Real Life Mortgage Solutions podcast

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المحتوى المقدم من Len Lane. يتم تحميل جميع محتويات البودكاست بما في ذلك الحلقات والرسومات وأوصاف البودكاست وتقديمها مباشرة بواسطة Len Lane أو شريك منصة البودكاست الخاص بهم. إذا كنت تعتقد أن شخصًا ما يستخدم عملك المحمي بحقوق الطبع والنشر دون إذنك، فيمكنك اتباع العملية الموضحة هنا https://ar.player.fm/legal.

Exile

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Episode 10: From Refugee to Radical 44:09

منذ 2 years44:09

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قوائم

إعجاب

احب

44:09

When a young Eva Kollisch arrives as a refugee in New York in 1940, she finds a community among socialists who share her values and idealism. She soon discovers ‘the cause’ isn’t as idyllic as it seems. Little does she know this is the beginning of a lifelong commitment to activism and her determination to create radical change in ways that include belonging, love and one's full self. In addition to Eva Kollisch’s memoirs Girl in Movement (2000) and The Ground Under My Feet (2014), LBI’s collections include an oral history interview with Eva conducted in 2014 and the papers of Eva’s mother, poet Margarete Kolllisch, which document Eva’s childhood experience on the Kindertransport. Learn more at www.lbi.org/kollisch . Exile is a production of the Leo Baeck Institute , New York | Berlin and Antica Productions . It’s narrated by Mandy Patinkin. Executive Producers include Katrina Onstad, Stuart Coxe, and Bernie Blum. Senior Producer is Debbie Pacheco. Associate Producers are Hailey Choi and Emily Morantz. Research and translation by Isabella Kempf. Sound design and audio mix by Philip Wilson, with help from Cameron McIver. Theme music by Oliver Wickham. Voice acting by Natalia Bushnik. Special thanks to the Kollisch family for the use of Eva’s two memoirs, “Girl in Movement” and “The Ground Under My Feet”, the Sophia Smith Collection at Smith College and their “Voices of Feminism Oral History Project”, and Soundtrack New York.…

Real Life Mortgage Solutions

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Mortgage Solutions for the every day Canadian mortgage consumer. Are you thinking about becoming a mortgage broker learn first hand what you should look for in a brokerage and what you need to be successful.

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#Len Lane #Mortgage #Lending #Real Estate #Home Buyer #Time Homebuyer #Investing #Bridge Financing #Fixed Rate #Variable Rate #Amortization #Credit #Careers #Business #Podcasting Education #Rated #About Selfemployment

Real Life Mortgage Solutions

updated منذ 12 يومًا

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Real Life Mortgage Solutions

1
CMHC Spousal buyout program 11:45

منذ 12 يومًا11:45

11:45

Len Lane, founder of Brokers for Life Inc., discusses the rising divorce rates in Alberta and how the CMHC Spousal Buyout Program can help individuals retain ownership of their homes post-divorce. This program allows a spouse to qualify for a mortgage independently, covering up to 95% of the property's value to settle outstanding mortgages and other financial obligations outlined in a court-ordered separation agreement. Lane highlights key criteria, including the property being a principal residence and both spouses being on the title. By facilitating a structured approach to asset division, the program can help individuals stay in their homes, which is especially beneficial for families with children. However, he stresses the importance of factoring in additional costs, such as legal fees and land transfer taxes, which can range from 1.5% to 4% of the purchase price. Lane also explores the concept of "Gray Divorce," referring to the increasing number of older couples separating later in life and the financial implications that come with it. For individuals facing a Gray Divorce, reverse mortgages can be a viable option, providing access to a portion of their home's equity without requiring monthly payments. This approach can help older divorcees secure financial stability while transitioning into separate living arrangements. Listeners looking for guidance on spousal buyouts, reverse mortgages, or other mortgage solutions are encouraged to reach out to the Brokers for Life team for expert advice. Resources discussed in this episode: CMHC - Spousal Buyout -- Contact Len Lane | Brokers for Life: BrokersForLife.ca Linkedin: Len Lane LinkedIn: Brokers for Life Facebook: Brokers for Life X: @Brokers4Life -- Transcript Len Lane 00:02 Welcome. My name is Len lane, and I am the founder and president of Brokers for Life Inc, and we are Dominion Lending Centers in Western Canada. The topic of our podcast will be about what we consider to be Real Life Mortgage Solutions. Len Lane 00:19 Welcome back. Seems like more often than not in Alberta or in much of Canada maybe, that the number of divorces seems to be on the increase year over year. It's probably been more prevalent, I guess, since the laws made it easier in the late 60s, early 70s, for someone to get divorced. But there are stats that are kind of staggering, I guess. If you think about it, the average for Canada dating back to 2020 was about 7.7% I'm not sure what it would have been after the pandemic, after everybody had to be together every day, all day long, but I'm sure those numbers are considerably higher in Alberta. The average is 9.7 divorces per 1000 married persons. So it is something that is in the markets, and it's something that I know brokers who actually make their whole living based on, based on working with divorcee, divorce lawyers as well as divorcees, and it is a lucrative market. Sometimes there's two deals, sometimes there's not, but there is a program that comes through CMHC called Spousal Buyout. Len Lane 01:33 So, to qualify for spousal buyout, you have to meet certain criteria, of course. The buyout must be court ordered, so it has to be in the separation agreement. It would help you. If you qualify for mortgage on your own without a co-signer or guarantor. Property must be a principal residence, and you, your ex-spouse must be on the title. CMHC allows us to do something well, allows a few things to happen, allows you to stay in your home, of course. And quite frankly, that might be good for children as well, potentially better mortgage terms and then simplifying the division of the assets. So one of the great things about the CMHC Spousal Buyout program is that it actually allows us to go back to 95% of the value of the property. Now, in going back to that amount, the money has to be one, to pay out the mortgage, and anything else that is decreed in the actual divorce agreement. So whether that's okay, you have to pay me $30,000 or you have to pay them $30,000 to equal out the assets, perhaps, or something like that. Whether that's actual mutual funds, something along that line. Pensions sometimes come into play, and all that as well. So it's a program that it was designed to take some of that hardship, I guess, out of out of the process, and allow people to actually stay in their homes. So with divorce rates where they are, especially in Alberta, were reportedly about 50% at some point, I guess, in the past years. But when you look at what the issues are, usually, money issues, you know, are causes of the marital breakdown. Infidelity, obviously that never flies in most cases, family disagreements. There's a lot of different things that come into play there, when, when the dynamics of families come in, into conversation about who does what, and, you know, a lot of other things. Perhaps you take out the garbage wrong that day or something on that line. But I'm sure it's not that simple, not to make fun of it, but it's it is a large amount of people that get divorced. There's no question, lawyers and people that do reconciliations and things like that. It's a huge industry that is basically surrounded by the option to do something with your mortgage. Len Lane 04:01 The other part of what is happening in the markets is something called “Gray Divorce.” So what Gray Divorce is is basically what it sounds like. More and more older couples are splitting up, dividing up their assets and moving on to their own properties, perhaps, or something along that lines, while you can do the Spousal Buyout on that, the other item that has come to the forefront for us is that there is a program through the reverse mortgages where you can actually buy a property with a reverse mortgage. So if you started out that, obviously some of the assets would be very large in some of these bigger groups, and some of the articles I was reading, it was, it was pointing out some very well known names like Bill and Melinda Gates, of course, Hugh Jackman and Deborah Lee Jackman, Rhea Perlman and Danny DeVito, never, never knew that they were divorced, but obviously a long time married, a long time in the same industry, both very successful, of course. But again, you're putting up assets at a later point in life. What's in the house and things like that will be substantial in a lot of cases. But that opportunity to go to a reverse mortgage, not have to have a mortgage payment again, is quite possible. 50% of the value of the house possibly into a reverse mortgage or higher, depending on the ages. You know, it is a viable solution for some people, when, when that happens to them, so. It's one of the items that we don't think about. But it is definitely happening more and more in the background. I guess, realization sometimes where you spent all day apart for 50 years, or 40 years, whatever it was, and then you're both retired and and you're both sitting home, and sometimes you kind of realize that you know you're not the same person that, or whether your spouse is not the same person that you married 40 years ago. So Gray Divorce is very high on the list of things to do these days. So, it's a, you know, watching the divorce rate and watching the differe...…

