amba matters winter 2014
DESCRIPTION
Alberta Mortgage Brokers Association (AMBA) members magazine.TRANSCRIPT
Matters
ALSOINSIDE
WHAT'S NEW ON AMBA.CA MAKING THE MOST OF THE OFF SEASON WINTER 2014/2015
We are dedicated to you, the mortgage professional.
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WINTER 2014 3
Education DirectorRyan Spence D+H
Government RelationsLayne Walters TMG
Return undeliverable Canadian addresses to:
Alberta Mortgage Brokers AssociationSuite 150, 1209 59 Ave SE Calgary, AB T2H 2P6
Magazine Publisher: Amanda Roy-Macfarlane
is a quarterly magazine which provides fundamental
information to members of the provincial association, offering an opportunity for the industry
members to be educated, updated and entertained.
Toll Free: 1.888.452.2652Phone: 403.685.9652
Fax: 403.685.9682 Email: [email protected]: www.amba.ca
Suite 150, 1209 59 Ave SECalgary, AB T2H 2P6
Matters
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Meet your 2014-2015 6 Board of directors
how you can use 10 social Media in 2015
here's what's 11 new on aMBa.ca
aMBa's 40th anniversary 12 weBsite details
title insurance for lending 15 professionals in western canada
highlights froM 16 the 2014 agM
Make 2015 your year! 18 a quick guide to goal setting
winter exposures 21 for lenders
22 alt-a preview
Making the Most 24 of the off season
what exactly is 27 high ration Mortgage?
equity 33 lending
aMBa.ca 34 quick guide
OTHER FEATURES���
President's Remarks 5 Manager's Report: Introducing Amanda Roy 9 Industry News 30Member Profile: Sam Samadi 38AMBA Calendar 41
Past PresidentGord Appel TMG
Inter ProvincialRon McClenaghan Invis
PresidentAdil Mawji Invis
TreasurerPhil McDowell Mortgages Are Marvellous
CommunicationsDale Koeller Calvert Home Mortgage Investment Corp.
MembershipTracey Robinson Mortgage Protection Plan
Membership Jan Gosse Jencor
Vice PresidentDave Trithart DLC 1st Financial Link
Risk ManagementKevin Weeks Weeks Law
EventsErica Fikkert Equitable Bank
winter 2014 contents
Art & Design: Erin Lehtisaari Photo credit for some photos within this issue of AMBA Matters ©shutterstock.com.
MattersAMBA 2014 Board of directors
Toll free: 866-698-5388Residential:Michael Gough: [email protected] Saba: [email protected]
Commercial:Mike Saba: [email protected] Chelin: [email protected]
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WINTER 2014 5
President’s rePort
winter 2014
As we ring in a new year, AMBA’s 40th, I would like to introduce myself as AMBA’s 2014-2015 President Adil Mawji� As a graduate from the University of Calgary with an economics and general business degree, I have been a mortgage broker with Invis Inc� and a member of AMBA since 2008� I have held the roles of member, director of membership, and vice-president with AMBA and, as your newly elected president, I give the membership my word that I will continue to build and lead our association to new heights�
this organization has developed great industry mentors who have and will continue to provide guidance and support. I hope to rely on those mentors, past directors and past presidents as they are the pillars of our association� The dedication, time and knowledge our board has put into our organization is priceless, and I hope to replicate their strengths and commitment during my term�
the direction for 2015 will be a very simple one. Continue to build efficiencies within the organization. A major priority this year will be to grow our province-wide membership with continued outreach in all corners of Alberta. We will also continue to engage in dialogue and work collaboratively with the provincial associations and national associations, in order to create partnerships which benefit our members. I will strive to maintain and provide quality and value to our members through education and events, which I hope you will enjoy attending and participating in.
Personally, I enjoy volunteering with wheelchair-bound seniors on a regular basis and have a passion for sports, especially hockey� As a team player, I look forward to our team-oriented events this year, which will bring our province-wide membership together�
I’m excited to announce we will be hosting our Curling Bonspiel in Edmonton for the first time on February 6th at the Derrick Club and our third annual Alt-A Symposium will be held February 25th at Westerner Park in Red Deer� In March, we are introducing a new team-building Winter Olympics event that is sure to be competitive� Our Annual Conference will be held in June in the heart of the badlands in Drumheller� These events will focus on celebrating our achievement, bringing Alberta members together and building a successful future�
as our association grows and moves into a new year, i look forward to
serving as president and carrying us into our 40th year with a bang.
Adil MawjiAMBA President
Top Photo: Jeff Whyte / Shutterstock.com
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WINTER 20146
Meet Your2014-2015 Board of Directors!Gord Appel tMg the Mortgage group
past presidentGord Appel has 10 years of experience in the mortgage industry and as an AMBA member� Leading AMBA to new heights in 2013-2014 as president, Appel is a member of the board because he wants to give back to the industry that has given him the lifestyle he enjoys� Appel enjoys spending time with his wife and kids and practising martial arts�
Jan Gosse Jencor
directorA first time board member, Jan Gosse brings 12 years of financial and brokerage experience to AMBA� With a goal to continue raising the bar on knowledge and professionalism through increased awareness, Gosse is on the board to show other mortgage brokers the importance of being a member of a professional association� Originally from Manitoba, Gosse is married and has three daughters� In her spare time, she travels and likes to exercise as a break from her busy life�
Erica Fikkert equitable Bank
directorErica Fikkert brings more than 15 years of experience to the mortgage and finance industry� A member of AMBA since 2004, Fikkert is on the board because she has a passion for the industry and sees the important role AMBA plays in her professional day-to-day dealings� When she is not working or volunteering her time to AMBA and the Cochrane Basketball Association, Fikkert enjoys vacationing in Radium and camping�
Dale Koeller calvert home Mortgage investment corporation
directorWith 13 years of experience in the mortgage brokering industry, Dale Koeller has been an AMBA member since 2004� Like his father and brother who both served on the board before him, Koeller believes AMBA has made significant strides in protecting brokers’ interests and continues to advocate, educate and bring value to the broker channel� Koeller enjoys being a father and experiencing Calgary’s rich culinary culture�
WINTER 2014 7
2014-2015 Board of Directors!
Ron McClenaghan invis inc.
directorWith four terms behind him, Ron McClenaghan returns as a director to address the needs of the growing mort-gage business� Previously serving AMBA as a member, director, vice president, president, and past president; McClenaghan bring 14 years of industry and association experience to the board� As the ongoing business of AMBA requires experienced mortgage brokers who understand the importance of having the industry orga-nized at both the provincial and national level, he believes he is able to be the voice of AMBA across Canada� Away from his duties, McClenaghan enjoys wine tastings, golfing and helping others achieve their life goals�
Phil McDowell Mortgages are Marvellous
directorStarting in the mortgage industry in 1974, Phil McDowell has been a part of AMBA for 15 years� His roles within the organization include: Member, director of the membership committee, treasurer, and member of the con-sumer awareness committee� McDowell is on the board because he likes what AMBA has been able to accom-plish and its focus on improving its services to members each year� McDowell enjoys travelling and making up new words on Facebook�
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WINTER 20148
Meet Your2014-2015 Board of Directors! continued
T racey Robinson Mortgage protection plan
directorWith 23 years of financial services experience, Tracey Robinson has been a part of AMBA since 2001� Robinson is a board member because she believes in order to encourage change and progression in the industry, professionals have to be involved in all aspects� Being a board member gives her the opportunity to communicate challenges, opinions and engage fellow members and industry partners to affect growth for the mortgage broker industry� In her leisurely time, she enjoys baking and spending time with her family�
Layne Walters tMg the Mortgage group
directorLayne Walters has been in the mortgage industry and an AMBA member since 2004� Walters is a board member because he believes that with ever-increasing rule changes and tightening guidelines from regulators and government bodies, a strong association with strong membership numbers is necessary to ensure the broker channel remains competitive within the mortgage industry� In his spare time, Walters enjoys travelling and surfing�
Dave T rithart dlc 1st financial link
directorA board member from 2001 to 2006, Dave Trithart is back to show that AMBA is critical in leading professionals into the next generation of mortgage brokering through advocating in the areas of government relations and provincial and national associations� With 42 years of experience in financial services and brokering, Trithart plans to advocate for the necessary changes to ensure our association is the best that it can be� In his spare time, Trithart golfs and spoils his puppy Micky (a yorkie dachshund cross) horribly and continually�
Ryan Spence davis + henderson
directorFor the past 12 years, Ryan Spence has been working with mortgage professionals across Western Canada, assisting them in current and potential technology and training needs� An active member of AMBA for the past 10 years, Spence has served on a number of committees and as the education director� Spence is a board member because he feels he is in a good position to help raise the standards of the industry� Spence can be bribed with large plates of sushi and enjoys skiing�
Kevin Weeks weeks law
directorA member of AMBA since 2010, Kevin Weeks has been involved in the real estate, mortgage and finance industry for 35 years� A director on last year’s board, Weeks provided advice in the revision and adoption of the new bylaws, government and governance -related issues, and general legal and strategic matters concerning AMBA� This year, Weeks is proud to be on the board again as he considers AMBA an important part of the industry and wants to assist in its evolution and development during this very important and ever-changing time� Weeks’ favourite food is sushi and in his leisurely time he likes to go camping�
WINTER 2014 9
MAnAGer’s rePort
introducinG AMAndA roy
Amanda and family
Amanda Roy is the new general manager of the Alberta Mortgage Brokers Association� A graduate of Mount Royal University and the University of Calgary, in communications and journalism, Roy joined AMBA in 2010 and has held the positions of communications specialist, and communications and events manager�
Epitomizing integrity and hard work, Roy
strives every day to make sure AMBA leads the industry in education,
