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.
Issue link: http://digital.canadawide.com/i/505959
members'news 12 | spring 2015 mbabc.ca MortgageBroker Referral fees There are several amendments underway to the legislation governing realtors, strata managers and rental agents. Some of the amendments to the Real Estate Services Act will require that all real estate related referral fees will have to go into the brokerage trust account. Also, licensees and brokerages may receive cheques, dras, or money orders payable to third parties without paying them into brokerage trust accounts, provided they are immediately delivered to the party to whom they are payable. Exemption extended The BC seCuriTies Commission's plans to implement exempt market dealer registration requirements for mortgage investment corporations and syndicators have been extended again, to the end of December 2016. is means that mortgage investment corporations and mortgage syndicators, which might otherwise have to apply for registration under the Securities Act, will be able to avoid registration provided they comply with the conditions of the exemption. For more about the conditions see page 46 of the Spring 2014 issue of Mortgage Broker. Aging funds I have a question that relates to a US buyer who is purchasing a home in Sun Peaks. Can you please confirm the FINTRAC regulation for 60 day aging of funds in Canada includes any funds $10,000 + including deposits? e clients would like to complete on the purchase quickly. Is there any way you know of that would enable them to do this? anks for your help! Liz Forster Managing Broker Sotheby's International Realty Canada Reply: Aer doing some digging, I have found that there are no FINTRAC regulations that are applicable here. e aging requirement would be a lender requirement, and not a FINTRAC requirement. If a borrower can verify funds in a legitimate US bank account for 90 days it does not have to be aged in a Canadian account for another 60 days. Congratulations! I just wanted to send you an email congratulating you for the great job you did at the MBABC Conference. It was so much fun and you were great! I also want to thank you for the invitation to advertise in the Mortgage Broker Consumer Guide because I have received two phone calls for financing [from people] who saw my ad! I was pleasantly surprised by the phone calls which came from Coquitlam and Vancouver. I guess you never know where people will read this informative and professional magazine and who will find you! Karen Hall, AMP Dominion Lending Centres – Dynamic Mortgages Please send letters to the editor to: editor@mbabc.ca update letters mbabc members' views Canada's Anti-spam Legislation has teeth in early marCh 2015 the Canadian Radio-television and Telecommunications Commission (CRTC) issued a Notice of Violation ordering 3510395 Canada Inc. (dba Compu-Finder) of Quebec to pay an administrative monetary penalty of $1.1 million. Compu-Finder had 30 days, from the date of the order, to either submit written representations to the CRTC or pay the penalty. Alternatively, it could ask the CRTC to accept an undertaking. Compu-Finder committed the four violations of CASL between July 2, 2014 and September 16, 2014 by sending commercial electronic messages without the recipients' consent and sending emails in which the unsubscribe mechanisms did not function properly. e messages sent by Compu-Finder promoted various training courses (e.g., management, social media and professional development) to businesses. Compu-Finder did not make any effort to change its business practices aer CASL came into force and continued to send unsolicited CEMs to email addresses it found by searching websites. Compu-Finder was flagged for investigation as it accounted for more than 25 per cent of the spam complaints received by the CRTC relating to training companies. Manon Bombardier, chief compliance and enforcement officer for the CRTC, said,"My goal is to encourage a change of behaviour on the part of Compu-Finder such that it adapts its business practices to the modern reality of electronic commerce and the requirements of the anti-spam law." e take-away for mortgage brokers is that breaches of CASL can carry severe penalties and they should ensure their existing electronic communications practices comply with CASL. To paraphrase an old saying, $1.1 million saved is $1.1 million earned.