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CREATIVE summer 2010 issue creative 10 top tips lending for

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CREATIVE summer 2010 issue creative 10 top tips lending for Powered By Docstoc
					                            summer 2010 issue




creative                  10 top tips
lending                       for mics




exploring
private lending
                               Publication # 4 1 2 9 7 2 8 3




sUrveY saYs!
RepoRt on MeMbeR
SeRviceS SuRvey ReSultS
2   The BC MORTGAGE BROKER I Summer 2010   www.mbabc.ca
www.mbabc.ca   Summer 2010 I The BC MORTGAGE BROKER   3
      JOIN US IN OCTOBER 2010 fOR CONSUMER MORTGAGE INfORMATION MONTH
                     NEW TOPICS, TRENDS, AND TECHNOLOGIES
    This October, Consumer Mortgage Information Month is back and better than ever. We will be promoting free mortgage information
    seminars for consumers brought to them by the mortgage professionals of MBABC. Planning is well under way and more details
    will be announced within the coming months.

    JOIN THE CONVERSATION
    Did you participate in last year’s event? Will this be your first time? Tell us if you would like a specific topic covered at this year’s
    mortgage month. Help us make this year a roaring success by submitting your ideas and comments to: sshannon@mbabc.ca

    BROUGHT TO YOU BY THE MORTGAGE BROKERS ASSOCIATION Of BC:
    One more way the MBABC is increasing consumer awareness by advocating mortgage brokers as the number one choice for
    mortgage financing.

    We look forward to seeing you in October! For more information visit www.mbabc.ca




4   The BC MORTGAGE BROKER I Summer 2010                                                                                              www.mbabc.ca
CONTENTS




                14
               Lenders working on a "creative" approach to building mortgage solutions. From left to right: James Pell,
               Peoples Trust; Aryn Snell, Mountain City Mortgage Corp.; Rick Feilen, Secure Mortgage Group Ltd.


               summer 2010
 10
               editorials
                 President’s Message                           7         Registrar of Mortgages Brokers—                    52
                 Board of Directors                            8         Bulletin Number: MB 10-003 (amended)
                                                                         Confirmation of Identification for
                 Editor’s Viewpoint                            9
                                                                         Criminal Record Checks
                 Welcome New Members                          49
                                                                         Bulletin Number: MB 10-004                         52
                 Thank You to Advertisers and Sponsors        54         Mortgage Lead Generation—Requirement for
                                                                         Mortgage Broker Registration
               CHair rePorts                                             New Rules for Conducting Criminal                  53
                 Board of Directors Reports                   46         Record Checks
                                                                         FICOM Mortgage Broker Statistics                   53
               eVeNts                                                    FICOM Contact List                                 53
                 Okanagan Networking Event Sponsors            2         Mortgage Lead Generation:                          54
                                                                         The Requirement for Mortgage Broker Registration
                 Consumer Mortgage Information Month           4
                 Calendar of Events                           26
                                                                       Featured artiCles

 30
                                                                         Exploring Private Lending                          10
               iNdustry News & aNNouNCemeNts
                                                                         Creative Lending Feature                           14
                 Goodbye to Jack Oyhenart                     30
                                                                         10 Tips for Mortgage Investment Corporations       39
                 2010 BC Summer Games Appointment             30
                 Dominion Lending Centres wins                30       ColumNs
                 5 CMP Awards
                                                                         Ask an Expert                                      36
                 Paul Stapley, DLC Coastal Mortgages in       30
                 Campbell River Gives Back to the Community              Lifestyles                                         43
                 Optimum Mortgage Appointment                 30         On the Scene:                                      44
                 Home Trust Expands Alternative Product       30
                 Suite in Western Canada                               memBer/leNder ProFiles
                 VERICO Regional Days                         30         Lorie Martin                                       13
                 Peter Kinch Writes First Solo Book           31         Kim Strynadka                                      33
                 Invis and Mortgage Intelligence              31
                 Celebrate 10th Anniversary                            ProduCt aNd iNdustry uPdates
                 HLC Home Loans Canada Appoints               31         CMHC: Vancouver Housing Market                     50
                 New President                                           Becomes More Balanced
                                                                         2010 CMHC Mortgage Consumer Survey                 51



 43            Cover and Creative Lending photography by Chris Chernoff Photography • 604-315-8301
               • www.chernoffcommercial.com • cchernoff@shaw.ca

www.mbabc.ca                                                                       Summer 2010 I The BC MORTGAGE BROKER          5
                                                         Fact
                                           You cannot hum while holding your own nose.




                                              Fact
                          VERICO Mortgage CRM is the only Office Outlook based tool available in the
                          Mortgage Industry that is fully integrated with Filogix Expert, and it is Free to
                                             VERICO Broker Owners and Agents .




                                                              Setting
                                                   THE STANDARD!
                                                                                   ®


                                                        MORTGAGE BROKERS NETWORK


6   The BC MORTGAGE BROKER I Summer 2010                                                                      www.mbabc.ca
PRESIDENT’S MESSAGE




                                                   In this, my initial address as your president, I would like to start off by thanking the member-
                                                   ship and the board for their vote of confidence in the recent election. I am very honoured
                                                   to represent this group of mortgage professionals and suppliers. Furthermore, I am looking
                                                   forward to working with the many diverse experts that make up our board. We will continue
                                                   to ensure value is delivered to our members while maintaining fiscal responsibility. And
                                                   on that note, a special thanks to Joe Santos – Past President – for a job well done and for
                                                   inspiring our board to achieve its goals.

                                                   This year, many of the same board members have returned and so we will be picking up
                                                   our work where we left off. The board continues to have many initiatives on the go, one of
                                                   which includes promoting positive consumer awareness and the benefits of working with
                                                   a broker who is a member of MBABC. To achieve this, we will leverage our ongoing me-
                                                   dia exposure while working with our counterparts, AMBA, IMBA and CAAMP, to make
                                                   “mortgage month” a national event.

                                                   Other initiatives include enhancing professional development, industry networking, strength-
                                                   ening our position as the “voice” of our industry, enhancing positive relationships with
                                                   government and regulators, ensuring valuable content in our ever-popular magazine, and
                                                   of course, our hugely successful annual conference and trade show.
                                 Joanne Vickery
                             President, MBABC      This year the MBABC will make history as we launch our first of many re- licensing
                                                   courses through our newly formed MBIBC (Mortgage Brokers Institute of BC). We are
                                                   very proud of the fact that our regulator acknowledges the value in the educational initia-
                                                   tives that MBABC delivers. And we are so pleased that they gave us the opportunity to be
                                                   instrumental in delivering this relevant education.

                                                   Our work on the board is vast and I want to thank our board members for the time they
                                                   commit to their volunteer position. None of these initiatives could be achieved without their
                                                   efforts. Having said that, there is always room for volunteers in our many committees and I
                                                   encourage all of you to consider this, with an eye for possible directorship on the board in
                                                   future years. All you need to do is contact me or our office and we will put you to work.

                                                   Finally, I welcome all input and feedback from our membership. This is your association
                                                   and our office, along with the board want to ensure you value your membership in MBABC.
                                                   I can be reached at jvickery@mbabc.ca.

                                                   I am looking forward to serving you this coming year.




                                                                                                                                         Joanne Vickery



    mbabc mission statement
   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.

www.mbabc.ca                                                                                                   Summer 2010 I The BC MORTGAGE BROKER   7
                                   2010/2011 BOARD Of DIRECTORS CONTACT INfORMATION




                                                               Suite 404 - 999 Canada Place, Vancouver, BC V6C 3E2

                                                               Phone: 604.408.9989   toll Free: 877.371.2916
                                                                Fax: 604.608.0977   toll Free: 866.557.0977
                                                        website: www.mbabc.ca      email: memberservices@mbabc.ca
                                                                Consumer site: www.findabettermortgage.ca




                                                                                        PresideNt

                                         Joanne Vickery Dominion Lending Centres • Ph: 604-878-0866 • joanne@dominionlending.ca


                                                                                 exeCutiVe direCtor
                                                                             tamera olsen director@mbabc.ca


                                                                                 Board oF direCtors
                                   Past-President, Past-President Council, Government Relations Joe santos MCAP • Ph: 604-630-3625 • joe.santos@mcap.com


                            Vice-President, Bylaw Reveiw Committee Geoff Parkin Verico Select Mortgage Corp. • Ph: 604-531-7310 • geoff.parkin@vericoselect.com


                           Treasurer, Bylaw Reveiw Committee susan shannon Verico Select Mortgage Corp. • Ph: 250-483-1375 • susan.shannon@vericoselect.com


                            Secretary, Bylaw Reveiw Committee linda Fleming Dominion Lending Centres Mortgages • Ph: 604-852-1703• info@lindafleming.com


                                         Chair Sponsorship, Island Networking Committee rob Hafer Invis, Inc. • Ph: 250-480-0633 • robhafer@invis.ca


                                              Chair Government Relations Jason Humeniuk Invis • Ph: 778-840-2484 • jason.humeniuk@invis.ca


      Co-Chair Communications: Magazine & Directory, Co-Chair 2011 Conference & Tradeshow Heather Cermak MERIx Financial • Ph: 778-997-5232 • heather.cermak@merixfinancial.com


    Chair Ethics and BPCPA Disclosure, Professional Development, Island Networking roger levesque Dominion Lending Centres Rochar Financial • Ph: 250-405-4351 • roger@rocharfinancial.com


                       Chair Media Relations, Government Relations Committee Jared dreyer Verico Dreyer Group Mortgages • Ph: 604-649-5991 • jared@dreyergroup.ca


                                          Chair Professional Development rob regan-Pollock Invis, Inc. • Ph: 604-878-0890 • rreganpollock@invis.ca


              Co-Chair Communications: Magazine & Directory, Co-Chair 2011 Conference & Tradeshow irena sakic Davis + Henderson • Ph: 778-228-9976 • irena.sakic@dhltd.com


             Chair Charity Golf Tournament, Okanagan Networking Event Chris Hoeppner Street Capital Financial Corporation • Ph: 604-614-0320 • chris.hoeppner@streetcapital.ca


        Communications: Magazine & Directory Committee, Sponsorship Committee Callum Greig Street Capital Financial Corporation • Ph: 250.516.9894 • callum.greig@streetcapital.ca




8     The BC MORTGAGE BROKER I Summer 2010                                                                                                                                     www.mbabc.ca
EDITORS' VIEWPOINT
                                                                                                       editors/adVertisiNG
                                                                                                             Heather Cermak
                                                                                                              778-997-5232
                                                                                                   heather.cermak@merixfinancial.com

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

                                                                                                         Chairs Communications:
                                                                                                           Magazine/Directory



                                                                                                   PuBlisHer/desiGN & layout
                                                                                                              Valerie Giles
                                                                                                 Creative Expressions Graphic Design
                                                                                                                 Studio
                                                                                                             604-541-7865
                                                                                                         valeriegiles@shaw.ca

                                                                                                      maGaziNe adVertisiNG
                                                                                                      suBmissioN deadliNes
                                                                                                            Fall Issue: August 6
                                                                                                         Winter Issue: December 3
                                                                                                          Spring Issue: March 5
                                                                                                          Summer Issue: June 4

Photo by Chris Chernoff • 604-315-8301 • www.chernoffcommercial.com • cchernoff@shaw.ca         aNNual direCtory adVertisiNG
                                                                                                    suBmissioN deadliNe
                                                                                                                  August 6

Thank you for all of your tremendous feedback on the Spring 2010 “Traditional Lending”           Please Note: The MBABC can not be held
issue of the BC Mortgage Broker. This inspired us to have a follow up issue featuring an         responsible for time sensitive ads as print
exposé on “Creative Lending”. Included in this exposé are private lenders, banks, MICs          schedules vary and are beyond our control.
and other lenders who fit into our criteria of non-traditional lending and fund a minimum
amount of volume per year. While we realize there are many other non-traditional lenders
in BC, we would like to thank those who participated.

Inside the summer issue you can find out some very valuable facts from our Expert in Credit
Counseling, learn something new about lending outside of the box, new FICOM require-
ments, meet your new MBABC President, plus much more! Please continue to provide us                        Published quarterly by
                                                                                                      The Mortgage Brokers Association
with your feedback, comments and suggestions for the BC Mortgage Broker Magazine!
                                                                                                             of British Columbia
We hope you enjoy.
                                                                            Heather and Irena
                                                                                                     Canada Post Publication # 41297283
                                                                                                            Customer # 7239281

                                                                                                 Return undeliverable Canadian addresses to:
                                                                                                                   MBABC
                                                                                                        Suite 404 - 999 Canada Place,
                                                                                                           Vancouver BC V6C 3E2




                                                                                                                                XXX-XXX-000




www.mbabc.ca                                                                                             Summer 2010 I The BC MORTGAGE BROKER   9
                                                                                                    Private
                                                      To many newer mortgage brokers or those who have worked with traditional lenders through-
                                                      out the course of their careers, the world of private lending is still somewhat of a mystery.

                                                      While every broker knows that private lenders are out there, many often shy away from this
                                                      valuable resource because they’ve heard of higher interest rates associated with these types
                                                      of deals and/or they know they’ll have to charge fees for the added work and they’re not
                                                      comfortable with this concept.

                                                      Regardless of your current notions attached to the world of private lending, it’s important
                                                      to research all your options and discover the many ways that private lenders can help
                                                      your clients.

                                                      Given the new self-employed rules that came into effect in April, for instance, if your clients
                                                      can’t qualify for traditional financing because they have been self-employed for longer than
                                                      three years and simply can’t qualify under a stated income product, all is not lost, since they
                                                      may be eligible for private funding.

                                                      Although your clients will have to pay a higher interest rate, this route may enable them
                                                      to acquire funds to purchase a home now as opposed to continuing to rent and pay down
                                                      someone else’s mortgage.

                                                      And if your clients have had credit issues from life experiences, such as illness or divorce,
                                                      that prevent them from obtaining traditional financing, at least through private lenders you
                                                      will be giving these people the opportunity to keep their existing home or purchase their
                                     Cindy Freiman,
                                                      first home.
     Director of Public Relations & Communications
                          Dominion Lending Centres
         cindy@dominionlending.ca • 289-240-6322      The great thing about private terms is that they are shorter – typically one year – so, while
                                                      the interest rate will be higher, your client may have the opportunity to clean up their credit
                                                      over that year and then be eligible to return to traditional financing.




