Fall - IMBA!

IMBA’s E&O insurance for mortgage brokerages
Vol 5 Issue 3
Fall 2012
The Voice of the Mortgage Brokers and Agents of Ontario
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Departments
Message from
the President
New IMBA Members
Advertisers’ Index
6
8
30
10
14
26
Features
10 A necessary evil, or not Mortgage insurance rule changes
were needed for the stability of the housing market
By Zuhair Kashmeri
14 The ins and outs of private lending: Private lenders fill
an important market gap
By Matthew Bradford
16 The benefits of IMBA membership: IMBA directors explain
why it makes business sense
By Zuhair Kashmeri
18 A collective effort: IMBA joins MBAAC and AMBA to create
the Provincial Association Alliance
By Matthew Bradford
22 Summer getaway: IMBA members gather in the Nottawasaga
Valley for SummerFest
24 Best-in-class insurance: IMBA’s E&O insurance is born out of
years of underwriting experience
By Zuhair Kashmeri
26 WinterFest 2013 to dock in Montego Bay: IMBA builds on
its long-time tradition
By Matthew Bradford
Independent Mortgage Brokers
Association of Ontario
2950 Keele Street, Suite 103
Toronto, Ontario M3M 2H2
Tel.: 416.252.4622
Fax: 416.252.4623
Province-wide Tel.: 1.877.564.4622
Province-wide Fax:
1.866.232.8385
Published August 2012
Executive Publisher: Lou Perrotta
Executive Editor: Joe Rosati
Publisher: Robert Thompson
Associate Editor: Roma Ihnatowycz
Sales Executives:
Kari Morgan, John Pashko, David Tetlock
Senior Graphic Design Specialist:
James T. Mitchell
President: Kevin Brown
Senior Vice-President: Robert Thompson
Branch Manager: Nancie Privé
Published by:
5255 Yonge Street, Suite 1000
Toronto, Ontario
M2N 6P4
Toll Free: 1.866.216.0860 ext. 229
robertt@mediaedge.ca
531 Marion Street
Winnipeg, MB Canada
R2J 0J9
Articles and information in this magazine represent
the opinions of the writers and do not necessarily
reflect the opinions of the Independent Mortgage
Brokers Association of Ontario (IMBA), its board of
directors or its staff. The information used within
the magazine was, to the best of our knowledge,
accurate at the time of writing. Certain names,
scenarios or identifying information may have been
changed to protect confidentiality. Users of any
information contained in BrokerBiz are encouraged
to validate that information by independent means.
Please return undeliverables to:
2950 Keele Street, Suite 103
Toronto, Ontario M3M 2H2
PM40787580
Vol 5 Issue 3 • 5

MESSAGE FROM THE PRESIDENT
Albert Collu, CPMA
President, IMBA
Building on
successful initiatives
It appears that 2012 is a pivotal year
for IMBA. We have experienced
three of the most successful events
in the history of IMBA: the Annual
Conference, the Dinner & Gala Evening
and SummerFest at the Nottawasaga Inn
Resort. We received tremendous support
from sponsors and business partners, and
attendance was sold out at each event.
In addition, IMBA introduced a number
of new initiatives and services. The
association launched a legal expense
insurance program on May 1, a new
benefit that has added great value to
IMBA’s active members. IMBA also
rolled out an inaugural re-licensing
course, which enabled the association
to facilitate the re-licensing of more
than 2,450 brokers and agents, as
well as refresh their knowledge about
compliance and regulations.
On the partnership front, IMBA
formed an alliance with the Alberta
Mortgage Brokers Association (AMBA),
which brought together two industry
associations focused on supporting
and educating the mortgage brokerage
industry. Both AMBA and IMBA
develop their association partnerships
with organizations that work to better
the mortgage brokerage industry
and support the mission and goals of
their respective associations and their
members. IMBA is also a founding
member of the newly established Real
Estate Working Group in Ontario,
where professionals from all areas of
real estate meet to exchange views and
pool support and resources to lobby
government. Included in this group are
6 • brokerbiz
established and influential associations
such as the Ontario Real Estate
Association, the Ontario Home Builders
Association and the Ontario Association
of the Appraisal Institute of Canada, to
mention a few.
Last but not least, IMBA sponsored
and introduced a new provider for
errors and omissions insurance, which
addressed a gap in the industry for
licensed brokerages and administrators
in Ontario. The association partnered
with Aon Risk Solutions to bring a
competitive program to Ontario. Aon
had enormous success in binding over
51 per cent of all the quotes issued
to brokerage enquiries within a short
window of opportunity from June 11
to July 1. You will be hearing a lot more
about Aon’s programs and what they
have to offer your brokerage. Please
call the IMBA office for any immediate
needs you may have at this time
regarding E&O insurance.
The mortgage brokerage industry and
our profession have endured many
challenges during the past few years,
and we continue to face challenges from
competitors, as well as those posed by
a more stringent compliance regimen.
A strong provincial voice is critical to
all of us who are licensed to practise in
Ontario. 2013 will be another decisive
year for our industry as the MBLAA is
due for a five-year review. IMBA will
be working closely with the Financial
Services Commission of Ontario and
the Ministry of Finance to review
the Act and recommend potential
enhancements. We will soon request
your comments regarding potential
changes to the MBLAA, which will
form the foundation of IMBA’s
recommendations.
In the past, IMBA has achieved
success in lobbying for the following:
1. To permit broker/agent licencees to
operate as independent contractors;
2. A simplified process for brokers/
agents to transfer their licences
between brokerages; and
3. Enhanced definitions for the
activity of mortgage brokering to
prevent unlicensed individuals
from engaging in mortgage
brokerage activities.
September 2012 marks the 12th
anniversary of IMBA’s founding. We
are proud of its accomplishments,
but we know that there is still much
more to do. If you are already a
member of IMBA, I ask for your
help in attracting new members
to the association to help support
future initiatives. In this manner, we
can further build on the successful
initiatives we have launched this year.
IMBA’s staff and directors continue
to work hard, both to bring value to
members and for the benefit of the
industry. As an association, IMBA
leverages your individual voice to
represent the collective interests of
licensed mortgage brokers and agents
in Ontario. I thank you for being a
member of IMBA and for helping us
strengthen our collective voice.