Real Life Mortgage Solutions

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Revolutionizing Banking and Mortgages: Neo Financial’s Vision with Wayne Kainu 17:37

منذ 26 يومًا17:37

17:37

In this episode, Len Lane, founder of Brokers for Life Inc., chats with Wayne Kainu from Neo Financial about Neo's impressive journey and innovative approach to financial services. Wayne shares his personal story, moving to Calgary in the 1990s as a speed skater, and how he eventually joined Neo Financial, founded by the creators of Skip the Dishes. Neo has seen incredible growth, expanding from 100 to 800 employees in just three years. With cutting-edge technology, including a credit card application process that boasts 12-second approvals, Neo is reshaping banking and mortgage experiences in Canada. The company is focused on insured mortgages, offering competitive rates and a six-month term product, while setting its sights on the uninsured mortgage market using its deposits to improve efficiency and rates for brokers. Wayne highlights Neo's plans to build proprietary mortgage technology by 2025 and their commitment to integrating platforms like Velocity to streamline processes further. He also discusses industry trends, including the need for professional advice, the evolving broker mindset, and Neo's dedication to supporting brokers through innovative tools like a trailer model to build equity in their business. Tune in for an insightful discussion on how Neo Financial is transforming Canadian banking and what’s next in its mission to enhance broker and client experiences. About Wayne Kainu: As the Head of Mortgages for Neo Financial, Wayne Kainu is an accomplished finance professional with extensive experience in the mortgage and lending sectors. Currently serving as the Head of Mortgages at Neo Financial since November 2021, Wayne previously founded and led Finevo Lending Group as President & CEO from February 2008 to November 2021. Prior to this, Wayne held managerial responsibilities in real estate secured lending at TD Bank from January 2003 to February 2008 and worked as a financial advisor at Scotiabank between May 1997 and January 2003. Wayne Kainu is also a graduate of the University of Calgary and holds a PFP® designation from the Canadian Securities Institute. -- Contact Len Lane | Brokers for Life: BrokersForLife.ca Linkedin: Len Lane LinkedIn: Brokers for Life Facebook: Brokers for Life X: @Brokers4Life Contact Wayne Kainu | Neo Financial: Website: neofinancial.com LinkedIn: WayneKainu X: @wjkainu -- Transcript Len 00:02 Welcome. My name is Len Lane, and I am the founder and president of Brokers for Life Inc, and we are Dominion Lending Centers in Western Canada. The topic of our podcast will be about what we consider to be Real Life Mortgage Solutions. Len 00:17 Welcome back today. Our guest is Wayne chainu with a challenger, with a challenger bank called Neo. So we're going to talk a little bit about the different things that they've been doing and how they came to be. So first off, welcome. And Wayne, we'll start with a little bit of your background and how you got to Calgary. I thought that was an interesting story. Wayne 00:39 Yeah. Awesome. Thanks, Len. I appreciate you having me on here. First of all, yeah, came, came to Calgary early 1990s I was a, was a speed skater. And so one of the things that you know Calgary has is the fastest ice, still today, the fastest ice in the world. I was, you know, several years after the 88 Olympics. And, you know, so a lot of people from all over, a lot of kids at that point in time, moving from all over Canada to Calgary to train and in hopes of making the Olympics. Right? So, so that's what brought me to Calgary, and never went back. I came from Ontario, by the way. It was Kitchener Waterloo Ontario. Len 01:20 Yeah. Whereabouts in Ontario? Wayne 01:21 In Kitchener Waterloo, KW. Len 01:22 That's, that's how it happened for me. I've been here since I was 18, so if I hitchhiked across Canada, I never really went back a couple times for short stints. But okay, so Neo Financial, let's, let's talk about that. Uh, interesting start to it, where, what was, what was the beginning? Wayne 01:41 Yeah, so, you know, start with, you know, our founders are the same founders who started Skip the Dishes. They sold Skip in 2018 and I always say, you know, they could have lived this lavish lifestyle these, these young folks, but instead they put their money into better banking for Canadians. And so they, you know, obviously had a great track record. They were able to build some incredible technology. And so when they started Neo, it is about five years ago, they started Neo, and I was approached by them three years ago, almost exactly, and came on board three years ago. There at that point, the core business was credit cards. They were just getting into bank accounts at that time, and they had signed a, you know, a big partnership with HBC, probably a year and a half before that I came on board, and so things were going really well, you know, they when I came on board, there was about a, but just over 100 employees. And today, you know, three years later, we're sitting at over 800 employees. So we've grown quite rapidly. And, you know, again, the mission is really, once again, is to make banking better for Canadians and finding ways to put money in the pockets of Canadians, and making things much more efficient for those who you know, through the app, our Neo app, and being able to do things a little bit quicker than you would see at the banks. Len 03:01 Well, and that's a good segue into that kind of technology that Neo has developed that. I'm told that applications are done rather quickly through your through your direct system. Wayne 03:11 Yeah, so you know, if you take a look at, you know, a lot of things, that most of the technology that we have today at Neo has been built from scratch. And so if you look at our credit cards, bank accounts, etc, all of that is technology that was again created from scratch and proprietary, obviously. And so one of the things that they did when we first started is just evolving that credit card application to make it one of the like today, one of the fastest applications in the entire world. So I always say that if you look at the technology that they've built back in the Skip days, that technology, when they sold that technology, is used, you know, for food delivery service all over the UK, you know, all over Europe. And so what's under the hood is extremely important to our founders and the technology that they build here. And the reason why we have so many employees is the fact that, you know, there's the computer engineers, the des...…

Real Life Mortgage Solutions

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Unlocking Alberta Real Estate: The Power of Appraisals, Market Trends, and Migration Insights with Gerhardt Klann of Northern Lights Appraisals 41:01