government relations and advocacy on a provincial and national level� She believes that professionals who are members of AMBA contribute to the betterment of the industry and provide strength in numbers, as a voice and as a community — which makes her job worth coming to everyday�
Every year AMBA hosts a number of events and the Annual Conference is Roy’s favourite� She enjoys learning, having fun
and catching up with members who don’t attend other events throughout the year�
She enjoys working for AMBA because of the small but passionate team, and throughout the years has learned a lot about the industry and its caring people, which she has come to love�
Originally from Fort Frances, a small town in North Western Ontario, Roy loves to travel, spend time with her daughter and has a hidden talent of interior design�
WINTER 201410
With social media growing in innovation and strength, it’s hard for business professionals to keep up to speed� Determining what social outlets fit your business needs may seem like an uphill battle, but here are some ways to make social media work for you in 2015�
client AdvAntAGeYou’ve taken years to establish a client base, use it to your advantage� If your clients are social then you should be as well� Schedule a couple of hours and do a quick survey of what social sites your clients use� A Google, Yahoo or Bing search of a client’s name will help you determine where to have a presence and what accounts to have� If you find that all your clients are on Facebook, but have a Twitter account, rethink if your business is using social media effectively� Your clients are also posting ideas, news, and life events that are important to them, use these topics as conversation starters or to build content for your social media accounts�
conversAtion stArters We have all done it, posted information just for the sake of it and never responded to comments� Finding time daily to be an active participant of your social media accounts can be hard, but changing your social media tendencies is critical as people are looking for content to start dialogue� Developing compelling content to start conversations is becoming a trend and getting
into the routine of responding to comments will increase the connectedness of people to your brand� A good start is to take 10 to 15 minutes a day and make an effort to show your followers that you are as interested in them as they are in you�
inteGrAted brAndinG Carrying your brand through to your social media sites is critical� A company logo, colour scheme, company profile pictures and wording are just some ways you can have followers make the connection between your website, printed materials and various social media accounts� Think creatively and promote your businesses through candid moments that connect your clients to your brand, this could be done through a short video, a montage of pictures or a meaningful post� Not every post has to relate to your business, show the humanistic characteristics of who the organization is and why your clients should care about you� In 2014 the top five social media sites were Facebook, Twitter, LinkedIn, Pinterest, and Google Plus+, and one thing is for sure that they are here to stay� Taking the steps now to determine what social sites fit your time and your clients is critical to your success in the future�
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WINTER 2014 11
your own PersonAlized Profile PAGe! Every AMBA member receives a personal profile page on our website� Profile pages are unique to each member and can include a photo, biography and additional information about yourself or your business� Profile pages are easily found on search engines and will help to assist in people finding your contact information quickly and easily online� You can even link to your website or mortgage application directly from AMBA's website�
How advertising Helps you and Helps us!If a member gets just one deal off the AMBA website, it could pay for their membership for the next 10 years. Moreover, if AMBA spends less time tracking down members, less time updating information and less time trying to communicate through outdated channels, we will have better turnouts, happier members and more time to focus on creating more benefits for you.
So update your profile page and advertise at no extra charge!
KeeP it uPdAted! When an AMBA member updates their information and keeps it updated, they will receive a badge on their AMBA profile page� This badge is similar to a verified account you would find on twitter or Google+, meaning that the information people are reading about you is correct or verified� We call this the AMBA VIP (Verified Information Program)�As an AMBA VIP member, we will reward you by advertising your member profile throughout our website, plus:
Additional links to your social media accounts or mortgage applicationDirect links to your personal or corporate websitesA longer biography or company information pageA customizable image headerDisplay your company logo
All this just for keeping your profile information up-to-date�
AMBA
Here's wHat's new on aMBa.ca
WINTER 201412
aMBa.ca anniversary MakeoverceleBrating 40 years of growtH
new feAturessiMPlified nAviGAtion And Menu systeM
Five menu sections (About, Public, Events, Courses and Members)
Members can now log into their account from any page
Improved site search
Floating side menus for easier navigation within pages
Breadcrumbs, and more
tAblet And Mobile friendly desiGn AMBA’s responsive web design responds to the needs of the users and the devices they’re using� The layout changes based on the size and capabilities of the device� For example; on a phone, users would see content shown in a single column view; a tablet might show the same content in two columns�
We are excited to announce the launch of our new website, redesigned with a fresh look and feel and improved navigation to effectively highlight information regarding our members and the people they serve�The site provides new features intended to respond to the needs of our consumer, offering extensive mortgage content, streamlined menus and simple navigation making it easier to learn, explore and connect with us�The homepage welcomes visitors with a clean uncluttered design, and featured content focused on what consumers and members are looking for�
The new site is divided into five main sections: ABOUT, CONSUMER INFO, EVENTS, COURSES, MEMBER ZONE� By moving to a more consumer-centric layout, we allow visitors to access information about our industry allowing us to introduce and promote our members�While we are pleased with the new site, we also plan on further enhancements throughout 2015� We encourage you to bookmark our site, check back often and connect with us on Facebook, Linkedin, Google+ or Twitter to receive notice when updates and new content are added�
WINTER 2014 13
aMBa.ca anniversary MakeoverceleBrating 40 years of growtH
eAsier nAviGAtion The new AMBA site is designed to help you find what you're looking for, quickly and easily� Whether you're a current member looking for a specific document or an Albertan interested in learning more about mortgages and industry events, we’ve simplified the menus and improved how documents are categorized�
revised content
Less fluff and more substance
Fully updated, rewritten and accurate information
Redesigned applications and PDFs
Simple uncluttered pages
New job posting section
Search engine optimized
Simplified layout
Greatly improved profile section
Better document management
Updated tools and publications
Securely encrypted content
Easy password retrieval and more
iMProved MeMber zone
WINTER 201414
Online shopping cart
Redesigned social media accounts
Easy online renewals and memberships
Optimized images for fast loading on mobile devices
Updated content management system
Fully compatible and tested on all browsers and devices
tHis is just tHe BeginningA lot of work went on behind the scenes to enhance the website and improve your experience, but this is only the first phase of the new site. We'll continue to develop and evolve the site over time to meet your needs, and we look forward to your feedback for continued improvement. Email your questions and comments to [email protected]. questions aBout MeMBersHip renewal? Turn To page 34
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WINTER 2014 15
title insurAnce for lendinG ProfessionAls in western cAnAdAWritten by: Stewart Title
For lenders in Western Canada, title insurance can provide great value in both residential and commercial mortgage transactions� The threat of mortgage and title fraud is ever present� Residential and commercial title insurance policies provide coverage for losses arising from many forms of title fraud affecting the validity or enforceability of the lenders interest on title�
Title insurance is available for both residential and commercial transactions� Both owners and lenders may purchase policies for their respective interests in title� The lender policy ensures that as of the policy date, the mortgagee has a valid and enforceable interest in the title to the insured property and the mortgage has the priority expected by the mortgagee�
All lender title insurance policies protect against losses arising from defects in title, unmarketability of the title, and title to the property not being vested in the borrower� In addition, depending on the nature and amount of the policy, losses due to certain off-title matters such as, a property report, a zoning non-compliance, an existing work order, or a property tax arrears�* Adverse matters that would be disclosed in an up-to-date survey or report�
In many circumstances, the coverage afforded under a title insurance policy surpasses what is available through the use of a standard lawyer or notary’s opinion on title� This is because insurance providers have the ability to insure over matters that a lawyer or notary cannot give an opinion on� An example of this is post policy date title fraud in residential policies� In addition, custom underwriting can be obtained to allow the title insurer to insure over property specific title or off-title problems that would otherwise potentially delay a closing� On transfers or switches, lenders can save time and money through the reduced due diligence required to issue title insurance policies�
Gap coverage is another advantage which title insurance provides lenders� It is designed to provide protection from losses resulting from intervening registrations on title between the date of closing and the date of registration� With gap coverage in place, transactions can close on time with funds and keys released to the respective parties� This protection also serves a particular benefit during outage periods and backlogs at the Land Titles Offices which create a systematic registration delay�
In the event of a claim, it is not necessary for lenders to pursue the lawyer or notary that acted on the transaction and establish negligence� Claims are handled without the need to commence proceedings against third parties in order to recover covered losses�
Stewart Title is a leader in the Canadian title insurance industry and has experience in dealing with all types of lending institutions for residential and commercial transactions of a variety of complexities. For more information on how title insurance can assist you and your clients, visit www.stewart.ca.