10   The BC MORTGAGE BROKER I Summer 2010                                                                                                 www.mbabc.ca
Lending
ExPLAIN ADDED COSTS                               When it comes right down to it, most clients
UPfRONT                                           who fail to qualify for traditional mortgages
                                                  are not going to worry about a higher interest
If you’re straight up about higher interest       rate or that they have to pay some lender and
rates and added fees with your clients who        broker fees – they are going to be eternally
require private financing, you’re setting their   grateful to you for presenting them with
expectations and letting them know you’re         a solution to their problems when many
someone they can count on in the future to        people before you have likely been unable
always keep them well informed.                   to help.
Make sure you explain that interest rates are     And on the day when they can return to
higher and they will have to pay a lender         traditional financing, you will be there for
fee on private loans because of the higher        them. And you’ll also likely be the one who
risks associated with funding a mortgage for      receives all of their referrals from friends
someone in their particular situation. Also       and family for years to come because of the
explain that you have to charge a fee because     devout loyalty they have for the broker who
of the extra time it takes you to arrange a       could help them through tough times.
private mortgage.
                                                  USE INDUSTRY RESOURCES
Be sure to tell your clients that there are
others all over the country who are just          The best thing to do to become comfortable
like them and can’t qualify for tradi-            working with private lenders is to contact
tional financing – they shouldn’t feel like       some and ask questions. You can also re-
they’re being looked down upon because            quest help from colleagues or ask around
of their situation.                               at MBABC events.
                                                                                                           Equity Based
Another key point to discuss with your cli-       And if you’re still not comfortable working          Sub Prime Mortgages
ent is that private financing is equity based,    within the private world, consider seeking out
because private lenders want to know that         a broker who is an expert on this niche and
                                                                                                           Residential
the property is marketable and that they will     can co-broker private deals with you if you
be able to easily sell it should the mortgage     ever require this option for your clients.         Construction Mortgages
go into foreclosure.
                                                  Private lending is just one more tool you          Ask us about small commercial
CUSTOMERS fOR LIfE                                can add to your list of expertise to be able to            mortgages and
                                                  offer more solutions for your clients.            land development financing too!
When you have multiple options available
to your clients – including access to private
                                                                                                        Phone: 604.986.3200
lenders – they will appreciate the lengths
to which you have gone to keep them in
their home or get them into a home of                                                                    Fax: 604.986.3201
their own.
                                                                                                       alancross@firstcircle.ca

                                                                                                      annewalker@firstcircle.ca


                                                                                                         Fast answers
                                                                                                      Quick turn arounds
www.mbabc.ca                                                                                             Summer 2010 I The BC MORTGAGE BROKER   11
             An Experienced Lender You Can Trust



                                                                  1st Mortgage
                                                                   Financing
                                                                $1,500,000 - $15,000,000

                                                                     Condo Inventory Loans:

                                                                     •	 L/V:	Up	to	65%
                                                                     •	 Interest	Rates:	7-10%
                                                                     •	 Flexible	Partial	Discharge	
                                                                        Provisions

                                                                 Income Producing Properties:

                                                                     •	 L/V:	Up	to	75%
                                                                     •	 Interest	Rates:	6-9%




                                                            866-698-5388 Toll free
                                                            Call Brian Chelin or Mike Saba today
                                                                Or contact us at: bchelin@lanyardgroup.com
                                                                                  or msaba@lanyardgroup.com
                                            Visit our website at: www.lanyardgroup.com




12   The BC MORTGAGE BROKER I Summer 2010                                                                     www.mbabc.ca
MEMBER PROfILE:
LORIE MARTIN                                                                                                We have been

                                                                                                       RE L IABLE
                                                                                                              since 1994!

                                                                                              What do we offer your clients?

                                                                                                •   All open mortgages
                                                                                                •   Interest only payments
                                                                                                •   LOC mortgages
                                                                                                •   Ignore their TDS/GDS scores
                                                                                                •   Mortgage on their ½ interest

                                                                                                      WE LEND QUICKLY!
                                                                                                    (Our record is 900K in 4 hours!)

                                                                                                      Discharged Bankruptcy?
                                                                                                         Rentals and land?
                                                                                                         No credit history?
           Lorie Martin, Area Manager - BC Region                                                        New Immigrants?
                  TD Financing Services Home Inc.
                  Phone:1-877-273-7498 Ext. 2501                                                           No Problem!
                              Direct: 604-346-5976

WHAT TERRITORY DO I fOCUS ON?
BC region

QUALITIES THAT MAKE fOR A SUCCESSfUL SALES PERSON?
PERSEVERANCE—you have to be able to stick to it and keep the momentum going
even during slow times. PASSION—you have to believe in, and stand behind, what you're
selling. PROFESSIONALISM—self explanatory. PERSONALITY—Be yourself. People
will relate and relax more if you're coming across as authentic and real while delivering
your message. PHENOMENAL CUSTOMER SERVICE—To put it simply . . . treat your
clients like you would want to be treated as a client.

WHAT DO I fIND IMPORTANT ABOUT THE MBABC?
The MBABC is a great association for brokers at any stage in their career. The courses,
networking events, and trade shows are a fabulous way for brokers to meet, share ideas,       Call us and speak directly to the decision makers:
assist new up and coming brokers, listen to veteran brokers share their knowledge.
Plus, you get to meet your business development managers!!                                              Jim Mercier, Jessica Whyte
                                                                                                            or Dale Matthysen
LENDER TIP fOR BROKERS…
Always be sure to submit complete applications with brief, concise, explanatory notes,
especially if you're seeking an exception or there is something that will need further                604-214-5626
explanation. It will speed up your turn around time by preventing further questions and the
dreaded "phone tag" with your underwriter.                                                      Reliable Mortgages Inc.
                                                                                                            Our Lending area:
fAVOURITE ASPECT Of MY JOB                                                                              Lower Mainland—including
I love the consulting aspect of my job. Whether it's a new broker needing a little extra                  Chilliwack to Whistler
training, a broker looking for advice on packaging a deal, or where he/she can send a deal
if I'm unable to do it, I love to be able to share and exchange knowledge.
                                                                                                    www.reliablemortgages.ca

www.mbabc.ca                                                                                            Summer 2010 I The BC MORTGAGE BROKER       13
CREATIVE LENDING fEATURE
A LOOK AT WHAT THE CREATIVE LENDERS HAVE TO OffER YOU AND YOUR CLIENTS



                  lender                             niche market                               geographic area
alpine credits ltd.                         • residential homes                          • everywhere in BC and Alberta
                                            • condominiums
                                            • raw land
                                            • no income necessary
                                            • poor credit is okay




alta West Mortgage                          • owner occupied single family residential   • most areas of BC and Alberta
capital corporation                         is our focus                                 • for rural property and property located
                                            • duplex, townhouse, bare land condos,       in centres with populations under 2000 we
                                            apartment style condos (low and high rise)   will consider on a case by case basis
                                            • acreages, farms, commercial property       • quality of property and liquidity are key
                                            • rental, recreational, investment and
                                            commercial purposes
                                            • personal and commercial borrowers
                                            • do not lend on mobile homes but will
                                            consider the land they sit on



arMada Mortgage                             • residential                                • major BC cities including:
corporation                                 • construction                               – Lower Mainland (including Hope)
                                            • NIQ lending (GDS/TDS waived)               – Kelowna
                                            – deal must make sense                       – Kamloops
                                            • small commercial                           – Victoria
                                            • 90 day rate holds                          – Nanaimo




bayfield Mortgage                           • any residential properties, however,       • BC and Alberta, mainly the following
professionals                               being an Equity Based lender, we are not     – GVRD
                                            limited to a specific market type.           – Fraser Valley up to Chilliwack
                                            • will look at commercial properties on      – Victoria Regional District, Nanaimo,
                                            exception                                    Courtenay, Comox, Campbell River
                                                                                         – Kamloops, Vernon, Penticton, Kelowna,
                                                                                         & Salmon Arm (major city center)
                                                                                         –Sunshine Coast (namely Gibsons,
                                                                                         Roberts Creek & Sechelt)
                                                                                         – Greater Calgary area (namely Cochrane,
                                                                                         Airdrie & Okotoks)
                                                                                         – Greater Edmonton area (Namely St.
                                                                                         Albert, Spruce Grove & Sherwood Park)
                                                                                         – Red Deer
                                                                                         – Medicine Hat
                                                                                         • we are a custom solution provider, and
                                                                                         therefore other areas outside of the main
                                                                                         areas may be considered on an exception

14   The BC MORTGAGE BROKER I Summer 2010                                                                                 www.mbabc.ca
           product type                       loan submission/inquiry                             rate fee structure

• all forms of mortgages including partial   Please send all inquiries to Graham Sawrey      • We have exceptional rates
interest mortgages                           via email (or fax if necessary)                 – 1st mortgages starting at 6.00%
                                             graham@thealpinegroup.com                       – 2nd mortgages starting at 8.50%
                                                                                             – We typically lend up to a total LTV of 75%
                                                                                             • brokerage fees are always negotiable.
                                                                                             We aim to satisfy both you and your
                                                                                             client’s needs.


• 1st, 2nd, 3rd                              • Filogix                                       • deals are priced based on property type,
• blanket                                    • jared.morrison@altawestmortgage.com           location and LTV
• bridge                                     • call Jared (BDO) 1 888 554 9075 ext 228       • rates start at 6.99%
• construction                               • toll free fax 1-888-240-9087                  • fees from 2%. Your broker fee on top.
• interest only or 25 year amortisation
• up to 85% LTV




• 1-3 Year Terms – Fully amortized           Submit Deals via Expert/Fax or Email at         Typical rates (at June 10) start at:
up to 35 years                               sales@armadamortgage.com                        • 1st mortgages 6.99% + 1% lender fee
• interest only payments available                                                           • 2nd mortgages 9.00%+ 1.5% lender fee
• open and closed terms                                                                       • fee structures will vary from deal to deal
• 1st and 2nd mortgages up to 75% LTV                                                        • broker fees are priced separately
• construction to 75% of completed value




• 1st , 2nd, and 3rd mortgages               We’re a very accessible lender. Deals can       • we offer custom rates for custom solutions
• bridge financing                           be submitted via Expert, email or fax. Not      • fees are not necessarily tied to rates,
• construction mortgages                     sure if your deal will fly? Feel free to call   and are always tailored & split with the
• Inter Alia mortgages                       and run by the scenario – we can let you        involvement of the referring broker
                                             know if we will be able to assist you.




www.mbabc.ca                                                                                           Summer 2010 I The BC MORTGAGE BROKER   15
CREATIVE LENDING (CONTINUED)



                  lender                              niche market                               geographic area
consuMers choice                            • specialize in houses, townhouses, condos.   • mainly Lower Mainland and
                                            • up to 75% LVR on rentals and 80% LVR        Vancouver Island
                                            on owner occupied if the real estate is       • secondary the Gulf Islands , Sunshine
                                            marketable and the clients have a decent      Coast, Kelowna and Penticton
                                            credit history
                                            • we are not beacon score driven, but look
                                            more closely at the overall credit history
                                            • occasionly bare land and commercial
                                            deals with lower LTV



cove Mortgage ltd.                          Cove offers mortgage solutions on nearly      • all of British Columbia
                                            every property type in British Columbia.
                                            These solutions do not exist elsewhere
                                            in the market due to the challenge of the
                                            clients credit, limited income proof, the
                                            property type or the requirement for the
                                            file to fund quickly.




drake financial                             • interest only 1 year terms                  • Lower Mainland, Vancouver Island,
services ltd.                               • residential & small commercial equity       Sunshine Coast, Kelowna, Penticton,
                                            loans                                         Vernon, Kamloops, Prince George
                                            • purchases, refinances and construction      • other areas on exception
                                            mortgages



first circle                                • residential and small commercial            • Lower Mainland – Hope through
                                            construction financing                        Pemberton (and slightly beyond)
                                            • residential equity based sub-prime loans    • Okanagan corridor (Osoyoos through
                                            • small commercial                            Vernon)
                                            • serviced land and land development          • Kamloops
                                            financing                                     • Southern Vancouver Island (north to
                                                                                          Campbell River)
                                                                                          • Sunshine Coast (north to Pender Harbour)
                                                                                          • Some Gulf Islands

fisgard capital                             Fisgard has a broad range of financing        • Western Canada (BC, Alberta)
corporation                                 products ranging from just outside the
                                            conventional lending box residential
                                            mortgages to 75% starting at 6.99% to
                                            complex commercial and construction
                                            financings. Common sense creative
                                            lending at it's finest!


16   The BC MORTGAGE BROKER I Summer 2010                                                                                  www.mbabc.ca
           product type                         loan submission/inquiry                             rate fee structure

• 1st and 2nd mortgages                        • call us to discuss, or send us an e-mail      • Second mortgages 10% to 12%
• 3rd position if the 1st and 2nd mortgages    giving us the basics of the deal                • First mortgages 8% to 10%
are with the same lender                       • submitting the deal can be done via           • On occasion lower cost funds may be
• we do not have funds available for           attachments to e-mails                          available
construction draw mortgages                    – dswallow@telus.net or                         • No lender fee for standard 1 year closed
                                               – cathyswallow@telus.net or                     mortgage
                                               – fax 604-541-7320                              • Broker fee negotiable and split with
                                               • phone Cathy Swallow 604-541-7301 or           referring broker
                                               Darryl Swallow 604-541-7303
                                               • deal can also be co-brokered to Darryl
                                               Swallow or Cathy Swallow on Filogix

• 1st, 2nd, 3rd mortgages up to 80% LTV        • Filogix: under private lender Cove Mortgage   • 1st mortgages from 6.95% with a 2-3% fee
• financing from $25,000 up to $2 million      • email: cove_mortgage@telus.net                • 2nd mortgages from 9.95% with a 3-4% fee
• interest only payments                       • fax: (604) 929-9592                           • 1 year term
• residential                                  • Christine Perkins BDM Mainland, BC
• commercial                                   phone: 778-988-8940
• construction                                 • Ross Elliot BDM Vancouver Island, BC
• bridge financing                             phone: 250-480-9566
• Inter Alia                                   • www.covemortgage.com/forbrokers.html
• partial interest                             for more information
• ¼ and ½ share
• debt consolidation

• 1st and 2nd mortgages up to 75% LTV          • Fax: 604-852-4717                             • typical rates are 12%
                                               • email: warren@drakefinancial.com              • fee split of 50/50 with originating broker




• 1st and larger second mortgages              • E-mail: alancross@firstcircle.ca or           • flexible pricing depending on the quality
• loan size - $50,000 to $2 million            annewalker@firstcircle.ca                       of the loan application
• 75% LTV max                                  • Fax: 604-986-3201                             • first mortgages from 6.95%
• construction                                                                                 • interest only payments
• interim financing                                                                            • usually a 2.0% fee (split with the broker)
• Inter Alia mortgages (multiple properties)                                                   • 1 – 2 year terms




• residential                                  • via Expert or by email.                       • residential rates start at 6.99%
• commercial                                   Please go to www.fisgardmortgage.com            • lender fees typically 1%.
• equity                                       for more information                            • rates and fees for commercial and
• bridge                                                                                       construction vary from deal to deal
• construction
• inventory



www.mbabc.ca                                                                                             Summer 2010 I The BC MORTGAGE BROKER   17
CREATIVE LENDING (CONTINUED)



                   lender                              niche market                               geographic area

interior equities corp.                      • residential 1st mortgages                   • Okanagan Valley from Osoyoos in the
                                             – completed and occupied                      south to Salmon Arm in the north
                                             • small raw land assemblies/developments      • selected areas in the Kootenays:
                                             to subdivisions                               – Nelson, Castlegar, Trail, Grand Forks,
                                             • commercial properties with leased space     and Christina Lake
                                             • smaller construction projects               •Vancouver Island – larger urban centres
                                             • equity lending to 75%
     A Mortgage Investment Corporation
               – Since 1982 –




instafund financial                          • single and multi family residential         • all Lower mainland from Whistler to
services (2000) ltd.                         • rental and revenue properties               Chilliwack
                                             • commercial and mixed use
                                             • construction
                                             • land, subdivision, assemblies
                                             • complex structured financing


intregrity Mortgage inc.                     • residential and commercial                  • Vancouver CMA and southern BC
                                             – we prefer deals that just fall short of     • Vancouver Island
                                             bankable guidelines                           – populations of 10,000 plus please




kee West financial group                     • 2nd mortgages for apartment buildings,      • major centres in BC, Alberta,
                                             townhomes and/or condo developments           Saskatchewan and the Maritimes
                                             • 1st mortgages for any type of multi-        • USA
                                             residential and/or commercial revenue         • Mexico
                                             producing properties
                                             • 1st mortgages on raw land in select areas
                                             • inventory loans for builders
                                             • draw construction 1st mortgages


kensington realfund corp.                    • residential                                 • Vancouver Island specialists
                                             • raw land                                    • also lend from Whistler to Chilliwack
                                             • some commercial




18    The BC MORTGAGE BROKER I Summer 2010                                                                                   www.mbabc.ca
           product type                        loan submission/inquiry                             rate fee structure

• 1st & 2nd residential                       • phone: 250-763-1245                           • quoted on website
• 1st commercial & raw land                   • fax: 250-763-7765                             (www.interiorequities.com)
• Inter Alia mortgages                        • toll free phone: 1-800-663-1575               • brokerage fees are typically a minimum of
• construction loans                          – James Ramsay (ext. 204)                       2% and are split with the originating broker
                                              jramsay@interiorequities.com                    • lender fee of 1% for non-residential loans
                                              – Doug Finlay (ext. 226)
                                              dfinlay@interiorequities.com
                                              – Richard Sherwood (ext. 205)
                                              rsherwood@interiorequities.com
                                              • loans are customized and we encourage
                                              input from referring brokers regarding loan
                                              structure and pricing
                                              • email/ phone inquiry for a prompt response
                                              Funds are always available!