منذ 6 weeks41:01

41:01

In this episode of Brokers for Life, host Len Lane and his guest, Gerhardt Klann, president of Northern Lights Real Estate Consulting, dive into the critical role appraisals play in real estate transactions, especially for buyers putting down over 20%. Gerhardt shares his journey from real estate investing in the late 1990s to becoming a seasoned appraiser and founder of Northern Lights Appraisals. The duo explores how appraisers determine market value, the impact of buyer preferences, and the nuances of renovations that add—or detract—from property value. They also reflect on lessons from the 2008 financial meltdown and discuss the significance of professional designations like DAR, DAC, and DRP in ensuring appraisal accuracy and credibility. Turning their focus to the Alberta real estate market, Len and Gerhardt discuss the province’s growing appeal due to affordability and migration trends. They highlight the ongoing surge in Edmonton and Calgary, noting strong rental and resale markets fueled by interprovincial migration. With a nod to future opportunities, Gerhard predicts continued growth in the Edmonton market, while Len shares plans to expand his team to meet rising demand. This episode is a must-listen for those who want deeper insights into the evolving dynamics of Alberta real estate and strategies for navigating the current market conditions. About Gerhardt Klann: Northern Lights Real Estate Consulting is a residential and commercial real estate appraisal firm owned and operated by Gerhardt Klann and his wife Shila Klann. Gerhardt has his DAR, DAC, DRP and Certified Appraisal Reviewer Designations from the Canadian National Association of Real Estate Appraisers (CNAREA) and is licensed by the Real Estate Council of Alberta (RECA). He was recognized as CNAREA’s Appraiser of the Year (for all of Canada) in 2016 and has completed over 7,500 appraisals. In addition, Gerhardt is an engaging public speaker and has delivered the keynote address at several conferences for investors, lenders and mortgage brokers throughout western Canada. He developed his business skills at the University of Alberta, where he earned a B.Sc. Forestry Business Management, with distinction in 1999. A former world-class biathlete, Gerhardt brings a high level of focus and precision to his work. In addition, he is an active member of the community, serving as a volunteer for the Start 2 Finish Reading and Running Program and sits on the Appraisal Advisory Committee for the Real Estate Council of Alberta. Gerhardt and his hand-selected team of high-quality appraisers are passionate students of the Edmonton real estate market — with combined decades of appraisal, real estate and real estate investment experience. Their reports are well-regarded for their accuracy and precision and can help you make sound real estate-related decisions based on reliable facts. Resources: REIN - Real Estate Investors Network Canadian National Association of Real Estate Appraisers Appraisal Institute of Canada -- Contact Len Lane | Brokers for Life: BrokersForLife.ca Linkedin: Len Lane LinkedIn: Brokers for Life Facebook: Brokers for Life X: @Brokers4Life Contact Gerhardt Klann | Northern Lights Appraisals: Website: northernlightsappraisals.ca Facebook: @NorthernLightsAppraisals X: @NLAppraisals YouTube: EdmontonAppraisals -- Transcript Len 00:02 Welcome. My name is Len Lane, and I am the founder and president of Brokers for Life Inc., and we are Dominion Lending Centers in Western Canada. The topic of our podcast will be about what we consider to be Real Life Mortgage Solutions. Len 00:19 Welcome back. Today, we're going to talk about appraisals. That one thing that in probably 50% I guess, of the deals that go through our office actually require an appraisal because they're more than 20% down payment. So they're what's called unconventional. My guest today is Gerhardt Klann. He is the president and founder of Northern Lights Real Estate Consulting, which is all we'll talk a little bit more than because you're obviously doing more than just appraisals. So maybe give us a little background and welcome to the show. Gerhardt 00:52 Yeah, thanks so much for having me. Len, appreciate it. Yeah. So well. Depends how far back you want to go, but so I believe you and I first met at REIN?. Yes, lovely. So that may have been even preceding my days as an appraiser. So that's that's pretty much my background started with with real estate investing, and I was lucky enough, fortunate enough to have had some opportunities when I was in university, I wanted to move out. A whole bunch of things fell together. And basically, instead of paying rent somewhere else, my dad convinced me and my brother that, you know, if you guys buy a place and you put a suite in, look, you'd be paying the same amount of rent, and you'd be building something towards your future. And so that's kind of where it all started. That was 1997. We bought a house together. It was very small, 700 square feet, had a one bedroom basement suite. And I was lucky again, because my dad had had construction experience. His dad was a builder, so we renovated it ourselves. We the only thing we outsourced that I recall, was the electrical. We had to upgrade the panel and the electrical, but everything else, like I my dad showed us, he showed us how to do copper plumbing, how to bend the bend the pipes. And a funny side story to that is that the Eco Center gives away free paint. I don't know if you knew that. If you take all shades of paint, I'm talking like pink, mint green, doesn't matter, you name it, and mix them all together in a big, like 10 gallon bucket with one of those mixers, you get beige. And once we discovered that we're, you know, I mean, we were all about trying to do things for as low a cost and make it look good as we could. So, so that's ultimately my background. You know, we kind of did that. Then we stumbled upon REIN. A friend of ours had recommended that we take the Quick Start Program, and it was actually cassette tapes that's, so early, 2000. Len 03:02 For those born after 2000 those were little… Gerhardt 03:07 Yeah, exactly right, way before podcasts. But that's what got us going and then, yeah, fast forward. You know, I don't want to, don't want to go into too much detail, but I was looking for something that would, you know, complement my real estate investing. And actually had an appraiser come to one of our rental properties to appraise it, because we were trying to do equity takeout, and I was in the process of just talking to everyone in real estate about what they did and so he said, Oh, why are you interested? I was like, well, I'd like to know more. So we we sat down for coffee and ended...…

Real Life Mortgage Solutions

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Breaking Down Private Lending, Syndicated Mortgages, and MICs with Dan K. Akowuah 22:50

منذ 8 weeks22:50

22:50

Host Len Lane welcomes special guest Dan Akowuah from Amansad Financial to discuss the intricacies of private lending and its role within the mortgage industry. Len and Dan break down the differences between private lending, syndicated mortgages, and mortgage investment corporations (MICs), a topic that is often misunderstood. Dan provides insight into private lending as an arrangement where individuals or corporations lend funds directly, bypassing traditional banking requirements. He explains how these private loans can offer an alternative solution for borrowers who may not meet conventional lending standards, emphasizing the importance of thorough due diligence and investor safeguards, especially with recent regulatory changes. The conversation also delves into the current lending environment, touching on how high interest rates have influenced investor activity. Dan shares his approach to risk management, only working with investors who have diversified sources of income. He also notes that while private lending offers a unique opportunity for investors interested in real estate, it’s not without challenges. Dan stresses that ethical lending practices and rigorous verification procedures are essential, especially as regulatory bodies increase scrutiny to protect both lenders and borrowers. This episode provides valuable insights for anyone interested in understanding private lending's nuances and its place in today’s mortgage landscape. About Dan K. Akowuah Dan K. Akowuah is a seasoned private lending professional at Amansad Financial, with over a decade of experience specializing in non-traditional lending solutions for clients who may not meet standard banking requirements. Formerly associated with the Brokers for Life team, Dan brings a wealth of knowledge from his prior work in retail finance within the automotive and RV sectors. Recognized for his meticulous due diligence and ethical approach, he has built a robust network of trusted investors. Dan’s expertise spans multiple Canadian provinces, focusing on securing private lending opportunities with a careful assessment of risk, particularly in single-family and select commercial properties. His dedication to maintaining high standards and regulatory compliance positions him as a knowledgeable and reliable partner in private lending. -- Contact Len Lane | Brokers for Life: BrokersForLife.ca Linkedin: Len Lane LinkedIn: Brokers for Life Facebook: Brokers for Life X: @Brokers4Life Contact Dan K. Akowuah | Amansad Financial: Website: amansadfinancial.com LinkedIn: DanA -- Transcript: Len 00:02 Welcome. My name is Len lane, and I am the founder and president of brokers for life Inc, and we are Dominion Lending Centers in Western Canada. The topic of our podcast will be about what we consider to be real life Mortgage Solutions. Welcome back. This is episode four of talking about lenders. Today we're going to talk about something that you probably hear about in the industry or in the news and unfortunately, but it also gets kind of mixed up with what MIC are, what syndicated is, and what private individual lending is by itself. So my guest today is Dan K. Akowuah, Amansad Financial, former member of the Brokers for Life team and long time friend now, 7, 8 or 8, years, I don't know what it is, but Dan, welcome to the studio. Dan 00:54 Thank you. Thanks for having me here. Excited to get some conversations going. Len 00:59 Exactly. So let's start with that definition. I know everybody gets kind of confused about what true private lending is. Maybe give us your definition of it. And how did you get started doing that? Dan 01:13 Well, I would say private lending, from my perspective, is when you have an individual or individual who owns like a corporation of some sort, and they're lending money and acting like the bank to somebody who needs money but can meet the bank requirements or an alternate type requirements, right? So it's basically people helping people in a different fashion. Len 01:32 So they can be corporations? Dan 01:35 Yeah, they can be corporations,right? But especially with the new FINTRAC rules, you have to make sure that everybody that is part of that corporation is vetted, right? So, it's very important that when you're dealing with individuals who are corporations, you also, in addition to getting their ID and verification, you want to verify the corporation and make sure that they're legitimate and so forth. Len 01:57 Right, and percentage of ownership is that important within that? Dan 02:02 Exactly. Yeah, exactly. You know, ideally, 50% right? It is like the threshold. You don't want a minority, minority shareholder making decisions. Len 02:14 Spending the company’s money, right? So, yeah. So how did you get started in that you've been doing it now? What? It's almost 10 years. Dave 02:21 Um, actually, it's been since 2012. Yeah, so it's been quite a while. So prior to being in the mortgage business, I worked at in the automotive and RV, so I did a lot of retail type lending, right? Then, in 2007 when the economy kind of went kaputs, right? My income dropped substantially. And I said, You know what, I can't rely on being an employee. So, you know, I started doing some investigating, because I have a finance background. I kind of landed on the, in the arena of mortgage brokering. And for the first couple of years, I just did the traditional mortgages and the Alt-tier mortgages, but I found that to be too similar to what I was doing for 10 plus years in the RV business. And then I happened to come across a foreclosure type file with the bankruptcy all involved. And I kind of navigated through that, but it really opened my eyes to a different type of lending, right? And then from there on, I started basically doing a lot of research, a lot of homework, speaking, I did lots of meetings with um, Gay Andrews, who used to be with Caplink, and she coached me a lot. And I'm forever grateful for that. And it's kind of built up over time and built up a good network of trusted investors. And that's been my, you know, my niche, ever since. Len 03:46 Yeah, and quite successful at it. We know from personal experience that that your due diligence on paperwork and and everything is is probably above above some of the actual lenders that we work with themselves, not the point finger, but it's uh… so private lending, as I said at the beginning, private lending, syndication, MIC, always kind of get lumped into the same thing. But how does this differ from a mortgage investment corporation or a MIC? Dan 04:19 Well, the biggest difference is, with the mortgage investment corporation is you have, like, a management tea...…