* Please review the specific coverage found in policies for full details. Some coverage available in residential policies is not available in commercial policies.
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WINTER 201416
Highlights from the 2014 AGM
On Dec� 3, 2014, the Alberta Mortgage Brokers Association (AMBA) held the Holiday Gathering and Annual General Meeting at our head office in Calgary� AMBA took this opportunity to gather members for some holiday cheer while reviewing 2013’s financials and introducing the new 2014-2015 Board of Directors�
Financial Overview: Treasurer Phil McDowell presented the 2013 financials� McDowell noted the $147,760 loss of revenue in the 2013 audited financials� The audited financials indicated revenues from membership increased five percent, education saw an increase of income dollars and percentage gain of 32 percent and events had no increase, while communications fell 14 percent� On the expense spectrum, the association will see a decrease in 2014 for office costs, due to the 2014 relocation� As a result of the move, our maintenance fees dropped 47 percent� In 2013, there was $110,659 less in staff payroll costs, due to restructuring and staffing changes� The year-end loss for 2013 was $147,760, which has been addressed in 2014�
2014 Financial Outlook: The membership listened to McDowell presenting the third-quarter results and 2014 financial outlook� McDowell expressed that AMBA is showing a temporary surplus of $191,550 as of Sept� 30, 2014, although this will diminish as a result of no additional membership and event revenue until year end, ongoing free events and general expenses ($50,000 for upgrading accounting and the website), etc� We expect to be at a break-even status at the end of 2014, but it is possible the results could be slightly better depending on the number of new entrants to the Mortgage Associate Practical Course� We expect the critical financial note placed on our 2013 financials by the auditors to be removed in 2015�
Motions:The motion for the 2013 Financial Report to be approved and the motion for Meyers Norris Penny (MNP) to be approved as 2014 auditors� Both motions passed unanimously�
2015 Marks AMBA's 40th Anniversary!
WINTER 2014 17
Exiting president presentation:McDowell presented Gord Appel with a token of appreciation for his work as president on the AMBA Board of Directors; Appel thanked the association and discussed highlights of his tenure�
Incoming President address:Incoming President, Adil Mawji thanked AMBA and outlined his commitment and belief in the value of having AMBA as a voice for the industry�
RECA update:Pat Kelly gives a brief regulatory board update�
Traditional gavel presentation:Appel presents the traditional gavel to Mawji�
New directors oath:Mawji leading the new Board of Directors oath� The board is comprised of returning directors Gord Appel, Dale Koeller, Layne Walters, Tracey Robinson, Phil McDowell, and Ryan Spence� Re-elected directors are Ron McClenaghan, Erica Fikkert and Kevin Weeks� Newly elected directors for 2015 are Jan Gosse and Dave Trithart�
2015 Marks AMBA's 40th Anniversary!
WINTER 201418
New Year’s resolutions, intentions, goals, whatever you want to call them, can be powerful tools to take your business to
the next level. The beginning of a new calendar year is often a period of reflection, which makes it a popular time for setting
goals, those well-defined targets that motivate you to reach your pinnacle of success. But to successfully harness your
dreams, you have to consistently work at it to make them come true.
wHy set goals?Everybody needs some sense of direction at work, a focal point to aspire to� No point in floating down the river without a paddle� Setting goals forces you to figure out what it is you want to accomplish� Then they push you to work out a plan of attack� After all, setting a goal without working out how you might achieve it is a wasted exercise�
Additionally, goals help individuals focus their efforts� Let’s face it, in this industry there are plenty of distractions to tempt curious mortgage brokers� Goal setting assists mortgage brokers in streamlining their efforts by focusing their time and energy in the right direction� “When most people get into the business, they’re not sure what to target� Often there is a shotgun approach hitting everything from soup to nuts� Goals make mortgage brokers identify and define their market niches,” says Gary Siegle, vice-president prairies at Invis and Mortgage Intelligence�
aBout tiMeWhile there is certainly increased societal pressure around setting goals at this time of year, it’s not something you should do simply because it’s January� Goals can be created whenever you think of them, but according to Gord Appel, vice president Alberta region, TMG The Mortgage Group, now is a capital time to take a crack at it� “Goals are best set when you have the time to analyze your
business and yourself� It’s usually a slower period early in the new year, which makes it a good time to take a look at what you are
doing and analyze what worked and what didn’t,” he says�
Article Sponsored by
Jody robbins, Special to AMBA Matters
WINTER 2014 19
sHAre tHis HelPful Article witH your clients A Pdf of tHis Article is AvAilAble in tHe MeMber zone under MeMber resources
golden rules for goal setting5
1 ThinkStart by dreaming big� Where would you like to see yourself a year from now or five years down the line? The key is not to limit yourself� Consider what you are most passionate about and what excites you when you get into work� Mike Cameron, managing partner at Axiom Mortgage, believes standard goal setting may stifle creativity� “If you set realistic goals you limit your possibilities� Set unrealistic goals and stretch your mind to find ways to achieve them,” he says�
Keep your thinking cap on and take a look back to analyze what you’ve been doing and how you’ve spent your days� How much time do you spend tweaking your marketing plan versus making calls? “Identify what’s worked, what hasn’t and come up with something new to get different results,” says Siegle�
You’ll probably only need to adjust a portion of your activities, so list them all out under the headings: maintain, improve and change� Once you have an understanding of which actions produced results and those that didn’t, you can begin to think about what habits might be incorporated into your daily routine to help execute your vision�
2 PlanPeople who know where they’re going and how they intend to get there are more likely to reach their destination than those without a roadmap� Try to make each goal as actionable as possible� You might spend two hours each day on lead generation, three hours working the phone and one hour (best broken up into 15 minute increments) on social media� Think of goals as your end destination and these actionable items as the fuel that keeps you moving in the right direction�
3 Break iT down Small actions consistently applied can result in huge changes over time� Sadly, most of us want a quick turnaround and expect to see massive results within a short span of time� What happens next? Cue feelings of discouragement followed by procrastination when what you have aspired to doesn’t magically appear�
People are more likely to reach their goals when they switch from a short term gain mentality to focusing on consistent actions
that produce long term results� The key is to set manageable tasks for yourself and build these into your daily work habits, says Paul Bojakli, mortgage broker and owner of Quantus Mortgage Solutions� “Make it a practice to call at least someone every day to touch base� You won’t always be talking business� You’ll eventually work your way into it and you’ll have set up an important habit�”
4 TrackYou can set goals all day long, but they won’t be nearly as effective if you’re not measuring them, says Siegle� “You have to track your results and adjust your plans� There also needs to be a certain amount of consistency�” To ensure consistency, commit to a time when you can analyze your results and determine whether the activities are producing the intended outcome� Think of the easiest way you’ll be able to track your progress� Many mortgage brokers use tracking spreadsheets and calendar a check in at the end of every quarter�
5 accounTaBiliTy How often you review your goals is often the deciding factor when it comes to reaching them� Because every goal is different, when you need to check in will also vary� For example, if your goal is lead generation and you’ve committed to generating a minimum of five per week, you’ll need to asses that progress more often than you would for a goal of improving social media engagement�
Also critical is knowing what it takes for you to be held accountable� Some folks do just fine reviewing their progress on their own� Those who respond better to a punitive approach might declare their intentions on StickK, a website where people publicly set goals and put money on the line� If you don’t succeed, StickK sends your hard earned cash to an organization you dread� And many such as Appel find success through having accountability partners�
“When you have something specific to share (not just I want to improve my business, more like I want to improve the way I market to realtors), they can help you with that� Through their questions, they’ll help you flush out what it is you want to accomplish by digging in a bit,” he says�
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wHat to do wHen you get off trackWill you get off track? Probably, but experts agree you can’t beat yourself up about it� Successful goals hinge on having a solid plan, letting go of guilt and getting back on track� “Getting off track is part of the process� It’s about having the mental self-discipline to get yourself back on,” says Cameron�
Expect you will veer off course at some point, but to avoid total derailment, know what action steps will bring you back as quickly as possible� Appel recommends diligently keeping notes� “Not just when things aren’t going well, but also take notes when they are� Jot down what you think is contributing to your current success because it’s nice to see when things were rolling what it was exactly you were doing,” he says�
tips for Making great goalsMake it Personal Most folks know about S�M�A�R�T� goal setting, meaning: specific, measurable, attainable, realistic, and timely� Perhaps of greater importance is making sure your goals are personable� A very common mistake is setting a goal that’s not your own, but what someone else hopes to achieve� “Your goals have to be in line with who you are and your personal values� If you want it because somebody else thinks you should achieve it, it’s going to be much harder,” says Appel�
Think Big Picture Those who feel lost in the whole goal setting process might want to dig deeper than pondering what they want to have� “I think we need to look much more at why we want that goal,” suggests Cameron� Many people get caught up in setting goals around money and possessions, but not Cameron� “I focus on who I want to become, not what I what to have� If you can define that properly and back it up, ultimately what you want to achieve tends to come,” he says�
Paper Trail Goals have a tendency to change with the wind when they haven’t been committed to paper� It doesn’t need to be a formal process, you could jot your goals down on a napkin, but they need to exist somewhere beyond that space between your ears� Committing your goals to paper allows you to view them in new light and enables you to create the appropriate action steps� “I don’t think you get clear on your goals until you write them down� Unless you take the time to crystalize it, you have no idea if it’s going to work for you� When you have something you can look at, you think either I can’t do that, or I can do it and here’s how,” says Appel�
Flexibility We all know how life loves to throw curve balls� It’s not so much what you’re dealt, but how you pick yourself up and move through those challenges� Consistently gauging how things are progressing and adjusting your actions as new situations arise is paramount when achieving anything of importance� “The key to goals is that they’re not cast in stone� You have to be able to adapt,” says Siegle�
Without goals, most of us lack focus and direction� By setting out what it is you wish to accomplish, making a manageable action plan and holding yourself accountable, you’ll take control of your career trajectory� “Sometimes it’s uncomfortable, but commit to it� Success is always premeditated� Take the time and invest in your business and yourself,” says Appel�
Call us today for more infomation
888.752.4642Dale Koeller, William Charlton & Dean Koeller
WE PROVIDE NICHE LENDING FOR:
» FLIPS/REHABS» 2ND MORTGAGES» QUICK CLOSINGS
» CONSTRUCTION» SHORT TERM NEEDS» DEBT CONSOLIDATION
[email protected] | www.chmic.ca
Alberta’sPrivateMortgageLender
WINTER 2014 21
winter exPosures for lenders By: Derrick Leue – President, LMS PROLINK Ltd�
Getting ready for winter is not nearly as exciting as getting ready for summer, unless you love to ski� However, lenders need to prepare for their increased exposures in winter�
ProtectinG your investMentSecuring and protecting properties when the mortgagor is in default is a stressful time� When you don’t have possession of the property you have to hope that the mortgagor is not doing anything to jeopardize the value of the property� Mortgagors with minimal equity in the property may not be aligned with your goal of maintaining the value of the property� The challenge in the winter is avoiding a situation where the mortgagor vacates the property and turns off the heat or the local utility shuts off the heat due to payment being in arrears� Pipes freeze quickly when the temperature drops below minus 20 in the evening� Pipes bursting or cracking due to freezing is the most common type of claim we have lenders report to us between December and April�
risK MAnAGeMent PrActicesA lender’s risk management practices will depend upon who has possession of the property�
scenario #1: The lender does not have possession of the property and the mortgagor is in arrears: Lenders should have someone check on the property every 24 to 48 hours to determine if the property is still occupied� Mortgagors are unlikely to live in a property with no heat in the dead of winter� If the property appears vacant for more than 48 hours then lenders should check to ensure the homeowners’ insurance policy was renewed if the policy renewal date that you have on file has recently passed� Home insurers don’t always notify mortgagees if the policy is not renewed by the mortgagor�
scenario #2: The lender has possession of the property and it is vacant: Lenders should “winterize” the property as soon as they have possession� The winterization process should focus on protecting against water damage� There are three simple steps: 1) turn the main water supply source off; 2) open all faucets, drain all waterlines, the toilets and the water heater; 3) eliminate the water in drain traps by pouring a “recreational vehicle” type antifreeze solution into the drains�
How does HoMeowners’ insurAnce Protect lenders?scenario #1: The lender does not have possession and the mortgagor’s insurance is in effect. Most homeowners’ policies do not provide protection if the property is vacant for more than 72 hours� The mortgagor’s policy is likely not going to cover water damage resulting from a “change in temperature” causing a pipe to rupture or crack�
scenario #2: The lender has possession and the mortgagor’s insurance has lapsed. The lender should obtain a property insurance policy for a vacant property� The cost of a policy is much higher when the property is vacant and the coverage is typically scaled back to only “named perils�” The vacant property insurance policy will include a requirement (known as a “vacant warranty statement”) that the policyholder physically inspect the property a minimum of every 72 hours� Many vacant property policies will not cover claims resulting from a ruptured or cracked pipe due to a change in temperature�
There is a better option for lenders to consider� AMBA members have access to a unique policy called Mortgage Impairment insurance� This policy has traditionally only been purchased by major lenders because the minimum premium was $50,000 per year� Under the AMBA program, we have pooled together members to reduce the minimum premiums to much more affordable levels� A lender with a mortgage portfolio of less than $4,000,000 will pay less than $3,000 for this unique policy�
How does MortGAGe iMPAirMent insurAnce HelP you?Mortgage Impairment insurance is a cost effective and highly efficient way for lenders to protect their mortgage portfolios� This unique property insurance policy protects lenders for two types of scenarios:
A mortgagor has let their homeowner’s insurance lapse and you were not aware of the lapse in coverage� Your mortgage interest is automatically covered in the event of a property claim�
You are either a) notified that the mortgagor’s policy has lapsed; or b) you have taken title of the property and now need to protect the property because the mortgagor’s policy has lapsed�
The Mortgage Impairment policy is much more efficient for the lenders to manage compared with arranging separate property policies with different insurers on individual properties�
Learn More about the AMBA E&O PLUS Program
The PROLINK Insurance Group Inc� is the proud manager of the AMBA E&O Liability insurance program�
Please contact a representative from the PROLINK Insurance Group’s AMBA Service Team in order to learn more about how Mortgage Impairment Insurance and E&O PLUS protect you�
Phone: 800-663-6828; Website: www�LMS�ca/AMBA
Peter McCabe: AMBA Program Business Development Manager; PETERM@LMS�CA
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2015
This annual event has strengthened the overall understanding of the private lending market amongst Alberta mortgage professionals and elevated the private mortgage lending community profile in the province� AMBA partners with the Private Mortgage Lenders Forum (PMLF) to host the successful symposium and educate the industry on the B and C market opportunities�
Be part of this amazing event:2015 alt-a symposiumfebruary 25, 2015 westerner park, red deerregistration fee $125.00 + gstto register, go to amba.ca
Schedule of eventS
8:30 am Trade show opens/breakfast
8:45 am Welcome and opening remarks
9:05 am Economist Outlook – Todd Hirsch (ATB Financial)
10:15 am Break
10:30 am Presentation by Colleen Henderson - Perfect Pitch (Presenting Through Storytelling)
Noon Lunch
12:30 pm Presentation by Bishop & McKenzie Law Firm
1:00 pm The Secrets to Easy Closings with Private Lenders — A Broker Perspective Presented by Michel Durand
2:00 pm Keynote Speaker Bill Bishop (How to Sell a Lobster)
3:00 pm Commercial/Industrial/Construction and Syndication Panel of Experts
4:00 pm Trade Show
4:30 pm End of Day
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colleen henderson
President, creative director at Perfect Pitch consulting Group
Early in her career, Colleen Henderson put an audience member to sleep during a business presentation� He snored for 45 minutes and woke up during the
polite applause at the end�
Determined to never let that happen again, Henderson started studying great presenters to learn their secrets�
It turns out she already knew a thing or two about presentations — she just didn’t know it� Henderson has been writing stories since she was eight years old when she made copies of her first book and tied them together with bits of red yarn� She spent four years in Carleton University’s journalism program learning how to captivate an audience with sometimes boring information�
Henderson had forgotten to do this in her business presentations�
As co-founder and creative director of Perfect Pitch Consulting Group, Henderson’s goal with clients is to make them natural, engaging and clear about their ideas, their technical information, and their vision for the future� She wants them to be storytellers�
Henderson receives emails on a regular basis from clients who “aced it,” “felt like a rock star” and “knocked it out of the park�”
She would love to help you do the same�
Bill Bishop
ceo Bishop communications Inc., founder of the Bishop School of entrepreneur Marketing, and creator of the BIG Idea Adventure™
In his teenage years, Bill Bishop was dead set against a career in
marketing� His parents operated a small marketing company and often used him as free labor in advertising and PR programs to save money� At the age of six, he was cast as ‘The OFF Boy’ in a series of commercials for the famous insect repellant� At age 14, they dressed him up in a frog outfit to promote a local retail mall, followed by a humiliating stint in a pink bunny suit�
These indignities, along with many others, made Bishop swear he would never pursue marketing as a career� Yet, during his studies in journalism, he was thrust back into the marketing world when he won a waiter contest by selling 1,400 lobsters� This formative event was so inspiring and lucrative that Bishop concluded he actually loved marketing and decided to start his own marketing company� Since that time, he has helped more than 5,000 entrepreneurs in dozens of industries around the world develop and market BIG Ideas�
Today, Bishop is the CEO of Bishop Communications Inc�, the founder of The Bishop School of Entrepreneur Marketing, and the creator of The BIG Idea Adventure™, an advanced coaching program that helps entrepreneurs grow their businesses by creating, packaging, and promoting their BIG Ideas� He is also the founder of two social networks — The 10% Referral Club™ and The Keynote Collective™, and the inventor of the popular board game Quibberish®: The Paraphrase Puzzle Game�
In addition, Bishop is the author of eight books including: How To Sell A Lobster (now sold in 25 countries in 12 languages), The Problem With Penguins, Beyond Basketballs, and Global Marketing For The Digital Age� He was also the author of Strategic Marketing for the Digital Age, the first book published about e-commerce and Internet marketing� He is currently working on his new book, The New Factory: Reinventing Your Business for the 21st Century Marketplace�
Bishop has delivered speeches to hundreds of organizations, including The MIT Entrepreneur Program, Entrepreneur's Organization (EO), TEC, Advocis, The Knowledge Bureau, MDRT, NAIFA, NAPFA, Independent Financial Brokers, Workcomp Advisors, Pro-Seminars, BNI, The Ivey School of Business, The Schulich School of Business, and Queen's University Executive MBA Program�
Meet your Alt-A SyMPoSIuM SPeAkerS
reGISter for thIS event At AMBA.cA
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Written by: Gord McCallum
As mortgage brokers in Alberta, one of the biggest challenges personally and professionally, can be dealing with the seasonality of our industry� After all, real estate sales seem to drop in lockstep with the temperature outside� Managing your time in the off-season can have a significant impact on how you finish the year from a performance standpoint, but can also set you up for success or failure next year�
Here are some ideas to set you up for success when it’s cold outside:
celebrateIf you had a good year, celebrate it! Many driven people, myself included, forget to celebrate the little victories� It’s crucial to remember that we need to take time to enjoy the fruits of our labour�
If you didn’t have such a good year, then be grateful for a chance to do better next year� Mourn the defeats and then get back to work�
rechargeThis business can consume all of your time if you let it� Take
some time to relax, recharge your batteries, spend time with loved ones and get a new perspective� A vacation at this time of year is ideal because it’s cold outside (who needs a better reason than that?) and it’s naturally a bit slower� Go somewhere warm and enjoy!
