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British Columbia’s Best Mortgage Inc.
A registered Franchise of the Mortgage Alliance Company of Canada
Client Service Standards
At British Columbia’s Best Mortgage, we take pride in providing our clients with expertise from our team of industry leading professionals. All members of the BCBM team are required to maintain maintain membership in the Canadian Association of Accredited Mortgage Professionals (CAAMP www.caamp.org). In addition, the Mortgage Professionals working for British Columbia’s Best Mortgage Inc. are licensed and regulated in British Columbia under the Mortgage Broker’s Act of British Columbia. Oversight for this act is administered by the Financial Institutions Commission (FICOM www.fic.gov.bc.ca).
All brokers working with BCMB currently possess, or are working towards, their professional designation of Accredited Mortgage Professional (AMP, http://www.amp-designation.ca/) and are required to meet the strict educational requirements and the highest ethical standards which are attributed to this professional designation.
The Mortgage Broker’s Act of British Columbia and the standards of the Canadian Association of Accredited Mortgage Professionals (CAAMP) ensures that members who are practicing as Mortgage brokers or associates in the Province of British Columbia provide their clients with a minimum standard of responsibility.
The following highlights will serve to inform you of the nature of our role and responsibility in serving you, as well as our professional relationship and responsibility to the lenders that we work with. This information is also detailed in our Client Service Agreement which may be downloaded as a PDF copy from our Forms section on our website here.
Mortgage Brokerage’s Role
The mortgage brokerage’s role (and that of their representatives, mortgage brokers/associates) and obligations to both the borrower and the lender will vary depending on the service relationship between the mortgage brokerage and the lender or borrower.
A professional mortgage broker with BCBM will always strive to acquire the best mortgage for a borrower, depending on the borrower’s unique set of circumstances. A mortgage brokerage cannot always guarantee the lowest rate or the best terms in the marketplace. Best rate is dependant on the combination of your qualifying income, your credit history, your equity and your choice of property type or location.
Nature of Relationship
BCBM and/or its associates and representatives will facilitate the mortgage transactions between the borrower and the more than 40 independent lenders who have approved us to offer their products. In this service relationship, we are authorized to present the mortgage products of one or more lenders to borrowers seeking a mortgage. Our duty and commitment to you, the borrower, is to act competently and honestly and to disclose all relevant information.
Whose products do we offer
We offer the mortgage products of more than 40 different lenders. Many of these lenders are publicly traded corporations and are governed by the Canadian Bank Act or Canadian Trust Legislation. In British Columbia, all consumer mortgages are subject to the rules and disclosure regulations contained in the British Columbia Fair Trading Act. We also offer products from private lenders such as Mortgage Investment Corporations (MIC) or even a wealthy individual.
We also offer Mortgage Protection Plan
(Creditor Life and Disability Insurance).
We are independent business professionals and are not employed directly or indirectly by any of the lending institutions whose products we may offer.
Our compensation
In most cases, BCBM will be compensated by the lender by way of a finder’s fee (or commission) paid to BCBM for facilitating the mortgage transaction. In some rare circumstances, BCBM may be required to charge a fee for services provided. In these instances, the fee is disclosed prior to obtaining a mortgage commitment from a lender on your behalf, and is only paid if the brokerage is successful in getting your mortgage approved by a lender.
BCBM may also receive monies or non-monetary benefits from a lender. These may include increased commission based upon total volume with the lender, increased commission based upon our professional efficiency with the lender, promotional travel or gifts, and attendance at seminars and conferences.
Additional Fees or Costs Associated with a Mortgage Transaction
The nature of your mortgage transaction and your personal circumstances may necessitate other costs that you will be responsible for. These may include fees for a property appraisal, default mortgage insurance (CMHC or Genworth mortgage premiums on high ratio mortgages) title insurance, legal fees, home inspection, registration fees, and home owner’s insurance.
Confidential Information
You may be required to provide personal information to members of the BCBM team as part of the Mortgage Application. BCBM is dedicated to respecting your information and privacy and takes all reasonable steps at our disposal to ensure that it is safeguarded and remains confidential. For more information on this subject, please view our privacy policy at here.
Prevention of Fraud
Unfortunately, mortgage fraud has become an undesirable by-product of the active Canadian Real Estate Market in recent years. It is not a victimless crime as the losses incurred result in higher costs for mortgage funds to the majority of legitimate real estate transactions taking place in Canada every day. All BCBM employees are trained in fraud prevention, and apply the recommended CIMBL best practices in their daily practice.
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