Real Life Mortgage Solutions

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Navigating New AML Regulations in Mortgage Brokering with Dave Teixeira 33:31

منذ 12 weeks33:31

33:31

In a critical update for the mortgage industry, Dave Teixeira joins host Len Lane to clarify the recent AML regulations. Dave highlights the importance of these rules in strengthening the role of mortgage brokers in Canada’s financial system and explains the operational challenges of ongoing compliance. He illustrates how DLCG is supporting brokers with tools to manage enhanced ID verification, risk assessments, and transaction monitoring while discussing the vital role of technology especially the Velocity platform. The conversation also touches on the intricacies of the regulatory landscape, including the importance of ongoing media monitoring and understanding the distinction between suspicious transaction reports (STRs) and other compliance documentation. Dave’s expertise offers mortgage professionals a roadmap to efficiently navigate AML requirements while ensuring top-notch client service. This episode is a must-listen for mortgage brokers, industry professionals, and those interested in regulatory compliance within financial services. About Dave Teixeira Dave Teixeira is the Executive Vice President of DLCG Operations. Since joining DLC in 2015, Dave has played a vital role in managing partnership relationships, overseeing media and government relations, and leading special projects. Known for his collaborative approach, Dave works closely with third-party partners, and his title accurately represents the wide range of operational functions he contributes to DLCG. Resources discussed in this episode: Velocity REMIC remic.ca/aml -- Contact Len Lane | Brokers for Life: BrokersForLife.ca Linkedin: Len Lane LinkedIn: Brokers for Life Facebook: Brokers for Life X: @Brokers4Life Contact Dave Teixeira | Dominion Lending Centres: Website: DaveTeixeira.ca -- Transcript Len 00:02 Welcome. My name is Len Lane, and I am the founder and president of Brokers for Life Inc, and we are Dominion Lending Centers in Western Canada. The topic of our podcast will be about what we consider to be Real Life Mortgage Solutions. Len 00:18 Welcome back if you're listening to this today, on the day it's been released, it should be December 10, 2024 we will be taking a short break over the Christmas season, as the next podcast would have come out on Christmas Eve. So, you will hear back from us on January 7th with a new set of podcasts for you to enjoy. Have a great Christmas season, and we will talk to you in 2025. Len 00:44 Today, we're going to talk about a hot subject within the mortgage industry. The letters AML have been tattooed on the back of our hands for the last six or seven weeks. Anti-money laundering, not new to the banking system, but in the recent few months, it has become something of importance within the mortgage industry, and today we're going to talk to Dave Teixeira, Executive Vice President of operations for DLC group. You don't know who DLC group is after the 17th podcast, lending group, so David, welcome. Dave 01:17 Thanks. Len, it's great to be here, and it's great to be able to chat now that we're a little bit on the other side of the AML Regulations now coming into play. I think people are now a bit of a sigh of relief that they've gone through that first little bit but always interested to share more about the experience and to see what sort of questions might still be out there. Len 01:40 Right, exactly. And like I kind of said, it's like AML is not new. Anti-money laundering has been around for a long time, especially on the banking side. Financial Planners actually it looks like it was enacted in 2006, and FINTRACS itself has been around for over 25 years. So why do you think that it's now become the mortgage industry's turn to be involved in this? Dave 02:03 I think they've realized, I think governments have realized, over the last, say, 15 years or so, the key role that mortgage brokers play in Canadians' lives. And I think that's a positive, you know, we've come from being this kind of fringe utility. You know, it's nice to have, perhaps, but it's kind of weird to now being the choice for people to make really good decisions, and we can help Canadians get into the house of their dreams. And so I think what's happened is, over the last while, regulators and organizations, regulators like FINTRAC, has said, Wait a second, this other group is playing a role here. Why are they not part of it? So, I think it's part of becoming a more professional organization. And at DLCG, we've often welcomed these sort of regulations because it shows that we're now being taken seriously. And as you pointed out so wisely, these regulations have been part of various industries for a year, everything from casinos and gambling to wealth management to legal professions, real estate. So it's just kind of our turn, and at the end of the day, I think this is these are going to be really simple regulations to follow. It's might be a little more difficult to have a process in place unless you have a good technology solution, but it's, it's a bit of a curse. They now see us as professional, which means they're going to regulate us a little more differently and more stringently. Len 03:24 Right, and that's definitely part of it. I think the Cullen report, of course, a couple of years ago came out in British Columbia and highlighted a lot of spots. Do you think that was much of a catalyst to point out the mortgage brokering side of it? Dave 03:40 I think it was independent of what FINTRAC was doing. FINTRAC, the Cullen report came out. I believe it was in late 22 or mid-22, and in early 2023, FINTRAC announced they were going to do something, something in the mortgage industry. Then, in September of 2023, they said, on October 11, 24, various regulations were coming in, and they laid them all out. And I think this is an industry we might have been slow to adopt. I know I was slow, and DLCG were slow to understand the importance. We kind of thought, Oh, this is just enhanced ID verification, not a big deal. And quickly we learned it's a much bigger deal. So I think the Cullen report in British Columbia, and if anyone out there hasn't read it, it's a lovely, 1800-page, breezy read, but they are looking at saving, preserving the housing markets, and making sure that, you know, criminal activity is not part of it, and part of that being anti-money or money laundering, which was apparently a fairly big problem here in British Columbia. I'm not so sure how big it was, but it was enough to merit an 1800-page report. And to that end, I think we're going to see governments, and even perhaps provincial regulators, get more involved. So, on August 8th of this year, BCFSA. The regulator in British Columbia sent out a kind of a scary email to agents and said, We're going to be performing desk audits to ensure that you are going to be compliant for FINTRACS...…

Real Life Mortgage Solutions

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Decoding Alternative and B-Lending Options with Mike Ayoub of Home Trust 24:49