• equity only, no debt service or             • Email:                                        We sharpen our pencil on every deal to
credit required                               – Adam Korbin akorbin@instafund.com             help brokers close more deals.
• 1st, 2nd 3rd and Inter Alia mortgages       – Chris Delisle cdelisle@instafund.com          • rates from P+4%
• large loans amounts $50,000 to $5 million   • phone 604-687-2020                            • lender fee from 2%
                                                                                              • broker fee from 1%




• 1st mortgages preferred                     • contact us first to discuss                   All deals are looked at case by case. Our
• 2nd mortgages                               • email: Kim Strynadka - kims@telus.net or      stand is; if you would lend your own money
• rarely 3rd mortgages                        • fax: 866-298-2071                             on a deal, chances are, so would we. We
We like clean deals where client can prove    • phone: 877-729-3890                           like them clean and price it accordingly.
ability to pay and there is an out strategy                                                   We ask what the Broker wants to be paid
                                                                                              and then, we do a fee split.


• 1st or 2nd mortgages                        The best way to start the process is to         Determined on a deal by deal basis
• bridge mortgages                            phone Lorne Keetbaas 403-680-6716. If
• construction/draw mortgages                 he likes the deal, the next step is to send
• interim mortgages                           him an Executive Summary outlining the
• blanket mortgages with individual           client's name, security, collateral security,
discharge provisions                          location, how much is required, reason for
                                              request, exit strategy, proposed pricing and
                                              details of the proposal to keewest@gmail.com


• 1st mortgages                               Contact us directly to submit loan inquiries.   • fee structure is 1% to the Lender
• 2nd mortgages                               Call Margaret at 250-752-6944.                  • 50/50 brokerage fee split
• construction mortgages




www.mbabc.ca                                                                                            Summer 2010 I The BC MORTGAGE BROKER   19
CREATIVE LENDING (CONTINUED)



                  lender                              niche market                              geographic area

lanyard group                               • low cost lender outside the                • all major metropolitan centers within
                                            bank guidelines                              British Columbia
                                            – lend against most classes of income        • greater Edmonton and greater Calgary
                                            producing property types                     within Alberta
                                            – condo inventory (very competitive rates
                                            up to 65% loan to value)


Mountain city Mortgage                      • residential BFS/no credit/foreclosure      • all of BC, from Metro Vancouver to the
corporation                                 • for purchase/ETO/debt consolidation        rural properties outside of small towns




nexus investMent                            • raw land selectively                       • all over Canada
corporation                                 • commercial deals only




optiMuM Mortgage                            • N.I.Q. mortgages up to 80% LTV, minimum    • within 50 km of communities with
                                            500 beacon (2nds allowed to 90%)             populations > 100,000
                                            • owner-occupied and revenue properties      • within 10 km of communities with
                                            • purchase, refinance, bridge, Inter Alia    populations between 25,000 and 100,000
                                            • minimum 10% downpayment, with              • within a community with populations
                                            consideration given to gifted downpay-       between 10,000 and 25,000
                                            ments and vendor takebacks
                                            • consumer-friendly (call for details)
                                            • 5-year variable rate, open, and 1-5 year
                                            fixed terms
                                            • up to 35-year amortization




pacifica Mortgage                           At Pacifica we have a “common sense”         • Greater Vancouver and large urban
investMent corporation                      approach to private lending. All of our      centers throughout BC and Alberta
                                            mortgages are open for prepayment
                                            at anytime without a penalty, and our
                                            payments are interest only. We have the
                                            ability to fund loans up to $10,000,000.
                                            Our maximum loan to value is 75% and
                                            our typical turnaround time to commit-
                                            ment or letter of interest is 24 hours

20   The BC MORTGAGE BROKER I Summer 2010                                                                                www.mbabc.ca
           product type                          loan submission/inquiry                           rate fee structure

• fixed rate interest only mortgages            • phone 604-688-5388 or                       • interest rates range between 6% - 9%
• bridge loans (1 year term with 1 year         • email Mike Saba at                          depending on the asset class
extension option)                               msaba@lanyardgroup.com.                       • lender fees start at 1% depending on the
• all loans are open subject to 6 months                                                      asset class and loan amount
minimum interest on the loan
• flexible discharge provisions for
inventory loans

• low private rate 1st/2nd/3rd                  • phone 1-888-685-6181 or                     • case by case, but often no lender fee.
• 6 month/12 month/ 24 month                    • email aryn@mountaincitymortgage.ca, or      • split broker fees 50/50
• interest only or interest and principal       rob@mountaincitymortgage.ca                   • private 1sts run from 7% – 10%, 2nds
• low/no penalty early payout can be arranged                                                 from 9% – 15%, depending on location/risk
                                                                                              • broker fees run from 1 – 5 pts most times.




• bridge financing                              • call first 604-664-7079 and then by email   • fees depend on the deal but do not include
• selective 2nd mortgages                       acb@nexusinvestments.ca                       the brokers fee
• no 3rd mortgages




• minimum 10% downpayment, with                 • contact our local BDO                       • rates posted at www.OptimumMortgage.ca
consideration given to gifted downpay-          – Interior BC: Matthew Scaife,                (rate offered may be higher/lower subject
ments and vendor takebacks                      250-212-3763, matthew.scaife@cwbank.com       to application)
• consumer friendly (call for details)          – Lower Mainland/Vancouver Island:            • referral fees paid on a weekly basis
• 1st mortgages up to 80%, 2nd mortgages        Jackie Matthew, 604-317-4027,                 • N.I.Q. products:
allowed up to 90% LTV                           jackie.matthew@cwbank.com                     – 1 or 2 year: 50 BPS
• purchase, refinance, bridge, Inter Alia       • Filogix: Optimum Mortgage                   – 3 or 4 year: 90 BPS
• owner-occupied and revenue property           • email documents: mortgagedocuments@         – 5 year (fixed or variable): 100 BPS
mortgages                                       cwbank.com                                    – 1 year open: 2% fee split with the broker
• N.I.Q. up to maximum 80% LTV,                 • fax: 866-477-8897
minimum beacon 500                              • underwriters: 866-441-3775
• N.I.Q. 5 year variable rate, open,
and 1–5 year fixed terms
• up to 35-year amortization

• 1st and 2nd mortgages on residential and      Call Sidney Rubin @ 604-899-3788 or           • 1st mortgages starting from 6.99%
commercial properties                           Shannon Hillman @ 604-899-3780                • 2nd mortgages starting from 8.99%
• Inter Alia mortgages                                                                        • fees starting from 1%
• bridge financing
• inventory loans




www.mbabc.ca                                                                                            Summer 2010 I The BC MORTGAGE BROKER   21
CREATIVE LENDING (CONTINUED)



                  lender                               niche market                                  geographic area
paradigM Mortgage                           • residential                                     • BC only
corporation                                 • commercial                                      – Okanagan Valley
                                            • raw land                                        – Fraser Valley
                                            • development                                     – eastern suburbs of Vancouver
                                            • construction                                    – Kamloops and Shuswap region
                                                                                              – selected urban Vancouver Island locations
                                                                                              • we will consider other areas if the file
                                                                                              makes sense




peoples trust                               • equity based common sense lending               • Greater Vancouver Area
                                            (we are a “near-private” traditional equity       – Lower Mainland and Fraser Valley
                                            lender offering conventional 1st mortgages        • southern Vancouver Island
                                            to clients with difficulty proving income         • Okanagan centres
                                            and requiring credit repair)                      • Kamloops
                                            • private type loans at lower rates
                                            • non-income qualifying equity mortgages
                                            • credit repair equity mortgages
                                            • high value equity mortgages
                                            (up to $ 2 million financing)
                                            • acreage and “hobby” farm loans
                                            • equity construction financing for builders
                                            and homeowners
                                            • inventory loans for builders
                                            • no beacon lending

phl capital corp.                           • single and multi family residential             • Metro Vancouver
                                            (including construction)                          • Fraser Valley
                                            • raw land purchase
                                            • land development
                                            • all types commercial properties
                                            (including construction)


preMiere Mortgage                           • common sense private lending – approvals        • British Columbia
                                            based on EQUITY, not income or credit             – Urban Centers - Up to 75% LTV
                                            • lending on all forms of residential real        – Small Town/Rural – Up to 65% LTV
                                            estate; including farms, acreages, raw land       • Alberta
                                            and mobile homes in parks                         – Urban Centers - Up to 85% LTV
                                            • we can deal with collections, judgments,        – Small Town/Rural – Up to 65% LTV
                                            bankruptcies – even foreclosures                  • Manitoba
                                            • virtually immediate approvals through           – Winnipeg - Up to 85% LTV
                                            our own $57 million M.I.C. – Premiere             – Brandon – Up to 75% LTV
                                            Canadian Mortgage Corp.
                                            • also have access to a large pool of
                                            private investor partners – able to cater to
                                            most private mortgage needs
                                            • specialists in private mortgages for 25 years
22   The BC MORTGAGE BROKER I Summer 2010                                                                                      www.mbabc.ca
           product type                          loan submission/inquiry                             rate fee structure

• 1st and 2nd mortgages                         • email to gplunkie@pmcbc.ca and                • recent rates range 7.89% on 1st – 12.95%
– residential                                   bgraham@pmcbc.ca                                on 2nd mortages
– commercial                                    • phone 250-979-2911 to discuss potential       • each deal is unique and priced accordingly
– development                                   submissions                                     • referring broker chooses broker fee which
– construction                                                                                  is split 50/50 with us
– bridge financing                                                                              • typically we see fees in the 2-4% range,
– land loans                                                                                    higher depending on transaction,
– Inter Alia                                                                                    – 2% min. on residential
                                                                                                – 3% min. on construction/development files
                                                                                                • lender bonuses charged on open terms only

• 1st mortgage loans                            • James: JamesP@peoplestrust.com or             • rates start at about 6% for a 1 open or
• purchases, refinances and equity take-outs    phone toll free at 1-877-855-9750               closed or 2 year closed mortgage
• Inter Alia                                    • Tom: TomW@peoplestrust.com or                 • most commonly we charge a 2% fee that
• bridge financing                              phone 604-331-2210 to discuss                   we split with the broker
• construction financing                        • fax: 604-683-2787
• rental properties
• apartment loans
• financing for non-residents and
new-residents




• private 1st and 2nd mortgages (including      • Parm Purewall:                                • 1st mortgages: 9 – 11%
bridge and construction)                        – email: parmpurewall@phlgroup.ca               • 2nd mortgages: 12 – 14%
                                                – phone: 604-710-9525                           • fees: 1%
                                                • Steve Ponte:                                  • broker fees charged separately by
                                                – email: steveponte@phlgroup.ca                 the broker
                                                – phone: 604-727-3670


• 1st, 2nd & 3rd mortgages available            • please submit your mortgage proposals to      • Preferred Pricing Program:
• purchases, refinance or equity take outs      us by email or fax                              – applicable on mortgages approved by our fund
– funding available for virtually any purpose   • if you have a deal to review – just call us   – exceptional mortgage rates - start at 5.9%
• no beacon score requirements                  • contact information:                          – on urban 1sts approved by our fund – no
• terms for 1 – 5 years available               – email: lending@premhome.ca                    fee split - you add your fees and keep 100%
• rate/fee buy-downs options available          – toll free phone: 1-866-460-4409               – premiere fee is 1% +$350 administration
• flexible terms and payment options:           – toll free fax: 1-877-600-3362                 fee - rate/fee buy-downs options available
                                                                                                – rates/program guidelines at www.mort-
– interest only payments
                                                                                                gagescanada.net/mortgage_brokers.htm
– prepaid mortgages
                                                                                                • Alternate Funding Program:
– interest accrual mortgages                                                                    – access to large pool of private lender
– open mortgage terms                                                                           partners for all types of private lending
– Inter Alia mortgages                                                                          – aggressive funding sources for tough deals
                                                                                                – work with you on co-broker basis – fees/
                                                                                                costs reviewed in advance.
www.mbabc.ca                                                                                              Summer 2010 I The BC MORTGAGE BROKER   23
CREATIVE LENDING (CONTINUED)



                  lender                              niche market                              geographic area

reliable Mortgages inc.                     • application to funding done same day        • Lower Mainland
                                            • line of credit mortgages—don’t pay          – from Pemberton to Hope and all in
                                            interest on unused funds & readvanceable      between
                                            • lend behind re-advanceable first
                                            mortgages and liens
                                            • every mortgage we do is OPEN (no
                                            penalties to payout or pay down)
                                            • non-residents okay, can sign abroad or
                                            by POA
                                            • properties in a company name (versus
                                            personal names) are accepted
                                            • pre-sales: we lend on current appraised
                                            value, not purchase price
                                            • deal directly with the decision makers,
                                            it’s all our own money

secure Mortgage                             For our private lending products, we target   We prefer the Greater Vancouver area and
group ltd.                                  debt consolidations to assist with credit     Vancouver Island (from Courtney south),
                                            repair for our clients and recently, with     but will consider other areas on an
                                            the changes to self-employed products         exception basis.
                                            we are offering seconds to top up conven-
                                            tional first mortgages. We prefer owner
                                            occupied properties, but we will look at
                                            rentals, commercial buildings whatever
                                            makes sense.

vWr                                         • specialty is to provide private mortgage    • primary geographic lending area in
                                            loans for single family homes, condo's and    BC includes southern Vancouver Island,
                                            town homes                                    the Lower Mainland, the Fraser Valley,
                                            • we will consider financing some service     Kamloops, and the Okanagan Valley
                                            building lots and raw parcels                 (Pentiction, Kelowna and Vernon)
                                            • prefer residential zoned properties         • Alberta, we lend in Calgary, Edmonton,
                                            • rentals                                     Red Deer, Lethbridge and Medicine Hat
                                            • acreages, hobby farms                       • Manitoba (2011)
                                            • we will do larger 1sts                      • other areas considered subject to LTV
                                            • foreclosures at reduced LTV