analyzeWhile it’s important to celebrate, we don’t ever really improve if we don’t analyze our business and look at the things that didn’t work, so we have an opportunity to improve� One of my favourite analysis tools is called a SWOT analysis� SWOT stands for:
Strengths internal areas of strength in the company or personal performance� For example, we are excellent trainers�
Weaknesses internal areas of struggle that need to be improved� For example, our phone call response time isn’t as good as it could be and it’s costing us business�
Opportunities external to the company, worth pursuing� For example, new referral relationships or changes in the marketplace that could create a competitive advantage�
Threats outside threats to the company, mostly out of your control� For example, the government changing regulations…�again!
learnOnce you have done your analysis and identified the areas you want to improve, either personally or as a business, you can begin to learn from experts in these areas� Do you have a time management problem? Find a great author on the subject� Want to become a better marketer? Learn from the best! Need a jolt of confidence going into next year? Go see a motivational speaker� The opportunities are endless� Take notes�
plan aheadGreat! You’ve celebrated the victories, mourned the defeats, recharged your batteries, figured out what’s working well and what’s not, and you’ve picked up some great pro-tips from the experts� Now what?
Plan Plan to improve in the weak areas or eliminate them� You can either improve or stop trying in certain areas� It’s ok to outsource or get rid of tasks that are not in your strong suit�
Purge Don’t throw the baby out with the bath water! Build on what you do well and don’t purge just for the sake of purging�
Set goalsSet goals for yourself and the business� Make sure your goals are measurable, so you can track your progress� Make goals that are challenging but achievable so you don’t get discouraged if you miss the mark�
Build a marketing planBuild your marketing plan based on who you want to reach� What is your key point of differentiation? What is the key message you want to share? How will you share it?
BudgetWhat resources do you need to achieve your goals? What will it cost? If things go wrong, what is your contingency plan?
MAKinG tHe Most of tHe off-seAson
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Build systems and disciplineIf you have time on your hands this winter there’s a perfect opportunity to build, or get more familiar with systems that can make your life better and more productive in the New Year� For example:
Build a Customer Relationship Management (CRM) system or use the one available to you. These are so readily available now and yet so underutilized. Use the time now to make your life better when it’s busy.
Filter your emails. Tired of having eight million emails in your inbox? Now is a great time to organize and automate.
Delegate tasks that slow you down or outsource the tasks that cost you time and money. This takes some forward planning and budgeting but can be very liberating and profitable when done properly.
HustleWhen all the planning, analysis and system building is done, there’s only one thing left to do: Hustle�
call your clients
call your referral partners
call your pre-approvals and expired pre-approvals
get out and network
volunteer
initiate meet-ups
update your social media profiles
write that blog post you’ve been waiting to write
work hard
We generate fears while we sit. We overcome them by action. Fear is natures way of warning us to get busy. – Dr. Henry Link
How did it get so late so soon? Its night before its afternoon. December is here before its June. My goodness how the time has flewn. How did it get so late so soon? – Dr. Seuss
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Paula Hutton BDM - Prairies
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Lending Areas:· British Columbia
· Alberta
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· Manitoba
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Experience you trust
Complete focus on residential lending
Broker-centric processes to make your life easier
Flexibility to tailor solutions to your clients needs
Diverse range of residential mortgage options
Choose your own broker fee
As one of Canada's most diversified residential private lenders, everything we do is aimed at ensuring you can present your clients with the right mortgage at the right time.
For more information on our lending guidelines and rates, contact Paula Hutton today!
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Whatexactlyis a high-ratio mortgage?
Written by Kevin P� Weeks
as with many questions of law, it depends on where you live.
Before we go any further, imagine a world where anyone could easily walk away from personal liabilities with respect to mortgage defaults� In effect, the only recourse of lenders would be to foreclose on the mortgaged property with a far greater likelihood of suffering a loss on the investment� If this sounds too fictional, think in terms of the very end of the last quarter of 2008 in the U�S� when the housing market crashed and the Canadian market suffered as well� Imagine the nightmare to the lenders and to mortgage insurers�
but we live in AlbertAIn Alberta, this question is relevant from a liability perspective� The concept of high-ratio insured mortgages in Alberta aims (at least) to strike a balance between the competing interests of lenders and borrowers by providing some protection to individuals in certain circumstances against personal liabilities
on their mortgage� That is to say, it is relevant in determining the extent to which an individual may be held personally liable for default under a mortgage� The protective mechanisms come into play where there is a shortfall (or deficiency) in the amount realized from the proceeds of a foreclosure with respect to the amount owing under the mortgage�
In the beginning, the Social Credit government set Alberta mortgage law a part from that in other jurisdictions by amending the Judicature Act in 1939� These amendments prevented any action on the covenant to pay (protection from personal liabilities) contained in a mortgage� Today the successor to that 1939 initiative provides that under the Law of Property Act in Alberta (Alberta Property Act), there are certain protections from personal liabilities with respect to such shortfalls� Where the protections apply they are absolute and it is contrary to public policy and therefore void to attempt to circumvent them via securing a waiver from a borrower under any guise� Need I mention that there are exceptions to this unbecoming generosity of the law?
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tHe Protections Are for individuAls, not corPorAtions The protections only matter to individuals, as opposed to corporations� A corporation will always be personally liable for any shortfall� If you think this unfairly discriminates against corporations wait till you hear about the other exceptions!
