Failing to plan is planning to fail Failing to plan is planning to ... - IMBA

Vol 1 Issue 4 

Broker Biz 

The Voice of the Mortgage Brokers and Agents of Ontario Winter 2008 

Building a 

business plan 

Failing to plan 

Failing is planning to plan to fail 

is planning to fail 

Closing the commercial deal 

Agreement of purchase and sale: 

Looking for red flags 

Keeping pace with regulations 

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Vol 1 Issue 4 

Broker Biz 

The Voice of the Mortgage Brokers and Agents of Ontario Winter 2008 

IN THIS ISSUE 

Departments 

6 President’s Message 

7 Letter to the Editor 

9 Industry News 

10 Upcoming Events 

42 Advertisers Index 

Features 

12 Time, money and marketing: Setting up a proper business plan 

By Deb Dorsey 

18 Reeling from regulations: Brokers do their best to keep pace 

By Kelly Parker 

22 Closing the commercial deal: A different approach is required 

By Jonah Bonn 

25 Vox Pop: How do you deal with an ever-shrinking source of lenders? 

By Liz Katynski 

27 The economics of underwriting: Two views on the 4-hour rule 

28 Celebrating summer: IMBA’s SummerFest 

30 Car troubles: Brokers in Ontario’s industrial centres feel the pinch 


34 IMBA education: Keeping business skills fine-tuned requires 

life-long learning 

37 IMBA congratulates its CPMB and CPMA designees 

39 Looking for red flags: Taking an in-depth look at the 

agreement of purchase and sale 

By Jim Hill 

Independent Mortgage Brokers 

Association of Ontario 

120 Eglinton Avenue East, 

Suite 500 

Toronto, Ontario M4P 1E2 

Tel: 416.252.4622 

Fax: 416.252.4623 

Province-wide Tel: 

1.877.564.4622 

Province-wide Fax: 

1.866.232.8385 

Publisher 

Robert Thompson 

Editor 

Jeanne Fronda 

Associate Editor 

Roma Ihnatowycz 

Executive Editor 

Shayam Kaushal 

Sales Manager 

Sharon Komoski 

Sales 

Executives 

Mic Paterson, 

David Tetlock, 

Ilan Moyle, 

Hayden Dookheran, 

Steve Beauchamp 

Production 

Team Leader 

Adrienne N. Wilson 

Senior 

Graphic Design 

Specialist 

James T. Mitchell 

Published by: 

5255 Yonge Street, Suite 1000 

Toronto, Ontario 

M2N 6P4 

Toll Free: 866.216.0860 

ext. 229 

robertt@mediaedge.ca 

1 Wesley Avenue, Suite 301 

Winnipeg, MB Canada 

R3C 4C6 

Toll Free: 866.201.3096 

Fax: 204.480.4420 

President 

Kevin Brown 

Senior Vice President 

Robert Thompson 

Branch Manager 

Nancie Privé 

All rights reserved. 

The contents of this 

publication may not 

be reproduced by any 

means, in whole or in 

part, without the prior 

written consent of 

the association. 

Published 

October 2008. 

Publication Mail 

Agreement #40787580 

www.mediaedgepublishing.com 

Please return 

undeliverable copies to: 

Independent Mortgage 

Brokers Association 

of Ontario 

120 Eglinton Avenue East, 

Suite 500 


M4P 1E2 

Articles and information in this 

magazine represent the opinions of 

the writers and do not necessarily 

reflect the opinions of the 


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.

President’s Message 

Thanks all around! 

It’s a wonderful thing when the most 

pressing job of a new president is to 

offer thanks to those who continue to 

contribute to IMBA’s success. 

First, many thanks to Jeff Atlin, IMBA’s vicepresident, 

for taking on my duties at our very 

successful SummerFest event. In addition to 

shaking hands and smiling, Jeff also delivered 

the president’s address – a great help to me and 

great training for Jeff. A special thanks goes to 

the IMBA staff and volunteers who worked on 

SummerFest and who deserve all the accolades 

they received from participants. I should also 

thank Mother Nature who held off the rain so 

that all 240 golfers could finish their games! 

Planning is already underway for the 2009 

IMBA Annual Conference, Tradeshow and 

Awards Gala that will be held April 2 to 3, 2009, 

at the Toronto Congress Centre. Make sure you 

mark your calendars now for this two-day event 

that will be packed with informative seminars, an 

exciting awards gala and a dynamic trade show. 

You will be receiving much more information 

on this event as we get closer to the date. 

IMBA’s Seminar and Symposium Series has been 

excellent this year and very well attended in all 

locations. I want to thank the 2008 seminar 

sponsors, Filogix, AIG United Guaranty, 

Equitable Trust, FirstLine Mortgages, Home 

Trust, Wells Fargo Financial, CitiFinancial 

and TD Canada Trust, for their support and 

participation in the seminars held in Hamilton, 

Mississauga and Kitchener-Waterloo. 

IMBA’s Seminar and Symposium Series is 

an easy and inexpensive way to increase your 

knowledge and improve your effectiveness 

as a mortgage agent or broker. In addition 

to learning and networking, you can earn 

professional development credits towards 

your CPMB or CPMA designation and you 

can pay with reward points. Plan to attend 

at least one of these upcoming events: 

Toronto Mortgage Symposium, 

November 6, Hilton Garden Inn, Vaughan 

Eastern Ontario Mortgage Symposium 

November 27, The Empire Theatre, Belleville 

• brokerbiz 

Learn more about what IMBA’s 

Education Committee is doing to help 

you work smarter; read the interview 

with Mal Eccles, chair – Education 

Committee, in this issue of BrokerBiz. 

It’s wonderful to have the opportunity to 

express my gratitude to so many people. 

We’re also truly appreciative of the gratitude 

that’s been extended to us by the lending 

community for IMBA’s first fraud bulletin. 

This “Fraud Alert” quickly informed members 

and non-members about a ring of sophisticated 

con artists that were infiltrating mortgage 

brokerages to gain access to credit reporting 

services. Brokers were particularly grateful to learn 

about concrete actions they could take to protect 

their businesses against these fraudsters. IMBA 

plans to continue this type of communication 

on a regular basis as issues warrant. 

Finally, Jeff and I attended the All Associations 

Meeting with CAAMP, AMBA and MBABC 

in Edmonton. We met with the new AMBA 

president, Frank Hickey, who appears to be a 

good choice for Alberta with strong relations 

with RECA and recognition and support from 

the industry. AMBA is in an ongoing struggle 

to keep syndication in the hands of RECA and 

away from securities regulators. In taking a 

national perspective on this, Jeff and I think that 

if securities regulators are successful in Alberta, 

they could use that precedent in other parts 

of the country. Jeff offered to provide AMBA 

with our arsenal of documentation, as well as 

open dialogue for further support, if required. 

The Internet has had the most profound 

impact on our industry, making doing business 

anywhere not only possible, but likely; 

interprovincial mortgage commerce is already 

quite prevalent with co-brokerage leading 

the way. I believe it is imperative for IMBA 

to be a leader in setting the stage for what 

the future will look like when our members 

seek to do business inter-provincially. BB 

David Mandel, CPMB 

President 

IMBA 

David Mandel, 

CPMB 

President 

IMBA

Letter to the Editor 

Truth, lies and broker volumes 

We have recently read Canadian and American trade 

publications that conduct and publish surveys about 

mortgage brokers’ closed business volumes. We were 

surprised to note that the names of four brokers whom we 

know, and who we know close more business in dollar volume 

than many of the people on Canada’s published list, were 

conspicuous by their absence. We asked two of them why 

their names were missing, to which one responded, “Why 

would I want everyone to know my business?” The other 

responded, “My ego doesn’t need that much attention.” 

We were shocked to note that a broker in the U.S. produced 

more than $1 billion in funding and we were amazed at the 

large number of brokers producing more than $100 million 

in volumes. What’s the purpose of these lists? Is it to boost 

the egos of the brokers and agents whose names appear on 

them? Is it to shame brokers and agents whose names are not 

on the list? Is it to spur others to strive for similar results? 

Let’s get real. Is this measure of volumes accurate in establishing 

the success of an individual broker or agent? We know 

of brokers and agents who specialize in second mortgages, 

B and C deals and who close significantly high numbers of 

transactions but may not achieve large dollar volumes. 

Do you really think that the people whose names are on 

the lists are “one-person operations,” or are there teams 

around them supporting them? There are many brokers 

and agents who feed the so-called “top producers” 

to help them build their volumes and share in bonuses. 

Kudos to the “top producers.” Shame on the feeders! 

Does a high dollar-volume broker or agent deserve to be 

on a Top Number List? Maybe yes, and maybe no. But 

definitely not as an individual. Do these lists and surveys 

fuel the drive to produce bigger volumes at the expense of 

professionalism and proper due diligence in our industry? 

We have seen the disastrous mortgage meltdown that has 

and is still taking place in the U.S. and we constantly hear 

commentary about how mortgage brokers played a large 

part in it. Is this the type of “good news” that consumers 

want to hear? How so-and-so closed $1 billion worth 

of business last year? Somehow, we don’t think so. 

By the way, who supplies these figures and does anybody 

audit them for accuracy? Without question, 

if an individual closes significant volumes of business, 

they and their teams should be lauded. But being 

on “the big list” isn’t the only measure of success. 

The results of this type of survey are only a small indicator 

of the true measure of success of a broker or agent. Why 

don’t we celebrate brokers and agents who, for example, 

close more than 85 per cent of the transactions that they 

touch? Why don’t we celebrate brokers and agents who constantly 

maintain a high level of efficiency in file fulfillment? 