24   The BC MORTGAGE BROKER I Summer 2010                                                                                 www.mbabc.ca
           product type                          loan submission/inquiry                          rate fee structure

• 1st, 2nd, 3rd, 4th (residential and small     • call first to discuss – we’ll give you a   • lend to 75% on most properties, up to
commercial), interest only                      quick yes or no 604-214-5626(LOAN)           80% on good credit
• houses, lots, rentals, condos, vacation       • then, either email or fax us the details   • rate depends on 1st, 2nd etc., credit
homes etc.                                      • email                                      rating, location, property condition
• Inter Alias, bridge financing, construction   – Dale Matthysen, reliabledale@shawbiz.ca    • fees – we generally charge 2.5% and
(unlimited draws), ½ interest mortgages,        – Jessica Whyte, reliablejess@shawbiz.ca     originating broker receives 2.5%
lending to estate, co-ops, leasehold            • fax: 604-214-5625
• foreclosures (previous or current) &
bankrupts (discharged)
• can register behind life estate or family
relations act
• we do not look at debt servicing, no job
letters or NOA required




• residential first and second mortgages        • Morweb                                     • rates go from 8.5% – 13.5% depending
• Inter Alia                                    • Filogix                                    on mortgage position and LTV
• bridge financing                              • email: rickfeilen@securemortgage.ca        • fees normally run between 2 – 4%,
                                                • fax: 604-523-6794                          including the lender and our broker fee
                                                • phone: 604-523-6797                        • additional fees can be added for the
                                                                                             referring broker




• 1st, 2nd & 3rd mortgage financing up to a     • email: linda@vwrcapital.com                • 9.75% interest rate on 1st mortgages
maximum 75% loan valuation                      • fax: 604-514-0085                          • 12.00% – 12.75% on 2nd mortgages
• interim or bridge mortgage loans              • toll free fax: 877-291-7582                • terms are for a 1 year closed mortgage
• open product available                        • all deals are unique, please call to       • partial and fully open mortgages available
• Inter Alia                                    discuss, phone: 604-530-7430 or toll free:   at an additional cost of 1 point for partial
• open or closed                                1-877-907-5407                               open and 2 points for fully open
• interest only or extended amortization                                                     • brokers negotiate their own compensation
                                                                                             with their client. We request that they cap
                                                                                             their fees at 4 points unless an exemption is
                                                                                             approved by us.
                                                                                             • ·$500 administration fee to VWR on funding
                                                                                             • rate buy downs always available




www.mbabc.ca                                                                                           Summer 2010 I The BC MORTGAGE BROKER   25
     calendar of events 2010–2011


     SEPTEMBER
          Charity Golf Tournament                            Sept. 13          Northview Golf Course, Surrey
          benefitting BC Children's Hospital

     OCTOBER – MORTGAGE MONTH: WATCH fOR DETAILS ON HOW TO PARTICIPATE
          Professional Development Seminar                   Oct. 19           Kelowna
                                                             Oct. 20           Vancouver
                                                             Oct. 21           Victoria
     NOVEMBER
          Applied Information Course                         Nov. 4–5          TBA

     MARCH
          2011 Conference and Trade Show                     March 15–16       Vancouver

     The MBABC Board meets monthly at the World Trade Centre, Vancouver. For further information, please go to www.mbabc.ca




              “Trusted for Service - Respected for Results”


                                                                        Serving BRITISH COLUMBIA and ALBERTA
                                                                        since 1982, we pride ourselves on the attentive
                                                                        service we give to our clients, You!


                    CREATIVE SOLUTIONS      •   NO NONSENSE COMMITMENTS    •   COMMON SENSE LENDING    •   FLEXIBLE RATES

                We can offer your clients 1st and 2nd Private Mortgage Funds up to 75% LTV


                           Contact Us Today for a Customized Solution
                                                          Head Office: #101-19909 64th Avenue, Langley, BC, V2Y 1G9
                                                          Gord Wintrup : 604-533-4478 or 1-888-918-3388


26   The BC MORTGAGE BROKER I Summer 2010                                                                                   www.mbabc.ca
                                                                       Success.
                                                                       Built right in.
                                                                       The ResMor Broker Achievement Program

                                                                       We understand what you need to succeed and
                                                                       we’ve designed a Broker Achievement Program that
                                                                       will help you meet your goals faster. We offer four
                                                                       status levels that provide you with direct compensation
                                                                       and opportunities to buy down the rate for your clients.
                                                                       That means no limit to your success.


                                                                         Standard              Premier           Elite              Super Elite
                                                 Term                       5 Yr.                5 Yr.           5 Yr.                  5 Yr.
                                                                         Fixed/ARM            Fixed/ARM       Fixed/ARM              Fixed/ARM

                                                 Base Incentive            105 bps              105 bps        105 bps                 105 bps

                                                 Preferred Broker              0 bps            10 bps          15 bps                  25 bps
                                                 Incentive

                                                 Total Incentive           105 bps              115 bps        120 bps                 130 bps

                                                 Rate Discount                 N/A                N/A            5 bps                  10 bps




                                                                      Call your ResMor Business
                                                                         Development Manager today.

                                                                                                                         June 2010

               Island & Interior                                   Lower Mainland
               Tania Hatcher, AMP                                  Sach Desai, BSC AMP
               Business Development Manager                        Business Development Manager

               Office       250-478-3557                            Office        604-687-6901
               Toll-Free   877-818-3884                            Toll-Free    877-328-6901
               Cell        250-818-3884                            Cell         604-328-6901
               Fax         250-478-4338                            Fax          866-854-1638
               Email       tania.hatcher@resmor.com                Email        sach.desai@resmor.com
www.mbabc.ca                                                                                                  Summer 2010 I The BC MORTGAGE BROKER   27
                INVIS AND MORTGAGE INTELLIGENCE

                Celebrating 10 Years of Industry Leadership



               Saying
               You’re #1
               Is Easy…
               Being #1
               Takes
               Effort.
                At Invis and Mortgage Intelligence we lead the Canadian mortgage brokerage industry in volume,
                volume per agent and income per agent, as noted by Filogix.

                While it’s great to be #1, we’re working hard to stay #1.

                Whether they’ve been with us 10 months or 10 years, our brokers receive unparalleled backing – efficient
                weekly payroll, the industry’s best compliance, expert deal support, free customized marketing, competitive
                compensation, a great corporate culture, the list goes on and on…

                In short, we’re all about real support from real people. We really enjoy what we do – helping our brokers
                achieve greater success.

                Now that’s something to celebrate!




                Learn more about joining our broker teams at www.invis.ca & www.bettersupportcanbeyours.com
                 Head Office: 5770 Hurontario Street, Mississauga, ON L5R 3G5. Invis FSCO 10801 | MI FSCO 10428.




28   The BC MORTGAGE BROKER I Summer 2010                                                                                   www.mbabc.ca
                                                                                                                                                 ADVERTORIAL




       A decade of Broker Excellence
       2010 marks the 10th anniversary of both Invis and Mortgage Intelligence. The celebrations come as
       Invis and MI lead the Canadian mortgage brokerage industry in production volume, as noted by Filogix.



    A     mong major brokerages, Invis and MI are not only num-
          ber one in total mortgage volume, they also lead
    the pack when it comes to volume per broker.
    “These results confirm our status as the preferred home for
    Canada’s most professional, dedicated mortgage brokers,”
    says Gord Dahlen, President and CEO of Invis and MI.
        Invis and MI have distinguished themselves with a full value
    offering to brokers. “Whether they’ve been with us 10 months or
    10 years, our brokers receive a line-up of support services that
    add up to solid value for today’s time-stressed mortgage profes-
    sional wanting to take their business to the next level,” observes
    Bryan Devries, EVP of Sales and Operations.
        “Real support from real people” is how Dahlen sums it up,
    noting that brokers can literally pick up the phone and talk to
                                                                          Some of the faces of Invis and MI through the years (clockwise from top left):
    the company’s in-house team to get assistance quickly. “The           Gord Dahlen, Rich Oenema, Rob Hafer, Andrew Moor, Liz Hynes;
    support we offer is more than a self-serve arrangement with           Art Trojan; Ilona Bronson; Stan Falkowski; Patrick Mulhern; Annie
    a third party – we invest in our brokers to equip them to be          and Dieter Peschman.
    the best, which benefits our brokers, our company and our
    industry,” asserts Dahlen.

    Real Support from Real People                                        A Proud Heritage
    “While it’s great to be #1,” says Dahlen, “we’re working hard        “In many ways, our continued success is the fulfilment of
    to stay #1.” Here’s a sampling of the benefits that Invis and         the vision of our early founding entrepreneurs including Art
    MI deliver, to stay at the forefront of the industry:                Trojan at Norlite and MI, and Dave Nichol at Invis,” comments
    Efficient Weekly Payroll – Prompt and accurate payroll via            Stan Falkowski, SVP, who has been with MI since the begin-
    weekly direct deposit, a real time saver for busy brokers.           ning. “Fast forward to ten
    Experienced Regional Managers – Full time professionals              years later, and many of our Whether they’ve been with
    who offer knowledgeable advice on tough deals, business              brokers have remained with
                                                                                                         us 10 months or 10 years, our
    planning, and reaching out to clients and referrals.                 us from the start. It’s a loy-
    Free Customized Marketing – Hundreds of templates,                   alty that speaks volumes.”      brokers receive a line-up of
    professional graphic designers and copywriters, and expert                                                    support services that add up
    marketing advice.                                                                                             to solid value. . .
    Effective CRM Programs – State-of-the-art CRM programs               Mortgage Brokering:
    to keep in touch with clients: professionally, automatically,        It’s a Team Sport
    and with zero effort.                                                Invis and MI have lively company cultures that celebrate ex-
    Compliance Support – “We offer the industry’s best compli-           cellence. Brokers have a strong voice, and feel part of a cohe-
    ance support, to protect our brokers’ reputations in our com-        sive group of professionals who share ideas and information.
    munities and our industry,” notes Dahlen.                                “We work for the broker,” asserts Dahlen. “We believe in
    Exclusive In-House Offerings – Great commissions, and                them. We worry about them, we care about them. No one
    ongoing trailers as an option, on private label mortgages,           else in our industry holds the broker in such high regard.
    leasing and insurance products.                                      These are values that permeate the cultures at Invis and MI.”
    Prompt I.T. Support – Knowledgeable and friendly I.T. ex-                At a variety of team-building and social events for the
    perts to keep core systems up and running.                           rest of 2010, Invis and MI brokers will celebrate a job well
    Submission Desks – Easy, preferred access to a range of              done for the last 10 years. They’ll also look forward to
    key lenders; enjoy top-tier compensation on every deal.              another great decade as they work hard to grow their busi-
    Competitive Compensation – Earn top dollar on every file:             nesses with Invis and MI, and have a good time together
    highly competitive finders fees and volume bonuses our                while doing it.
    lenders offer, even on the first deal.
    A Clear-Cut Contract – No restrictive contracts, like ones that
    lock a broker in for a multi-year term, contain non-solicitation
    clauses, or even charge high monthly fees for advertising.


                                                                                                                                     10 01
                                                                                                                                                   NUMBER



                                                                                                                                      Y E A RS




www.mbabc.ca                                                                                                                  Summer 2010 I The BC MORTGAGE BROKER   29
INDUSTRY NEWS
GOODBYE TO JACK OYHENART
                 Dominion Lending Centres is mourning the sudden passing of 56-year-old Jack Oyhenart, broker/owner of Dominion Lending
                 Centres Aegis Mortgage Services based in Richmond, BC, on Monday, May 31st. Jack was well respected and much admired
                 in the Canadian mortgage brokering realm, with close to four decades of mortgage-related experience – 31 in banking and
                 eight in brokering. Jack’s two sons and daughter – Kevyn, Chad and Alana – followed in their dad’s footsteps and became
                 licensed mortgage brokers. Kevyn and Chad will carry on Jack’s legacy as joint owners of DLC Aegis. Jack also leaves
                 behind his adoring wife of 35 years, Grace, and a third son, Jayme. If you knew Jack and wish to send a private e-mail with
                 a fond memory or condolences to his family, you can do so at: farewelldearfriend@dominionlending.ca

2010 BC SUMMER GAMES APPOINTMENT
Michael McIvor has been appointed as chair of cycling events for the 2010 BC Summer games. He is looking for volunteers
in all three cycling venues: road, BMX, and cyclocross.
If you would like to volunteer please send Michael an email: michael@michaelmcivor.com. Volunteers can also
sign up on Michael’s site at www.michaelmcivor.com under the events section.


DOMINION LENDING CENTRES WINS 5 CMP AWARDS
                      Dominion Lending Centres was honoured to take home five prestigious national awards at the 4th Annual CMP Cana-
                      dian Mortgage Awards on Friday, April 23rd at Toronto's Liberty Grand. DLC won top prize for the coveted Mortgage
                      Brokerage of the Year, Best Branding and Best Advertising awards. DLC broker/owner Gary Meger, Neighbourhood
                      Dominion Lending Centres in Barrie, ON, won Mortgage Broker of the Year, and the Business Development Manager
for DLC’s branded white label Dominion Mortgage line of products, Cynthia Kramer, won Lender BDM of the Year. DLC had a total of
13 nominations for this year’s awards.
“We are absolutely honoured that our industry peers and partners, as well as an esteemed panel of judges recognized Dominion Lending
Centres with these incredible awards,” says Gary Mauris, President of Dominion Lending Centres.

PAUL STAPLEY, DLC COASTAL MORTGAGES IN CAMPBELL RIVER GIVES BACK TO THE COMMUNITY
Paul Stapley, DLC Coastal Mortgages in Campbell River coached his Hockey Team to a BC Championship while achieving
an unbelievable game record of 49-1-3 (49 wins, 1 loss & 3 ties). They are hometown hero’s in Campbell River. For this feat
and team was recently given the key to the city from the Mayor! A great story of a broker giving back to his community with
tremendous success. Accompanying picture is of the Campbell River Pee Wee AAA Rep team. They won 4 tournaments, the
Vancouver Island Tier 1 League and the Vancouver Island Tier 2 Play Offs plus the BC Tier 2 Provincial Championship.

OPTIMUM MORTGAGE APPOINTMENT
                 Optimum Mortgage is pleased to welcome Jackie Matthew as their Mortgage Development Manager for the Lower Mainland.
                 Call Jackie today at 604-317-4027.




HOME TRUST ExPANDS ALTERNATIVE PRODUCT SUITE IN WESTERN CANADA
Home Trust recently expanded their Classic Program in British Columbia and Alberta. Home Trust’s Classic
products offer alternative lending for client’s seeking flexible financial solutions with loan to values up to
80% on purchases and 75% on refinances. ‘We hope this expansion shows our Western Canadian brokers
that we are here to serve all of their needs, both with our insured Accelerator products and our alternative Classic program, making us their
‘One-Stop’ mortgage lender.’ comments Ron Cuadra, Vice President National Sales.