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NEW IMBA MEMBERS
Tamara Tkachuk
Argentum Mortgage and Finance Corp.
Jila Mott
Argentum Mortgage and Finance Corp.
Mehrnaz Ahmadbeigi
Argentum Syndicate Mortgages
Leila Asgari
Argentum Syndicate Mortgages
Laura Banchon
Argentum Syndicate Mortgages
James Beckett
Argentum Syndicate Mortgages
Cheryl Anne Bennett
Argentum Syndicate Mortgages
John Benstead
Argentum Syndicate Mortgages
Nathalie Botelho
Argentum Syndicate Mortgages
Dan Cavey
Argentum Syndicate Mortgages
Rachel Chastny
Argentum Syndicate Mortgages
Midori Cheung
Argentum Syndicate Mortgages
David Dekel
Argentum Syndicate Mortgages
Rekha Dhiman
Argentum Syndicate Mortgages
Vasile Dincov
Argentum Syndicate Mortgages
Carlo Elzingre
Argentum Syndicate Mortgages
Andrew Evans
Argentum Syndicate Mortgages
Igor Fishman
Argentum Syndicate Mortgages
Mikhlin Genady
Argentum Syndicate Mortgages
Abolfazl Ghandehari
Argentum Syndicate Mortgages
Shariar Ghasemi
Argentum Syndicate Mortgages
Daniel Hakim
Argentum Syndicate Mortgages
Evan Kouroupis
Argentum Syndicate Mortgages
Stella Kvaterman
Argentum Syndicate Mortgages
Kwok Choi Lam
Argentum Syndicate Mortgages
Mario Lamadeleine
Argentum Syndicate Mortgages
Mahsa Moayedi
Argentum Syndicate Mortgages
Nadia Nardi-Lamadeleine
Argentum Syndicate Mortgages
Emily Nery
Argentum Syndicate Mortgages
Alex Prasoulis
Argentum Syndicate Mortgages
Shifteh Rohani
Argentum Syndicate Mortgages
Rattan Sagu
Argentum Syndicate Mortgages
George Samson
Argentum Syndicate Mortgages
Raquel Sasot
Argentum Syndicate Mortgages
Nasrin Sattarian
Argentum Syndicate Mortgages
Biagio Scrivo
Argentum Syndicate Mortgages
Alla Semenova
Argentum Syndicate Mortgages
Tatiana Serebrianskaia
Argentum Syndicate Mortgages
Sergiy Shchavyelyev
Argentum Syndicate Mortgages
Nikolay Shlepov
Argentum Syndicate Mortgages
Apostolos Sigalas-Selas
Argentum Syndicate Mortgages
Kevin Somnauth
Argentum Syndicate Mortgages
Daniel Stein
Argentum Syndicate Mortgages
Helen Tarsky
Argentum Syndicate Mortgages
Mai Anh Tran
Argentum Syndicate Mortgages
Anastasia Wilson
Argentum Syndicate Mortgages
David Zakroisky
Argentum Syndicate Mortgages
Nnamdi Anurukem
Carmichael M. Consulting &
Business Solutions Inc.
Bibi Shivtahal
Centum Anava Financing Inc.
Jadvir Sandhu
Centum Anava Financing Inc.
Adrian Cox
Centum Empire Financial Services Inc.
JoMarie Burke
Centum One Financial Group Inc.
Amjad Ghani
Centum Premier Mortgages Ltd.
Douglas Gray
Centum Signature Mortgage Inc.
Frank DiNardo
DiNardo Financial Inc.
Jay Ainabe
Dominion Lending Centres (Central) Inc.
Sarah Makhomet
Dominion Lending Centres Mortgage
Village
Maheshkumar Patani
Greater Toronto Mortgages &
Financial Services Corp.
Pradeep Chamoli
Greater Toronto Mortgages &
Financial Services Corp.
Irina Vlassova
Matrex Financial Ltd.
Randy DeAngelis
Mortgage Intelligence Inc.
Morris Oziel
Mortgage Intelligence Inc.
Andrew Stern
Moskowitz Capital Management Inc.
Anna Comia
Moskowitz Capital Management Inc.
Terry Avramidis
Neighbourhood Dominion Lending
Centres
Steve Minos
Northwood Mortgage Ltd.
Karen Parrott
Northwood Mortgage Ltd.
Anna Rizzuto
Northwood Mortgage Ltd.
Flavio Inzirillo
Northwood Mortgage Ltd.
Vladimir Kaberman
Northwood Mortgage Ltd.
Andrea Meynell
Northwood Mortgage Ltd.
George Thomas
Northwood Mortgage Ltd.
Jeffrey Clyde
Northwood Mortgage Ltd.
Sean Goodwin
Northwood Mortgage Ltd.
Muhammad Asim Khan
Northwood Mortgage Ltd.
Rahul Bhatia
Northwood Mortgage Ltd.
Rinku Mudhar
Northwood Mortgage Ltd.
Gordon Snellings
Northwood Mortgage Ltd.
Brian Gold
Owemanco
Adam Tobe
Owemanco
Marshall Pollock
Savers Mortgage Inc.
Jen Borzym
The Equitable Trust Company
Smita Chakrabarti
The Equitable Trust Company
Peter Guzzo
The Equitable Trust Company
Paula Roberts
The Roberts Group-Dominion
Lending Centres
Gina Monaco
TMG The Mortgage Group
(Ontario) Inc.
Roger L’Ecuyer
Verico The Mortgage Wellness Group
Limited
Stanley Paul Manchester
Woodglen & Associates Inc.
Baljeet Bajwa
Bruce Cisterna
Michelle Du Preez
Ratish Saini
Bhagwant Singh
Filipe Amorim
Shylo Babber
Pasquale Cuntrera
Gagandeep Dhindsa
Sonya Fong
Mary Gagliardi
Emma Graham
Lisa Gretzky
Laura Hammond
Kyung-Shik Ji
Brian Jones
Camele Kelly
Tom Livisianos
Nicola Monastero
Balbir Saini
Farrukh Siddiqui
Brian Stothard
Ann Stropus
Manvinder Singh Waraich
Mei Na Wu
Rama Asnani
Jeyavathani Baheetharan
Austin Curtis
Anne Harper
Ryan Johnston
Patrice Villeneuve
Stephanie Villeneuve
Tam Vo
Suhang Zheng
Darrell Andrews
Gurjinder Brar
Charles Cohen
Tammy Condly
Sabrina Crawford
Christine Czestochowski
Ren Jie Huang
Isis Jimenez
Sophia Johnson
Maher Killu
Domenic Tozzo
Munir Amir
Nancy Fiore
Tameem Hallak
Desiree L’Ecuyer
Wais Lodin
Kiumars Tahmasb
8 • brokerbiz