Why don’t we celebrate brokers and agents who constantly 

maintain a high level of professionalism in their conduct? 

Now these are qualifications for being a Top Broker! 

Just ask the lenders. 

So to bring truth to the industry, in addition to volumes, the 

qualifications should be high level of closings, credit to all 

of the members of the broker’s and/or agent’s team, a high 

level of professionalism in the conduct of their business and 

a high level of efficiency with regards to their transactions. 

Now that’s good news! 

Shayam Kaushal, CPMB 

Interfinance Mortgage Merchants Inc. 

Project7 6/5/08 1:07 PM Page 1 

Lou Perrotta, CPMB 

Domus Financial 

Vol 1 Issue 4 •

News 

Industry 

IMBA takes action 

IMBA has taken steps to alleviate 

the negative impact resulting 

from the theft of confidential credit 

information at a series of Ontariobased 

brokerages between March 

and July. After fraudsters infiltrated 

the companies posing as mortgage 

agents, they used fake identification 

to breach systems prior to July 1. 

IMBA immediately issued a warning 

alert to the industry, providing a wakeup 

call to due diligence in hiring practices. 

It also attended a special meeting 

with industry experts to come up 

with a solution involving Equifax and 

possibly other credit information suppliers, 

mortgage application delivery 

services and mortgage brokers. This 

solution would be software-based and 

monitor for credit bureau velocity. 

IMBA will be continuing its efforts 

in this area. 

Supreme Court denies appeal 

of ABCP decision 

Canada’s highest court denied a challenge 

to a proposed restructuring of 

$32-billion of frozen asset-based commercial 

paper (ABCP). 

The decision, reached by the Supreme 

Court of Canada in late September, will 

allow approximately 1,400 individual 

noteholders of asset-backed commercial 

paper to get their money back. 

About $178-million of the frozen funds 

were held by retail investors, who will see 

their money returned once a deal is finalized 

this fall, possibly as early as October. 

The frozen ABCP will be converted into 

long-term notes, maturing in about eight 

or nine years, reported the Canadian 

Commercial Real Estate News (CCREN). 

New addition to 

The Money Source 

The Money Source is pleased to 

announce a new addition to its team. 

Amit Anand has been appointed 

manager, branch operations. 

Anand brings over 13 years of experience 

in the mortgage industry. During 

his career he has held various management 

roles with companies such 

as AGF Trust, HSBC Finance and 

Household Finance Corporation. 

CENTUM increases presence 

in Mississauga 

CENTUM Canada is pleased to 

announce the opening of CENTUM 

Mortgageline Corp. in Mississauga. 

“I am excited about the collective 

power of the CENTUM Network,” 

said CENTUM Mortgageline owner 

Olexandr Nesterenko. “CENTUM 

offers great help and guidance when 

establishing a new company.” 

Nesterenko has been licensed in the mortgage 

industry since early 2006 and said 

he looks forward to expanding his office 

and plans to actively recruit in the future. 

New name for 

R/E Active Mortgages 

R/E Active Mortgages officially changed 

its name to Morcan Financial Inc. The 

name change occurred in August and the 

company says it marks a new beginning 

for it and its licensed brokers and agents. 

Its head office and all agent contact 

information remains the same, 

with the exception of new email 

addresses. For more information, 

please visit www.morcanfinancial.ca 

Homeguard Funding 

celebrates 25 years 

Homeguard Funding Ltd. (Verico) 

is celebrating its 25th year in practice. 

Its success has been built on 

long-lasting relationships with its 

associates, lenders and clients. 

The company has also recently 

expanded its operations to serve all of 

Ontario with associate offices in 

Newmarket, Mississauga, Kitchener, 

Lindsay, Keswick and Bancroft. 

Romspen keeps it simple. 

�� 

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Vol 1 Issue 4 •

IndustryNews 

Your Morning Chuckle 

A novel approach 

A mortgage broker walks into a bank in New 

York City and asks for the loan officer. He tells 

the officer he’s from out of town and flying 

overseas on business for two weeks and needs 

to borrow $5,000. The bank officer tells him 

the bank will need some form of security, so the 

broker advises they can physically hold his new 

Ferrari parked outside and hands over the keys 

and ownership. 

After confirming that the man did indeed own 

the car and no liens were registered against it, 

the loan officer agrees to accept it as collateral. 

The bank’s president and officers enjoy a good 

laugh at the broker for using a $250,000 Ferrari 

as collateral against a $5,000 loan. An employee 

of the bank drives the Ferrari into the bank’s 

underground garage and parks it there. 

Two weeks later, the broker returns, repays 

the $5,000 loan plus interest, which came to 

$15.41. As he hands the broker his car keys, the 

loan officer says, “Sir, we are very happy to have 

had your business, but I am a little puzzled. We 

discovered that you are a multimillionaire, so 

why would you need to borrow $5,000?” 

The broker replies, “I’m from out of town and 

don’t know anyone. Where else in New York 

City could I park a Ferrari for two weeks for only 

$15.41 and expect it to be there when I return?” 

2008/2009 IMBA Calendar of Events 

10 • brokerbiz 

DATE EVENT LOCATION 

November 6, 2008 Toronto Mortgage Seminar Hilton Garden Inn Toronto, Vaughan 

November 27, 2008 Eastern Ontario Mortgage Symposium The Empire Theatre, Belleville 

January 31, 2009 to February 7, 2009 WinterFest Paradisus – Mayan Riviera, Mexico 

January 2009 IMBA Mortgage Agent Courses Go to www.IMBA.ca 

March 4, 2009 Annual General Meeting Mississauga Convention Centre 

April 2 and 3, 2009 IMBA Annual Conference, Tradeshow and 

Awards Gala 

Mark Your Calendars! 

IMBA is pleased to announce that its Annual 

Conference, Trade Show and Awards Gala will be held 

on Thursday, April 2 and Friday, April 3, 2009 at the 

Toronto Congress Centre. 

The 2009 Annual Conference is shaping up to be a sensational 

event with great speakers, educational seminars, 

superb entertainment, an expanded Trade Show format 

and much more. 

The event will be the premier networking and educational 

gathering for Mortgage Brokers and Agents in 

Ontario. Visit www.IMBA.ca for more details. 

Test your skill! 

What year was 

Urea-Formaldehyde Foam 

Insulation (UFFI) banned 

in Canada ? 

1975, 1980 or 1990? 

Toronto Congress Centre 

May 6, 2009 London Mortgage Seminar Best Western Lamplighter Inn 

May 7, 2009 Kitchener / Waterloo Seminar Italian Cortina Club in Kitchener 

August 21, 2009 SummerFest Hawk Ridge Golf & Country Club, Orillia 

For more information visit www.IMBA.ca 

For the answer, 

please turn to page 33

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As an alternative mortgage lender, AGF Trust offers: 

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To hear more about what we can do for you and your clients, 

contact AGF Trust today and ask for your Business Development Manager. 

Phone: 416-216-5353 Toll Free: 1 800 244-8457 Web: AGF.com/mortgages 

Tru286 06-08-e

Cover Story 

Time, money 

and marketing 

By Deb Dorsey 

12 • brokerbiz

If you don’t know where you’re going, how are you going to get 

there? According to Deb Dorsey, a properly thought-out business 

plan will help get you on your way 

If you ask 10 sales management 

professionals how to write a 

business plan, you will likely get 

10 different pictures. But you 

will consistently get three main areas 

of focus: time, money and marketing. 

I’m an advocate for home ownership by 

my own definition. I practise my trade 

by being a registered mortgage agent 

and a licensed real estate salesperson. 

There are specific guidelines I must 

adhere to in these practices. But if I 

don’t take the initiative, there is no one 

sitting in an office waiting to pay me 

every two weeks just because I show up. 

To put it even more simply – I must 

have a business plan that I’ve developed 

in order to succeed and make a living. 

Let’s start with money. Money means 

a number of things to me. Firstly, it 

means income, outlay of expenses and 

responsibilities, but it also represents 

clients in the scheme of conducting a 

small business. No clients, no dough. 

Every so often I examine my life and 

determine just how much dough I 

need to make my personal world turn. 

When I pick out that number, I add 

another 50 per cent that includes the 

government’s share, my expenses for 

cute paperclips, entertaining clients, 

printing, automobile, fees, splits, etc. 

That other 50 per cent covers what goes 

over my head, on my back, onto my hips 

and into my retirement/sanity fund. 

So what do I have to do to get that 

100 per cent? How many deals do 

I have to close? What do they have 

to pay out? How hard do I have to 

work, and what do I need to do to 

get this business/client(s)/money? 

Let’s say that I need $65,000 a year to 

run my household and personal life. 

That means I have to make $130,000. 

What is my split to my brokerage? How 

does 85/15 sound? I take that $130,000 

and divide it by 85 and multiply that 

by 100 and voilà – I need to make 

$153,000 (rounded up) to pay me, my 

brokerage, the government and expenses. 

You need to incorporate some of the 

“time” issues here. At this age and 

stage of my life I want to enjoy some 

serious holiday time – a month in the 

summer and a month at Christmas, 

which equals 10 working months a year 

to build, drive and administrate my 

business. In my trading area, homes 

sell for about $350,000 to $600,000 

with an equal number of first-time 

home buyers and those moving up or 

downsizing. I’m going to average that 

to arrive at $475,000 and plan for 

conventional mortgages at 80 per cent. 