tHe nAture of tHe ProPerty MAtters The protections are available to an individual only where the subject property is residential or farm land� Notably in the definition of residential land or farm land, the property must have been used for the bona fide benefit of a member of that individuals family� Although the definition of family member seems quite generous, going as far as to include grandparents and adult interdependent partners, a caution note should be sent to individuals who have purchased a supposedly eligible property (residential or farm land) strictly and solely for the purpose of rental income�
We all love rental income! Pass the word around if such rental property has never been used for the bona fide benefit of an individual or a member of that individuals family, personal liability may just be lurking around the corner�
wHAt, tHen, is A HiGH-rAtio MortGAGe And wHy does it MAtter? Speaking legally or operationally, the definitions will differ but the outcomes will be similar� The law in Alberta defines a high-ratio mortgage as one in which the sum total of all the mortgages against a property exceed 75 percent of the fair market value of the property at the time the mortgage is created� This 75 percent threshold will come as a surprise to many as the common knowledge is to define a high-ratio mortgage with respect to an 80 percent threshold� The common knowledge approach is not wrong, simply inaccurate; both positions are correct�
In practice, the situation has been five percent more generous than the Alberta Property Act stipulates� That is to say, operationally, insurance covered by a mortgage insurer for a number of years
has operated at a minimum and more generous mortgage threshold of 80 percent� Under the Alberta Property Act, the regulation that defines high-ratio mortgage with respect to the 75 percent threshold is
up for review in 2019� It may be revised to become consistent with the operational context of what a high-ratio mortgage is 80 percent thereby harnessing the present five percent generosity factor into the law�
If your mortgage is high-ratio which legally speaking is a 75 percent mortgage threshold under the Alberta Property Act, and it is given to secure a loan under the National Housing Act (Canada)(think Canada Mortgage and Housing Corporation (CMHC), or is insured by an insurer licensed to undertake mortgage insurance in Alberta (think Genworth or Canada Guaranty), forget the protections� That is to say barring anything else, you will be personally liable for any shortfall resulting from a default under the mortgage just like almost everywhere else�
wHAt About Helocs? Home Equity Lines of Credit (HELOC) are quite often a utilized method of financing in Alberta� What this means is your lender provides you with several methods of borrowing including lines of credit (secured or unsecured), credit cards, and as security takes a mortgage over property that you personally own, which in most cases is your home�
So do the protections under the Alberta Property Act apply where there are other collateral forms of indebtedness including promissory notes? While the scope of this article does not allow a comprehensive review of this, the short answer from the courts is more or less “if it looks like a duck, quacks like a duck and walks like a duck, it’s a duck”� In other words, you cannot do indirectly what you cannot do directly and that the courts must and will inquire into the whole of the surrounding circumstances at the time of the transaction to determine its substance regardless of the form it may have taken� Accordingly, the burden of proof that the protective provisions of the Alberta Property Act do not apply to a transaction would be upon him who asserts it�
wHo’s your dAddy? At the end of the day, this whole issue is entirely composed of made-up politics� From the Alberta provincial personal liability mortgage protections created as a now historical anomaly to the fallout from The Great Depression, to the federally created and directed CMHC mortgage insurance politics, policies and exemptions, we have another complicated arena that few understand and fewer can navigate properly�
But the importance seems to be diminishing as the politics and realities governing CMHC are both reaching their self imposed lending limit of $600 billion and reacting by pulling back and placing increasing limitations on their once exuberant
What exactly is a high-ratio mortgage? continued
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expansion policies� Even the International Monetary Fund has gotten in on the action stating in late 2013, Ottawa should consider phasing out insuring home mortgages through CMHC� Since that time, CMHC has limited the number and amount of CMHC insured mortgages both as to amount and numbers as well as lowering the maximum
amortization period for their mortgages� In May 2014,
CMHC increased its premiums by approximately 15 percent� Since that
time, CMHC has officially discontinued its condominium developer program although it had not utilized it since 2011� Additionally, its second residence program and self-employed without third party income validation mortgage insurance products (both high and low ratio) have been tightened with several other restrictions�
Finally, as it relates to personal liability for mortgages in Alberta, a long observed but unresolved debate abounds with respect to mortgages given to the Crown in right of the Government of Canada and the Government of Alberta� Since, generally speaking, the Crown is not bound by a law unless the law specifically says so, the argument goes that because the Alberta Property Act does not expressly state that the Crown is bound by its part five (the part that contains the provisions that deal with the protections against personal liabilities), the protective provisions in it do not apply to an individual where the mortgage is given to a government agency� If this argument holds true, it would mean that a mortgage given to a government agency, is the silent exception to personal liability protections arising from mortgages, even in cases where the protection would ordinarily otherwise been available�
Simply put, a high-ratio mortgage (as defined above - whether legally or operationally), is one exception to the protective mechanisms against personal liability under the Alberta Property Act, which is a high speed train to personal liability in Alberta� It is quite a twisted irony, because for many of us it doubles as a vehicle to the Canadian home ownership dream by providing the leverage to embark on the home ownership race with only a modest down payment�
And so it goes…�
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Relationships mean everything. At Sterling Bridge, we understand that relationships are the cornerstone of your business. Exceptional client service and
flexible lending solutions are an everyday occurrence in our world.Our track record speaks for itself with over half a billion dollars of mortgages written since
our inception in 1999. Specializing in construction mortgages we provide quick, efficient assessment of deals.
A referral fee will be paid upon closing.
Frank McGinnPhone: 403-975-9200
Suite 206, 400 Crowfoot Crescent, Calgary, AB T3G 5H6 www.sterlingbridge.ca
Caterina Olivito-Veltri - Regional Sales DirectorPhone: 403-261-5050 Cell: 587-224-0640
WINTER 201430
cAnAdiAns sAvinG Millions on lower PuMP Prices
With oil prices rapidly dropping, Canadian consumers are saving on everyday expenses as gas prices plummet� Analysis by QMI Agency shows that if gas prices were to stay low for a year, Canada’s motorists will save an estimated $14 billion� However, if prices remain low for an extended period, it will probably start to have an effect on investments and jobs in Alberta as the province relies heavily on the energy sector� As only time will show the real effects to the housing market and Alberta economy, falling oil prices and its impact are on the radar of many Albertans�
Source: Henry, J� (5 December, 2014)� Canadian are saving 40 million dollars a day from lower gas prices� Mortgagebrokernews�ca� Retrieved from http://www�mortgagebrokernews�ca/news/canadians-are-saving-40-million-dollars-a-day-from-lower-gas-prices-186122�aspx
cAnAdiAn HoMe sAles bAlAnce After HiKeAccording to CREA data, the Canadian housing market remains in balanced territory, despite a seven percent rise in year-over-year home sales in October�
The national average of houses being sold increased from 39,005 in October 2013 to 41,733 in October 2014� The average price hiked 7�1 percent to $419,699, with listing up 4�1 percent to 71,410 from October 2013� It was also found that there was a 0�7 percent increase in seasonal adjusted sales from September 2014�
CREA accredits these numbers to low mortgage rates that are not likely to rise anytime soon�
sales in alberta and ontario were also up, 8.9 percent to 6,987 in alberta and 6.6 percent in ontario to 18,272, with alberta prices rising to an average of $400,027.
in the condo market, sales were also up in canada’s three largest regions, rising 15.3 percent in vancouver, 6.9 percent in toronto and 20.5 percent in calgary.
Source: D’Orazio, O� (12 November, 2014)� Canadian home sales still balanced after hike� Mortgagebrokernews�ca� Retrieved from http://www�mortgagebrokernews�ca/news/canadian-home-sales-still-balanced-after-hike-185495�aspx
tHe condoMiniuM ProPerty AMendMent Act tAbled With the Canada Mortgage and Housing Corporation predicting builders will build more multi-family units than single-family units in 2015, the Canadian Home Builders’ Association-Alberta (CHBA-Alberta) welcomed the tabling of Bill 9, the Condominium Property Amendment Act, on Dec� 1, 2014 by the Government of Alberta�
With condominium corporations taking an increased share of the Alberta housing market, the Condominium Property Amendment Act proposes 50 changes to the current condominium property law� The proposal complements the New Home Buyer Protection Act approved in early 2014 for single and multi-family homes� The bills key amendments include:
improved consumer protection and disclosure of information in regards to: home warranty, occupancy dates and notice of changes to purchase agreements;
Buyers’ deposits to developers must be deposited with authorized trustees;
developers will pay a fair share of unsold condo fees;
Buildings converted to condos will have a professional building assessment;
improved board governance with clear procedures;
development of government authority and severer penalties for offences; and
a framework for a dispute resolution tribunal as an alternative to courts.
Source: Thomas, M� (6 December, 2014)� CHBA-Alberta welcomes proposed changes to condo law� Calgary Sun� Retrieved from http://www�calgarysun�com/2014/12/05/chba-alberta-welcomes-proposed-changes-to-condo-law
INdusTRy NEWs
WINTER 2014 31
HousinG in cAnAdA Canada Mortgage and Housing Corporation (CMHC) released the 2014 Canadian Housing Observer, its detailed annual review on the state of housing in Canada�
Highlights from the 2014 Observer:
seniors, immigrants and aboriginal people continue to be important influences on housing demand;
although the majority of immigrants arriving between 2006 and 2011 continued to settle in canada’s largest metropolitan areas (33 percent in toronto, 16 percent in Montreal, and 13 percent in vancouver), increasing percentages are settling in smaller cities and communities;
housing starts moderated 12.5 percent in 2013 to 187,923 units; and
canadians’ ability to service their mortgage debts improved. the ratio of annual mortgage debt-service costs to annual personal disposable income stood at 3.66 percent.
The Observer chapters provide a detailed examination of demographic influences on housing demand, housing finance, housing markets, sustainable housing, as well as key developments in newcomers’ housing� More information can be retrieved from CMHC 2014 Canadian Housing Observer.
Source: (20 November, 2014)� CMHC releases the 2014 Canadian housing observer — its 12th annual review on the state of housing in Canada� Canada Mortgage and Housing Corporation� Retrieved from https://www�cmhc-schl�gc�ca/en/corp/nero/nere/2014/2014-11-20-0816�cfm
cMHc fee increAse to Add Hundreds to MortGAGe costCMHC is to increase the fees for guaranteeing loans in the mortgage-backed securities market, which it operates under the National Housing Act� Mortgages with a five-year maturity will rise from 0�2 percent to 0�6 percent� This move could benefit smaller lenders as annual mortgage guarantees below $6 billion will have a new rate of 0�3 percent�
Source: Henry, J� (15 December, 2014)� CMHC fee increases could add hundreds of dollars to mortgage cost� Mortgagebrokernews�ca� Retrieved from http://www�mor tgagebrokernews �ca/news/cmhc-fee- increases-could-add-hundreds-of-dollars-to-mortgage-cost-186363�aspx
Caplink Financial Corporation | Suite 2200, 10104 103 Avenue, Edmonton, AB T5J 0H8 | www.caplink.ca
“Alternative mortgage options to meet your client’s needs.”