VERICO REGIONAL DAYS
                  VERICO Canada is fresh off a very successful Regional Days tour across Canada. VERICO held sessions in
                  Vancouver, Calgary, Winnipeg, Toronto and Halifax for our Verico members and agents. The goal of VERICO
Regional Days was to connect with members, share business building information, present tools for business growth and present our
exclusive VERICO Coaching program – which provided real life examples members could apply to their business the next day.

30   The BC MORTGAGE BROKER I Summer 2010                                                                                          www.mbabc.ca
INDUSTRY NEWS
PETER KINCH WRITES fIRST SOLO BOOK
               Peter Kinch’s first solo book, The Canadian Real Estate Action Plan: Proven Investment Strategies to Kick-Start and Build
               Your Portfolio, became available online and in bookstores across Canada in June. Kinch, broker/owner of Dominion Lending
               Centres Peter Kinch Mortgage Team, was named Canada’s top volume-producing mortgage broker on the 2009 CMP Top 50
               Brokers list, and has helped thousands of Canadian investors clarify their dreams and turn them into reality. In the book, Kinch
               walks readers through building a three-phase action plan to develop a real estate portfolio, by starting with the end result in
               mind. The result is a goal-focused approach to buying real estate with confidence and clarity. A portion of the author royalties
               from sales of The Canadian Real Estate Action Plan will be donated to Habitat for Humanity Canada.
INVIS AND MORTGAGE INTELLIGENCE CELEBRATE 10TH ANNIVERSARY
This year marks the 10th anniversary of both Invis and Mortgage Intelligence. Invis began in Langley, BC in the summer of
2000 and has grown by leaps and bounds along with the mortgage brokerage industry in the province. “While the industry
has changed a lot in the last decade, at Invis one thing hasn’t changed: we support our brokers with a line up of solid services
that help them operate and expand their businesses,” comments Gord Dahlen, President and CEO. MI is also celebrating
10 years, and like Invis, has built a loyal following among brokers, many of whom have been with the company for the full decade.

HLC HOME LOANS CANADA APPOINTS NEW PRESIDENT
               Mark Moreau, new president of HLC Home Loans Canada. With over 28 years of experience in the Canadian financial services
               marketplace Mark Moreau has held various positions including that of President of Mortgage Intelligence (MI). During his
               tenure at MI, the company was the largest national brokerage by volume in the nation. Mark helped to achieve this by providing
               leadership to the organization and oversight of the eventual sale of MI. His experience in Credit/Mortgage operations and sales
               organization leadership will help to build and grow the reputation of HLC Home Loans Canada into a leader in the mortgage
               brokerage market. HLC Home Loans Canada welcomes Mark to the team.




www.mbabc.ca                                                                                                Summer 2010 I The BC MORTGAGE BROKER   31
          COVE                                 The name you’ve trusted for 33 years
                                               when you want to get the deal done.


                                               Why?
                                               We see ways to make
                                               the deal work that
           Cove Mortgage Ltd. is a
         private lender with access            others miss!
        to our own funds. We offer
     customized mortgage solutions              • Consistently reliable
      on nearly EVERY property type
       in BC from 25k to $2 million.
                                                • Extremely fast
     1st, 2nd & 3rd mortgages available         • Common sense
                up to 80% LTV.
                                                  private lending
       Business Development Managers                                                                                             est. 1976

       Christine Perkins Mainland, BC                                       Phone: 778-988-8940        Email: christine@covemortgage.com
       Ross Elliot       Vancouver Island, BC                               Phone: 250-480-9566        Email: ross@covemortgage.com

       Underwriters                                                                                              www.covemortgage.com
       Head Office (North Vancouver, BC)                                      Phone:   604-929-8156 or toll free 1-888-929-8156
                                                                            Email:   cove_mortgage@telus.net




         Phone:     604-530-7430
         Toll Free: 1-866-907-5407
         Fax:       604-514-0085




                                                 • Reasonable Rates
                                                 • 24 hour approvals
                                                 • Funds available throughout British Columbia and Alberta
                                                 • Purchases, refinances or equity takeouts
                                                 • No income qualification necessary

                                                                                              “Your Private Mortgage Solution”

              DOUGAL SHEWAN                                        DON KILLEEN                                LINDA WESTON
              Phone: 604-351-2509                              Phone: 604-308-0591                          Phone: 604-530-7430
               dougal@vwrcapital.com                             don@vwrcapital.com                          linda@vwrcapital.com
                                              #111 - 20434 - 64th Avenue, Langley, BC V2Y 1N4
                                                           www.vwrcapital.com

32     The BC MORTGAGE BROKER I Summer 2010                                                                                         www.mbabc.ca
MEMBER PROfILE: KIM STRYNADKA

                                           MY BEST PRACTICE: WHAT MAKES ME SUCCESSfUL
                                           I try to live and work by a few rules. Only enter into business relationships that are win/win.
                                           Focus on quality rather than quantity. Do what is right for the client`s long term goals and
                                           the money will follow. Don't try to fit a square peg into a round hole; instead, find a square
                                           hole. Do it, Delegate it or Dump it!

                                           And of course, Do unto others.

                                           These simple, but important philosophies keep me on target with my goals, in all areas of my life.
                                           As an organization, we collectively share these values; it is what makes us extraordinary.

                                           BIGGEST CHALLENGE MORTGAGE BROKERS fACE TODAY
                                           For us, it is staying Independent. Let's use a coffee analogy. I like to think of Integrity
                                           Mortgage Inc. like the small, intimate coffee shop that everyone feels at home in, and catered
                                           to. At this point, adopting the Starbucks umbrella is not in our business plan. It won't add
                                           value to what we do.

                                           Like I said, everyone in our organization shares the same goals and values. We believe in
                                           Quality of business over quantity. We balance our lives between work and family, and are
                                           committed to being there to support each other. We believe that being a "Broker" is not
                                           what defines us. It is what allows us have a wonderful quality of life. To this end, we relish
                                           our independence.
                                                                                                                     (continued on page 35)
                   Kim Strynadka, AMP
                 Integrity Mortgage Inc.
               Toll Free: 1.877.729.3890
                Nanaimo: 250.729.3890
               Vancouver: 604.839.3890
               www.integritymortgage.ca




www.mbabc.ca                                                                                            Summer 2010 I The BC MORTGAGE BROKER   33
                                            www.hometrust.ca




34   The BC MORTGAGE BROKER I Summer 2010               www.mbabc.ca
                                                                                                                                        ®




(Kim: continued from page 33)                                                                      ALTERNATE EQUITY
However, there will always be challenges in staying independent. I recall 3 years ago when             LENDING
one of the banks 'cut me off' because I wouldn't commit to 5 million in business; when I
brought up the subject of closing ratios, they didn't care. At this point I went out and found
a number of Lender partners who were not volume based and not volume bonus based. It
didn`t hurt us at all. I am glad I stuck with my business plan because `closing ratios` did
end up evolving into an important criteria for Broker partners. Ironically, we are now one
                                                                                                         20 YEARS
of their Preferred Brokers because we have awesome closing ratios.                                 & STILL GOING STRONG
New challenges will continue be an exciting and interesting part of this business. Thank
goodness "Challenge" is my favourite word.

WHAT DO I fIND IMPORTANT ABOUT THE MBABC
We rely heavily on MBABC to support us and keep us informed on the big picture; educa-
                                                                                                   •    Non-Income Qualifying
tional opportunities, ethical guidance and professional representation.                            •    Rental Properties
When I first began in this business, I was skeptical about how it could benefit me. I quickly      •    Credit Repair
changed my mind after my first event. I met so many colleagues who I continue to have              •    Inventory Lending
profound relationships with to this day. As a Private Lender, I have met and maintained
relationships with a few very solid B.C. based Mortgage Brokers who send me all of their
private deals.

Every event brings new information and people to my world. I especially love meeting
                                                                                                                 ing
Underwriters and Managers (people who I talk with all the time on the phone) and finally                   rwrit
get to meet in person.                                                                                Unde d on
PROfESSIONAL OR PERSONAL ACCOMPLISHMENTS                                                                 base ommon
                                                                                                             dC
Being a Dale Carnegie Trainer is one of my most important accomplishments in life. I always             ty an e!!
                                                                                                    Equi Sens
say that taking the course puts one ahead 2 years in their career. That means that every time I
facilitate the course, I reap this benefit as well. It has helped me become the confident leader
I need to be. When I bring these skills to my organization; I get to fulfill my life`s purpose
and support our Broker Partners to be world class Brokers.

I am dedicated to continuous improvement and life long learning. This business certainly                   Give us a call
offers me the opportunity to challenge myself and to learn something new every day.

fAVORITE PLACE TO NETWORK
                                                                                                           James Pell
Since my free time is so limited, I prefer to mix networking with my recreational activities.       1.877.855.9750 (toll free)
The Golf Course, baseball, water sports or salsa dancing, to name a few. Where ever I am
having fun with like-minded people is where I am going to sell myself the best anyway. I
                                                                                                   jamesp@peoplestrust.com
don't run around and announce what I do, but I am so passionate about mortgages, helping
people, and mortgage strategies; that when someone asks, look out! With common interests                   Tom Wollner
and some trust established; 9 out of 10 of these conversations, turns into great business.
                                                                                                           604.331.2210
See, Always looking for that Win Win.                                                                  tomw@peoplestrust.com




                                                                                                   www.peoplestrust.com

www.mbabc.ca                                                                                              Summer 2010 I The BC MORTGAGE BROKER   35
Q concerned about this.is on having your credit checked multiple times? Clients are
       What your opinion
always

A you have a genuineavoid applying for credit andconsumers with a lotreport checked
       Our advice is to                              having your credit
unless                  need for credit. The risk to                    of activity on
their credit report over a short period of time is that a lender may interpret this as a sign that
they are in financial difficulty or taking on more debt than they can manage. Fortunately,
most scoring systems will not penalize consumers if they can determine that they are shop-
ping for the best rate on a particular product like a mortgage.
Top 5 tips for improving credit / or what affects your credit.
1. Pay your bills on time. Ensure that payments reach your creditors by the due date.
2. Manage chequing / savings accounts carefully – avoid NSF’s
3. Reduce the number of active credit cards to 2 – 3 accounts.
4. Keep account balances below 50% of available credit limits
5. Address and seek assistance for credit / financial problems at the first sign of difficulty

Financial problems usually evolve over time. By addressing debt and money issues at the earliest
sign of difficulty, consumers can minimize the long term impact on their credit rating.
                                                                                                                      Scott Hannah President & CEO,
                                                                                                                           Credit Counselling Society
Q lenders won't lend tocredit counselling has on your credit? R7's usually show up and
     What effect does
many                    someone undergoing credit counseling.
                                                                                                     consumers to learn to walk before they run
A will not affect your credit rating. Creditors will change thetorating on financial dif-
          Speaking with a credit counsellor and exploring options resolve
                                                                                                     especially when entering into long term
                                                                                                     financial agreements. Rushing into home
ficulties                                                                   a customer’s
                                                                                                     ownership before you have properly evalu-
account to a “7” when they agree to revise the terms of the original agreement through a
                                                                                                     ated if you are ready and have the ability to
debt management program (DMP) which is administered by a credit counselling agency.
                                                                                                     assume the financial responsibility can be a
Under a DMP creditors accept a reduced monthly payment and generally reduce or waive the
                                                                                                     costly mistake. We encourage consumers
interest on their accounts going forward. The “7” rating and account information is removed
                                                                                                     in need of mortgage advice to seek out the
two years after the debts have been paid.
                                                                                                     assistance of qualified mortgage experts
The “7” rating does not pose a problem for most consumers while they are on a program                who are looking to build long term client
as their intent is to get out of debt. The problem consumers can face is rebuilding their            relationships vs a quick sale.
credit rating after they have completed their program. Many lenders do not understand that
there is a big difference between a credit counselling DMP and bankrupcty. Under a DMP,
consumers repay all of the outstanding principal balances of their accounts which we be-
lieve demonstrates a high degree of financial responsibility. Making lenders aware of this
difference is an important step towards helping a consumer improve their rating and future            In our fall issue we are featuring
ability to obtain credit.                                                                             Cathie Cline, Dexter Associates
                                                                                                      Realty. Please forward your Real
Q adviceyou work alongside Mortgage Brokers in helping to re-establish a client's credit?
     Do                                                                                               Estate questions to either Irena
What     could you provide?                                                                           Sakic at irena.sakic@dhltd.com or
                                                                                                      Heather Cermak at heather.cermak@
A caseYes. Approximately 20a%largethe clients weofserveclients cite future homecounsel-
                               of                       are homeowners. Our                           merixfinancial.com and they will be
ling  plans also reflect that      percentage our                               owner-                forwarded to our expert.
ship as an important long term goal. With this in mind, we believe that it is important for


36   The BC MORTGAGE BROKER I Summer 2010                                                                                                www.mbabc.ca
                     MBABC_SpringAd_0310.pdf 1 3/3/2010 10:53:38 AM




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      bc_ad_mbabc(february2010)ver5:Layout 1 3/4/2010 4:11 PM Page 1




           The market can change
           in the blink of an eye.
           We don’t blink.
           Having all the answers upfront will help you serve your clients better.
           And more efficiently. Involving an AIC expert right from the start of a
           transaction means you are moving forward with the most accurate,
           up-to-date advice on a property’s real value, based on in-depth analysis
           and real property expertise.
           Make a real property expert, an AACI or a CRA, part of your team today.

           REAL VALUE EXPERTS

                           Appraisal Institute of Canada              #845 – 1200 West 73rd Avenue, Vancouver, British Columbia V6P 6G5
                           British Columbia                           t: 604.266.8287 • f: 604.266.3034 • info@appraisal.bc.ca • www.appraisal.bc.ca

                                         Acquisition | Management | Development | Portfolio Diversification | Feasibility Studies


      www.mbabc.ca                                                                                                               Summer 2010 I The BC MORTGAGE BROKER   37
                                                                                  What sets us apart?
                                                                                   We work for brokers; always have, always will.

                                                                                   We offer you SERVICE that saves you time.
                                                                                   n A high-service lender suitable for most borrowers.
                                                                                   n Always reach us during business hours at 866.441.3775 (no voicemail).
                                                                                   n Broker referral fees paid weekly.

                                                                                   We offer you PRODUCTS that help you close more deals.
                                                                                   n Consumer-friendly mortgages (e.g., early pay-outs permitted,
                                                                                     payment increases permitted, portable).
                                                                                   n N.I.Q. lending (BFS, stated/salaried income).
                                                                                   n “A” lending (high-ratio/conventional, CMHC/Genworth).

                                                                                   Optimum Mortgage is the broker-focused arm of the Canadian Western Bank Group (TSX:CWB).
                                                                                   CWB Group has a 26-year history, balance sheet assets of $12 billion, and 1,400+ staff.