Different lenders, of course, provide 

a variety of remuneration packages, 


Property Appraisals 

Ellens & Associates provides a wide 

variety of valuations for purposes 

which include the following: 

n Acquisition/Sale 

n Assessment 

Appeals 

n Capital Gains 

n Employment 

Relocation 

n Estate Planning 

n Expropriations 

n GST Valuation 

n Insurance 

Valuations 

n Litigation Support 

n Mortgage 

Financing 

n Partial Takings 

n Power of Sale 

n Rental Surveys 

n Subdivision 

of Land 

25 Main Street West, Suite 2220, 

Hamilton, Ontario L8P 1H1 

Tel: (905) 577-0403 

Fax: (905) 577-0481 

E-mail: jake@ellens.on.ca 

www.ellens.on.ca 

Vol 1 Issue 4 • 13


so I like to think with or without 

bonuses that I’ll see 80 BPS (basis point 

spread) on a $380,000 conventional 

mortgage for a $475,000 purchase. 

If my average commission is $3,000 

and my brokerage gets 15 per cent, 

my cheque looks like $2,550. 


Purchase Price ....................... $475,000 

Mortgage ............................... $380,000 

Commission .............................. $3,000 

(rounded from $3,040) 

My 85 per cent split .................. $2,550 

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FeaTures 

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Small Urban Locations 

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Non-Recourse 

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Student Res 

Gas Stations 

That translates to 1.5 deals per week 

closed, paying at least $2,550 in order 

to put organic food in my pup’s dish. 

Do I close every single application 

that I write up? No, I close 90 per cent 

of them. So if 90 per cent represents 

60 deals, how many applications do I 

need to make sure go into my system? 

That’s right – 67 deals. And that’s 

the client part of the “money” part. 

Managing accounts 

In order to manage my dough I have 

set up three business accounts. The 

first one is where I deposit my broker’s 

cheques and I call it my business 

account. The second one is where I 

transfer 25 per cent of every single 

dollar, and this one is known as my 

income tax account. Of special note 

– this latter account provides the money 

I spend on RRSPs (to the max) since it 

is deductible, and I will never end up 

owing 25 per cent because I invest a lot 

into my business to earn a good tax rate. 

My third account, which doesn’t 

apply to mortgage professionals 

but is important for my real estate 

earnings, is a GST account that 

houses all those dollars given to me 

for GST paid on commissions. 

Out of my business account, I write 

myself a virtual cheque for $1,000 

every week, which should mean there 

is an annual reserve of $3,000 in 

that account that is earmarked for 

me personally. Note that since I am 

not an incorporated company these 

are consumer accounts rather than 

business accounts for the purpose of 

this exercise. You just need to know 

how I isolate my earnings – and, of 

course, I have a chequing account 

that is for my personal activity 

where I transfer $1,000 weekly. 

Now that you have a sense of how 

to calculate what you need to 

earn, how are you going to spend 

your time getting this money? 

My philosophy here is purely on 

developing relationships and building 

knowledge and respecting time.

By building relationships you initially 

have to encourage people to use your 

services. This requires the shotgun 

method, which means your have to 

sow a lot of pellets to hit just one 

target. Building a client base for 

your own small business is essential 

because sales is a numbers game. 

You don’t have to break your back 

working, but you have to smartly design 

how you use your work day. Part of 

that day requires building your client 

base and part of it requires managing 

If I had to advise 

one valuable 

tool I would say 

resourcefulness. 

By being the 

“go-to person” for 

your referral sources 

you will make yourself 

very desirable 

Deb Dorsey, Oriana Financial 

and Royal Lepage Urban Realty 

it. That’s where the “marketing” comes 

into play. Once you have a client who 

is happy with his or her mortgage 

and your services, work that file like a 

seedling and watch it grow into referrals. 

How about an hour spent reaching 

out and connecting with “new” 

clients? Then how about another 

hour updating your database that 

holds all the details of the client? It is 

recommended that you connect with 

ET_Mag Ad_Dec14_2007 12/17/07 11:11 AM Page 1 




a “potential” client seven times within 

seven weeks to nail down the business. 

What do the connections involve? First 

you meet up with them at an open 

house where the connection is made. 

Then a thank-you note is sent. The 

next connection may involve new rates 

emailed. After that give them a quick 

call to “share some important detail that 

is new in the mortgage market” that 

can be shared with their own clientele. 

Before you know it a relationship is 

established that will deliver leads. 

Resourcefulness required 

If I had to advise one valuable tool I 

would say resourcefulness. By being the 

“go-to person” for your referral sources 

you will make yourself very desirable. 

This involves building your marketing 

materials to include an inventory of 

information to fit your clients’ needs 

around home ownership and purchasing 

a mortgage. It can be as simple as 

creating an excellent website that answers 

the many questions of home financing 

DE FRANCESCA 

LAW OFFICE 

PROFESSIONAL CORPORATION 


Paul De Francesca 

Lawyer 

177 Danforth Avenue, Suite 303 

Toronto, Ontario M4K 1N2 

Tel 416 778 4433 Ext. 222 

Fax 416 778 4432 

Email paul@defranlaw.com 

www.defranlaw.com 

Mortgages Institutional • Private 

Mortgage Enforcement Power of Sale 

Residential Purchase • Sale • Refinance 

Commercial Purchase • Sale • Refinance 

Leasing 

Subdivision Development 

Company Incorporation & Organization 

for a client who isn’t overwhelmed 

with trying to come up with the right 

questions during a conversation. 

That is the beginning of the 

“marketing” element of your success. 

The rest is creating awareness and 

maintaining connection. You have 

to remain top of mind with clients 

who appreciated your excellent level 

of service. This is best done through 

a “contact management campaign” 

that can include postcards, newsletters 

and greeting cards that celebrate 

birthdays, anniversaries and holidays. 

I personally send out six newsletters 

annually using a service to compose, 

print, stuff, address, stamp and mail 

a great four-page communiqué of the 

current status of the market. Once a 

mortgage is done, a quick thank-you card 

starts the ball rolling, and a thank-you 

card will also be sent on the anniversary 

of their home purchase. Postcards work 

best for me to sell my services because 

they can be fun, and I can target a 

specific farming area and thereby build 

DEFRAN-IMBA Spring 2008 Ad r2.qxd 12/18/07 10:57 PM Page 1 

A boutique real estate 

and mortgage law office 

$5,400,000 

FIRST MORTGAGE 

Inventory loan on 18 

residential condo units 

Dundas Street West 


$2,500,000 


20 unit 3 storey 

residential condo project 

. 

Ailanthus Avenue 

Niagara Falls, Ontario 

$17,500,000 


A 40.13 acre zoned retail 

development site 

Steeles Avenue East 


a brand – me. These go out four times 

annually to keep my presence out there. 

Whether it’s newsletters and cards or a 

postcard campaign, the point is to invest 

in yourself as though you are a brand. 

Find a logo or tagline that best defines 

you as a professional. My mortgage 

trigger is “Working hard to deserve 

your business.” For real estate, I 

like to remind potential clients 

that “It takes a neighbour to sell a 

neighbourhood – Hello, neighbour.” 

You know what your goals are: to 

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enjoy doing it. We’ve discussed some 

methods of getting a business plan 

in place and what to consider when 

managing your plan. Take the time to 

invest in your future one element at a 

time – your business is worth it. BB 

Mortgage Investment Trust 

Deb Dorsey is with Oriana 

Financial and Royal Lepage 

Urban Realty. Learn more 

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Regulations 

With a host of new regulations being introduced to the mortgage 

brokerage industry, brokers are doing their best to keep pace 

Reeling from 

regulations? 


By Kelly Parker 

For many brokers, it can seem like 

a maze. There have been so many 

new regulations introduced to the 

mortgage industry that sifting through 

all of them, yet alone properly implementing 

them, can be a task unto itself. 

Without a doubt, one of the most impactful 

regulatory revisions to have taken place recently 

was the host of changes made to the Mortgage 

Brokerages, Lenders and Administrators Act 

(2006). While new rules have been introduced, 

the Financial Services Commission of Ontario 

(FSCO) will still be providing additional 

information on these rules, as well as additional 

ones that come into effect on Jan. 1, 2009. 

The fact that FSCO is informing constituents 

that it will be providing additional information 

on regulations already implemented is one of 

the biggest challenges facing brokers as they 

work to bring their operations into compliance. 

Jeff Atlin, CPMB, a broker with Abacus 

Mortgages, says a major challenge for many 

brokers is ultimately their ignorance of the new 

regulations. There were those who paid little 

attention to the new regulations prior to their 

being passed and now they are playing catch-up. 

This sentiment is echoed by Reuben Bax of 

BAX Mortgage Group. “My impression is 

that a lot of brokers out there aren’t taking

this too seriously,” he says. “At some of 

the educational seminars that I’ve been 

to the turnout has been lacklustre in 

comparison to the number of people 

who are in the business, so I suspect 

that some of the brokers might not 

even be aware of the changes.” 

If complacency has set in, it might stem 

from brokers’ knowledge that while 

many of the regulations have come 

into effect they have a grace period to 

get their houses in order. Atlin says 

that he has the sense that if a broker 

isn’t following the new regulations to 

the letter over the next few months, “I 

don’t think they’re going to find that 

the ministry or FSCO is going to jump 

on them with two feet. What they’ll be 

looking for is an attempt to comply, 

because they understand that there is a 

learning curve involved. So if an attempt 

is being made with some mistakes, they’ll 

bring those things to your attention. 

On the other hand, if everything is 

just being ignored, that’s different.” 