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Regulation
A necessary evil,
or not
By Zuhair Kashmeri
Mortgage insurance
rule changes were
needed for the
stability of the
housing market,
argues Canada
Guaranty CEO
Andrew Charles
The message Andrew Charles is
delivering may not please many
brokers, lenders and potential
homeowners. But that doesn’t
deter the CEO and president of the
country’s only all-Canadian privately
owned mortgage insurer. He argues that
new federal mortgage rules to rein in
homebuyers from over-borrowing is a
necessary short-term pain for long-term
gain. It is imperative if we want our
housing market to remain the envy of
the world.
Charles, a 25-year veteran of the
mortgage industry, was picked to lead
Canada Guaranty Mortgage Company
in 2010 after it was born out of a
merger and acquisition undertaken by
the Ontario Teachers Pension Plan and
National Mortgage Guaranty Holdings
Inc. He explains to BrokerBiz why he fell
in behind Ottawa.
“At the end of the day, these changes
should result in more stable and less
volatile housing prices,” says Charles.
“So where you have seen particular
markets with 10 per cent growth or
11 per cent growth, I would think
over the long run you will see a stable
marketplace with less volatility.”
The reaction to the government’s
changes ranged in the extreme. An
economist with one of the “big six”
banks argued it would slow the overall
growth rate of the country by as much
as 0.2 percentage points, while builders
and some lenders bemoaned the fact
that the rule tightening was cutting
off young Canadians from their home
ownership dream.
10 • brokerbiz

Regulation
Finance Minister Jim Flaherty argued
in an interview with the Canadian Press
(CP) that the small drop in the growth
of the economy was worth the risk, as
the alternative could do serious harm to
the housing sector. Flaherty told CP that
he expected Canadians will continue to
buy homes, but if they now purchase
“less house or less condominium, quite
frankly, I think that’s a good thing.”
Right choice
Could Ottawa have dampened the
volatility differently Charles believes
that the government really did not have
any other levers available to regulate
the market. For instance, Ottawa could
not use the tried-and-tested method
of raising rates because they are tied
internationally, and the world economy
was not firing on all four cylinders.
Hence, says Charles, the changes
brought in were “a prudent way to
ensure that additional moderation is
brought into the housing market and we
end up with a soft landing rather than a
bursting bubble.”
“(The rule changes
are) a prudent way to
ensure that additional
moderation is brought
into the housing
market and we end up
with a soft landing.”
Andrew Charles, Canada Guaranty
So far so good, but other commentators
in the public realm, including many
lenders, believe that such regulations go
against the grain of an unfettered, freeenterprise
economy which relies on the
“invisible hand” that balances markets,
as described by economist Adam Smith,
the father of modern-day capitalism.
“We’ve certainly seen other markets rely
on the Adam Smith principle and pay
the price for it,” retorts Charles. “My
frame of reference is the last four years,
during which the government has
intervened in the marketplace four
times. On balance, the intervention
has been prudent for the times and
the marketplace. Remember that
the government is a big stakeholder
in the housing market in Canada,
either through CMHC or through
the private mortgage insurers, which
are backstopped by the Government
of Canada… That is something they
need to consider.”
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Vol 5 Issue 3 • 11

Regulation
Charles challenges that all one has to
do is scan other models around the
world and try to find a housing market
that has performed as well as Canada’s.
“Compare it to the U.S. housing market,
compare it to a variety of southern
European markets, and on balance you
would find that the Canadian housing
market enjoys a pretty good reputation
relative to other markets,” he notes.
Charles agrees that the rule changes
will probably result in a reduction of
finance activity by 15 per cent or more,
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and less volatility of the kind that
saw some housing markets with 10
or 11 per cent growth rates. The
next little while may well become
more of a buyer’s market when it
comes to house prices, although he
sees more of a slowing in growth
and flattening of house prices rather
than a sudden drop in house prices.
Canadian Press, in fact, quotes
economists who talk of a correction
in house prices in some areas by as
much as 10 to 25 per cent.
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Condo market
How will all this affect Toronto’s
booming condominium market Charles
falls short of the doomsday scenario
painted by several media commentators.
He does, however, anticipate some
moderation in the condominium market
but quickly adds that “the key to the
Toronto condominium market will be
whether Toronto will continue to be a
preferred destination for a high number
of new immigrants each year… If it can
remain a preferred destination for new
immigrants then the current inventory
can be managed.”
By default, continues Charles, the changes
in mortgage rules will cause an uptick
in the rental market in Ontario. “If you
reduce the size of the home ownership
market, then the effect could be a higher
percentage of Canadians exploring the
opportunities to rent,” he explains. “If
we are taking marginal buyers out of the
housing market, those marginal buyers are
then forced to look at the rental market.
So it will be my anticipation that the
rental market will show some growth over
the next few years.”
How does his own company plan to
deal with the game change brought
down by Ottawa “We have a targeted
customer acquisition strategy that
we are pursuing,” says Charles. “We
have been favourably received in the
marketplace by virtue of being a 100
per cent Canadian-owned insurer with
very strong sponsorship at the ownership
level… We are delighted with our
progress in the marketplace and pleased
with the lenders we have as customers.
Canada Guaranty anticipates adding a
significant new lender to our customer
group in the near future.”
When asked how independent mortgage
brokers should deal with the impact of
the rule changes, Charles says: “I would
continue to have the right balance of
lenders in your portfolio so you can
continue to position yourself as a onestop
provider to your referral source. The
marketplace affords that opportunity.
It is what it is. Don’t take anything for
granted, own your referral sources, and
build a co-operative relationship with
your lenders and mortgage insurers.
Brokers that are successful today will be
successful tomorrow.”
12 • brokerbiz