Specialists in Private Mortgage Lending At Caplink we offer: > Competitive rates
> Fast approval times
> Unparalleled experience in private mortgage lending
> No beacon score concerns
> The ability to set your own fee
> Access to large capital base
> Flexible terms and renewal conditions
Submit your applications
through Filogix, fax
1-888-226-8834 or by email
Or give us a call to discuss your deal 1-888-429-0114
Residential
Helen Neufeld ext. 215 [email protected]
Commercial
Gay Andrews ext 236 [email protected]
Caplink Financial Corporation | Suite 2200, 10104 103 Avenue, Edmonton, AB T5J 0H8 | www.caplink.ca
“Alternative mortgage options to meet your client’s needs.”
Specialists in Private Mortgage Lending At Caplink we offer: > Competitive rates
> Fast approval times
> Unparalleled experience in private mortgage lending
> No beacon score concerns
> The ability to set your own fee
> Access to large capital base
> Flexible terms and renewal conditions
Submit your applications
through Filogix, fax
1-888-226-8834 or by email
Or give us a call to discuss your deal 1-888-429-0114
Residential
Helen Neufeld ext. 215 [email protected]
Commercial
Gay Andrews ext 236 [email protected]
you don’t become a specialist without a lot of experience
Specialty MortgagesRural / Acreage / Raw Land / New Construction / Country Residential / Farm–Ranch / Leased-Land / Large-Loan
When it comes to spinning intricate webs, there’s no doubt that spiders are the specialists in the field. And they should be: It’s pretty much all they do.
At Countryside Financial, rural mortgages are pretty much all we do, so I guess that makes us the specialist in our field too. In fact we are Canada’s only rural mortgage company. That’s why other Mortgage Brokers refer their rural deals to us.
Don’t get caught in the complicated web of rural mortgage applications. Co-broker your deal to us and still earn a commission – it truly is a Win-Win for both yourselves and the borrower.
Visit www.countrysidefinancial.ca/brokerreferral for more details.
#401, 5920 1A St SW, Calgary, AB, T2H 0G3Tel: (866) 949-4129 / [email protected]
www.countrysidefinancial.ca
Licensed with
WINTER 2014 33
In the last edition of AMBA Matters, we explained how to identify a private deal� After all, if you want to close more private deals you have to recognize them in the first place� Since writing that article, we have been asked for more detail on the most common situations we see as private lenders�
The mortgage market has a dynamic nature and the types of deals private lenders negotiate evolve with it� Furthermore, individual lenders have their own preferences� Nevertheless, the vast majority of deals funded by private lenders have one common trait,— equity rules the roost� There is a reason private lenders are often known by the moniker equity lenders� As private companies, these lenders are exempt from many of the rules that apply to the larger traditional lenders, specifically those that rely on mortgage insurance to protect their interest (pun intended)� That’s not to say that private lenders are outside of the law, or that they do not need to comply with legislation� Indeed, they often must comply with stringent legislation; however, the opportunity for you, the mortgage broker, lies in the difference in this legislation�
I’ll spare you the legal lesson but, take it from me, the old adage, as one door closes another opens could not be more true�
But Tim, enough of the whys? Show me the opportunities…
By looking at the products that standard private lenders offer, the opportunities will appear� You’ll begin to see why your clients might fit with a private lender� As mentioned above, equity lenders offer products that traditional lenders do not�
Private lenders’ products are typically categorized accordingly: Self-employed/stated income, bruised credit, property related, life events related, and mortgage structure related.
self-eMPloyed/stAted incoMeStated income product: A simple question to the client on how much they make� Banks usually need some sort of verification to support their stated income product�
bruised creditpoor credit scores: A credit score is a guideline for an equity lender to ensure that the client is allowed to borrow, not a guide for approvals or pricing�
ProPerty relAtedrental properties: As equity lenders there are no limits to how many properties one can own� There is no need to be creative when submitting the application to an equity lender�
Full rental income utilization: Equity lenders are able to use the full amount of income on a rental property, whereas different banks use a certain percentage of the rental income�
Commercial equity: A commercial property doesn’t need to be income producing for an equity lender to lend against�
life events relAted
Divorce
Maternity leave
Loss or change of job
MortGAGe structure relAtedSecond mortgage: This is a second mortgage placed behind an existing first mortgage either at or after the time of funding� There may be a time where a second is cheaper than re-doing the first�
Third mortgage: Just like a second mortgage, but when two mortgages already exist�
85 percent to 90 percent mortgages: as mentioned, equity lenders are able to lend up to where they feel comfortable� Regulations from OSFI etc� typically do not apply to privately funded mortgages�
Blanket mortgage: Also known as an Inter-Alia mortgage, occurs when two or more properties are offered as security� By increasing the security offered to the lender, in essence, the overall LTV is lowered and potentially the lender is able to offer an increased loan amount�
Blanket charges in multiple provinces: A charge over two or more separate properties in separate provinces�
Lastly, of course, we frequently look at deals that involve a combination of some or possibly all of the above.
equity lendinGtim hurlbut, alta west capital
private lending
done right
www.awcapital.ca
1-888-554-9075
WINTER 201434
AMbA.cA quicK Guide
usinG tHe AMbA.cA websiteThe AMBA�ca website has been designed so that it can be easily accessed from devices of any screen size, including your computer, tablet, or phone�
To start, open your web browser, and go to www�amba�ca�
JoininG AMbAIn order to join AMBA, you must fill out a Membership Application.
navigating to the Membership applicationIf on a computer, move your mouse to membership on the top menu, then click on Apply for Membership Online�
If on a phone, open the menu, press membership, then press Apply for Membership Online�
Hello, and thank you for showing interest in joining or renewing your Membership in AMBA�
In this document, you will learn how to:
1 Use the AMBA.ca website
2 Join AMBA using the AMBA.ca website
3 View your Shopping Cart
4 Checkout your order
5 Renew your Membership using the AMBA.ca website
6 Register for events using the AMBA.ca website
If you are on a computer, the website will look like this
If you are on a phone, the website will look like this Once pressed, a menu will
open and will look like this
filling out an applicationThe Membership Application looks like this:
Fill in all of the required fields� Required fields are the fields
with a red asterisk (*)�
*First Name and Last Name are required fields�
This is the name of the person who is applying for Membership with AMBA� If you are applying on the behalf of another person, use their name, and not your own�
Professional Title is a field where you can enter any of your accreditations� Examples include AMP, CFA, MBA, BComm� This field can be left blank�
*The Email and Phone fields are required fields�
Neither the email address nor phone number you enter here will be published on our website� This contact information is only used for communication between you and AMBA, therefore, it is important that your contact information be correct and up to date, or we will be unable to contact you about the status of your Application�
*Enter your Mailing Address and AMBA will send and physical mail to this address�
WINTER 2014 35
PrivAte MortGAGe lenders foruM
At this time, you may choose to join the Private Mortgage Lenders Forum� To do so, click the checkbox labeled Enroll in the Private Mortgage Lenders Forum
If you agree to the terms of the above agreement, click the checkbox labeled I agree to the terms�
To move on to the next step, click Proceed to Checkout
Once you’ve filled out your Membership Application, renewed your Membership, or registered for an event, you will need to check out your order� Before you check out, you can view and modify what is in your Shopping Cart.
At any time, you can see what is in your shopping cart by pressing the cart button on the top menu� This button will only appear on your menu if you have something in your shopping cart�
The shopping cart page looks like this:
If you want to remove something from your cart, press the Remove link next to the item in the cart�
Please note the prices on this page are in Canadian dollars (CAD) and do not include sales tax�
To proceed to the checkout, press the Checkout button
Mortgage BrokersYou may apply as an Individual Member of a mortgage brokerage with an active AMBA Membership (for example, an employee of TMG The Mortgage Group) or for a Brokerage Membership (for example, the broker of record at a mortgage brokerage that has yet to apply for AMBA Membership)�
If you select Individual Member, a dropdown menu will appear, and you will then be able to enter the name of your Brokerage�
industry partnersYou may apply as an Individual Member of a company that is not a mortgage brokerage, which has an active AMBA Membership (for example, an employee at SidePix LTD, a marketing company), or for a Corporate Membership.
If you select Individual Member, a dropdown menu will appear, and you will then be able to enter the name of your Company�
If you select Corporate Membership, a text field will appear, and you will then be able to enter your Organization Name�
If you select Brokerage Membership, a text field will appear, and you will then be able to enter your Organization Name�
AMbA MeMbersHiPYou will need to choose which type of Membership you wish to apply for�
AGreeMent
Proceed to cHecKout
view sHoPPinG cArt
WINTER 201436
AMbA.cA quicK Guide continued
cHecKoutOnce you’ve filled out your Membership Application, renewed your Membership, or registered for an event, you will need to check out your order� The checkout page looks like this:
You can review the items in your shopping cart and if you want to make changes, see the previous section�
Billing information
payment information
next step
complete your order
Here you need to enter in your billing information� This information must match the information used by your credit card company�
Here you enter your credit card information� AMBA accepts VISA, Master Card and American Express�
order summaryPlease note the prices on this page are in Canadian dollars (CAD) and do include sales tax�
The checkout page looks like this
aMBa 2015 MeMBersHip renewals
renew online today!