So there are many brokers who aren’t 

feeling any sense of urgency to bring 

themselves up to speed on the new 

regulations. Some, including Robert 

Anderson of Georgian Mortgages, say 

it’s because the government’s process in 

implementing them has been confusing. 

“You really don’t know what’s 

happening yet,” notes Atlin. “(Some 

of) the new regulations involve the 

Administrators Act, (but) we still haven’t 

got the administrator’s licence, and 

it was all supposed to happen at the 

same time. I syndicate mortgages 

beforehand, and I can’t do that without 

an administrator’s licence. But they 

said to us at the time that we should 

just go on with our business and it 

would all flow through and that they 

would close a blind eye to it, but that 

is causing some stress at our end.” 

On the other hand, if there are 

complaints that inadequate notice 

was given in advance of the changes, 

Bax would likely argue that those 

who feel that way haven’t been paying 

attention. “They gave us ample 

notice,” he says. “For at least six 

months they kept notifying us with 

emails and literature that the deadline 

was July 1, so we knew about this 

at least six months in advance.” 

Some of the new regulations govern 

advertising and promotion, although 

those regulations don’t come into effect 

Regulations 

until January 1 because some provisions 

need interpretation and direction from 

regulators. “If you go by the letter of the 

act, you can get into some pretty crazy 

overkill,” says Atlin. “If you put out a 

ballpoint pen with your company logo 

on it, for example, how much info do 

you have to put on the pen? If you go by 

the letter of the act, you have to put on 

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Vol 1 Issue 4 • 1

Regulations 

your licence number and contact info, 

but maybe all you want is your logo 

and phone number because you don’t 

have room for more than that, which 

is probably OK. But nobody wants 

to make that assumption, so they’re 

looking for direction on some things.” 

There are also additional expenses to 

be incurred, including the licensing 

of all brokers, and mandatory errors 

and omissions insurance to cover the 

brokerage and all of its agents. This, 

according to Atlin, “is a new expense for 

a lot of brokerages because in the past, 

the majority probably didn’t carry it.” 

The changes have also affected 

brokerages’ electronic documentation 

systems. Although there haven’t been 

many changes required for the July 1 

deadline, more are in the works for 

January 1. Tim Brown, director of 

product technology at Marlborough 

Stirling, says his firm is currently 

working with IMBA to come up 

with new forms to use for cost of 

borrowing and disclosure as well as 

investor and lender disclosure. 

The problem is, however, those forms 

will not be sanctioned or approved by 

the government — a growing trend 

across the country. “The downside in 

not having a standard form is that the 

consumer today — regardless of the 

mortgage broker they go to — always 

receives the same Ontario Statement 

of Mortgage document,” says Brown. 

“Come January 1, brokers can use 

whatever they want for that form, and 

it might look completely different 

depending on which one you go to. 

That’s why we’re working with IMBA, 

which is working closely with FSCO, 

to come out with a recommended form 

for Ontario brokers to use, and that’s 

what we will put into our system.” 

Ultimately, says Anderson, once 

everything has been finalized and 

the industry has come up to speed, 

everyone will be better off. “The 

mortgage brokers act hadn’t been really 

(overhauled) since about 1972, I think, 

so it was way overdue,” he says. BB 


What are your thoughts about 

the new FSCO regulations? 

“Any time there is change you have a choice of using it to your advantage or 

blaming it for your problems. One component of the new ‘regs’ is the requirement 

for a minimum amount of education before someone can be a mortgage agent. 

I have always been an advocate of education and training. Anytime someone is 

required to obtain a minimum amount of knowledge to pass a course before they 

can deal with such an important item as someone’s mortgage is a very good thing 

for our industry. As an industry we can take advantage of this and advertise 

that ‘only’ mortgage brokers and their agents take mortgage-brokering 101 

before dealing with the consumer. So I applaud the education requirement and 

look forward to even more requirements as our industry becomes the standard 

procedure for obtaining a mortgage.” 

Nelly Van Berlo, CPMB 

The Mortgage Centre; The Mortgage Source, Ottawa 

“I have always attempted to critically evaluate and pair my lenders with my 

borrowers to meet the ongoing requirements of each, as much as possible. Now, 

high net worth is one of many criteria suggested by FSCO to assist in this 

evaluation of our lenders. But, great wealth does not equate great knowledge. 

Nor does a highly leveraged (lower net worth) individual necessarily possess a 

greater appreciation and knowledge of things financial. But only utilizing ‘net 

worth’ values severely penalizes many potential investors.” 

Richard Goodman, CPMB 

Active Investments, Thornhill 

“It has always been (my opinion) that some lenders benefited from their incentive 

programs rather than their rates and, as a result, the client’s best interests were 

not kept in mind. This should provide more inroads for some lenders and the 

wider use of trailer fees to enhance some programs that might go to the wayside. 

(The changes implemented on July 1 mandated) higher standards that will 

hopefully translate to a perception by the public that mortgage brokers and agents 

can lead the way in dealing with the biggest investment they will ever make.” 

Derrick Foster 

Tailor Made Mortgages & Investments, Windsor 

“I’ve asked government representatives about this, and I’ve been told that they 

have to turn a blind eye (initially) because a lot of this stuff hasn’t come through 

yet. For the administrator’s licence, for example, they didn’t even have the forms 

ready in June to come into effect for July 1. So they’re scrambling as much as the 

brokers are to bring this all up to speed. I think it will be a while (beyond even 

January 1) before all of this settles down. I think January 1 is very optimistic.” 

Robert Anderson, CPMB 

Georgian Mortgages Inc., Parry Sound

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Commercial Property 

Closing the 

commercial deal 

When it comes to commercial sites like corner stores and gas stations, 

a different approach is required to setting up a mortgage 

What do a gas station and an 

adult entertainment facility 

have in common? The 

answer: It’s highly unlikely 

your banker will be funding a mortgage 

secured by any of these assets. 

Private mortgage lenders who take an 

equity-based underwriting approach 

are often the most realistic alternative 

for these deals. Equity lenders base 

their lending decisions on the value 

and liquidity of the real property. 

When you see a new gas station being 

constructed at the intersection of two 


urban arterial roadways, chances are 

that it is being built and financed by 

one of the major oil companies. 

But how about that gas station and 

convenience store in the small town 

that you pass every weekend on the 

way up to your cottage? These stations 

often don’t pump more than two or 

three million litres of fuel each year, 

which is just a fraction of the volume 

sold at modern urban stations. 

For an equity lender, one of the main 

challenges with these small, privately run 

gas stations is that these sites often have 

By Jonah Bonn 

some form of hydrocarbon contamination 

as they have older forms of fuel storage 

and pumping equipment. While a 

Phase II Environmental Site Assessment 

(ESA) is always a condition of any 

prudent lender’s mortgage commitment, 

the reality is that these reports rarely 

come back with pristine results. 

For rural gas stations that draw their 

potable water from an on-site well, 

hydrocarbon contamination in the soil 

and/or groundwater is almost always an 

unacceptable situation. The Ministry of 

Environment has very strict guidelines 

given the obvious health risks. However, 

Challenges with gas stations are tied to environmental concerns

for sites that are serviced by municipal 

water mains, the environmental 

standards are less onerous. 

The decision that must be addressed 

by the lender is whether the nature and 

extent of contamination and cost to 

remediate pose any unreasonable risk. If 

there is no indication of off-site migration 

and the source of contamination is 

shown to be an isolated or historical 

incident, then the lender is often able 

to proceed with the transaction. 

Public perception 

In the case of adult entertainment 

facilities, the stigma attached to these 

businesses is due to the generally negative 

public perception of what goes on 

inside the front door. Accordingly, it 

is understandable that major lending 

institutions do not want to be associated 

with such businesses. 

However, from a private equity lender’s 

perspective, an adult entertainment 

facility is simply a business that occupies 

space in a building. Behind the flashy 

signage and inviting images often 

affixed to these establishments, there 

lies a real estate asset with inherent 

value. The underwriting of a mortgage 

deal involving an adult entertainment 

facility is really no different than it 

is for a restaurant or nightclub. The 

adult entertainment facility, which 

is sometimes just a tenant in the real 

property being mortgaged, must be 

a legally permitted use under the 

C 

M 

Y 

CM 

MY 

CY 

CMY 

K 

municipality’s zoning bylaw and must 

meet all applicable health standards. 

In terms of establishing a real estate 

value, the direct comparison and income 

approaches to value employed by 

appraisers simply address the underlying 

real estate value and not the going concern 

of its occupant. Having financed several 


The underwriting of a mortgage deal involving an adult entertainment facility is 

no different than it is for a restaurant or nightclub 

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adult entertainment facilities over 

the past few years, it has been our 

experience that these businesses tend 

to locate in former light industrial 

buildings or in mixed-use urban 

buildings that tend to have a broad 

range of alternative uses and are 

consequently quite liquid in nature. 

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Mortgage brokers instinctively want 

to tell the lender about their client’s 

income and credit history, but for a 

private equity lender, the most critical 

information is simply a detailed 

description of the real estate and a 

concise summary of the transaction. 

A loan summary should 

address the following: 

• Loan amount required and 

expected funding date. 


• Purchase or refinancing? If it’s a 

purchase then the lender will want 

to see a copy of the Agreement of 

Purchase and Sale. If it’s a refinancing 

transaction then the lender should be 

informed of the amount, rate and terms 

of the current mortgage(s), as well as 

an explanation of why a refinancing is 

required and the proposed use of funds. 

• Lot area and dimensions, size of 

building(s) and rent roll (if tenanted). 

Photographs are always helpful. 

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for complete details and lending matrix. 