       Questions? Comments? Deals?          Contact our BDO in your area, now:                              British Columbia Interior, Matthew Scaife - 250.212.3763
                                            Ontario GTA, Rod Dadswell - 416.995.5713                        British Columbia Lower Mainland, Jackie Matthew - 604.317.4027
       We always welcome your call.
                                            Ontario Northeast, Rick Glauser - 705.331.5954                  Alberta North, Brian Karim - 780.915.3381
       866.441.3775                         Ontario Southwest, Joe Foggetti - 416.882.9919                  Alberta South, Heather Wytinck - 403.998.6010
       www.OptimumMortgage.ca               Manitoba & Saskatchewan, June Craig - 204.998.3899              Underwriters, Corporate Office - 866.441.3775




38   The BC MORTGAGE BROKER I Summer 2010                                                                                                                                     www.mbabc.ca
10 TOP TIPS fOR MORTGAGE INVESTMENT
 CORPORATIONS (MICS)
                                          With changes in banking regulations, interest rates rising and the volatility of investing
                                          in the stock market, the growth of managing private lending either through MICs, direct
                                          investment or syndicated lending is growing exponentially. If you are thinking of starting
                                          to manage private equity into mortgages: here are some tips.

                                          BEING ATTRACTIVE
                                          With the volatility of the stock market these days, private investing in mortgages is increas-
                                          ingly becoming more attractive. Not only are investors able to receive consistent dividends
                                          but their investment is also secured against tangible real estate. As long as your manage-
                                          ment teams funds and finds good mortgages, the ability to find investment interest as well
                                          as funding opportunities will continue to increase and grow.

                                          UNDERWRITING
                                          It seems obvious that the ability to choose good mortgages to fund that won’t default is an
                                          important aspect of managing private mortgages. Having a system to analyze your portfolio
                                          is very valuable and making decisions such as types and areas of loans is very important.
                                          For instance, with the requirement of having 50% of your managed portfolio in residential
                                          mortgages in a MIC you might choose to fund across different geographical areas with
                                          lending many and small amount of loans.

                                          THE ABILITY TO ANALYZE
                     Shannon Dolphin      Whether it is through the use of software package or your internal reports ; having a real
               Dolphin Enterprises Ltd.   time snapshot of your corporation’s progress with respect to mortgage and investments under
                604--685-6721 - office
                   604-220-0605 - cell    management allows for proactive decision making and effective growth.
                 www.dolphinent.com
                                          HAVING AN ACCOUNTING SYSTEM
                                          Using an accounting software such as Quick Books or some system is important not only for
                                          corporate financial analysis but also with the requirement and cost of audited financials.
                                                                                                               (continued on next page)




www.mbabc.ca                                                                                        Summer 2010 I The BC MORTGAGE BROKER   39
(MICs: continued from previous page)

STARTING A MIC                                    system that can allocate correct dividends,       by investing in MICs. In addition, being
                                                  deliver funds either by EFT or cheque and         RRSP eligible opens up a great opportunity
MICs are private corporations created by          execute statements is an enormous time            for you to source new investors.
the income tax act as a conduit for private       saver. Similarly, having a system that can
equity being allocated into mortgages. In         calculate and manage your pool of mort-           RRSP REPORTING
short there are a pool of capital funding a       gages ensures data management accuracy             Since Trust companies are held liable for
pool of mortgages.                                and efficiency.                                   their held investments, trust companies will
There are three main areas for registration       WHETHER TO GO PRIVATE                             request reporting from the MICs. They
and compliance when starting and managing         OR PUBLIC                                         generally request a hard copy of the certifi-
a MIC. First, is outlined in the Income Tax                                                         cates for the initial investment as well as a
Act section 130.1 (6) which states the rules       As of July 1 2010 – the rules for MICs and       certificate for the total of annual dividends
to compliance of a MIC as a tax exempt            Syndicated lenders are changing. However,         to the investors. Being proactive by having
corporation. The next step is to consider         whether to go private or public specifically      a system in place to create the certificates as
how to raise private equity for the funding       as a MIC is an important decision to how          well as report to the trustees will save many
of mortgages which is regulated provincially      you want to raise your capital. Private MICs      hours of frustrating administration time.
such as through the BCSC or BC Securi-            or under 49 investors can be only friends and
                                                  family. Alternatively, managing a public          The growth of the private lending space
ties Commission. For instance, you might
                                                  MIC you can have as many investors as you         in Canada is growing exponentially. The
choose to raise capital by special exemption
                                                  can manage as well as publically advertise        creation and growth of MICs and the pri-
using an Offering Memorandum. Next to
                                                  for those investors. However, being a public      vate lending industry at large in Canada is
consider is the lending side of the business
                                                  MIC is more costly to create and manage           becoming a more popular avenue for brokers
which is regulated by such entities as the
                                                  and is more strictly regulated.                   and borrowers to fund projects. In addition,
BC Financial Institution Commission or
                                                                                                    with successful management and underwrit-
FICOM. If you are underwriting properties         RRSP ELIGIBLITY                                   ing, you as a MIC Manager can also enjoy a
outside of BC you need to know how that
                                                                                                    steady business of lending capital.
province regulates brokers.                        One of the advantages for a MIC is that they
                                                  are RRSP eligible. As long as the Trustee           For more information about MICs, private lending,
BEING A GOOD MIC                                  has approved your MIC for their clients,              Syndicated lending or using Software to manage
                                                  trustee clients can earn a better annual return     private mortgage investments please drop an email
As long as you comply with the above                                                                                      to Shannon@dolphinent.com.
mentioned bodies you must also comply to
other MIC rules. For instance, in order to
be a MIC, you must distribute all interest
income from mortgages to the investors (mi-
nus expenses and management fees), not one
person or related thereof either by marriage,
family or corporately can own more than n
25% of the MIC, the MIC needs at least 20
investors, over 49 investors you must have
an Offering Memorandum or Prospectus
and audited financials, and the MIC needs
to contain 50% residential mortgages.

MANAGING A MIC
The administration of MICS can be oner-
ous, especially when you a managing over
10 million dollars of raised capital. The
most important concern is being able to
allocate your raised private equity into a
group of mortgages so that you can receive
the interest payments to allocate to investors
in the form of dividends. The allocation of
dividends to investors or certificates can take
days to execute manually. Using a software

40   The BC MORTGAGE BROKER I Summer 2010                                                                                                  www.mbabc.ca
www.mbabc.ca   Summer 2010 I The BC MORTGAGE BROKER   41
42   The BC MORTGAGE BROKER I Summer 2010   www.mbabc.ca
   LIfESTYLES:fOOD AND WINE
   HERON ROCK BISTRO: JAMES BAY, VICTORIA BC
   The Heron Rock Bistro opened on May 4, 2005 to serve the                                 service and provide quality food at reasonable prices using local
   community of James Bay and Victoria top quality local food and                           Vancouver Island organic produce whenever possible.
   beverages at affordable prices. Our mission is to excel at customer

   They serve up a fine brunch in a classy atmosphere that also aims for the dinner crowd. Their selection of slightly more upscale, creative
   menu items offers great deals any time of the day. If you live in James Bay, this is a place you can confidently frequent. If not, spread
   those weekend wings and fly on over for brunch now . . . before it gets added to the long list of local places with long lineups.
                                                                                                              James Russell - Monday Magazine




                               K CRACKERS
                     HERON ROC                                                   y
                                                                 barefoot happ
                                                , whether it's a
                    aring plat ter with friends                  e of w ine at my
"I love to eat a sh                           a beautiful bottl
                             n deck or with            ile accompanim
                                                                          ent and
hour on th   e summer cabi                are a versat
                   rant . These crackers                   Peters on, proprietor.
 favourite restau                        the bistro." Ben
                        our platters at                                                                                                 Fat Buoy Burger
 succ essfully elevate

 2 cups flour
                  da
 2 tsp baking so
 1 ts p salt
                   ilk
  2 cups butterm
  ¼ cup br   own sugar
                    s
  2 Tbsp molasse
   ½  cup raisins                                                                         Blueberry Pie with
   ½ cup cranberr
                     ies                                                      homemade vanilla bean ice cream
   ½ cup ch   opped pecans
                   in seeds
    ½ cup pumpk
                     seeds
    ¼ cup sesame               nd flax)
    ¼ cup flax  seeds (or grou
                      semar y
     1 Tbsp fresh ro
                                                                           ix flour, salt
     1. Preheat oven
                        to 350°F.                         your hands, m
                                       st in a bowl with
                       ed mixer, or ju
     2. In a motoriz
     and soda.                                         s and stir.
                                       r, and molasse
      3. Next add   buttermilk, suga
                                           mix.
                         gredients and                     PAM.
      4. Add rest of in                   ns sprayed with
                              all loaf pa
      5. Pu t batter in 4 sm                                                            p
                        utes.                                         thin with a shar
       6. Bake 45 min                             w to cool. Slice
                        out onto   a rack and allo
       7. Turn loaves                                                                                                Cioppino - seaf
                                                                   t.
        bread   knife.                           on cookie shee                                                                     ood stew with
                               for 15 minutes                           ht container.                                red pepper-tom               smoked
        8. Re -bake at 300oF          15 minutes. St
                                                     ore in an air tig                                                              ato broth
                           another
        9. Flip and bake
                       well if necess    ary..
         Loaves freeze


   Heron Rock Bistro: 435 Simcoe Street, Victoria, BC • Reservations: 250-383-1545 • www.heronrockbistro.ca
                                                                                                             OKANAGAN NETWORKING EVENT




                                                            Grant Plunkie, Rob Hafer, Dawn Steph
                                                                                                 anishin,
                                                            Mary-Ellen Colman, Linda Belding
                                                                                              and Lona Williams




                                                                                                                             Deb Hiller of the MBABC, Catherine Halkyard of
                                                                                                                             ING & Tamera Olsen, MBABC executive director,
                                                                                                                             enjoy the festivities in the Okanagan
                                                       ment are,
                                      nal Golf Tourna
                       CAAMP Natio                          nd
Playin g at the recent        ident & CEO   , Hali Strandlu
              - CAAMP Pres                                      n
Jim Murphy                           of the MBA  BC , Rob Rega
                 r&  Past President                P Bo ard of                         Sonny Saran, Merix Financial &
- CAAMP Chai                      e on the CAAM
                 BC representativ               Manitoba                               Deb White, DLC Whitehouse Mortgage
                                                                                                                         s
 Pollock - MBA                  AMP Director
                 yl Harris - CA
 Directors, Dar




                                             Calvin Fernandes in trouble with Heather
                                             Cermak & Irena Sakic at the CMP Awards                                INVIS-MI 10TH ANNIVERSARY
                                                                                                                                CELEBRATIONS




           GENWORTH GOLf
  TOURNAMENT IN COBBLE HILL

                                                             Andrea Carlson-Ray from
                                                             Genworth, organizes Golf
                                                             Tournament, and wine draw!
                                                                                                       MBABC BOARD TEAM BUILDING &
                                                                                                      STRATEGIC PLANNING, WHISTLER




     We are taking submissions for the next issue of The Mortgage Broker for photos from your recent industry related events. Photos should be in
     colour and taken at the highest setting on your cameras. They should be emailed as digital jpg files to either Irena Sakic at irena.sakic@dhltd.com
     or Heather Cermak at heather.cermak@merixfinancial.com with a short description of the event and the names of MBABC members in any photos.
     Please ask individuals for their permission to publish their photos prior to sending them to us.
    44    The BC MORTGAGE BROKER I Summer 2010                                                                                                               www.mbabc.ca
                                                      We supply mortgages throughout Western Canada, Northwest Territories and
                                                      the Atlantic Provinces, for a wide range of commercial properties that includes:




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www.mbabc.ca                                                                                         Summer 2010 I The BC MORTGAGE BROKER   45
MBABC BOARD REPORTS
SURVEY SAYS! – REPORT ON MEMBER
SERVICES SURVEY RESULTS:

                             Q: WHAT DEMOGRAPHIC IS fUELING                                         RE-LICENSING EDUCATION.
                             YOUR BUSINESS?
                                                                                                    MBABC would like to express our grati-
                             Refinances topped the list among 55% of respondents with new home      tude to CMHC for sponsoring our Profes-
                             purchases a close second at 45%. 66% of market share goes to the 35    sional Development events this year. CMHC
                             to 60 year age group, with the remaining split evenly between young    – Canada Mortgage & Housing Corporation
                             home buyers and retirees. Referrals still offer significant business   is sponsoring our AIC events, the DI circuit
        Tamera Olsen,
     Executive Director      growth opportunities among respondents.                                and Pro-D seminars. We greatly appreciate
                                                                                                    this support of our educational programs
Q: WHAT IS YOUR MOST POPULAR MORTGAGE PAYMENT AND WHY?                                              and recognize this important contribution
Five year fixed garnered 45%: Members feel their clients are uncertain about the future             to our association.
especially with the market and media hype about increasing rates. Many consumers want
                                                                                                    The Okanagan Networking event was well
to lock in.
                                                                                                    attended and the MBABC saw tremendous
Variable saw 25%: Members feel Prime will not increase enough to equal the average                  sponsorship support. Participants enthusias-
5 year cost of a fixed rate product.                                                                tically embraced the theme and enjoyed an
                                                                                                    evening with peers. We are now developing a
50/50 split for a variable/fixed mortgage received 20%: Members feel it offers interest savings     new networking component. This ties in nicely
on the variable side and the comfort of a fixed rate so their entire payment doesn’t jump.          to the feedback from the recent survey. Watch
                                                                                                    for updates after your summer holiday.
*LOC’s & 3 year rates made up the last 10% of respondents.
                                                                                                    Thanks to everyone who participated in the
The MBABC Board of Directors has been busy this spring. We created an institute for                 survey. Don’t wait to provide feedback. Send
Re-Licensing Education and are building relationships in the greater industry to strengthen         your comments and ideas to us, or get involved
our position as an association. We continue to work with our regulator and look forward to          on a committee. We want to hear from you and
further positive developments.                                                                      our committees are looking to grow. Visit our
                                                                                                    Directors page and make contact.
The Professional Development Committee is collaborating with our regulator in a review
of our Applied Information and Designated Individual courses. They are also exploring               Take advantage of the online resources avail-
webinar platforms for both to increase the reach of these materials across the province             able through our web site – simply log in.
and offer them at a low cost to participants. You can expect an update of these activities in
our Fall Magazine. Your MBABC Professional Development Committee will be working                    All the best for a glorious summer!
collaboratively to ensure our content remains relevant and affordable for all our members.
Rob Regan-Pollock is now joined by Roger
Levesque as co-chair. Please contact either
of these individuals for information on par-
ticipating with the Pro-D committee.                                               M A N D AT E
                                                                              National Mortgage Corporation
Media Learning Systems under the lead-
ership of Dr. Jonathan Ross has been
enlisted to digitize our Re-Licensing Edu-                              MORTGAGES TO SUIT YOUR NEEDS
cation modules for online learning using                            • Commercial/Residential           • Short Term Bridge Loans
the trusted and proven Moodle platform.                             • Land/Subdivision Loans           • Development Cost Over-runs
You can expect a dynamic environment as
                                                                    • Project Workout Solutions        • Multi-Family
you further your education. Watch for the
release this summer, and be sure to reg-                             ALAN LONG            PERRY ASKOUNIS
ister for the in-person Regulatory Update
presented by FICOM representatives. Take                             PHONE: 604.731.2899 • FAX: 604.734.5546
advantage of smaller classrooms by regis-                                  EMAIL: mandate@telus.net
tering early. FICOM will be announcing                           Suite 505 - 1195 W. Broadway, Vancouver BC V6H 3X5
further details to all licensed BC brokers.
Thank you to survey respondents for the
overwhelming support.
                                                         Vancouver’s Sub-Prime Mortgage Lender since 1982
46   The BC MORTGAGE BROKER I Summer 2010                                                                                              www.mbabc.ca
                                                              Fisgard. Creative Lending
                                                              in an unCreative market



               Creative, Knowledgeable & Experienced                                                     •	   residential
                                                                                                         •	   commercial
               Fisgard	is	a	private	lender	dedicated	to	providing	brokers	and	
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               their	clients	with	the	answers	they	need.	With	Fisgard’s	creative,	
                                                                                                         •	   high-ratio	insured
               knowledgeable	and	experienced	underwriters,	your	deal	that	
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               and	we’re	here	for	your	clients.
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               Think	of	Fisgard	Capital	as	your	partner	in	private	lending	for	
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               close	those	difficult	deals.