منذ 14 weeks24:49

24:49

In this episode, Len Lane, founder of Brokers for Life Inc., sits down with Mike Ayub from Home Trust to discuss the ins and outs of alternative lending. With over 30 years in the business, Home Trust specializes in serving clients who don’t fit traditional A-lender criteria, such as self-employed individuals and those with unique income sources. Mike dives into the competitive rates that Home Trust offers, sometimes even lower than A lenders, and highlights their popular products like stated income mortgages and rental property loans. He also shares insights on Alberta’s booming rental market and stresses the importance of exit strategies for clients using alternative lending solutions. Mike also discusses the impact of rising interest rates on borrowers and how Home Trust has adapted to these changes while remaining a leader in the alternative lending space. Brokers are encouraged to understand the value of alternative lending and how it can be a critical tool in helping clients achieve financial stability. Tune in to hear more about Home Trust’s unique offerings, the evolving market, and how brokers can better serve clients by incorporating alternative lending into their portfolios. About Mike Ayoub Mike Ayoub is a seasoned professional with 16 years of experience at Home Trust, where he began his career in Halifax managing the Atlantic Canada division for 14 years. Now based in Alberta, Mike continues to oversee Atlantic Canada operations while contributing to Home Trust’s success in the alternative lending market. Established in 1989, Home Trust has been a leading player in alternative lending for over 30 years, offering specialized solutions to a diverse range of clients. Mike's expertise reflects Home Trust’s commitment to its core business, focusing on its classic alternative lending products while adapting to market changes. -- Contact Len Lane | Brokers for Life: BrokersForLife.ca Linkedin: Len Lane LinkedIn: Brokers for Life Facebook: Brokers for Life X: @Brokers4Life Contact Mike Ayoub | Home Trust: Website: HomeTrust Linkedin: MikeAyoub Instagram: @hometrustco Facebook: HomeTrustCo X: @hometrustco -- Transcript Len 00:02 Welcome. My name is Len lane, and I am the founder and president of Brokers for Life Inc, and we are Dominion Lending Centers in Western Canada. The topic of our podcast will be about what we consider to be real-life mortgage solutions. Welcome back today. We're in session three of talking about the different types of lenders in the market. We've talked to some of our mortgage lenders on the A side, as we call it. We've also talked about CHIP-type mortgages. They're called reverse in some of the different parts of the industry. CHIP is probably the most famous, but Bloom was our last guest. So today, my guest today is Mike Ayoub, a long-time employee with one of our lenders called Home Trust, quite large in the B side of the market. And so we're going to kind of get rolling today and welcome Mike Ayoub to the studio. Mike 00:57 I want to thank you so much for allowing us to come today. Lane as I mean, home trust has been a part of the alternative side for over 30 years now. A little background on myself and the company, of course. I mean, Home Trust started back in 1989 back in Toronto. I mean, we're across Canada now myself, I'm going into my 16th year with Home Trust started in Halifax, took care of the Atlanta Canada division for about 14 years, and been in Alberta now for another two, stil,l actually taking care of Atlanta Canada by a weird coincidence. But I think it's one of those situations where, you know, I think the alternative side has always gotten that interesting, I don't want to say stigma, but it's always kind of got that part of it that, you know, people think it only belongs to a certain client, where we know that that's different. You know, you yourself, has even mentioned it this year. It's changed a lot, couple of different things. I mean, the market has definitely changed. That's the biggest part of it, with Home Trust, you know, with us dipping our toes a little bit into the insured business there for a little while. Of course, with the sale going through to Smith Financial last year, we went back to focusing basically on our bread and butter. As you know, when you do submit a deal to Home Trust, it is Home Trust classic. It's our classic business, which is alternative side. So I think that's where we find ourselves. I mean, we have an interesting niche in the market, and it's been extremely successful for us, for, you know, three decades now. So, Len 02:24 Yeah, it's, it's hard to mess with what's been working right? We've seen it more times over the last 17 years of doing this, actually 18 years as of last week, wonders more, I guess, if you want to call it that, into trying to do other things when, when they have a base like, what, what Home Trust had in on the B side, soft B side, as I call it that. You know, it's hard to try and make yourself something else in the market when the market already loved what you were doing on the other side, right? So, so Home Trust around a long time, a lot longer than I realized when I did some research. So maybe a little background on how they how they ended up in the B side. Do you, do you know that part? Mike 03:09 Yeah, of course. I mean Jerry Soloway, which is our, you know, our founder, you know, started a law firm, got into home loan and savings back in 1989. Started out when he realized there was, there was a need in the market back in the late 80s, and then started a small, little office in Toronto, which is now, you know, obviously grown to branches all across Canada. We're big in the industry, and I'd say probably the premier alternative lender, and we have for over 30 years. The other part of the industry is that the background has always become… We've always basically focused on finding those clients, homes, is the most important thing. And I think with us, we've always decided that that was our opportunity, because there was a form of the industry or part of the market that just wasn't being fulfilled when it comes to, you know, the quote, unquote mainstream financial institutions, and I think that's where alternative lending has come into place. Over the years, it's changed a lot more. It's morphed into a lot more. So, as we've grown, we now we have branches in Halifax, Montreal, Toronto, you know, Calgary and Vancouver, because we want to localize all our underwriting to those clients. And when I say our clients, I mean our clients, our mortgage brokers. But we want to make sure that the understanding of the of what's going on in the industry, and how much you know we become a niche type of lender. Because when you do alternate business, you are a niche lender. And that's what we have been from the beginning. I think that's the type of lender Ho...…

Real Life Mortgage Solutions

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Unlocking Financial Freedom: How Reverse Mortgages Can Support Your Retirement, with Bloom Financial’s Rachel Rogerson 26:48

منذ 16 weeks26:48

26:48

In this insightful episode of Real Life Mortgage Solutions , Len Lane sits down with Rachel Rogerson, Director of Business Development at Bloom, to uncover the real benefits and myths surrounding reverse mortgages. Rachel shares her expertise on how reverse mortgages can provide financial relief to Canadians aged 55 and older, tapping into home equity without the burden of monthly payments. Tune in as Rachel explains the safety nets in place to protect homeowners, such as Bloom’s Home Equity Guarantee, and dispels common misconceptions about losing home ownership. Discover how reverse mortgages can help you or a loved one enhance financial independence while maintaining home equity, and learn why this option is becoming increasingly popular in Western Canada. About Rachel Rogerson With over 10 years of experience in mortgage financing, Rachel is a passionate and results-driven leader who helps people achieve their homeownership and financial goals. She is currently the Director of Business Development at Bloom Finance Company Ltd., a leading provider of home equity reverse mortgage solutions. Rachel leverages her skills in data-driven decision-making, market analysis, sales and marketing strategy, and relationship management to create and execute growth initiatives, expand the customer base, and increase Bloom's brand awareness and reputation. She also collaborates with a team of talented mortgage professionals who share her vision of delivering exceptional service and value to our clients. She has a proven track record of leading mortgage financing from origination, structuring, negotiation, and due diligence to documentation, and she has been recognized as a top performer in the industry. -- Contact Len Lane | Brokers for Life: BrokersForLife.ca Linkedin: Len Lane LinkedIn: Brokers for Life Facebook: Brokers for Life X: @Brokers4Life Contact Rachel Rogerson | Bloom Finance Company: Website: BloomFinanceCompanyLtd. Linkedin: RachelRogerson -- Transcript: Len 00:02 Welcome. My name is Len Lane, and I am the founder and president of Brokers For Life Inc, and we are Dominion Lending Centers in Western Canada. The topic of our podcast will be about what we consider to be Real Life Mortgage Solutions. Len 00:19 Welcome back. Today, our guest is Rachel Rogerson, and her background is as a mortgage broker, but she is now the Director of Business Development for Bloom Reverse Mortgages. Welcome. Rachel 00:32 Perfect. Thank you so much, Len, for having me. Len 00:33 Probably a lot of people listening to this, maybe for the first time, not in the age group where reverse mortgages applies to them yet; maybe, let's start with just talking about, in general, what reverse mortgages are. Rachel 00:46 Absolutely. So, reverse mortgages they've been around for a very long time, but only recently have they become a bit more popular. You know, as the cost of living is going up, and Canadians in that age group, which is 55 and over, are sitting on quite a bit of equity. So what it is, it's just a way to tap into the equity in someone's home without having that financial pressure of the monthly payments. So, and the proceeds from reverse mortgage can be used for so many different things. Probably the most popular reason is really just to increase that monthly cash flow. So with Canadians, 55 and older, especially in that retirement age group, you're on a fixed government income, so CPP and OAS, and with things getting more expensive, that money is stretched more and more thin as the years go on. So for an example, if someone's been living in their home for 30 years and they had a small mortgage before, let's say for 200,000, 100,000 and in the last few years, their payments have tripled, so that fixed monthly income that they have is now probably going the majority of that's going to their mortgage payment, and they're not left with a lot of funds at the end of the month to be able to pay for necessities like food and gas and everything else that they need to pay for for that month. Len 02:12 Yeah, and it's funny, you should put CPP and OAS in there. I don't know anybody who could live on that. Tell you the truth if you still had a mortgage at that point. Again, unfortunately, maybe equity in their properties. I do have one story that one of our agents did with a client in British Columbia is where she was basically on that small government pension above and beyond OAS and CPP, but a million dollars worth of equity in her property. Like $400,000 reverse mortgage, put it into an annuity, and that's what she's been living on, probably for the last four or five years. Rachel 02:50 Wow. And I'm sure quality of life has gone up significantly without that financial burden monthly. Len 02:56 It's crazy. So that's kind of one uses for the funds. What else have you seen clients use the funds for? Rachel 03:03 For sure. Well, I am based out of Vancouver, BC, so as we all know, it's very expensive place to live; so we are seeing a lot of parents and grandparents tap into their home equity through reverse mortgage to pull out money for their kids as a gifted down payment. So, well, up until a couple of days ago, the cap was a million dollars. So, you know, 20% of that is a significant amount of money for someone younger to get into the property market. So we see a lot of parents pulling out money for that. And we call that a living inheritance in some cases. So, instead of money being passed through generations after the parents, the grandparents have passed away, it's being done while both parties are still alive. And you know, the benefit of that, the few benefits, actually, is that the person who's receiving the money can get into the market earlier, and both parties are still alive to see the benefits of where that money is going and what it's doing. So that's a big one. Traditionally, that money has been taken out via home equity line of credits or private mortgages, which, as we know, come with very large monthly payments, which is a, you know, a huge burden for the parents, the grandparents, to take on. So, gifting that money with no monthly payments is a huge benefit. Another one that we're seeing is home renovations. And if you've been in your house for 20-30 years and money's a little tight, and you know, things are getting more expensive, probably the first thing on your list is not to fix that back deck or fix the bathroom, put a suite in the basement, whatever it may be. So, taking out money through a reverse mortgage and being able to add value to your home without those monthly payments is amazing because, you know, the person who has reverse mortgage, they're only going to benefit from increasing the value in their home. Len 05:06 Yeah, no question. And obviously, Alberta's market value is going up already. We were start...…