• Name(s) of borrower(s) with 

accompanying statement(s) of net 

worth and credit bureau report(s). 

Furthermore, although an appraisal 

and an environmental assessment 

report are almost always required, 

it is usually best to consult with the 

lender before encouraging your client 

to spend thousands of dollars on 

these reports. Some lenders have a 

list of approved professionals while 

others will engage the appraiser and 

environmental engineer directly 

upon receipt of a retainer or 

mortgage commitment deposit. 

Rates and fees 

It is critical for brokers to educate 

their clients so that they have 

realistic expectations when 

borrowing from private lenders. 

Here are some general guidelines: 

• Interest rates: nine to 12 per cent 

for first mortgages, depending on 

the nature of the transaction. Many 

private lenders collect interestonly 

payments and offer short 

terms of one or two years, with 

prepayment penalties ranging from 

one to three months’ interest. 

• Fees: three to four per cent of 

the loan amount that is usually 

shared with the referring broker. 

• Appraisal and environmental reports 

are paid by the borrower. Your 

client should be prepared to spend 

at least $2,000 on a commercial 

appraisal, and Phase I ESA reports 

usually start at around $1,800. The 

cost of a Phase II ESA is dependent 

on the scope of field work. 

• Lender’s legal fees are paid 

by the borrower. BB 

Jonah Bonn is a 

mortgage agent for 

Ontario Wealth 

Management 

Corporation 

(Owemanco), a 

private mortgage lender specializing in 

financing of commercial and industrial 

real estate and construction financing.

How 

do you 

deal with 

an evershrinking 

source of 

lenders? 


In a new feature called Vox Pop, 

BrokerBiz asked brokers across 

Vox Pop 

the province how they are finding 

lenders for their clients 

John Battaglia 

Mortgage Agent 

Unimor Capital Corporation, Windsor 

“We are finding lenders in Windsor asking for guarantors and 

co-signers. Fewer B lenders are available. Now with A lenders, 

parents or relatives are co-signing. 

We are also doing more second mortgages. Many don’t qualify 

for firsts. Private mortgages and private investment has 

increased. When A lenders won’t do deals, we are going to 

private sources.” 

Tom Ormsby, CPMB 

Broker 

Verico - Annteam Mortgage Services, Barrie 

“I have been a mortgage broker for over 15 years. When I 

started, there where fewer lenders than there are today that 

paid finder fees. The current loss of sub-prime lenders has 

not affected my business. 

Most seasoned brokers do 80 to 90 per cent of their business 

with seven or eight lenders. They deal with these same lenders 

because they know how these lenders operate. The brokers know 

the underwriters, administrators and funders; this helps the 

broker to get the best and quickest service for their client. 

Competition is great for the market place, it makes all lenders 

and brokers strive to give the best possible service to their clients. 

The reduction in lenders may affect some brokers and agents, 

especially those that like to get competing commitments. I don’t 

source out for competing commitments; it only ties up too many 

lenders when only one lender will complete the deal. Get the 

best deal the first time (and) save yourself time and money.” 


Vox Pop 

Stan Applebaum, CPMB 

Apple Financial, Toronto 

“I don’t feel that there is a shrinking source of lenders. 

Companies have stopped lending on certain programs, however 

only a few lenders are required to meet the criteria of most 

borrowers. There is plenty of financing around for most brokers. 

Having a source of private funds in times of tight money 

(like these) is important, whether through contacts with 

sources or by co-brokering with those who have sources. 

Brokers need ample sources of private funding. 

The cookie-cutter deal is extinct at this point; therefore, 

brokers who are ill-equipped for tight financial markets will 

fall by the wayside and disappear if they don’t evolve. 

I have been in the industry since 1982. You learn how to 

evolve or you’re out. A lot of brokers will be out. Most new 

agents came from a lending background — that is, banks or 

trusts — and have no experience finding private money. 

You have to have many tools at your disposal to survive 

in this market. You need to have private money to solve 

people’s problems. It used to be about the best rate, but 

today it’s the opposite. Borrowers are not qualified and 

they need to get over the hurdles. They need to know 

the real value of their home, not what it was.” 

For more information 

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416-924-4680 

Hamilton 

905-528-8956 

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Financing 

Frank Callahan 

Mortgage Agent 

Upper Canada Funding, Oshawa 

“I know the number of lenders has dropped, but the number 

of lenders I deal with has not. 

If you want to be a successful broker, you have to maintain 

a good working relationship with specific lenders. If you 

deal with the right ones, they won’t disappear. I have two 

or three lenders I deal with, and have dealt with for many 

years, and private lenders. I maintain those relationships. 

Maybe I have been fortunate but I don’t deal with any 

Tom, Dick or Harry in the lending world. Brokers build 

up a trust with lenders, and they build up a trust with us. 

Trust is something we could use more of in our industry. 

I have worked in this industry since 1975. Are the 

number of lenders shrinking or did new people coming 

into the business just fail miserably? These are the 

ups and downs of the mortgage broker world.” 

Paul Ouellette 

Broker 

Central Mortgages Associates Inc, Windsor 

“There is no such thing as a shrinking marketplace. As long 

as people own things and want to own things, people will 

want to lend money. 

Brokers need four sources: A, B, C, (which are difficult to 

come by), and private lenders. I have been in the industry 

for 32 years. I don’t want to take a deal if I risk a loss 

for lenders. You should only fight battles you can win, 

and you are only as good as your next month’s results. If 

I make a promise to someone, I should do something. 

Every 12 years, we go through a similar cycle. It’s expected, but 

that doesn’t mean it’s not painful. Times get tough and the tough 

get going. Others get out of the way. Some lenders are giving up 

the business. Some have failed because they have not properly 

capitalized, or maybe they want to sell their portfolio and get out. 

Brokers are perfectly positioned to enjoy the good and the bad 

times. We are like a toll bridge that people pass over when they 

buy and sell. Every exit is an entrance. Business is not as brisk 

as it once was, but let the storm rage. Let the strong survive.” 

Please note that BrokerBiz welcomes suggestions for 

future Vox Pop questions from our readers. Is there 

anything you would like to comment on? Or, what 

would you like to hear or learn about from other 

industry representatives? Let us know by sending your 

suggestions to roma@mediaedgepublishing.com. BB

Years ago, brokers could send 

their deals to various lenders 

at the same time. Brokers 

were able to pick the most 

advantageous rate from among many 

lenders, but lenders felt they were 

spending resources to underwrite 

deals for which they did not get 

signed commitments. 

Advances in technology enabled 

sufficiently quick turnaround to 

make sequential underwriting 

requests possible, hence the 4-hour 

rule. Now, brokers send their deals 

to one lender at a time with the 

lender allowed four hours in which 

to respond. There are various views 

on this system, two of which are 

presented here. 

A lender’s perspective 

From a lender’s perspective, the way 

things were before the 4-hour rule 

was a disaster. We would spend hours 

putting in the time to underwrite the 

deals and put together the paperwork 

only to find out that the broker had 

shopped his deal to five or six other 

lenders – all of whom had spent the 

resources to put together a commitment. 

This was a big waste of time and 

money. Our closing ratios were 

terrible and we were victims of 

bidding wars. Lenders needed a 

system to help manage costs better. 

New electronic delivery systems now 

allow brokers to send their deals to one 

lender at a time during a reasonable 

4-hour time frame. Under the 4-hour rule, 

things are better. Our closing ratios have 

improved (although they could still be 

better) and we think it has also improved 

relations between brokers and lenders. The 

4-hour rule really benefits everyone. 

A broker’s perspective 

From the broker’s point of view, 

the 4-hour rule sometimes causes 

problems for us and for our clients. 

Our business is very competitive and 

we rely on lenders to respond quickly 

with a decision on financing. 

In some cases lenders (especially in 

the current competitive climate) are 

letting deals sit in the queue for three 

Have Your Say 

The economics 

of underwriting 

Two views on the 

4-hour rule 

OPEN NEW DOORS FOR 

YOUR CLIENTS 

to four hours and sometimes longer. For 

those brokers who want to offer the best 

rate to their clients, getting responses 

from three lenders can sometimes 

mean waiting two to three days. 

During the four hours, there should be a 

button for us to cancel any applications 

electronically while they are sitting in the 

queue. If the deal is being underwritten, an 

electronic message should give us contact 

information on who is the underwriter. 

The 4-hour rule reduces competition 

and introduces unnecessary delays. In 

fact, some lenders may lose business 

by their own delays. The business will 

go to the lender who provides the 

best service and the best rate. BB 

Canada Mortgage and Housing Corporation 

(CMHC) has the wealth of information, 

experience and industry-leading tools you 

need to grow your business with confidence. 

Your clients are looking toward the future 

– shouldn’t you be, too? 

Everything you need to open new doors 

1 888 GO emili 

www.cmhc.ca 

Vol 1 Issue 4 • 2

SummerFest 

CELEBRATING SUMMER 


IMBA members and friends 

gathered at the beautiful Deer 

Creek Golf Club in August for 

SummerFest. The annual event 

has become a highlight of the 

IMBA calendar year, offering a 

perfect opportunity for guests to 

relax, unwind and show off their 

golfing skills while networking! 

Photos courtesy of Milan Schramek

SummerFest 

To view more photos, please visit the IMBA website at www.imba.ca 

Vol 1 Issue 4 • 2

Housing Market 

Car 

troubles 



Brokers in Ontario’s industrial 

centres feel the pinch as 

extensive job cuts in the 

automotive industry squeeze 

local housing markets 

Until 2001/2002, the 

Ontario auto industry was 

considered one of the best 

in the world. However, 

things have changed since then. For 

the past few years it has been in 

steep decline, and soon will be only 

a shadow of its former self. 