               Speak to an underwriter today.
               Call 866.382.9255 or visit
               www.fisgardmortgage.com



www.mbabc.ca                Fisgard	Capital	Corporation			|			3378	Douglas	Street	Victoria	BC		V8Z	3L3			|			www.fisgardmortgage.com The BC MORTGAGE BROKER
                                                                                                                         Summer 2010 I                        47
                        Together, we can make home
                     ownership a reality for your customers.
                   We have mortgage lending solutions for your customers.

      Our team of professional mortgage and credit specialists are dedicated to providing mortgage brokers
      with unparalleled service. We’ll work with you to assess applications on an individual basis, providing your
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      Website: www.tdfinancingservices.com
      TD Financing Services Home Inc. Licence #11286

48   The BC MORTGAGE BROKER I Summer 2010                                                                     www.mbabc.ca
WELCOME NEW MEMBERS fEB. 26, 2010 — MAY 5, 2010
Jay (John) Anderson      Verico Integra Mortgage Corp.                                Voting Individual Member
Raman Bains              recent graduate                                              Non-Voting Individual Associate Member
BJ Block                 DLC Trillium Accessible                                      Non-Voting Individual Associate Member
Heather Bobroske         Dominion Lending Centres                                     Voting Individual Member
Jacqueline Bowen         VERICO Primex Mortgages Inc.                                 Voting Individual Member
Rhonda Brown             Dominion Lending Centres VanIsle                             Voting Individual Member
Lucas Bussey             Home N Work Mortgages Inc                                    Voting Individual Member
Sidney Buurman, AMP      Centum Action Mortgage Corp.                                 Voting Individual Member
Jessey Camara            Mortgage Protection Plan                                     Non-Voting Individual Associate Member
Gregory Campbell         Invis - Capital North Mortgages                              Voting Individual Member
Susan Carter             The Equitable Trust Company                                  Non-Voting Corporate Associate Member
Derek Cartier            Centum Lending Max                                           Voting Individual Member
Brian Chelin             Lanyard Financial Corporation                                Voting Corporate Member
Stella Co                Invis on the Peninsula                                       Voting Individual Member
Patricia Collins         CENTUM Pacific Mortgages                                     Voting Individual Member
Nicki Dalziel            DLC Downtown Financial                                       Voting Individual Member
Eveline de la Giroday    Dominion Lending Centres Casa Mortgage Inc.                  Voting Individual Member
Sheldon Deering          MyMortgage.ca                                                Voting Individual Member
Craig Delwisch           Dominion Lending Centres BCLender.ca                         Voting Individual Member
Daphne Desjarlais        Dominion Lending Peter Kinch Mortgage Team                   Voting Individual Member
Bryan Devries            Invis Inc.                                                   Non-Voting Individual Associate Member
Margaret Dron            Invis Inc.                                                   Voting Individual Member
Stephen D'Souza          Origin Home Financial Partners                               Voting Individual Member
Don Dubbin               TMG The Mortgage Group Canada Inc.                           Voting Individual Member
Kenneth Paul Ducharme    Dominion Lending Centres Western Communities Mortgage Corp. Voting Individual Member
Dawn Elliott             Dominion Lending Centres White House Mortgages               Voting Individual Member
Sharie Francoeur         TMG The Mortgage Group Canada Inc.                           Non-Voting Individual Associate Member
Wendy Gillan             Dominion Lending Centres Foundation Mortgages                Voting Individual Member
Gerry Gillan, AMP        Dominion Lending Centres Foundation Mortgages                Voting Individual Member
Mahmoud Gonabadi         DLCBC Mortgage Group                                         Voting Individual Member
Lorena Grigore           Verico YesPros Mortgages                                     Voting Individual Member
Karen Hope               First National Financial LP                                  Non-Voting Individual Associate Member
Sasha Idema              Invis Inc.                                                   Voting Individual Member
John Inaba               MyMortgage.ca                                                Voting Corporate Member
Nathan Jang              Netdigix                                                     Internal
Jessi Johnson, AMP       Jessi Johnson Mortgage Team                                  Voting Individual Associate Member
Richard Jomha            Dominion Lending Centres Western Communities Mortgage Corp   Voting Individual Member
Ingrid Kasper            Invis Inc.                                                   Voting Individual Member
Randy Kazemir            Vintage Valley Mortgage                                      Voting Individual Member
Ella King                The Mortgage Centre - Second Street Mortgages Ltd            Voting Individual Member
Lidia Klimek             Spectrum Canada Mortgage Services                            Voting Corporate Member
Jannel Kosior            MCAP Service Corp.                                           Non-Voting Individual Associate Member
Lesley Krawiec           The Get 'Er Done Girls Inspire Mortgage Solutions            Voting Corporate Member
Justin Kwak              VERICO ZANDERS & Associates Mortgage Brokers Inc.            Voting Individual Member
Lori Lalonde             Verico Paragon Pacific Mortgages Inc.                        Voting Corporate Member
Delia Leonor, AMP        DLC Trillium Accessible                                      Voting Individual Member
Suganya Lueangsubin      Trillium Accessible Mortgage Corp.                           Voting Individual Member
Jean Mark                Dominion Lending Centres Downtown Financial Group            Voting Individual Member
Parel Marlon             AK MORTGAGE                                                  Voting Individual Member
Sal Maroufi              Verico YesPros Mortgages                                     Voting Individual Member
Jennifer Marx            Select Mortgage Corp. Nanaimo                                Voting Individual Associate Member
Doriana Mascitti         The Mortgage Center-Mortgage Evolution West                  Voting Individual Member
Jeff Metcalf             Verico Select Mortgage                                       Voting Individual Member
Farnam Mohasseb          TMG The Mortgage Group Canada Inc.                           Voting Individual Associate Member
Corey Namura             Namura Mortgages                                             Voting Corporate Member
Trong Nguyen             Invis Inc.                                                   Voting Individual Associate Member
Kathy Nguyen             TMG The Mortgage Group Canada Inc.                           Voting Individual Associate Member
Myles Nowik              Universal Financial Corporation                              Non-Voting Individual Associate Member
Kelly Phillips           Fisgard Capital Corporation                                  Non-Voting Individual Associate Member
Marie Preweda            Dominion Lending Centres - Vic City Mortgages                Non-Voting Individual Associate Member
Gerald Puhan             Dominion Lending Centre Mountain View                        Voting Individual Member
Winona Reinsma           VERICO ZANDERS & Associates Mortgage Brokers Inc.            Non-Voting Individual Associate Member
Christine Richardson     VERICO ZANDERS & Associates Mortgage Brokers Inc.            Non-Voting Individual Associate Member
Donald Ross              Kal-Mor Mortgages & Investments Ltd.                         Voting Individual Member
Mike Saba                Lanyard Financial Corporation                                Voting Individual Member
Frederic (Shane) Scott   ResMor Trust Company                                         Non-Voting Individual Associate Member
Stephanie Scott          Gateway Equity Inc DBA Dominion Lending Centres VanIsle      Non-Voting Individual Associate Member
Denny Segal, AMP         Origin Home Financial Partners Inc                           Voting Individual Member
Susan Steel              Invis Inc.                                                   Voting Individual Member
Jamie Stewart            Stewart Mortgage Corp.                                       Voting Individual Member
Evguenia Stilinovic      TMG The Mortgage Group Canada Inc.                           Voting Individual Member
Chelsey Taporowski       DLC-Vic City Mortgage Group                                  Voting Individual Member
Atish (sAtish) Thakur    Dominion Lending Casa Mortgage Inc.                          Voting Individual Member
Paul Therien             Greenwood Mortgage                                           Non-Voting Individual Associate Member
John Thomson             Dominion Lending Centres                                     Voting Individual Member
Denise Webster           DLC-Vic City Mortgage Group                                  Non-Voting Individual Associate Member
Matthew Wiltzen          Invis Inc.                                                   Non-Voting Individual Associate Member
Mike Wolfe               The Equitable Trust Company                                  Non-Voting Individual Associate Member

www.mbabc.ca                                                                                                                   Summer 2010 I The BC MORTGAGE BROKER   49
VANCOUVER HOUSING MARKET BECOMES
MORE BALANCED



                                                                                          HOUSING DEMAND DRIVERS
                                                                                          Economic conditions in the Vancouver Census Metropolitan Area (CMA) will be favour-
                                                                                          able for the housing market this year and next, according to Canada Mortgage and Housing
                                                                                          Corporation (CMHC). This year began on an up note in Vancouver with the 2010 Olympic
                                                                                          Winter Games boosting consumer spending in the region. Vancouver’s job market is also
                                                                                          expected to pick up as the economy improves over the next eighteen months.
                                                                                          Population growth in the Vancouver CMA is an important contributor to housing demand
                                                                                          and will continue to drive demand for both rental and ownership housing. An estimated
                                                                                          40,000 people are expected to move to the Vancouver region each year, adding about 16,000
                                                                                          – 18,000 new households in need of housing. It will be important to keep an eye on higher
                                                                                          mortgage rates, which may dampen homeownership demand, especially for those who are
                                                                                          more sensitive to the impact of higher rates.

                                                                                          RESALE HOUSING MARKET
                                               Robyn Adamache,                            MLS® sales in the Vancouver region are forecast to moderate in the second half of 2010 and
                        Senior Market Analyst, CMHC BC Region
                                  Corporate spokesperson on the                           remain flat through 2011. In addition to the expectation of higher mortgage rates, much of
                                Metro Vancouver housing market                            the pent-up demand that built up during 2008, has been satisfied. In 2009, many first time
                                                                                          home buyers made the move to home ownership, taking advantage of record low mortgage
                                                                                          rates and prices that had fallen from their previous peak levels. While first quarter home
                                                                                          sales this year were well above the low levels of the first quarter 2009, the pace of sales has
                                                                                          slowed compared to last fall. This trend will continue, resulting in a three per cent dip in
                     Resale Market in Balanced Territory                                  annual sales both this year and next.

              MLS® Sales to New Listings Ratio (Greater Vancouver)
                                                                                          At the same time that the pace of sales is expected to flatten, there will be more homes for
      100%                                                                                sale. The steady increase in home prices during the past year has motivated potential sellers
       80%                                           Sellers’                             to list their homes. The number of new listings added to the market trended higher in the
       60%
                                                                     Balanced             first quarter of 2010. However, strong sales have kept the total stock of active listings on
       40%
                                                                                          the market below previous peak levels reached in late 2008.
       20%                                           Buyers’

         0%                                                                               A combination of moderating sales and an increase in the number of listings will mean
          May-86         May-90         May-94     May-98   May-02      May-06   May-10
                                                                                          more balanced market conditions in Vancouver for the remainder of this year and into 2011.
     Source: REBGV, Seasonal Adjustment by CMHC,
                                                                                          Buyers will have a larger selection of homes to choose from and more time to make their
                                                                                          home purchase decision.
                                                                                          As the resale market adjusts to more balanced supply and demand conditions, the pace of
                                                                                          price growth will slow. However, there is often a lag between when conditions become more
                                                                                          balanced and when prices react. As a result of high prices and robust sales in the early part
                                                                                          of 2010, the annual average MLS® price will increase 11 per cent, with most of the increase
                                                                                          accounted for by the first half of the year. Balanced market conditions will result in home
                                                                                          prices rising a more modest three per cent in 2011.
                                                                                          CMHC is Canada’s national housing and provides reliable, impartial and up-to-date housing
                                                                                          market reports, analysis and information to support and assist consumers and the housing
                                                                                          industry in making vital decisions.


                                                                                          For more information on CMHC’s 2010 and 2011 housing forecast, please visit our website at
                                                                                          www.cmhc.ca/housingmarketinformation and download the Vancouver Housing Market Outlook,
                                                                                          Second Quarter Report, 2010.

50          The BC MORTGAGE BROKER I Summer 2010                                                                                                                              www.mbabc.ca
2010 CMHC MORTGAGE CONSUMER SURVEY
CANADIANS RESPONSIBLE, INfORMED WITH MORTGAGE
DEBT AND HOMEOWNERSHIP



From February 11th to 28th 2010, CMHC               fIRST-TIME BUYERS GET IN-                         MORTGAGE BROKER SHARE IS
completed an online survey of 2,503 recent          fORMED ON MORTGAGE OP-                            STABLE
mortgage consumers – all prime decision-            TIONS
                                                                                                      Survey results also show that mortgage bro-
makers – and the results offer a unique
                                                    Survey results show that first-time buyers are    ker market share has remained stable over the
perspective on attitudes and behaviors of
                                                    educating themselves on various mortgage          past year at 39%. Mortgage brokers continue
Canadian homebuyers.
                                                    options prior to obtaining a mortgage. A large    to have higher usage among first-time buyers
This year’s survey provides insight into the        proportion research terms and conditions (84      (45%) and repeat buyers (33%) compared to
Canadian mortgage market and identified             per cent) compare the costs of different inter-   the refinancing and renewer segments, which
the following five key findings:                    est rate scenarios (71 per cent) and check for    have been relatively stable since 2006 at
                                                    competitive interest rates (65 per cent).         about 25% and 13% respectively.
 1.    The Internet, an important tool for
       mortgage consumers                           In addition to seeking out information them-      As seen in 2009, broker market share is stron-
                                                    selves, first-time buyers consult a great deal    gest in Western Canada where 53% of buyers
 2.    First-time buyers get informed on            with various third parties and mortgage pro-      in British Columbia and 41% in the Prairies
       mortgage options
                                                    fessions prior to obtaining their mortgage.       used a broker to arrange their mortgage.
 3.    Mortgage broker share is stable              They consult with mortgage lenders (59
                                                    per cent), family and friends (58 per cent),      According to mortgage consumers, the benefits
 4.    Mortgage consumers are confident with        mortgage brokers (48 per cent), and real          that mortgage brokers offer are that they are able
       homeownership                                estate agents (44 per cent) for advice. More      to get the best deal or rate for their clients, they
                                                    than three-quarters of first-time buyers noted    are convenient, and they offer time-savings
THE INTERNET IS AN IMPORTANT                                                                          when obtaining a mortgage. Family and friends
TOOL fOR MORTGAGE                                   they received advice on mortgage terms
                                                    and conditions, as well as whether to take        are the key source of broker referrals.
CONSUMERS
                                                    a variable or fixed interest rate. First-time
A significant proportion of consumers seek
                                                                                                      MORTGAGE CONSUMERS ARE
                                                    buyers also report that mortgage brokers
                                                                                                      CONfIDENT WITH HOME-
information on mortgage options prior to            and mortgage lenders are more influential         OWNERSHIP
making a purchase decision and the Internet         to their mortgage decision than several other
is becoming the prevalent source of informa-        third parties.                                    Despite the challenging economy, in 2010
tion, according to the survey. This is particu-                                                       there have been strong overall results when
larly true of first-time buyers, with almost        The combination of the time spent educating       it comes to mortgage consumer attitudes to-
nine out of ten using the Internet to search        themselves about mortgages, and meeting           wards homeownership and real estate. Survey
for information on mortgage options.                with mortgage professionals is definitely         results indicate that a large majority of recent
                                                    worth the effort. According to the survey, a      homebuyers (92%) agree that homeowner-
Among the various on-line tools and other           very high proportion of first-time buyers (90     ship is a good long-term investment and 77%
resources consumers use to collect informa-         per cent) feel that they made their mortgage      agree that now is a good time to purchase
tion about mortgages, on-line calculation           decision with a good understanding of the         a home. These sentiments were generally
tools are particularly popular: 69 per cent         mortgage options available to them, 85 per        shared by respondents across Canada.
of first-time buyers use them to compare            cent said they had a good understanding
different options. As well, more than half          of how much mortgage they could afford            When asked how long they had been plan-
of first-time buyers visited the web site of        before buying, and 75 per cent feel that the      ning to buy, more than two-thirds (70%) of
a specific mortgage lender when seeking             process of getting their mortgage was easy        recent homebuyers claimed they spent at
information on mortgages. A large major-            and straightforward.                              least six months planning their purchase. On
ity of first-time buyers (89 per cent) found                                                          average nationally, homebuyers are taking
these tools useful.                                                                                   12 months to plan, while those in the Prairies
                                                                                                      are taking nine months and those in Quebec
                                                                                                      are taking 15 months.
                                  For complete details of CMHC’s 2010 Mortgage Consumer Survey
                                  please visit: http://cmhc.ca/en/hoficlincl/moloin/cosu/index.cfm


www.mbabc.ca                                                                                                     Summer 2010 I The BC MORTGAGE BROKER   51
BULLETIN NUMBER: MB 10-003 (AMENDED)
TITLE: CONfIRMATION Of IDENTIfICATION fOR CRIMINAL RECORD CHECKS
LEGISTATION: MORTGAGE BROKERS ACT
DATE: MAY 2010