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Vol 5 Issue 3 • 13

Alternative Lending
The ins
and outs of
private lending
By Matthew Bradford
14 • brokerbiz
Private lenders
fill a market
gap, delivering
a sophisticated
lending
proposition to
higher-risk loan
seekers
Whether it’s for a home,
cottage, construction
project or strip mall,
private lending offers
borrowers an alternative to institutional
loans, and lenders an opportunity to
put their money to work. The rates
may be higher, and at times the risks
may be more complex, but at the end
of the day everyone is committed to
sealing the deal.
There are a number of reasons why a
borrower might be denied a loan from
a financial institution. The decision
can come down to anything from bad
credit, insufficient income, or a simple
lack of alignment with an institution’s
standards and policies. Fortunately for
loan seekers, there exist alternatives to
the traditional avenues of funding in the
form of private lenders.
“We facilitate a gap in the market,” says
Rajan Kaushal, president of Tribecca
Finance Corporation. “Whenever
the main institutions can’t facilitate a
loan, we offer alternative products to
borrowers so they can get the funding
they need.”
These borrowers come in many forms,
some seeking loans for residential assets
and others for larger-scale commercial
properties. All, however, come to
mortgage brokers prepared to pay higher
interest rates and a larger share of the
mortgage for an opportunity to secure
private funding from a willing investor.
“Every private lending institution has
an idea of what they want to lend
on and what risks they’re willing to
take,” says Kaushal, who’s private
lending institution deals primarily
with residential and construction
mortgages. “That risk is not black and
white. We will look at every individual
borrower and assess the merits of
each application.”

Indeed, different loans attract different
lenders. For example, Paul Bath, CEO
and managing director of Centum One
Financial Group, is a private lending
broker who deals primarily within the
residential sector. Like many in his
field, Bath’s deals are evaluated largely
on equity, meaning due diligence as it
relates to the borrower and property
are critical. “We do everything the
bank does, but even more. We do the
application and credit check, we verify
the jobs, we instruct the lawyers, and
we order an appraisal from a CRA so
we can highlight all the good things
and bad things about the property.”
On the other side of residential lending
is commercial lending, an area Jeff Atlin
with Abacus Mortgages argues can
often be more complex in nature. “It’s
a more sophisticated kind of lending,”
says Atlin. “It’s an area where you can
think, ‘Oh, I’ve got a commercial
building that’s rented out for $1,000
a month, so if the individual wants to
borrow $80,000, and his payments are
$800, then he’s got lots of income to
cover it and nothing else matters.’ It
isn’t that simple. If that tenant leaves,
how long will it take to rent it back out
What’s the condition of the building
Will you have to spend $50,000 to
replace the roof What environmental
issues are going to come into play”
In the end, says Atlin, “It’s up to the
lender to assess the risks. My job as a
broker is to make sure he’s aware of
those risks.”
Due diligence
Without question, risk is an inherent
part of any financial transaction, but for
a lender it pays to become an expert in
navigating those perils. “You’ve got to use
common sense and instinct,” advises Ted
Batcher, a private lender and lawyer with
Batcher, Wasserman & Associates. “Back
in the day, a simple application of how
much they wanted and where they lived
was all we went on. Today, I wouldn’t
consider doing anything without an
appraisal or the credit bureau.”
For Batcher, who’s practice is forged from
over 40 years in the industry, the key
ingredients to a good deal are airtight
appraisals, strong due diligence and
experienced brokers. “I deal with some
very complex situations, so the brokers
who take the time and effort to give me
the proper information up front, and
put it together properly, are the type of
people I like to deal with. I give them a
fast ‘yes’ or ‘no,’ and they like that, too.”
Naturally, where private money is
concerned, it’s vital that all parties are
aided by lawyers who are well versed in
non-institutional lending. And while one
lawyer can represent both the borrower
and lender in transactions below $50,000,
The Law Society of Upper Canada
mandates that both sides obtain a lawyer
for deals that exceed this amount.
“Because we’re dealing with noninstitutional
lenders, it’s important to
get additional professionals involved that
have high levels of accountability to the
Alternative Lending
client in order to preserve the integrity
of the process,” says Paul De Francesca,
owner of De Francesca Law Office
Professional Corporation.
Specializing in legal services for private
lending deals within the commercial, real
estate, and construction markets,
De Francesca says most pitfalls arise when
proper due diligence is eschewed for fast
transactions, noting, “The inexperienced
private lender gets too focused on the
short-term, high-return deals, and those
are wrought with potential problems.”
It therefore falls to lawyers to ensure
all stones have been turned, not only
to adhere to the strict private lending
regulations imposed upon lawyers by the
Law Society, but so that they serve their
clients to the best of their ability.
“As a lawyer, you cannot cut corners,”
insists De Francesca. “When you’re in the
trenches, people want to close quickly,
and in order to close quickly, some think
the lawyer will cut back on due diligence.
But if a lawyer cuts back on their due
diligence, and the lender relies on them
to give their opinion that all is good, then
that lender is being disserved.”
Whether it’s for a home, cottage,
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Vol 5 Issue 3 • 15