In April, the Canadian Auto Workers 

union (CAW) announced that the 

auto industry in Windsor had suffered 

the loss of more than 9,000 jobs over 

the past five years. That’s one in three, 

totaling a loss of $601 million in payroll 

in that community alone just last year. 

For brokers operating in the regions 

hardest hit, it’s been a bitter pill 

to swallow and they are bracing 

themselves for tough times ahead. In 

fact, the job cuts to the automotive 

sector are slowing things down across 

the entire province, according to 

Buzz Hargrove, president of CAW. 

“The slowdown in the Ontario economy 

is related to the automotive sector,” he 

says, noting that for every automotive

industry job in Ontario there are 

seven spinoff jobs in the community. 

“The standard we establish helps 

the whole community. Everybody 

should be concerned. A much lower 

standard of living will creep in. Some 

communities already feel the pain.” 

And while gas prices and tight credit are 

cyclical and will turn around, changes in 

the automotive industry are permanent, 

notes Hargrove. “There’s more to come. 

It’s not going away. There’s no good 

news. This is a major restructuring 

unlike anything we have previously 

seen. It’s more permanent,” he says. 

Brokers brace themselves 

So what does this mean for Ontario 

mortgage brokers? “The bottom 

line is the automotive industry is 

a huge component of the Ontario 

economy and they are in serious 

trouble,” says Martin Marshall, 

regional vice-president, Ontario and 

Prairies, Mortgage Intelligence. Like 

many brokers, Marshall wonders 

how homeowners losing their 

jobs will pay their mortgages. 

One new trend has been growth in 

refinancing. “There’s been a shift in 

focus from sales of new homes to 

refinancing, consolidating debts into 

one payment,” says Marshall. “We 

recognize that there is opportunity, 

helping people out of situations. 

Mortgage brokers can help.” 

The job cuts in the automotive sector 

have definitely affected business, 

says Marshall, and created a tougher 

environment to work in. However he 

stresses that, “Being a mortgage broker 

is not just about getting a mortgage 

on a new home. We can provide a 

broad range of services.” While the 

real estate market is depressed in some 

areas and it can be difficult to find 

lenders, now is the time to focus on 

assisting existing and new clients. 


Gary Katz, CPMB, with Windsor-based 

Unimor Capital Corporation has been in 

the industry for 34 years and seen at least 

three heavy cycles of economic ups and 

downs. Automotive hubs like Windsor 

tend to get hit first, but they also recover 

earlier. “Windsor is usually the first into 

a recession and the first out,” says Katz, 

who says things started to go downhill in 

late 2006 and he expects them to be back 

on track by spring 2010. “It’s important 

to have a firm business plan, to think 

conservatively… Our position has always 

been never to lend over 70 per cent, and 

65 is more prudent. Always be sure when 

you put money out, you can recoup it.” 

The mortgage broker market is 

oversaturated in Windsor, points out 

Katz, and it will be the talented brokers 

who will pull through. “The good 

brokers will still be around… When 

business is terrible, you have to live with 

it. You either cut marketing or staff. We 

have had to cut in both. Our income is 




Automotive job losses 

The CAW reports that they have lost 13,000 members working in 

Canada’s unionized auto assemblers – including GM, Ford, Chrysler and 

CAMI – over the past three years. Downsizing and attrition, closures 

and layoffs continue. Since fall 2005, the following major closures and 

layoffs have been announced: 

• General Motors: closure of one Oshawa plant; two production shifts 

closed; the entire Oshawa truck plant 

• Ford: Closure of three Windsor-area engine operations: Essex Engine, 

Windsor Casting and Nemak; one production shift cut at St. Thomas 

car plant; planned third shift at Oakville plant cancelled 

• Chrysler: one production shift at Brampton car plant; production of 

Pacifica at the Windsor minivan plant ended 

• CAMI: one production shift at the Ingersoll SUV plant cut 

Mortgage Broker’s Sales, Service and Compliance Centre 

• Is your office compliant? Yes o No o 

• Do you audit every single agent’s file? Yes o No o 

• Are your agents’ clients really happy 

with your company service? Yes o No o 

• Are your files in a safe and secure location? Yes o No o 

If you answered NO to any of the above, give us a call 

Paul F. Bath, CPMB 

69 DAVIS DRIVE, SUITE 103 

NEWMARKET, ONTARIO L3Y 2M9 

PHONE: (905) 830-9997 

FAX: (905) 830-0288 

suffering. But we have a large portfolio 

and in the past, our principal focus 

was managing a portfolio,” says Katz. 

However, clearly Windsor is in a tight 

spot. There have been numerous layoffs 

in the automotive sector feeding an 

unemployment rate of nearly 10 per 

cent. Building permits are down 

50 per cent, and existing housing sales 

are also down significantly. Many 

homeowners are starting to walk away 

from mortgages they can’t afford. 

Nonetheless Katz is optimistic about 

the future. What comes around goes 

around, he says. “I have seen complete 

turnaround many times,” Katz notes. 

Survival of the fittest 

Frank Callahan, a mortgage agent at 

Upper Canada Funding in Oshawa, 

shares Katz’s view. “The world is 

not ending,” he says. “I wouldn’t 

recommend anyone start in this 

business right now, but the good 

people will always survive. The others 

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who are lost by the wayside should 

never have been in this industry.” 

Callahan, who has worked in the 

financial industry since 1965 and as a 

broker since 1975, has seen the ups and 

downs of the economy that leave survival 

to the fittest. He remembers the high 

interest rates of the early 1980s and the 

drop of up to 25 per cent in property 

values in the early 1990s. This was 

far more devastating than the current 

situation, he says. “I don’t expect a 

boom, but I don’t expect a deep recession 

either… I expect interest rates to remain 

constant, and oil has to come down,” 

explains Callahan. “It can’t stay this high. 

The average person can’t afford it.” 

With 90 per cent of his customers 

representing repeat or referral business, 

when mortgages come up for renewal 

many are looking for a better deal and 

adding to their mortgage. “It’s not a 

dance of desperation,” says Callahan. 

“The industry has had a couple of 

kicks, but my glass is always half full.” 

Layoffs in the automotive industry might 

have forced some to sell their home or 

rent, but Callahan says he does not see 

a great impact on the community. “We 

are a thriving community,” he says. 

“The majority don’t have their backs 

against the wall. We have to put things 

in context. It’s been tougher than it has 

been, but it’s not the end of the world.” 

Lou Perrotta, CPMB, of Domus 

Financial Corporation in Oakville 

says, “To me, the downturn in the 

economy and its resulting job losses were 

inevitable. It was just a matter of time. 

After seven years of sustained growth, 

after the world stopped and started again 

following 9/11, something had to give.” 

In order to meet today’s challenges 

and those of the future, Perrotta says 

mortgage brokers need to use their 

heads. “Stay on the cutting edge,” 

says Perotta. “You won’t walk out 

the front door and trip on business 

anymore. It’s now more competitive. 

With fewer creditors, tighter criteria 

and more competition, we’ll all have 

to really think about how to keep our 

business alive and successful.” BB 

At a glance 

The Ontario auto industry includes six different automakers with car and 

light truck assembly plants in Ontario and others producing heavy trucks 

and buses, as well as manufacturers of in-house engine and transmission 

plants and over 450 independent parts facilities. 

In 2007, the Ontario automotive industry produced $88 billion in 

vehicles and parts. That’s $240 million worth of products a day. 

In Ontario, auto assembly and parts manufacturing employ 121,000 

people and there are thousands more spinoff jobs in steel, plastics and 

more. Auto workers contributed $7.6 billion to the Ontario economy in 

2007. That’s $21 million of earnings a day. 

The auto industry is Ontario’s largest single exporter: one third of total 

exports in 2007. 

Most auto workers own homes. Auto workers supported about $374 

million in municipal taxes in 2007 or one million dollars a day. 

Test your skill! 

Michael Lombard 

Phone: 416-304-2078 

Fax: 416-368-3328 

Email: michaell@peoplestrust.com 

® 


From page 10 Answer: 1980 

Call us 

CMHC & Conventional 

Mortgages for: 

Multi-Family Rental Properties 

Senior’s Housing Projects 

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Professional Development 

CPMA 

CPMB 

Being a successful mortgage 

agent or broker means more 

than knowing what forms to 

complete. Learning encompasses 

every aspect of this business, 

says the chair of IMBA’s Education 

Committee, Malcolm Eccles, CPMB. It 

should be a lifelong process. 

Eccles is one of the founders of the 


Association of Ontario. As IMBA began 


IMBA education: 

Learning to earn! 

Keeping business skills fine-tuned requires lifelong learning 

to develop its education program, 

he was instrumental in identifying 

the information that mortgage 

brokers and agents needed and in 

developing the course curricula. 

BrokerBiz: You were one of 

the original developers of IMBA’s 

education program. Tell us how 

it all began. 

Eccles: IMBA was not the first to 

offer courses of interest to mortgage 

brokers and agents, but it sometimes 

works out that you can come along 

after and improve on what someone 

else has started. This is what we did. 

When we first started thinking about 

developing an IMBA education program

in late 2003, we looked at what else 

was available. We felt other courses 

lacked the in-depth knowledge and 

information that a new agent would 

need. We adopted a book titled The 10 

Steps to Becoming a Successful Mortgage 

Agent. We believed this book could form 

the basis of a solid education program 

for new agents because it addressed 

more than just the fundamentals. It 

dealt with product knowledge, client 

relations, business promotion, and 

went through the entire mortgage 

application process so that once 

absorbed and put into practice agents 

would have all the tools for success. 