Real Life Mortgage Solutions

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Navigating Mortgage Markets in Western Canada with Lee-Ann McEllister, Director of Sales at MCAP 28:31

منذ 18 weeks28:31

28:31

Get ready for an eye-opening journey into the heart of Western Canada's mortgage landscape. Len Lane, Founder of Brokers for Life Inc., teams up with MCAP’s dynamic Director of Sales, Lee-Ann McEllister, to tackle the market’s biggest challenges—from soaring housing costs in BC to steady trends in the Prairies. Lee-Ann shares her wealth of knowledge on regional differences across Western Canada, offering valuable insights for brokers and homebuyers navigating the changing real estate market. The discussion also delves into the impact of interprovincial migration, fluctuating interest rates, and the evolving role of technology in the mortgage industry. Lee-Ann highlights how MCAP’s innovative approach and strong company culture have allowed them to remain competitive and thrive. Don’t miss this chance to learn from one of the industry's top leaders and gain practical insights into the future of mortgages in Canada. About Lee-Ann McEllister Lee-Ann is the Director of Sales for MCAP and an Associate Certified Organizational Coach with the International Coaching Federation. She proudly leads a team of dedicated Business Development Managers, supporting them to make an impact and help broker partners grow their business. After almost two decades in finance sales, she believes work can be fun and is passionate about creating an enjoyable atmosphere in everything she does. Innovation is the key driver of MCAP and Lee-Ann's success; she welcomes creativity and new ideas and runs toward change! In 2020 and 2022, she was named Woman of Influence by Canadian Mortgage Professionals and dedicates her time and energy as Board Chair for BC Lenders Group Association. She works closely with Habitat for Humanity Okanagan as Board Chair and Chair of their Family Services Committee. She is also a member of their Governance Committee and Community Engagement and Fundraising Committee. She is passionate about providing a hand-up to families in her community. Lee-Ann is grateful to be part of the mortgage broker industry and thinks that home ownership is a keystone of wealth and provides emotional security. Resources discussed in this episode: International Coaching Federation Canadian Mortgage Professionals BC Lenders Group Association Habitat for Humanity Okanagan \ Velocity Flinks -- Contact Len Lane | Brokers for Life: BrokersForLife.ca Linkedin: Len Lane LinkedIn: Brokers for Life Facebook: Brokers for Life X: @Brokers4Life Contact Lee-Ann McEllister: Website: mcapblue.com Linkedin: LeeAnnMcEllister -- Transcript Len 00:02 Welcome. My name is Len Lane, and I am the founder and president of Brokers for Life Inc, and we are Dominion Lending Centers in Western Canada. The topic of our podcast will be about what we consider to be Real Life Mortgage Solutions. Len 00:20 Welcome back. The next three episodes are going to be about our lenders and the different types of lenders that are in the industry today. We're going to start out with the bigger organizations that represents probably 20% of our book of business, at least headed off by MCAP itself. My guest today is Lee-Ann McEllister, ACC, we’ll talk about that later too, I think. Lee-Ann is the Director of Sales for MCAP, an associate certified organization coach with the International Coaching Federation; she leads a team of dedicated business development managers, supporting them to make an impact and help broker partners grow their business. After almost two decades in the finance sales, she believes work can be fun, and is passionate about creating an enjoyable atmosphere in everything she does. Innovation is the key driver for MCAP and Lee-Ann's success. She welcomes creativity, new ideas, and runs towards change. In 2020, and 2022, she was named woman of influence by the Canadian Mortgage Professionals and dedicates her time and energy as board chair for BC Lenders Group Association. She works closely with Habitat for Humanity in the Okanagan as board chair and chair of their family services committee. She's also a member of governance committee and community engagement and fundraising committee. She is passionate about providing a hand-up to families in their community. Lee-Ann is grateful for her part in the mortgage broker industry, and thinks that home ownership is a keystone to wealth and provides emotional security. Ladies and gentlemen, Lee-Ann McEllister. Lee-Ann 02:01 Awesome. Thank you so much for having me, Len. I have to say I want to congratulate you on starting up this podcast. I was able to listen to some episodes. I was actually on a flight, so it was perfect timing to hunker down and give a listen. And I think a lot of people, they have this grand idea of starting a podcast, but it's actually about execution. So well done on executing this great idea. Len 02:24 Yeah. that was the step that had been in my mind for some time and been encouraged by several other people. Heather for one, to do kind of get this off the ground, dual purposes for us that hopefully to educate the some of the industry as well, and the public in general, that there are a lot of things that we talk about. And it's funny, we use acronyms so easily, LOE and all of this kind of stuff. I'm going to do a whole one just on those, because I find with new agents, I'm talking the way we've spoken for the last 17 years, right? And they go like, what is that, right? So, anyways, you are someone definitely with the finger on the pulse of the market in Western Canada, ever-changing from BC to Winnipeg, because I've been in several of those cities over the last couple of weeks. What challenges do you think the Canadians are seeing in those markets? Lee-Ann 03:18 You know, it's very interesting leading a team with such a great territory of Western Canada, because each province is so different; the challenges in each one have some similarities, but definitely some noticeable differences and challenges. So in BC, we're seeing extremely high housing costs, especially around the Vancouver area. Alberta has continued to see interprovincial migration driving up prices slightly. But even if you look at Alberta, there's a big difference between Calgary and Edmonton. So Calgary, you're starting to see a little bit of the pricing increase due to the lack of supply and greater demand. But if you take a look at Edmonton, they stay pretty steady. So, I find it interesting, even in one province, you can have such different pockets of different volatility in the marketplace. And then, of course, we have our Saskatchewan and our Manitoba markets, which seem ...…