$400corporate/Brokerage Membership:
$150individual Membership/ corporate individual Membership:
visit aMBa.ca to renew your membership
today!
The right fit.
Start savingthepersonal.com/amba | 1-888-476-8737
Discounts and savings are subject to eligibility conditions. The Personal refers to The Personal General Insurance Inc. in Quebec and The Personal Insurance Company in all other provinces and territories. Auto insurance is not available in Manitoba, Saskatchewan or British Columbia due to government-run plans. Loyalty Savings only available in Ontario, Alberta, Nova Scotia, New Brunswick and Prince Edward Island. Winter Tire Discount not available in Quebec.
Exclusive group rates More ways to saveon your home and auto insurance
WINTER 2014 37
AMBA regularly holds events for its members, which you may wish to join� First you must go to the Upcoming Events page, then you must pick which event you would like to register for�
navigating to the events pageIf on a computer, click on events on the top menu�
If on a phone, open the menu, then press events�
choosing an event to register forOnce you are on the Upcoming Events page, you can choose an event to register for� The Upcoming Events page will look something like this:
Click the name of the event you wish to register for� For example you can click the ALT-A Symposium page�
registering for an eventAnd Event page will look something like this
registering an aMBa member for an event
To register an AMBA member for an event, you must first their name Attendee/Ticket Holder field�
Any important notes about this person can be added in the Notes field� For example, if this person has a shellfish allergy, you could add this here�
When you start entering the name in the Attendee/Ticket Holder field, you will receive suggestions from our database of AMBA members�registering a non-aMBa
member for an event
If the person you are looking to register is not a member of AMBA, you will need to enter their contact information�
shopping cart and proceeding to checkout
You can look at a list of people you are registering by scrolling to the bottom of the page�
To move on to the next step, click Checkout�
navigating to the Membership renewal pageIf on a computer, move your mouse to member zone on the top menu, then click on Renew Your Membership�
If on a phone, open the menu, press member zone, then press Renew Your Membership�
renewing your MembershipTo renew your Membership, click the Add Renewal To Cart link next to your name�
renewing others at your Brokerage
To renew the Membership of someone at your brokerage, click the Add Renewal To Cart link next to the name of the person or people you wish to renew�
searching for a person to renewIf the person you’re looking to renew is not on the list because your brokerage has so many members, you can search for the person using the search field�
Enter the person’s name, in whole in part, into the text field, then click Find�
Then, click the Add Renewal To Cart link next to the name of the person you wish to renew�
shopping cart and proceeding to checkoutYou can look at a list of people you are renewing by scrolling to the bottom of the page�
To move on to the next step, click Checkout�
renewals
You can renew your own membership or the Membership of anyone at your brokerage�
renew your MeMbersHiPYou can renew your own Membership
In order to renew your AMBA Membership, you must go to the Renewals page
reGister for An event
WINTER 201438
Sam Samadi is regional manager of business development at CMLS Financial, one of Canada's largest independently owned mortgage services companies�
Born and raised in Calgary, Sam is an eight-year industry veteran with solid lending and broker relationship experience� As a former underwriter, Sam uses his knowledge within this industry to understand the nuts and bolts of lending and continues to use these experiences to grow each and every day� Sam looks forward to going to work every day and building upon the foundation of knowledge and support that the mortgage industry, community, and province continues to foster�
As a family man, Sam has chosen Calgary as his home because he believes it’s a place where his family can continue to grow and contribute to the community in a multitude of ways�
Tell us a BiT aBouT yourselF …
where are you froM?I was born and raised in Calgary�
what are a few of your hoBBies?When I am not working or with my family I enjoy playing soccer, badminton and wearing ugly Christmas sweaters�
how did you get started in the Business?I started underwriting back in 2006 with Resmor Trust, straight out of a major bank�
what do you love aBout Mortgages?I love the problem-solving aspect that a mortgage files presents and that no two mortgage applications are exactly alike�
AMbA MAtters MeMber Profile
Sam Samadi
Canadian Cancer Society Jail-N-Bail 2014
Paul Gajdos and Sam Samadi in Montreal with Christmas Sweaters
WINTER 2014 39
Please Tell us a liTTle aBouT your coMPany...CMLS Financial is a new lender having launched a Residential Division in 2013, but our Commercial division has been lending for more than 40 years� We are a broker friendly lender and offer a diverse product package and compensation structure�
how long have you Been working in the Business?I started as a residential underwriter in 2006 with Resmor Trust (as it was known at the time)�
what is your experience with aMBa?My experience with AMBA is a very positive one� We are an organization of like-minded individuals striving for consumer awareness and enhancing the profile of Mortgage Brokers across our province�
what is your vision for the Mortgage industry?My vision is to see our industry continue to grow both market share and in mortgage broker ability� Ultimately, those goals must be aligned if we wish to continue to win over consumers with a positive experience� We need to continue to grow our skill sets by taking the long-term view that a mortgage relationship is a long-term strategy and not an immediate solution to a problem�
what other professional associations do you Belong to?Currently I also hold a membership to CAAMP and RECA�
in such a coMpetitive Market, how do you stay ahead of your coMpetition and reMain successful?I take a very open approach to my work� I don’t necessarily view my competition with apprehension or reproach as many would think� As individuals, we are always trying to do our best for our customers and through education and support (both on an individual and group scope) we can attain true success� Success can come in many forms, when I look around I am truly happy for a competitor as much as I am for my own success, that lesson shows me I am thinking about the greater good versus my own personal benefit�
what aspects of the Mortgage industry do you find Most challenging? Policies and rules are ever evolving, so staying ahead and on top of them is a full time job in itself� Now more than ever, education and support are just as important to consumers as price and efficiency�
The Samadis
Lethbridge lobster feast
WINTER 201440
Please share Three Fun FacTs aBouT yourselF...
My real name is Saumon (which is Persian) and I am half Iranian (although I don’t look it HA!)
Both my sons love playing hockey, but I personally cannot skate that well (shh…don’t tell them)
I once lost a bet to my wife and had to wear an Edmonton Oilers shirt…I was not happy…
Please share Three FacTs aBouT your coMPany...
CMLS Financial finished quite high in the CMP Magazines brokers on lenders survey in 2014 (#2 to be exact, but #1 for Overall Service!)
CMLS Financial just launched a Broker Resource Centre that can be located at www�cmls�ca/brokers
CMLS Financial lends in B�C�, Alta�, Sask�, Man�, and Ont�
how long have you Been an aMBa MeMBer?I have been an active AMBA member since 2010�
what’s your favourite aMBa event?Without a doubt, the Curling Bonspiel!
have you ever Been recognized for any industry accoMplishMents?I was named a CMP finalist for Underwriter of the year in 2009 and 2010�
AMBA Curling Bonspiel
AMbA MAtters MeMber Profile
Sam Samadi
Flexible lending when you need it.
At Antrim, being flexible allows us to create the custom mortgage
solutions your clients require. We provide a broad range of residential 1st
and 2nd mortgages tailored to the needs of your self-employed, stated income, and low beacon clients. Approval turnaround is fast, keeping
pace with Albertans’ efficient and common sense approach to business.
Our friendly and knowledgeable underwriters look forward to helping you.
Contact us today 1.888.550.6039 · [email protected]
WINTER 2014 41
AMbAcAlendAr
februAry 2015AMbA curlinG bonsPiel february 6, 2015 the derrick club, edmonton
Alt-A syMPosiuM february 25, 2015 westerner Park, red deer
MArcH 2015AMbA winter GAMes March 5, 2015 canada olympic Park, calgary
June 2015AnnuAl Golf tournAMent June 11, 2015 dinosaur trail Golf and country club, drumheller
AMbA’s 40tH AnniversAry celebrAtion And conference June 11 & 12, 2015 badlands community facility, drumheller
deceMber 2015AnnuAl GenerAl MeetinG calgary
end of yeAr And HolidAy GAtHerinG calgary & edmonton
MARK YOUR CALENDARS!
Smooth out the bumps.Sourcing unconventional � nancing can be rough. We’re here to help make the process as smooth as possible.
• Equity based 1st & 2nd Mortgages
• BC, AB, SK, MB
• Residential, Construction,and Rental
• BFS, NIQ, Impaired Credit,New to Canada
Let’s talk solutions.Find out how Paradigm can help fi nd alternative lending solutions for your clients
Call 1-800-979-2911 or visit our new website at teamparadigm.ca
Ryan LeeRelationship Manager
Romspen Investment Corporation is a non-bank mortgage lender specializing in commercial real estate across Canada
and the United States. With over $1 billion under administration, we offer customized mortgage solutions for term, bridge
and construction financing from $4M to $100M.
Blake Cassidy I 800 494 0389 I www.romspen.com
OppOrtunity is Often simply a matter Of seeing it first.
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DATE:
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1.877.416.7873 • www.streetcapital.ca™ Trademark of Street Capital Financial Corporation. FSCO Licence No. 11428
Dedicated Underwriters | Broker Status | Rewards Program
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