IMBA used this book as the basis for 

our Mortgage Agent Course, which 

was first offered to members in 2004. 

At that time, there were no standards 

under which mortgage agents were 

qualified. These were not brought 

in until July 1, 2008. However, the 

IMBA Mortgage Agent Course not 

In Good Company 

www.mortgageintelligence.ca 

only meets the standards set by the 

Financial Services Commission of 

Ontario (FSCO), it goes well beyond 

these minimum requirements. 

BB: What specifically is unique about 

IMBA’s Mortgage Agent Course? 

Eccles: IMBA’s course is offered in 

many locations. We teach it in Ottawa, 

Barrie, Hamilton, Kitchener, London, 

Windsor and in five locations around 

the Greater Toronto Area. Our lecturers 

must be accomplished brokers or agents 

with many years of experience, and 

they must still be in the business. It’s 

extremely important to have instructors 

who are current with new developments, 

trends, legislation and products. 

In addition, our lecturers must be able 

to communicate information effectively 

with adult learners, so it is mandatory 

that they take a yearly weekend course 

to upgrade their teaching skills. This 


course, titled Principles and Strategies 

for Adult Education, was developed 

exclusively for IMBA and is continually 

being updated to incorporate the latest 

thinking in this branch of pedagogy. 

Finally, IMBA’s course is 52 hours of 

classroom instruction with additional 

homework, making it a very substantial 

program. As we are fond of saying, 

“You get what you pay for,” and IMBA’s 

Mortgage Agent Course is, without 

doubt, the industry’s “Gold Standard.” 

We teach in 15 locations with 24 

lecturers located all around the province. 

We also provide private training to large 

brokerage firms. This extensive outreach 

means much greater convenience for 

members and for those interested in 

getting into the business. We have also 

redesigned and upgraded the course 

to reflect current market conditions. 

When we began, the book dictated 

the course, but with the new course 

(starting in September 2008), the 

THE EVOLUTION OF THE ENTREPRENEUR 

BY MORTGAGE INTELLIGENCE 

There’s a reason why more than 1,000 independent consultants and associates 

across Canada have joined forces with Mortgage Intelligence: they maintain the 

independence they value and gain the support and expertise they need to take their 

business to the next level. 

These are just a few of the benefi ts enjoyed by our 

Mortgage Intelligence network: 

• Customized incentive programs 

• Expert business planning and 

consulting support 

• Access to commission and 

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support customer relationship 

management 

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Find out how Mortgage Intelligence can help you take 

your career to the next level. Please contact Martin Marshall, 

Regional Vice President, Ontario at: 1-877-667-5483 ext. 7 or 

martin.marshall@mortgageintelligence.com for more information 

® Registered trademark of Mortgage Intelligence Inc. © 2007, Mortgage Intelligence Inc., all rights reserved. 



book will just be one piece of the 

content. An entirely new component 

of handout material has been designed, 

which will give us the flexibility to 

add new information in the future. 

BB: What other courses does 

IMBA offer, in addition to the 

Mortgage Agent Course? 

Eccles: Because of the new regulations 

now in force, the IMBA Mortgage 


Agent Course is the most important 

one we offer, but there are many 

others available, as well as others in 

development. We have launched a 

new course to teach the intricacies of a 

power of sale, an unfortunate necessity 

in today’s softer housing market. IMBA 

members also have access to 12 online 

courses through our partnership with 

Kendrick Canada. We also developed 

an online Appraisal 101 course that 

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“Most people have ups and downs in their lives and I believe the key to our success is providing a 

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provides us with new alternatives to help our clients.” 

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“My focus is subprime borrowers and sometimes I cannot assist my clients. BDO New Beginnings 

is a perfect fit for me. In the past year they have assisted many clients I have referred and helped 

strengthen relationships with those I would have otherwise turned away.” 

Donna Lewchuck, Mortgage Intelligence 

provides greater understanding of how 

residential values are determined. This 

course is important for anyone wishing 

to develop a better understanding of 

the residential appraisal process. 

I should mention IMBA’s Seminar and 

Symposium Series, offered throughout 

the year at locations all around the 

province for the convenience of 

members. Both programs consist of 

presentations on product knowledge 

along with information sessions on 

a variety of aspects of our business: 

insurance, technology, networking, 

deciphering agreements and tax tips. 

IMBA’s seminar on the new Mortgage 

Brokerages, Lenders and Administrators 

Act, conducted in conjunction with 

FSCO in 11 locations around the 

province, was extremely important 

in getting members “Act Ready” and 

was very well received. Attending 

these sessions gives brokers and 

agents an inexpensive and convenient 

way of “learning and earning,” as 

well as providing an opportunity 

to gain Professional Development 

Credits towards either the Certified 

Professional Mortgage Broker (CPMB) 

or the Certified Professional Mortgage 

Agent (CPMA) designations. 

BB: You mentioned other courses 

in development – what are you 

planning for the future? 

Eccles: A course in Residential 

Mortgage Underwriting will be launched 

later this year, and we are starting to 

develop a curriculum for a course in 

Commercial Mortgage Underwriting. 

I believe that within two or three years 

FSCO will bring in new rules mandating 

ongoing professional development in 

order to maintain a broker’s or agent’s 

licence. I want to see IMBA well placed 

to provide that continuing education 

since there is virtually no limit to the 

number or type of courses that can 

be developed. IMBA is committed to 

the education of brokers and agents 

in the province of Ontario. Our 

members are dedicated professionals 

and it is IMBA’s responsibility to ensure 

that they continue to excel! BB

The Independent Mortgage 

Brokers Association of 

Ontario (IMBA) is dedicated 

to providing professional 

development of the highest standards 

to all its members. 

The Association’s Certified Professional 

Mortgage Broker (CPMB) and 

Certified Professional Mortgage 

Agent (CPMA) designations are 

the most prestigious accreditations 

in Ontario available exclusively to 

mortgage brokers and agents. Today, 

the designations are respected and 

acknowledged throughout the province 

by everyone in the industry. Mortgage 

professionals with the CPMB and 

CPMA designations are recognized 

for their experience, education, ethics, 

examination and their overall high 

standard of professionalism. 

IMBA would like to take this 

opportunity to congratulate all 

its Certified Professional Mortgage 

Brokers (CPMBs) and Certified 

Professional Mortgage Agents (CPMAs). 

Certified Professional 

Mortgage Brokers 

Robert Anderson, CPMB 

– Georgian Mortgages 

Bob Andrew, CPMB 

– Abacus Mortgages 

Jeff Atlin, CPMB 


Paul Bath, CPMB 

– Centum Hewmac Mortgage Centre 

Frances Blau, CPMB 


Mal Eccles, CPMB 

– CIR Mortgage Corp. 

Richard Goodman, CPMB 

– Active Investments 

Ray Khanna, CPMB 

– Kingsway Investments Ltd. 

Steven King, CPMB 

– SGH Mortgages Inc. 

Phil Noble, CPMB 

– London Mortgage Corporation 

David O’Gorman, CPMB 

– Mortgageland Inc. 

Lou Perrotta, CPMB 

– Domus Financial Corporation 

Larry Redford, CPMB 

– The Mortgage Exchange 

Wayne Robinson, CPMB 

– Pillar Financial Services 


IMBA’s CPMB & CPMA 

designees are trained, 

tested and trusted! 

Wayne Sudsbury, CPMB 

– Homeguard Funding 

Azima Allie, CPMB 

– Allie Mortgage Corporation 

Stan Applebaum, CPMB 

– Apple Financial Services Inc. 

Michael Hewton, CPMB 

– Hewbrook Incorporated 

Gary Katz, CPMB 

– Unimor Capital Corporation 

Paul Lioukras, CPMB 

– Online Mortgage 

Shane Suepaul, CPMB 

– Avanti Financial 

Gary Berthiaume, CPMB 

– Rose City Mortgage & Loan Corp. 

Satyen Drepaul, CPMB 

– CMS: Canadian Mortgage Services 

Debra House, CPMB 

– Mortgage Intelligence 

Shayam Kaushal, CPMB 

– Interfinance Mortgage Merchants 

Anneli Perala, CPMB 

– Royal Financial Services Inc. 

Lou Salvino, CPMB 

– The Financial Forum Ltd. 

Dwight Trafford, CPMB 

– The Mortgage Centre 

Patricia Giankas, CPMB 

– Centum Metrocap Mortgage Corp. 

Donald Madill, CPMB 

– All Ontario Financial Consultants 

Vol 1 Issue 4 • 3


David Mandel, CPMB 

– First Equity Financial Corporation 

Kelley Wilkinson, CPMB 


Percival Alexander, CPMB 

– Cdn Business Investor Corp. 

Tom Ormsby, CPMB 

– Annteam Mortgage Services 

Brian Samuel, CPMB 

– Oriana Financial Group of Canada 

Michael Hall, CPMB 


Nelly Van Berlo, CPMB 

– The Mortgage Source Inc. 

Ann Turner, CPMB 

– Power Mortgages Inc. 

Ellahe Rezai, CPMB 

– Ace Mortgage Centre Inc. 

Ron May, CPMB 

– May Mortgage Services 

Marie-France Lavigne, CPMB 

– Mortgage Excellence Inc. 