IMBA Services
Thinking of
joining IMBA
Three IMBA
directors
explain why it
makes strong
business sense
The benefits of
IMBA membership
By Zuhair Kashmeri
You’ve filled out the membership
application form and signed it,
made out a cheque for $150
plus GST, and have become a
full-fledged member of the Independent
Mortgage Brokers Association of
Ontario, or IMBA for short. What
next, you wonder, can the organization
do for independent brokers and agents
such as yourself.
BrokerBiz recently spoke to three
IMBA directors—the chair and two
co-chairs of the association’s Membership
Committee—to determine just that. We
asked them to tell us, in their own words,
what you can expect by way of benefits
from being an IMBA member.
The three volunteers we spoke to were
Allan Kates, Membership Committee
16 • brokerbiz
chair, vice president sales and broker at
Northwood Mortgage Ltd.; and co-chairs
Damian Wickie, principal broker and
owner of Branch Financial Inc., and
Kerri Reed, principal broker with Verico
Premiere Mortgage Centre Inc. All three
dedicate anywhere from 6 to 10 hours a
week to IMBA affairs.
Kates, who has been a member of IMBA
for eight years, says the first thing that
springs to mind in terms of membership
benefits are the many professional
opportunities IMBA makes available.
“IMBA brings professionals together at
different events, something you can’t do
on your own,” he notes. “So it allows an
organization to bring everybody together
at one conference or other venue to help
you network and to educate yourself on
current happenings in the marketplace.”
When he first joined IMBA, Kates
admits it was simply to sign up with a
professional association, with no idea
of what would flow his way. He was
promptly impressed with what he saw:
“It really is an association that is looking
after your best interests. An association
that not only lobbies government and
regulators for your occupation, but also
brings benefits to the mortgage agents
who are part of the membership—for
example, the errors and omission insurance
program just announced.” (For more
information on the E&O plan designed for
IMBA by Aon, please turn to page 24.)
Kates manages a staff of 165 at Northwood
and is so taken with IMBA that
he has made it mandatory for his staff
to become members of the association.
“You need a voice in the industry

IMBA Services
and IMBA is providing a voice for
the brokers and agents and that is
important,” he says.
Value-driven offering
Damian Wickie agrees, and commends
the value-driven services that IMBA
provides. “It is the processes they have
been putting into place,” he explains.
“(It is about) taking an approach that the
association should exist for the members
and add value to the members, (and)
that seems to be coming into play with
a lot of the programs… such as the legal
insurance protection. (For more information
please visit www.imba.ca.) They are
(also) working on affinity programs with
various retailers and service providers for
retail items that we would purchase in the
course of our jobs as mortgage brokers.”
Wickie also lauds the business development
sessions run by IMBA, and the
association’s annual conference and trade
show. “It is an annual conference designed
to bring the industry together and allow
people to network,” he says. “(This year)
we (had) quality speakers and the trade
show was well executed and well attended
by lenders. There was a lot of value in
this show. This year IMBA introduced
the money-back booklet, which provided
tremendous value for the brokers who
attended as well as the lenders who participated
in the program. IMBA continues to
put on these events with the aim to offer
the greatest value to both the sponsors and
the attendees, unlike many other trade
shows where at the end of the day you do
not get the same value.”
For small independent brokerages
such as Wickie’s, IMBA membership is
particularly useful, providing access to
like-minded brokers and agents, all of
whom are trying to grow the industry
and improve it.
Kerri Reed is keen on the fact that IMBA
exclusively represents the unique interests
of independent mortgage brokers
and agents based in Ontario. She is
also pleased with the professional and
personal development opportunities
IMBA provides, and finds them beneficial
to career building. “If you look
at IMBA’s SummerFest or WinterFest
events, there is always a business opportunity
there as well as (the recreational
activities) we enjoy,” says Reed.
Other services of note are the association’s
education offerings. IMBA has
courses for new agents approved by the
Ontario regulator, the Financial Services
Commission of Ontario (FSCO). This
year, IMBA created and presented the
mandatory re-licensing course, and all
32 agents at Reed’s company completed
it. “IMBA (made) it easier by coming
and presenting the course on one agreedupon
day for all the agents who work for
me,” she says.
IMBA takes a hands-on approach to the
industry, adds Reed. “We live, breathe
and work in the industry at the street
level, (and) those who are with IMBA are
at the street level.”
All three volunteers emphasize that asking
what IMBA can do for members is only
part of the equation. The second part—
what you can do for IMBA—is equally
important. “Volunteer,” says Kates, “and
help make the change you desire.”
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Vol 5 Issue 3 • 17