Real Life Mortgage Solutions

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The 5 C’s of Credit: Understanding Your Creditworthiness with Sandra Landry, Senior VP MNP Bankruptcy 30:38

منذ 20 weeks30:38

30:38

In this episode of Real Life Mortgage Solutions, Len Lane, Founder of Brokers for Life, dives deep into the crucial topic of credit with Sandra Landry, Senior VP at MNP Bankruptcy. They explore the "5 C's of Credit" (Character, Capacity, Capital, Collateral, and Conditions), explaining how lenders evaluate creditworthiness and what influences your credit score. With a practical approach, Len and Sandra discuss what appears on credit reports, the importance of consistent financial behaviour, and tips on maintaining or rebuilding credit, especially for self-employed individuals and those with a history of bankruptcy or foreclosure. Sandra also provides insightful advice on credit-rebuilding strategies, like maintaining long-term credit accounts, keeping borrowed amounts low, and setting up automatic payments to avoid late fees. This episode is filled with actionable advice to help you navigate the complexities of credit reports, improve your credit score, and make informed decisions about your financial future. About Sandra Landry Sandra is a motivated individual who strives to learn something new every day. She enjoys learning about various businesses and individuals in her community and working out ways to help them. There are significant options open to both individuals and businesses which include credit counselling, orderly payment of debt, proposals and bankruptcy. It's important that everyone understands what those options include and it's her role as Trustee to ensure that people are able to make the right choice for themselves and their own situation. Resources discussed in this episode: Equifax: www.equifax.com TransUnion: www.transunion.ca -- Contact Len Lane | Brokers for Life: BrokersForLife.ca Linkedin: Len Lane LinkedIn: Brokers for Life Facebook: Brokers for Life X: @Brokers4Life Contact Sandra Landry: Website: MNP.ca Phone: 780-969-1488 Email: Sandra.Landry@mnp.ca Linkedin: SandraLandry -- Transcript: Len 00:02 Welcome. My name is Len Lane, and I am the founder and president of Brokers for Life Inc, and we are Dominion Lending Centers in Western Canada. The topic of our podcast will be about what we consider to be Real Life Mortgage Solutions. Len 00:19 Welcome back. We are here again today to talk with Sandra Landry, and today we're going to talk about your credit. Now, we kind of talked about your credit last time, but now we're going to talk about 5c’s of credit and what it is that you can expect to see on your credit reports. Both of those are topics that probably don't get talked about enough in high school, when they should really start teaching people about this. But today, Sandra, welcome back to session two. Sandra 00:48 Thanks so much for having me. It's great being back. Len 00:51 Let's just dive right in. I guess the 5c’s of credits like character, capacity, capital, collateral and condition are something that lenders look at, and as well as your credit bureau looks at, I guess, to determine what your beacon score will actually be. So maybe run us through some of those. Sandra 01:09 Yeah, absolutely. And you're right, it does eventually flow into your credit score. So really critical for people that are trying to build. So the character, really this is your lender trying to determine creditworthiness. They want to know who people are. What is this person like that they're going to lend some money to and they're going to look at credit history with that one. They'll look at late payments. They'll look at hits that are on there from lenders, so somebody that has a whole bunch of hits from potential new lenders might raise a red flag for a lender, because they go, me, is this person panicking trying to borrow a whole bunch more money? Is something going wrong? Why are there so many people looking at this person's credit on there? They're also going to look at this person's employment history. That's part of somebody's character, what do they do for a living? How long have they been there? Do they jump around a lot? You know, if things don't go well, the lender wants to know, am I going to be able to find this person in order to actually collect and if they move around a lot, that can be harder. Len 02:19 And strangely enough, part of our application process is what we call the threes, right? Three years of employment, three years of addresses. They want to know where you've lived as well. You know, those are key parts of the basic application on our side. Sandra 02:35 Yeah and that completely makes a lot of sense, right? It's your lenders trying to get to know who you are based on paper only, and that is very difficult. So that's why they ask these kind of questions. I think the next one that would make sense is cash flow. When we're looking at cash flow or capacity, what's somebody's income look like? And, of course, that really comes down to, if the lender lends somebody money, are they going to be able to repay it? They'll consider that employment history. As far as if this person is employed long term, they're more likely to be able to make those payments than somebody who is on short contract work, are self-employed individuals, as I'm sure, you know, see a lot of pushback from lenders, because self-employed individuals really struggle to have consistent income. And then, of course, there's always the tax issues that can come with being self-employed, if somebody's not not cautious. Len 03:37 And/or not wanting to pay taxes when you're self-employed seems to be the other issue, right? They probably have cash flow. And strangely enough, most of them fall into our B lender category, because they'll look at 12 months of their actual cash flow, as opposed to what everybody else is kind of stuck with. What did they report on the T1 generals? What did they show on their NOAs? Right? So it makes it a lot harder to get a regular mortgage for self-employed these days. Sandra 04:05 Yeah, and I expect you have this conversation with a lot of folks. It's, you know, they want to not have a lot of income when they file their tax returns because they're going to have a higher tax bill. But when it comes to borrowing, that doesn't help. So they really want it to show both ways, depending on who happens to be looking at it. And that's very difficult for someone who's self-employed to make sure that they've got it appropriate. Len 04:34 And it's kind of what the government has said to them, if you don't want to claim taxes, then you've got to go to another source of money for a mortgage in th...…