3231 Langstaff Rd., Suite 204 

Concord, ON L4K 4L2 


Mary Chmiel, CPMB 

– Mortgage House 

J. Paul Whatmore, CPMB 

– Mortgage Concepts 

Lorraine Joseph, CPMB 


James Robert Salisbury, CPMB 

– Mortgage Centre 

Marion Larsen, CPMB 

– Astral Funding 

Peter Henderson, CPMB 


Daniel James Prentice, CPMB 


Steve Kates, CPMB 

– Northwood Mortgage 

Eddie Quindamo, CPMB 

– I Direct Mortgages Inc. 

Richard Lewis, CPMB 

– Lender Direct Capital Corporation 

David J. McGlade, CPMB 

– Verico McGlade Financial Services 

Certified Professional 

Mortgage Agents 

Rusty Muere, CPMA 

– Avanti Financial Services 

Laky Adam, CPMA 

– Canadian Lending Network 

Daniel Girard, CPMA 

– Invis Inc. 

Richard Brushette, CPMA 

– Invis Inc. 

Rhonda Crocco, CPMA 


Dino Golfi, CPMA 

– Metro Financial Planning Ltd. 

Enza Venuto, CPMA 

– Centum One Financial Group Inc. 

Kevin Power, CPMA 

– Power Mortgages Inc. 

Liam Cragg, CPMA 

– Community Mortgage Services Corporation 

Patricia Marie O’Gilvie, CPMA 

– Discount Mortgage Canada Inc. 

Achieve a lifetime of success 

by joining our family of mortgage professionals. 

We are committed to providing you with the necessary tools 

and support you need to reach all of your goals. 

Contact us: 

905.850.8100 

1.800.732.2801 

www.morcanfinancial.ca

Looking 

for red 

flagsBy 

Jim Hill 

Taking an in-depth 

look at the agreement 

of purchase and sale 

and learning what to 

watch out for 

It has often been said that a 

competent mortgage broker 

should have extensive knowledge 

in all areas related to his 

or her profession. The purchase and 

sale agreement is a paper document 

representing the definition of 

market value that a willing vendor 

and purchaser have agreed upon. 

It demonstrates the intention of 

both parties under a certain set of 

conditions and clauses. 

The agreement of purchase and sale is 

a vital part in the transaction process 

and is very often subject to fraud. 

This is why, as a mortgage broker, it is 

imperative that during the due diligence 

stage you go through the agreement to 

understand those conditions and clauses 

as they are set out and you pick out any 

unusual items. 

To start, the amount of deposit relative 

to the purchase price is an important 

area of concern. I have seen deposits 

registered for $500 when the sale price 

was $200,000. This sometimes indicates 

a lack of down payment. Look for the 

“Oklahoma deal,” which is the classic 

case of over-selling the property by the 

amount of the down payment. The 

company or individual holding the 

deposit is another area to watch for. 

Is it being held by the lawyer, vendor 

or listing broker in trust? While there 

might not be anything wrong, ask the 

appropriate questions to determine what 

the situation is. 

Over the years I have seen various 

situations regarding the vendor section of 

the agreement. Some examples include 

family members selling to other related 

parties, the government acting as the 

vendor, or the vendor’s name that is 

stipulated on the agreement not being the 

actual owner as it is registered on the deed. 

All three areas could become a cause for 

concern. Again, in all three cases, there 

might not be anything wrong. But as 

a broker, ask the tough questions. As 

long as there is full disclosure you can 

save yourself a lot of aggravation. You 

must be wary of the fact that maybe the 

house is under power of sale and they are 

transferring the property in order to get 

a new mortgage. When the government 

is the vendor, it could be possible that 

the crown has seized the property due 

to a criminal act such as a grow-op. And 

finally, the last scenario could identify an 

individual who is trying to make a quick 

profit with a flip. 

Word of Advice 

Reviewing schedules 

It is also very important to review all 

schedules attached to the agreement 

of purchase and sale. On the first page 

of the agreement, there is a listing of 

all schedules contained as part of the 

purchase and sale agreement. By carefully 

reading all schedules, you can identify 

any unusual items that may be a cause of 

concern in the financing process. I have 

encountered things such as: 

• Disclosure that the property was a 

grow-op or contains UFFI; 

• Expensive chattels included in the 

purchase price; 

• Any special assessment levied on the 

property; 

• Amount of development charges; 

• Disclosure of any vendor take back 

mortgages; and 

• Disclosure of a credit on closing by the 

vendor for a roof deficiency. 

These types of things could affect who 

will finance the deal, the appraisal, 

environmental issues, closing costs, down 

payment or insurance. 

Vol 1 Issue 4 • 3

Paradisus – Mayan Riviera (Mexico) 

January 31 to February 7, 2009 

The Perfect 

Mid-Winter Break. 

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FOR SPONSORSHIP OPPORTUNITIES, 

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OR 

MARTIN MARSHALL - 416.234.3162 

www.IMBA.ca 

www.SolMelia.com 

2009

Signatures, dates and initials by all 

parties can also become red flags. Do the 

signatures match up at various points 

in the agreement? The agreement was 

signed almost two months ago, but 

why are they only now applying for 

financing? Why are there no witnesses 

to the signatures? Why hasn’t the vendor 

initialled the changes? These are all 

things that need to be addressed when 

you are doing your due diligence. 

The financing clause entered into the 

agreement contract is usually for the 

benefit of the purchaser(s). This financing 

clause is where a little “gamesmanship” 

can be played. This clause describes a 

financing stipulation that is not binding 

on the lenders reviewing the application 

and provides an “out” for the purchaser(s) 

in the event they change their mind. If the 

purchaser(s) decide that they like another 

property, they can cancel the contract 

without recourse. 

Assessing terms 

The broker should take the time to 

review the terms quoted in the financing 

clause for interest rate, amount of VTB 

or amortization to assess whether it 

makes sense in today’s market place. I 

have seen ridiculously low rates quoted, 

huge VTBs and large deposits that act as 

“smokescreens” to distract from underlying 

issues. Some of these underlying issues 

include the fact that it may not be an 

arm’s length transaction, a cover up to 

hide a power of sale action or a sale from 

one family member to another to avoid 

mortgage arrears. The key trigger in these 

cases is usually a large down payment (i.e., 

$50,000 with the offer). Brokers need to be 

wary and alert if this happens. Get proof of 

the large deposit upfront before you present 

the deal to your lender! Don’t look foolish! 

The title search section of the agreement is 

very important for the buyer’s solicitor to 

do his or her due diligence. The solicitor 

needs to examine title and confirm it can 

be clearly transferred to the buyer. The 

solicitor will check for: 

-Mortgages; 

-Tax liens, Prop or CRA; 

-Liens such as union gas; and 

-Executions, Easements. 

In essence, the solicitor is looking for 

anything registered on the title that will 

negate the closing and this date should 

be several days prior to the closing date 

in order to rectify or advise for closing. 

In conclusion, it is incumbent upon 

mortgage brokers to take that extra time 

to assess the agreement of purchase and 

sale with a critical eye. Things might not 

always be what they seem and it is your 

job to find that out. These strategies will 

help you develop and maintain more 

credible relationships with your lending 

partners. BB 

Jim Hill is vice-president, mortgage lending 

at Home Trust. He has been with the 

company 20 years and in the mortgage 

business for 32 years. 

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Broker Biz 

ADVERTISERS INDEX 

AGF Trust Company .......................11 

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AIG United Guaranty ......................41 

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BDO Dunwoody LLP ......................36 

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Carevest Capital Inc. ....................23 

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CMHC ............................................27 

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De Francesca Law Office 

Professional Corporation ............. 16 

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Dominion Lending Centres .............8 

www.dominionlending.ca 

Effort Trust ....................................26 

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Equitable Trust ..............................15 

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FirstLine Mortgages 

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First National Financial LP ............42 

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Foremost Financial Corporation ...24 

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Home Trust ........... Inside Back Cover 

www.hometrust.ca 

Interfinance Mortgage 

Merchants Inc ...............................19 

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Jacob Ellens & Associates Inc. .....13 

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KIT Services ..................................32 

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“Merlin is a better system than anyone else has and 

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– P. Sobieski, Mortgage Intelligence Inc., B.C. 

MCAP ...................Inside Front Cover 

www.mcap.com 

The Money Source Ltd. ................31 

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MorCan Financial Inc. ..................38 

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Mortgage Brokers of Canada ........21 

www.mortgagebrokersofcanada.com 

Mortgage Edge ...............................3 

www.mortgageedge.ca 

MortgagExec Ltd. ..........................32 

www.centum.ca/hewmac 

Mortgage Intelligence ...................35 

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National Bank of Canada ................7 

www.nbc.ca 

Peoples Trust ................................33 

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Romspen Investment Corporation .....9 

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Scotiabank ......................................4 

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Verico Canada ...............................17 

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Virtual One Group ..........................14 

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Now there’s a way to prove it. 

Delivering Service. Creating Solutions. Building Success. 

800.465.0039 Vancouver • Calgary • Toronto • Halifax • Montreal 

www.firstnational.ca 

42 • IMBA_MerlinHalfPgAd_EN_0908.indd1 brokerbiz 

1 09/11/2008 11:49:59 AM

Introducing the new Accelerator Program 

Speed your clients down the path of least resistance with our full range of insured mortgage 

products to meet the needs of your ‘A’ clients. The Accelerator Program offers competitive pricing, 

compensation and dedicated underwriters to deliver the level of service you’ve come to expect from 

Home Trust, your ONE-STOP mortgage lender. 

Find out how to close more deals at www.hometrust.ca or call 1.877.903.2133 

program

Failing to plan is planning to fail Failing to plan is planning to ... - IMBA

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