Provincial Association Alliance
A collective effort,
a common voice
By Matthew Bradford
IMBA joins forces with
MBAAC and AMBA to
create the Provincial
Association Alliance
Glan Ward,
President, MBAAC
Paul Bojakli
President, AMBA
Albert Collu
President, IMBA
This past spring, the Independent
Mortgage Brokers Association of
Ontario (IMBA), the Mortgage
Brokers Association of Atlantic
Canada (MBAAC), and the Alberta
Mortgage Brokers Association (AMBA)
made official the Provincial Association
Alliance (PAA), a partnership committed
to enhancing standards, increasing
member benefits, and forging a collective
voice for mortgage brokers across Canada.
“Our goal with the alliance is to offer a
collective strength to our membership
in terms of sharing benefit programs,
developing education programs, and
building government relation experience
and influence, as well as a sense of
cross-provincial co-operation,” says Glen
Ward, president of MBAAC. “We believe
this alliance will help strengthen our
industry and our collective associations.”
In laying the groundwork for the Provincial
Association Alliance, leaders from the three
organizations collaborated for over a year to
determine the Alliance’s intent, its priorities
and the practical ways in which it aims to
achieve them.
“We started with general discussion about
how good it would be to bring some
consistency to the industry and have the
associations talking to each other a little
more frequently,” recalls Albert Collu,
president of IMBA. “There are a lot of
common issues that we all share, so we
thought it would be beneficial to at least
18 • brokerbiz
share those thoughts and those concerns
so that when we go to the regulators,
we’re speaking from a common ground
and a common voice.”
Speaking to the Alliance’s commitment
to providing that voice, Paul Bojakli,
president of AMBA, adds, “Our industry
is fragmented. With this, we hope to
achieve an industry voice that is unified
and can collaborate on all the important
issues at hand on a provincial and
national level.”
Initiatives
Though still in its infancy, the Alliance
is already forging ahead on numerous
industry initiatives. These include the
development of national educational
programs designed to create consistencies
with respect to the licensing, compliance
and regulatory aspects of the mortgage
brokering business, and the implementation
of documentation standards. “When
you’re performing transactions in all the
provinces, all the regulators are looking
for the same thing, but the documentation
isn’t the same. We’re trying to bring
some consistency to that,” explains Collu.
Other goals include providing better
value to members through the elimination
of redundancies, the delivery
of enhanced insurance services, and
fostering stronger collaboration on hotbutton
issues. “The Alliance should
benefit members in the pocketbook,” says
Bojakli. “Aside from the inherent cash
savings, industry partners will also benefit
from the increased quality of skills and
resources provided by our members.”
In addition to their strength as a
collective whole, the Provincial
Association Alliance draws skills from
its individual parts. MBAAC—while
less than a year old—has developed
strong relationships with the four
Atlantic province governments; AMBA
continues to foster the key partnerships
it has formed throughout the years; and
IMBA continues to better the Ontario
mortgage brokering industry through its
own educational, lobbying and industry
enhancement efforts.
As for its willingness to bring other provincial
associations into the fold, Collu
says the door is open, noting, “At the
end of the day it’s about strengthening all
of us. I think the other associations will
look at it down the road and say this is a
great thing.”
For now, the Provincial Association
Alliance is confident in its ability to
move forward and work toward bettering
the mortgage brokering landscape in
Ontario, Alberta and the Atlantic provinces.
Says Ward, “This Alliance between
MBAAC, IMBA and AMBA will
continue to grow because each of these
regional associations cares deeply about
the future of our industry and works
hard to protect it for all those who work
within it.”

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Vol 5 Issue 3 • 19

Brokers and agents can benefit from FREE legal
expense insurance with their membership in IMBA!
Available at no extra
charge this insurance
covers legal costs
associated with many
personal and business
situations, including:
• FSCO Compliance Representation
• Highway Traffic Act Offences
• CRA Tax Audits
• Unlimited Telephone Legal Advice
You will soon receive your
insurance certificate if you’re
an Active Member of IMBA.

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Vol 5 Issue 3 • 21

IMBA SummerFest 2012
Summer getaway
IMBA members
gather in the lovely
countryside of the
Nottawasaga Valley
for the association’s
annual SummerFest
festivities
This year’s SummerFest was held
at the Nottawasaga Inn Resort
on August 2. The event was
a complete sell-out, with 216
golfers competing on the links for the
IMBA Open trophy and over 250
guests registered to gather and network
with industry colleagues for dinner
that evening.
SummerFest could not have been
successful without the support of and
contribution from 23 business partners.
They not only sponsored SummerFest
features and the IMBA Open contests,
but their staff also participated in
the registration and co-ordination of
activities throughout the day. A sincere
thank-you to everyone who helped
IMBA present SummerFest 2012.
22 • brokerbiz
Congratulations to Martin Marshall,
IMBA director and chair of the Events
Committee, and to all the committee
members for putting together an enjoyable
and fun networking event for the industry.
The winner of the tournament this year
was a foursome led by one of IMBA’s
own directors, Allan Kates of the Verico
Northwood Mortgage team. They won
this tournament for the fourth consecutive
year. The mixed team winners were
also two members of the IMBA Board,
Kerri Reed of Verico Premier Mortgage
and Bill Nugent of Neighbourhood
Dominion Lending Centre.
The grand prize trip for two to WinterFest
2013 at the spectacular Hilton Rose Hall
Resort and Spa in Montego Bay, Jamaica,
was won by Mark Goode of Mortgage
Man Dominion Lending Centres.
Congratulations, Mark!
The biggest thank-you goes to all
those who attended and contributed
by purchasing an event ticket to help
raise funds for the SummerFest Charity.
The major winner on this day was the
Foundation for Prader-Willi Research.
Prader-Willi Syndrome (PWS) is a genetic
disorder that occurs in approximately one
out of every 15,000 births. PWS affects
males and females with equal frequency
and all races and ethnicities. PWS is
recognized as a common genetic cause of
childhood obesity. Because of your generosity,
IMBA was able to donate $1,500
towards this very worthy cause.

IMBA SummerFest 2012
Many thanks
IMBA would like to extend its gratitude to all the IMBA
SummerFest sponsors:
AGF Trust Company: Putting Contest
Aon Risk Solutions: Hole in One Contest
Canadiana Financial Corp.: Photography Sponsor
Davis and Henderson: Lunch Sponsor
Dominion Lending Centres: Golf Carts
First National Financial LP: Closest to the Pin Contest
Home Trust Company: Title Sponsor
Scotia Mortgage Authority: Wine Sponsor
IC Savings: Closest to the Line Contest
TD Canada Trust: Dinner Sponsor
Verico Mortgage Brokers Network: Bottled Water
CMHC’s 2012
MORTGAGE
CONSUMER
SURVEY
CMHC’s annual Mortgage Consumer
Survey is a reliable source of insight
into consumer behaviours, attitudes
and expectations when acquiring,
renewing or refi nancing a mortgage.
Bronze Plus Sponsors:
Best Points Travel Inc.
Canada Guaranty Mortgage
Insurance Company
Equitable Trust Company
First Canadian Title
MCAP
Your Commission Today Inc.
Bronze Sponsors:
B2B Bank
Brokers Choice
Genworth Financial Canada
Marathon Mortgage Corp.
Nationwide Appraisal
Services Inc.
Purview
Visit cmhc.ca/2012survey today to get
the details of the 2012 survey results.
Everything you need
to open new doors
Vol 5 Issue 3 • 23