In order for FICOM to conduct criminal record checks (in addition to registration applicants submitting a completed Consent to Suitability
Investigation form) the following will be required with every application for an individual’s mortgage broker or submortgage broker reg-
istration or renewal of registration as of June 1, 2010:
• A Form 16, “Declaration of Designated Individual – Confirmation of Applicant’s Identification”, which has been duly completed by
  the Designated Individual, a Director of the Mortgage Broker or a person appointed by the Designated Individual to confirm identifica-
  tion; and
• Colour copies of two pieces of government-issued identification of the Applicant, such as a current driver’s license or passport, with
  one piece of identification containing a photograph of the Applicant.
The purpose of the Form 16 is to ensure that the Designated Individual, Director or person appointed by the Designated Individual to con-
firm identification examines the identification and confirms that the person applying for registration or renewal of registration is in fact the
same person pictured in the photograph of the government issued identification.
Copies of the identification must be clean and in colour. Therefore, they may be sent electronically or by mail, but not by fax.
For further information about this requirement, please contact the staff of the Registrar at 604-953-5300 or at FICOM@ficombc.ca.

BULLETIN NUMBER: MB 10-004
TITLE: MORTGAGE LEAD GENERATION—REQUIREMENT fOR
MORTGAGE BROKER REGISTRATION
LEGISTATION: MORTGAGE BROKERS ACT
DATE: JUNE 2010
Mortgage lead generation involves an entity or individual gathering lists of potential mortgage borrowers, who are considered to be “mortgage
leads”. The lists of mortgage leads are then sold to mortgage brokers, who may contact the individual leads for the purpose of attempting
to arrange mortgage financing for them.
The lists of potential mortgage borrowers are often generated through the internet by setting up a website which may provide mortgage
information or mortgage advice and providing a simple form of mortgage application. The application data is gathered by the mortgage
lead generator and then forwarded to the mortgage broker. Mortgage leads may also be generated over the telephone by telemarketers
contacting persons and enquiring about their interest in obtaining a new mortgage or refinancing a current mortgage, in addition to gather-
ing personal and financial information from the potential borrower.
Mortgage lead generation is a specific activity which is part of the mortgage arranging process. The Registrar of Mortgage Brokers interprets
the phrase “arranging mortgages” to include any essential activity which is part of the process of a borrower obtaining a mortgage from a
lender. An individual begins the process of arranging a mortgage from the time they begin to communicate with a prospective borrower
about mortgages.
Specific activities which are part of the mortgage arranging process include:
• Engaging in the business of soliciting borrowers for the purpose of mortgage referrals, including engaging in the business of offering
  mortgage lead generation services by gathering the names of potential mortgage borrowers and providing lists of those potential bor-
  rowers to mortgage brokers;
• Taking mortgage applications, including simple applications which may be used by mortgage lead generators to collect borrower data
  or gathering application information through the telephone or other telecommunication mediums; and
• Explaining mortgage terms and options, including the provision of simple mortgage information or advice on websites intended to
  attract potential mortgage borrowers.
Any individual who arranges a mortgage or mortgages and either directly or indirectly receives fees or any other consideration exceeding
$1,000 in any one year for arranging a mortgage or mortgages must obtain mortgage broker registration under the Mortgage Brokers Act.
Therefore, an individual will require mortgage broker registration if he or she:
• Engages in any mortgage arranging activities; and
• Receives $1,000 or more in any one year for arranging mortgages.
Information on mortgage broker registration can be obtained from the Financial Institutions Commission website at www.fic.gov.bc.ca or
by calling 604-953-5300
52   The BC MORTGAGE BROKER I Summer 2010                                                                                            www.mbabc.ca
MESSAGE fROM THE REGISTRAR
Of MORTGAGE BROKERS:
NEW RULES fOR CONDUCTING CRIMINAL RECORD CHECKS
New rules came into effect in June of 2010, which will require FICOM to inspect colour copies of two pieces of government issued identi-
fication (one with a photograph) prior to FICOM conducting a criminal record check on an application for mortgage broker or submortgage
broker registration. In addition, the Designated Individual, a director of the mortgage broker or a person appointed by the Designated
Individual to confirm identification must confirm that the person applying for registration is the same person pictured in the identification.

                                                                                                         Page 1 of 1
                                                                                                                                       Designated Individuals who have appointed someone else to confirm
                                                                                                                                       the identification of applicants will still be responsible for ensuring
                                                         kers
                              Mortgage Bro
                 Registrar of nd Avenue
                           102
                 1200 – 13450
                                                                                                                                       that the information in the Form 16 (set out below) is accurate.
                                5X3
                 Surrey, BC V3T
                              bc.ca
                 FICOM@Ficom

                                                                                                                                       Therefore, all applicants for registration, in addition to submitting an
                                                       IRMATION                                                                        application for registration or renewal of registration and a Consent
                                            UAL – CONF
                              NATED INDIVID ATION
        DECLARAT ION OF DESIG   T’S IDENTIF IC
                    OF APPLICAN                           FORM 16
                                                                                                                                       for Suitability Form, must also provide to the Registrar’s office:

                                                                                                                                       • A Form 16, “Declaration of Designated Individual – Confirma-
                                                                               _________              __declare tha
                                                                                                                       t:
                                                                                                                                         tion of Applicant’s Identification”, which has been duly com-
                                     _________                    ____________
                    ____________                         on appointed
                                                                         by the
                                                                                                                                         pleted by the Designated Individual, a Director of the Mortgage
        I, _________ ignated Individual, Director or persidentification)
                   (Des        ted Individual
                                              to confirm
                                  Designa

                                                  of government
                                                                   issued identif
                                                                                   ication of the                                        Broker or a person appointed by the Designated Individual to
                                ed two pieces
             • I have examin                n, who is:                                                                                   confirm identification; and
                                   istratio
                applicant for reg                                        ____________
                                                                                          _________
                                                         ____________
                                         ____________ e of the Applicant)
                        ____________             (Legal Nam

                                                         the identification
                                                                           , that it is that
                                                                                             of the                                    • Colour copies of two pieces of government-issued identification
                                         my review of
              • I am   satisfied, from                                                                                                   of the Applicant, such as a current driver’s license, with one
                                     istration.
                 applicant for reg

                                                           copies of the
                                                                          identification
                                                                                           (one must
                                                                                         the purpose of
                                                                                                                                         piece of identification containing a photograph of the Applicant.
                                         are two colour                 examined for
           Attached  to this Form 16,        Applicant   which I have
                          tograph) of the
           contain a pho
           making this dec
                             laration.                                                                                                 Copies of the identification must be clean and in colour. Therefore,
                                                                                                                                       they may be sent electronically or by mail, but not by fax.
                                                                                                                             r or
             DECLARED
                      at:

                                                                      umbia
                                                                               Signature of
                                                                                            Designated Ind
                                                                                                            ividual, Directo
                                                                                                            ignated Individ
                                                                                                                            ual to     For further information about this requirement, please contact the
                                                   e of British Col                          ed by the Des
                                  in the Provinc                              person appoint
                                                                                            confirm iden
                                                                                                         tification                    staff of the Registrar at 604-953-5300 or at FICOM@ficombc.ca.
                                                                _, 201___
                                        of   ____________
                          this_____ day

                                                                                                                                                                                                       Samantha Gale
                                                                                                                                                                                Manager, Mortgage Broker Regulation
                                                                                                                                                                                   Financial Institutions Commission
                                                                                                               Date:
                                                                                          Initials:
                                 009
                  MBA F10 01/2




 government contact list
 Financial Institutions Commission                                                                                                    Ms. Jay Mitchell
 Ministry of Finance                                                                                                                  Deputy Registrar of Mortgage Brokers

 Suite 1200 – 13450 102nd Avenue                                                                                                      Ms. Samantha Gale
 Surrey, BC V3T 5X3                                                                                                                   Manager, Mortgage Broker Regulation
 FICOM@ficombc.ca
                                                                                                                                      Ms. Terri Robertson
 Ph: (604)953-5300                     Fax: (604)953-5301                                                                             Senior Registration Officer
 www.fic.gov.bc.ca


 june 15, 2010 information provided by ficom real estate and mortgage broker department:

    Registered Mortgage Brokers                                                           Head Offices:                              792

    Registered Mortgage Broker                                                            Branch Offices:                            272

    Total:                                                                                                                           1064

    Registered Sub-mortgage                                                               Brokers                                    3,176

www.mbabc.ca                                                                                                                                                                 Summer 2010 I The BC MORTGAGE BROKER   53
MESSAGE fROM THE REGISTRAR
Of MORTGAGE BROKERS:
MORTGAGE LEAD GENERATION: THE REQUIREMENT fOR MORTGAGE BROKER REGISTRATION

Over the past couple of years, there has been a marked increase in           Specific activities which are part of the mortgage arranging process
the number of mortgage lead generation entities which offer their            include:
services to mortgage brokers and lenders in BC. Throughout this
period, we have received enquiries and complaints from both mem-             • Engaging in the business of soliciting borrowers for the purpose
bers of the public and the mortgage industry questioning the methods           of mortgage referrals, including engaging in the business of
used by some of these entities. In addition, we have been directly             offering mortgage lead generation services by gathering the
asked by some mortgage lead generators as to whether they require              names of potential mortgage borrowers and providing lists of
mortgage broker registration. Presently, mortgage lead generation              those potential borrowers to mortgage brokers;
entities operate just like mortgage referral entities, which do require
                                                                             • Taking mortgage applications, including simple applications
registration, as they are engaging in “mortgage arranging”.
                                                                               which may be used by mortgage lead generators to collect
Mortgage lead generation involves an entity or an individual gather-           borrower data or gathering application information through the
ing lists of potential mortgage borrowers, who are considered to be            telephone or other telecommunication mediums; and
“mortgage leads”. The lists of mortgage leads are then sold to mort-
                                                                             • Explaining mortgage terms and options, including the provision
gage brokers, who may contact the individual leads for the purpose
                                                                               of simple mortgage information or advice on websites intended
of attempting to arrange mortgage financing for them. The lists of
                                                                               to attract potential mortgage borrowers.
potential mortgage borrowers are often generated through the internet
by setting up a website which may provide mortgage information or            Any individual who arranges a mortgage or mortgages and either
mortgage advice and providing a simple form of mortgage applica-             directly or indirectly receives fees or any other consideration exceed-
tion. The application data is gathered by the mortgage lead generator        ing $1,000 in any one year for arranging a mortgage or mortgages
and then forwarded to the mortgage broker. Mortgage leads may also           must obtain mortgage broker registration under the Mortgage Bro-
be generated over the telephone by telemarketers contacting persons          kers Act.
and enquiring about their interest in obtaining a new mortgage or
refinancing a current mortgage, in addition to gathering personal            Therefore, an individual will require mortgage broker registration
and financial information from the potential borrower.                       if he or she:

Mortgage lead generation is a specific activity which is part of the         • Engages in any mortgage arranging activities; and
mortgage arranging process. The Registrar of Mortgage Brokers
interprets the phrase “arranging mortgages” to include any essential         • Receives $1,000 or more in any one year for arranging mort-
activity which is part of the process of a borrower obtaining a mort-          gages.
gage from a lender. An individual begins the process of arranging a
                                                                             Information on mortgage broker registration can be obtained from
mortgage from the time they begin to communicate with a prospec-
                                                                             the Financial Institutions Commission website at www.fic.gov.bc.ca
tive borrower about mortgages.
                                                                             or by calling 604-953-5300.
                                                                                                                                          Samantha Gale,
                                                                                                                  Manager of Mortgage Broker Regulation
                                                                                                                       Financial Institutions Commission
                                                                                                                                         British Columbia



THANK YOU TO OUR MAGAZINE ADVERTISERS
We thank the following advertisers for making this issue of The BC Mortgage Broker possible:
Antrim Investments Ltd.                     31    Home Trust Company                          34     Pacifica Mortgage Investment Corporation           41
Appraisal Institute of Canada–BC            37    Instafund Financial Services Ltd.           42     Peoples Trust                                      35
Bayfield Mortgage Professionals             26    Invis                                       28     Reliable Mortgages Inc.                            13
Bridgewater Bank                            45    Lanyard Financial Corporation               12     Resmor Trust Company                               27
Chris Chernoff Photography                  40    Lawrenson Walker Realty Advisors            33     Solidifi                                           55
Club MBABC                                  56    Mandate National Mortgage Corporation       46     TD Canada Trust Mortgage Broker Services            4
Cove Mortgage Ltd.                          32    Mortgage Intelligence                       28     TD Financing Services                              48
Dominion Lending Centres                     3    Mortgage Protection Plan                    38     Vector Pacific Mortgage Corporation                41
First Circle Financial                      11    National Bank                               49     Verico Financial Group Inc.                         6
First National Financial LP                 37    Nexus Investment Corporation                45     VWR Capital Corp.                                  32
Fisgard Capital Corporation                 47    Optimum Mortgage                            38     Walton Appraisals Ltd.                             39



54   The BC MORTGAGE BROKER I Summer 2010                                                                                                       www.mbabc.ca
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56   The BC MORTGAGE BROKER I Summer 2010                                                                                    www.mbabc.ca

				
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