Mortgage Broker

Winter 2014

Mortgage Broker is the magazine of the Canadian Mortgage Brokers Association and showcases the multi-billion dollar mortgage-broking industry to all levels of government, associated organizations and other interested individuals.

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12 | winter 2014 mbabc.ca MortgageBroker Focus on Industry Initiatives THE MBABC RECENTLY MET with the Mortgage Broker Regulators' Council of Canada in a regulator and industry association meeting in Toronto. e MBRCC, an umbrella organization consisting of provincial mortgage broker regulators from across Canada, was set up to provide a forum for regulators to share information, work on cooperative regulatory initiatives and coordinate feedback and engagement from the mortgage broker industry and other stakeholders. MBRCC Chair Kirk Bacon advised during the meeting that the regulators' group is working on some interesting initiatives, including: 1. An online inter-jurisdictional licensing tool, which will permit an industry member whose brokering activities span one or more provinces to plug in some variables, such as the province where the broker is located, where the property is located and where the lender is located. e online tool should, when it is complete, indicate the province or provinces where the broker must be licensed in order to broker the transaction. is kind of tool, while it may not account for every intricate detail in a transaction, should provide some immediate and reliable guidance to brokers about potential licensing requirements in other jurisdictions without actually having to contact the regulator. 2. A searchable, interprovincial database of mortgage brokers who have been disciplined by provincial regulators, which would enable consumers, other regulators and industry members to obtain a broker's Canada-wide disciplinary history with just one search. 3. A standardized risk disclosure brochure and online materials for borrowers in all jurisdictions to advise them of the material risks associated with mortgages. e MBABC provided a review of the dra form and feedback to the MBRCC and we look forward to the final versions of these materials. e new MBRCC resources should prove to be invaluable resources for industry members – we will keep you posted on their progress and availability. – Samantha Gale Ray Basi Joins the Team RAY BASI HAS JOINED THE TEAM at Mortgage Brokers Association of British Columbia and Mortgage Brokers Institute of British Columbia as Director of Policy and Education. Ray is a graduate of Simon Fraser University, where he earned a first class honours degree in criminology with an emphasis on policy analysis and reform. He furthered these interests by obtaining a law degree from the University of Victoria. Ray was engaged in the private practice of law for approximately 16 years. His practice focused on the law surrounding real estate transactions, including the law surrounding mortgages and mortgage brokering. Ray has several years experience in the areas of freedom of information and protection of privacy as an analyst, manager, and director with the provincial government. He has been previously employed in one or more of these capacities by the Ministry of Transportation; the Ministry of Economic Development; the Ministry of Energy, Mines, and Petroleum Resources; the Ministry of Environment; the Ministry of Agriculture and Lands; and, most recently, the Financial Institutions Commission. We believe Ray's experience and knowledge will be of considerable assistance as our organizations advance in a number of ways. – Samantha Gale update New Members Corporate Memberships Interior Equities Corp. James B. Ramsay Mortgage Wisdom Harwinder ( Harry) Toor Terrapin Mortgage Investment Corp. Jeffrey Morgan Tri City Fund Management Ltd. Michael Goodman Individual Memberships Julia Valach Barritt Mortgages Inc. Marc Alteman Bona Fides Financial Services Kanwar H. Singh Chandi Centum Chandi Mortgages Inc. Hsuan Wang City Wide Mortgage Inc. Carol Polden DLC - Slegg Mortgage Nicole Jabs DLC - Slegg Mortgage Christina Fisher DLC Canadian Mortgage Experts Mark Banath DLC Canadian Mortgage Experts Bona Normandeau DLC Harbour View Mortgages Livian Smith DLC Hilltop Financial Antonio Perdigao DLC Mortgage Matchers Michael Alexander DLC North Shore - A Better Way Kevin Bay DLC Producers West Financial Jason Zailo DLC – Modern Mortgage Group Yvonne Futter DLC Primex Mortgages Andreia Guariento DLC – A Better Way Zahida Khan DLC – A Better Way Sheryl Elsom DLC – A Better Way Amil Shah DLC Aegis Mortgage Services Alanna Huisman DLC White House Mortgages Simon Carlsen Instafund Financial (Commercial) Paul Macara Invis – Beyer Mortgage Services Kevin Irvine Invis Inc. Tammy Brewster Jerry Brar Mortgages p12,13_MBRCC.indd 12 14-01-27 11:39 AM

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