Insurance
Best-in-class
insurance
By Zuhair Kashmeri
IMBA’s E&O
insurance for
mortgage brokers is
born out of 25 years
of underwriting
experience backed
by the world’s
largest insurer
The errors and omission insurance
for professional liability offered to
IMBA members starting in June
was far from being an off-theshelf
type of E&O policy that you fill in
and then pray that everything goes well.
It was born out of extensive underwriting
experience, the backing of Lloyds—the
oldest and one of the largest insurers in
the world—and research that spanned
more than six months.
The origins of the policy can be traced
back to last October, when IMBA
expressed an interest to Cheryl Holmes,
vice president and accounts executive
for Aon Risk Solutions, that it would
like to offer its members a top-notch
policy at very competitive rates. Aon
(a Gaelic word meaning “oneness”) is
Canada’s leading provider of E&O insurance,
placing in excess of $350 million
in executive and professional liability
premiums each year—25 per cent of all
the premiums in this category. In fact,
Aon was named the world’s best insurance
broker by EuroMoney for 2008,
2009 and 2010.
Holmes and others in the company
decided soon enough that Aon would
have to put together a “best-in-class”
policy given the reputation and reach
of the Independent Mortgage Brokers
Association of Ontario (IMBA). IMBA
was adamant that all licensed brokerages
and administrators have access to this
program. This increased the reach of the
proposal even more.
Says Holmes: “We reviewed and audited
all the policies that were available to the
industry with the intent to offer the most
comprehensive and cost-effective coverages
in the marketplace.”
Nothing but the best
The policy was offered to IMBA members
in the first week of June. What happened
in the interim was a period of research
and underwriting that brought out the
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24 • brokerbiz

est talent in Aon’s team: Dan Guernon,
senior vice president and national broker,
Financial Services Group, who has been
writing liability insurance for a quarter of
a century. It was his group that scanned
every policy in the marketplace, and
designed Aon’s offering.
Guernon says that by and large, insurance
agreements are fairly standardized
across the industry, and the coverage
and extension of coverage that would
be deemed to be important would be
the element of fraud coverage, which is
required by regulations. So he included
“a lot of value-added coverage such as
breach of confidentiality, loss of documents,
breach of copyright, libel and
slander. Perhaps the most important
is the penal defence and legal expenses
reimbursement coverage option.” The
latter is only offered by some insurers.
“We looked at the market and found
some insurers offer from $25,000 to
$50,000 and decided we should triple
that and so we offered $150,000 reimbursement
limit, which is not seen in
the marketplace except in our wording,”
says Guernon.
Open access
The board of directors decided that
IMBA’s policy would be open to nonmembers
for a nominal access fee.
“IMBA wanted to make sure that every
mortgage broker is taken care of and has
access to this policy,” says Holmes. “If
you are not an IMBA member, you are
charged a very nominal policy access fee.”
At the end of the day, the proof is in
the pudding. Holmes says there are
predominantly two renewal dates in
the industry, July 1 and April 1. Most
brokerages’ policies are due for renewal
Insurance
on April 1. Since the policy was
offered in the first week of June,
it left about three weeks for those
brokerages whose policies renewed on
July 1 to apply and have their applications
processed. Aon received 113
applications, of which 51 per cent
were bound.
“For an insurance company, a 30 per
cent success ratio for a new program is
considered very good. Both Aon Risk
Solutions and IMBA are very pleased
with the positive reception from
brokerages,” said Holmes.”
IMBA was adamant
that all licensed
brokerages and
administrators have
access to this program
This Builder
was Preaching
to the Converted
Similar to this is a cost for defence
against regulatory and disciplinary
action. Whereas others offer a maximum
of $50,000, Guernon decided to offer
$100,000. Coupled with this, Guernon’s
team also came up with another offering
that is very important to brokers. What
happens when a broker has to spend
several days assisting the lawyer of the
insurer with defence, taking time off
from work that could run into several
days Guernon threw in a reimbursement
fee of $250 per day to make up for
the agent’s lost income.
“At the end of the day, we believe we
created a policy wording that is ‘best in
class,’ backed by the security of a first-class
insurer and which exceeds the expectations
of IMBA members,” says Guernon.
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Vol 5 Issue 3 • 25

IMBA WinterFest
WinterFest 2013
By Matthew Bradford
to dock in Montego Bay
IMBA builds on its tradition of providing
members with an opportunity to network and
vacation with fellow industry professionals
Sun, fun, and unrivalled networking opportunities are
just a few of the items on IMBA’s agenda for its 2013
WinterFest. Slated to run February 9 to 13—with the
option to stay until February 16—the event welcomes
professionals from all corners of the mortgage brokering
industry to Montego Bay, Jamaica, where they will have the
opportunity to shake hands, trade insights, and enjoy one of the
finest resort cities in the Caribbean.
“The main purpose of WinterFest is to bring together mortgage
brokers, agents, lenders and service providers with the intent of
fostering business with each other,” says Lou Perrotta, IMBA
director and secretary of the association. “Of course, there’s also
the added bonus of enjoying the sun and warmth in the middle
of winter.”
The Hilton Rose Hall Resort & Spa in Montego Bay will serve
as the hub of WinterFest 2013. The event will kick off Saturday,
February 9, with a meet-and-greet reception that will give guests
a chance to chat with fellow attendees in a relaxed and informal
atmosphere. The welcome events continue Sunday at the annual
golf tournament, followed by an evening cocktail reception.
“We are all so busy running our own businesses that it’s good to
get away some place casual and talk to other people about the
kinds of problems they’re facing and the things they’re doing
to get over some of their issues,” says Martin Marshall, IMBA
director and one of the chief WinterFest organizers. “The business
connections that are made are very valuable.”
In addition to welcoming Ontario attendees, WinterFest is
also open to professionals from across the country. One such
returning guest is John Ribalkin with Verico Nova Financial
Services Inc. in British Columbia, and one of the founding
members of the Mortgage Brokers Association of British
Columbia (MBABC). Speaking for out-of-province delegates
like himself, he offers, “We all share the same major competitor
battles and we all have to adjust to the ever-changing market.
26 • brokerbiz

