million, to take into account the $500 million of assets coming onto the balance sheet). For ABC FI that’s a 50% increase in capital required just to maintain its total existing assets. Now consider that ABC FI prior to the IFRS changes was making a profit that provided a 20% return on its capital, or $10 million dollars on the $50 million in capital. After IFRS, ABC FI would have to make $15 million in profit in order to provide the same 20% return on capital, that’s a 50% increase in its profits. In order to achieve that, ABC FI must either reduce expenses or increase revenue, or both. Considering that the FI make most of their money on interest income (spread), the result of IFRS is that the FI will need to increase their spread

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on assets they have on their balance sheet. In other words, interest rates on mortgages may have to be higher in order to provide for a higher spread. The other change that will impact FI has to do with how revenue is recognized on assets, especially securitized assets. Prior to IFRS, securitized assets were considered to be a “sold” asset by the FI and as such, from a revenue recognition standpoint, “Gain on Sale” accounting practices were used. What does this mean? Basically one was allowed to look at the future cash flow of the asset, based on expected life of the asset, and recognize all the anticipated revenue upfront. So if the FI had a 5 year term mortgage that it expected to last 3.5 years, and let’s assume that after the FI cost of funds it had a spread of 1.50% (mortgage rate less the cost of funds), the FI could recognize 1.50% times 3.5 years times the principal balance of the assets it securitized. The FI would deduct from that all its upfront costs, broker fees, securitization fees, etc. and the difference would be the FI profit. The FI would record this profit on its Profit and Loss statement today, although it was receiving the actual income over time. This method was quite advantageous since the FI could show income today rather than have to wait for the entire 5 year term. In addition, the profit it recorded allowed for an increase in the FI retained earnings, thus translating into an increase in the FI capital base. This increase in capital allows the FI to take on more assets on its balance sheet now rather than later. Under IFRS, the FI can no longer apply the “Gain on Sale” rule unless they have physically sold the asset: remember, securitizing the asset does not mean it is sold. If the asset is not considered “sold”, then it can only recognize the revenue as it is earned. If the FI has a 5 year term mortgage it now earns its revenue with the collection of each payment over the life of the mortgage. The FI still makes its 1.50% spread (based on the example above), however, the revenue is spaced over the 5 year term. I realize that some of the principals above may be confusing and seem rather boring, especially if you aren’t an accountant, however, they are significant changes that will impact all financial institutions. Smaller players may be more impacted than larger players, and we have already started to see the impacts on some smaller players. We have not yet seen the full impacts of IFRS and I anticipate the mortgage landscape will change as IFRS comes into full adoption. Always keep in mind, with any new change there will be challenges for some and opportunities for others. John Bordignon EVP, Strategic Development Paradigm Quest Inc.


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37


F E AT U R E

2010 olympic legacy

hangover or hang on?

The honour of hosting the 2010 Winter Olympics was awarded to Metro Vancouver but the village of Whistler – and those two remarkable mountains Whistler and Blackcomb – are what the world remembers.

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estled a mere 120 kilometers north of grey, rain-soggy Metro Van, the focus of tens of millions of TV watchers, tens of thousands of foreign visitors and lauded by grosses of media types, Whistler was the literal high point(s) of the three-week sports and PR fest. One year later, does the world remember? Or for those in the realestate business: Has the global exposure translated into increased sales of Whistler residential properties to foreign buyers? The ‘bad’ news: no, not really. Looking at years of raw data supplied by BC Assessment Corporation, refined by real-estate research firm Landcor Data Corporation, the postWinter Olympics foreign-ownership activity in Whistler has, at best, been flat. If anything, one year after the fest, there’s been a slight decline with most of the slippage from recession-plagued Americans selling off their ‘foreign’ vacation properties. In 2005 Whistler had 9,009 residential properties on the tax books. Of these titles, 7,475 or 83 percent had ‘Canadian’ owners (the owner’s supplied principal address in Canada). Assessed value: $5.537 billion. The other 1,534 titles or 17 percent belonged to owners with foreign addresses. Assessed value: $1.613 billion. In 2009 and just prior to the 2010 Winter Olympics, Whistler had grown to 9,300 residential titles with 7,861 titles or 84.5 percent of the larger pie with ‘Canadian’ addresses and assessed for $5.877 billion. However, foreign ownership slipped to 1,439 titles – down by 95 titles -- to 16.5 percent valued at $1.564 billion or off by about $49 million. As of April 2011 and more than one year after the Olympics, Whistler has 10,208 residential titles with 8,734 titles or 85.6 percent being ‘Canadian’ and assessed at $6.861 billion. The foreign cohort shifted to 1,474 titles or 14.4 percent with assessment value up slightly at $1.62 billion. By the numbers, the world seems to be ignoring Whistler residential opportunities . . . but be patient. Rudy Nielsen believes it’s just a pause with the burst yet to come. President and founder of Landcor Data Corporation, Nielsen knows the waning and waxing of regional markets and believes in standing back and assessing the bigger picture. Although Whistler hasn’t yet seen the anticipated influx of foreign buyers, Nielsen believes the fundamentals are sound, the scenery is unforgettable and the latent values are yet to be realized. Like the spring ski slopes, prices in Whistler have softened but the base is firm. “The probable reason is the worldwide recession; people aren’t traveling too much. The important thing is that despite the recession, the Whistler market is holding and I think it will only get better.” The last time BC invited the world was in 1986. Expo 86 was an event many credit with ‘opening’ the doors to this province, especially in Asia. In 1986, province-wide real estate sales were about $12 billion.


h a n g over or h a n g o n , c o n ti n u ed

Nielsen notes that now, 25 or so years later, annual real-estate sales province wide are about $48 billion per annum, and rising. Events such as Tiananmen Square in 1989, the handover of Hong Kong in 1997, the rising prosperity and growth of the middle class in China and other parts of Asia, have helped build a growing global awareness of safe, secure, comparatively affordable British Columbia. Literal lakes of fresh water, benign climate (literally and business-wise), stable and corruption-clean governments on all levels, clean air and what’s now officially Olympic-class scenery – and very competitive prices vis-à-vis global resort rivals – Nielsen believes Whistler’s next boom is yet to come. “I think it’s still ‘early days’ for Whistler in terms of the Winter Olympics,” says Nielsen. “It’s still too early to see the aftermath of the Olympics but our data says the Whistler residential market is holding. There are fewer foreign sales than [others] predicted but local buyers are still strong. Whistler is still a good place to buy and, more importantly, to enjoy.” Meanwhile, take note of the Metro Vancouver bellwethers. Nielsen says the growing upsurge in high-end home sales, especially on the Westside and in Richmond, will likely have a follow-through effect on ‘showcase’ recreational areas such as Whistler. Many of these luxury-home buyers are from Asia, especially Mainland China and where Beijing recently invoked severe restrictions on domestic real-estate investment. With the new BC-bound homeowners likely will come a lot of secondary investment money looking to (and for) land and prosperity. If so, the focus will be on proven product types and locales and Whistler, thanks to the 2010 Winter Olympics, is indeed a proven, goldmedal winner. Jeff Puhl Manager, Customer Retention and Strategic Initiatives at Landcor Data Corporation, jeff@landcor.com SPRING 2011 | the bc mortgage broker

39


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