IMBA WinterFest
If you sit on your laurels and do not go out to seek new ideas by
attending things like this annual IMBA event, which is open to
the whole brokerage community, then you are going in reverse.”
Networking opportunities
The opportunity to network is one reason why members return
to IMBA’s getaway year after year. This includes Rajan Kaushal,
president of Tribecca Finance Corporation, who says, “You’re in
a whole different element and environment, so you actually have
the time to really bond with people, discuss business, and create
and expand relationships.”
Allan Kates, IMBA director and fellow returnee, adds, “If you
want to have fun, meet new people, and get some good ideas
about running your business, then this is a good idea, especially
now when the industry is changing and evolving in terms of
guidelines, private opportunities, and alternative financing.”
WinterFest 2013 will also have an educational component,
which will run Monday morning. There will be breakfast presentations,
a Western Canadian Update, and a presentation on
OSFI’s B-20 Underwriting Guidelines. Following this, guests
will have an opportunity to submit topics for discussion during
a “fireside chat,” stay for a special IMBA activity, and return in
the evening for another cocktail social.
“The core educational value to WinterFest is being able to sit
there and listen to some of the top brokers in our industry talk
about how they do business,” says Marshall. “These are realworld
experiences from people who have been in the business
for 25 or 30 years, talking about what they’ve done, what they
continue to do, and what’s working for them.”
WinterFest 2013 wraps up Tuesday night with an awards dinner
featuring great food, engaging presentations and good company.
Those who wish to stretch their stay at the Hilton Rose Hall
Resort and Spa until February 16 are encouraged to register for
the extended WinterFest package.
A continuing tradition
WinterFest first launched in 2004 as the brainchild of Lou
Perrotta, then IMBA president, who collaborated with Martin
Marshall and Karen Radic to make the event a reality. Perrotta
says, “WinterFest still maintains its original intent to be a
multi-day and multi-component opportunity for business
development. However, its scope has widened in that the business
sessions have become forums for discussing aspects of
the mortgage brokerage industry, such as business challenges
and marketing ideas, as well as an opportunity for speakers to
present their products.”
Moreover, Perrotta says WinterFest has a history of sparking
new industry partnerships: “There have been successful
business relationships struck at WinterFest, whether it’s an
appraiser and a lender becoming acquainted with each other or
a lender and principal of a large brokerage connecting, which
led to mutual business.”
Combining good times, great connections, and invaluable business
opportunities, WinterFest 2013 is an ideal business vacation for
anyone in the industry. After all, adds Kates, “You can network,
learn, and do your vacation all in one. How great is that”
For more information on WinterFest 2013, or to register,
visit www.imba.ca or contact IMBA at 1 (877) 564-4622,
or email Martin Marshall at martin.marshall@verico.ca.
Vol 5 Issue 3 • 27

2013 International Conference
Montego Bay, Jamaica
February 9th to February 16th, 2013
The perfect mid-winter break.
Relax · Unwind · Network while not working!
4-night/5-day and 7-night/8-day packages available
For more information, please visit
www.IMBA.ca
or contact:
Martin Marshall at Martin.Marshall@Verico.Ca
Veronica Love-Alexander at Veronica@DominionLending.Ca
Jim Hill at Jim.Hill@HomeTrust.ca
Karen Radic at Karen.Radic@AGF.com
Joe Rosati at Joe.Rosati@IMBA.Ca - 416.252.4622; Ext. 4
Alex Godfrey at Alex.Godfrey@HomeTrust.Ca
Amit Anand at Amit.Anand@Tribecca.Ca
Robbie Khanna at Robbie@KingswayInvestments.com
Calvin Fernandes at Calvin.Fernandes@DHLtd.com

IMBA_BrokerBizHalfPg_FallAd_0712.pdf 1 6/26/2012 3:14:49 PM
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Vol 5 Issue 3 • 29

Biz
The Voice of the Mortgage Brokers and Agents of Ontario
Advertisers’ Index
Applied Business Software Inc..........27
www.themortgageoffice.com
Bridgewater Bank...............................29
www.bwballstarportal.ca
Canada Guaranty... Outside Back Cover
www.canadaguaranty.ca
Canadian National Association
of Real Estate Appraisers..................21
www.cnarea.ca
Canadian Western Trust...................24
www.cwt.ca
Canadiana Financial Corp................19
www.canadianafinancial.com
CHIP- HomEquity Bank...................7
www.chipadvisor.ca
CMHC............................................23
www.cmhc.ca
D & H.............................................13
www.dhltd.com
Dominion Lending Centres
................................ Inside Back Cover
www.dominionlending.ca
Effort Trust.......................................11
www.efforttrust.com
Equitable Trust...................................9
www.equitabletrust.com
Firm Capital.....................................21
www.firmcapital.com
First National Financial LP...............29
www.firstnational.ca
Foremost Financial Corp..................25
www.formost-financial.com
Genworth Financial Canada.............17
www.genworth.com
Home Trust........................................4
www.hometrust.ca
ING Direct......................................21
www.ingdirectbrokerteam.ca
Optimum Mortgage.........................19
www.cwbank.com
Peoples Trust.....................................21
www.peoplestrust.com
Pillar Financial Services Inc..............12
www.pillarfinancial.ca
Real Estate Institute of Canada........12
www.reic.ca
Romspen Investment Corporation.....3
www.romspen.com
Shapiro Cho.....................................30
www.shapirocho.com
Teranet.............................................13
www.teranet.ca
Vector Financial Services Ltd............15
www.vectorfinancialservices.com
Verico Canada........ Inside Front Cover
www.verico.ca
30 • brokerbiz

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