Real Life Mortgage Solutions

1
Navigating Debt and Insolvency with Sandra Landry, Senior VP MNP Bankruptcy 28:18

منذ 22 weeks28:18

28:18

Facing financial hardship can feel overwhelming, but understanding your options is the first step toward relief. Len Lane speaks with Sandra Landry, Senior Vice President and Licensed Insolvency Trustee at MNP, to discuss how Canadians are dealing with increasing debt following the pandemic. Sandra explains the significant rise in bankruptcy and consumer proposal filings since 2022, emphasizing how interest rate increases and higher living costs have strained the finances of many. They discuss the distinctions between bankruptcy and consumer proposals, providing practical advice on how individuals can manage debt and avoid common pitfalls. Sandra discusses her work in insolvency, stressing the significance of assisting individuals in comprehending various options, such as credit counselling. She explains how trustees like herself can help people find the most suitable financial solutions for their specific circumstances. This episode delves into the intricacies of bankruptcy laws and the impact of debt on credit scores and outlines the process of rebuilding credit after bankruptcy with effective planning. About Sandra Landry Sandra is a motivated individual who strives to learn something new every day. She enjoys learning about various businesses and individuals in her community and working out ways to help them. There are significant options open to both individuals and businesses which include credit counselling, orderly payment of debt, proposals and bankruptcy. It's important that everyone understands what those options include and it's her role as Trustee to ensure that people are able to make the right choice for themselves and their own situation. -- Contact Len Lane | Brokers for Life: BrokersForLife.ca Linkedin: Len Lane LinkedIn: Brokers for Life Facebook: Brokers for Life X: @Brokers4Life Contact Sandra Landry: Website: MNP.ca Phone: 780-969-1488 Email: Sandra.Landry@mnp.ca Linkedin: SandraLandry -- Transcript Len 00:02 Welcome. My name is Len Lane, and I am the founder and president of Brokers for Life Inc, and we are Dominion Lending Centers in Western Canada. The topic of our podcast will be about what we consider to be Real Life Mortgage Solutions. Len 00:19 Welcome back. This morning, we're going to talk about some of the changes that are happening in people's finances coming out of the pandemic and what we're seeing over the last couple of years. We have seen probably more refinances come across our desk for rather large amounts of money, with people whose debt has accumulated due to whatever reason, over the last three or four years; part of that, of course, is they may need to have access to either consumer proposals or to actual bankruptcies if they're at a point where we can't refinance their properties or get them to a point where they're back into a solvent position. So, my guest today is Sandra Landry. Sandra is the Senior Vice President and the Trustee of Record. Is that correct? Am I saying that correct? Sandra 01:10 Yeah, Licensed Insolvency Trustee is usually what we call ourselves. Len 01:14 There you go, right? So, and for MNP, rather large group, great across Canada. And so welcome to the podcast, and maybe give us a little more about your background. Sandra 01:24 Absolutely. Thank you so much for having me. This is a lot of fun. So yeah, I started out my career as an accountant or as an accounting student, and I very quickly was tasked with helping some of the insolvency team members at the firm I was working for. I was nearly done my designation when I realized that insolvency was where I was supposed to be. I realized that's what it was. So, I very quickly switched over to the insolvency field. I did the CRIP program, learning all about it, and then eventually took my trustees license, so I've now been working as a trustee here at MNP; we have a very big practice, like you said. We are coast to coast. We're in basically every community from from one end of the country to the other so we do our best to service all the Canadians. Len 02:23 Excellent. Yeah, my first experience with meeting, seeing MNP anywhere, was actually in Fort McMurray, which was, I'm sure it was a busy time up there for them several times over the years. So what exactly are the duties of a trustee? Sandra 02:39 So big picture, our role, really, as a trustee, is to ensure people know what their options are. Make sure people know what they're getting into and, of course, answer questions. We're really looking at what do people have as options for debt, and it's really important for us that people know what all of the options are, even the options that we don't conduct out of our office. So as a trustee, I'm tasked with making sure that people understand all of those options, and that is very important. And if a proposal or a bankruptcy is not the right option for people, we have an ability to connect them with other professionals that can help them with their financial difficulty. So it is really important that we remain, you know, unbiased, and talk them through the benefits, the risks to all of those options. That's really what our role is. Len 03:42 Excellent, yeah. And a lot of people, of course, don't quite understand the bankruptcy act itself. I guess. I'm sure that there's some lawyers who probably don't understand the bankruptcy act, but it's, you know, it is a tool that you know, has seen over the years, seen many, many clients actually come out, you know, put themselves in a better place because of it. So I know the country across seeing issues. Finances have been tough for a lot of people. Interest rates higher considerably, when you consider that a used car in finances at 10% these days, that payments have grown and maybe not, incomes haven't followed suit. So are you seeing an increase in the amount of applications, and are they growing in size or amounts? Sandra 04:27 Yeah, we've seen a lot of changes over the years. And so if you think back to 2019 that was kind of before the bottom fell out. Back in 2019 the average filings in Canada was just shy of 140,000 filings a year. There was a major shift with the pandemic in an insolvency as well as the rest of the areas of the economy. With that pandemic, we actually saw a major slowdown in insolvency filings, which seems counterintuitive, because everybody was broke, but what we saw is government funding had increased. The creditors were significantly more lenient for people waiting for paybacks. We saw that that lasts for a very long period of time. Supply issues raised prices, but that also reduced spending. So people actually had a lot more money in their pockets. And I'm not saying everybody, but there was a there was a large segment of the country that had more money i...…

Real Life Mortgage Solutions

1
Fastkey Technology 27:45

منذ 24 weeks27:45

27:45

Join Len Lane, Founder of Brokers for Life, as he sits down with Dave Ford from Fastkey Technology to discuss a groundbreaking tool transforming background and financial screening. With increasing complexities from the CRA in document verification and the rising risks of fraud, Fastkey steps in to simplify and secure the mortgage documentation process. Len and Dave dive into how Fastkey provides brokers with direct access to CRA documents, ensuring authenticity and reducing fraud threats. Plus, with seamless integration into platforms like Velocity, Fastkey offers a more efficient experience for both brokers and lenders, making the process smoother for clients. About Dave Ford Dave Ford is the Lender Relationship Manager at Fastkey Technology, a cutting-edge company that provides mortgage brokers and lenders with secure and reliable access to CRA documents. With a background in financial technology, Dave is passionate about leveraging innovative tools to enhance the mortgage process, reduce fraud risks, and improve efficiency in the lending industry. Resources discussed in this episode: Velocity Wise Forex -- Contact Len Lane | Brokers for Life: BrokersForLife.ca Linkedin: Len Lane LinkedIn: Brokers for Life Facebook: Brokers for Life X: @Brokers4Life Contact Dave Ford: Website: fastkey.com Instagram: @fastkey_tech Twitter: @Fastkey_tech YouTube: @FastkeyTech Facebook: Fastkey Technology Ltd. LinkedIn: Fastkey Technology Ltd. LinkedIn: David Ford -- Transcript: Len 00:02 Lane, welcome. My name is Len Lane, and I am the founder and president of Brokers for Life Inc, and we are Dominion Lending Centers in Western Canada. The topic of our podcast will be about what we consider to be Real Life Mortgage Solutions. Len 00:19 Welcome back. At the end of season one, we talked about technology, and that technology that we use on a regular basis is called Velocity. A long conversation with Heather about that, but today we're going to talk about some new technology that's just come on the market in the last few months. For many years, we we struggled with getting documents from clients, but a company that's called Fastkey Technology that has come back and helped us, especially with the CRA portion. My guest today is Dave Ford, and he is the lender relationship manager for Fastkey Technology. Dave 00:51 Morning, Len, thanks for having me. Len 00:54 Glad you can be here today. CRA documents have been an issue over the years. People seem to not keep them for some reason, I'm not sure why, and/or they don't have access to proper access to CRA, or they were doing it through their accountant. So, let's take maybe a step back and say, look at so, what was going on before? We had several companies that were allowing us access to CRA documents, and of course, CRA eventually shut that down. So, what was that difference that they were doing the way that compared to what you guys are doing? Dave 01:27 So, my understanding is that the companies that were in this space before ultimately were using the accountant route. So, there's, you know, accounting documents and accounting process and procedures, as well as accounting software that you know, it's very easy to use and it can provide you instant access and just with the kind of the stroke of a pen right, one form signed and, and it's all done. So, what CRA deemed as not allowed, essentially, is just that these CRA document retrieval companies weren't actually doing any accounting, any accounting services, ultimately, so they were, you know, essentially using the accounting software forms everything to do with an accountant, but not actually filing any taxes. And my understanding is that E-file, you know, goes through a rigorous screening process of all users on an annualized basis. And you know, when they see 1000s of tax documents pulled, which these companies were like, they were great companies. They, you know, the end result was, was awesome, and I know that, you know their hearts were in the right place. But CRA said, Well, you know you are not an accountant to doing accounting business like, no, I'm sorry, but your license is revoked. So, you know there has always been a different method. And you know, ultimately, accountants can still get tax documents for applicants. So, you know, that's still good, but only if they're actually accountants, doing accounting business. So, that's my understanding of what happened with these prior companies. Len 03:10 Right? And in some cases, it was almost like they were giving the mortgage broker permission to get those documents. Am I right? Dave 03:18 Ya know, I'm not sure. You know. I do know, you know, I used a couple of the companies a few times. Ultimately, you know, I just, I saw the accounting authorization form, because they were, you know, promoted and just around in the industry. I really, I honestly didn't see any issues with it, from my perspective, wearing a broker hat. I just thought, wow. Like, we can get authentic documents, and you can turn it around quickly, like, this is awesome. This is a great service, right? So. Len 03:49 Yeah, and it was, don't get me wrong, there were some of our agents who used that pretty much on every file. Yeah, you know, it's like, it was quick, it was easy, it saved the client trying to find them. And, you know, you had them in a matter of a day, if that, right? So. What is it that Fastkey is doing differently, that CRA is now allowing it again through you? Dave 04:13 Yeah, well, so, I would like to point out that it's not that they are allowing it and weren't before. This is a, you know, this is not the accounting method. So, you know, accountants still have that accounting method, because that was always made for accountants. CRA does have this, like a separate avenue where you can assign an authorized representative to your account, and that authorized representative could have just different forms of access. So, you know, an accountant would have level two access. They can make changes to your taxes. They can file taxes for you, you know, and that's what that permission is for. Level one access is online access, read-only access, where that authorized representative is simply retrieving, you know, your documents, or logging in, giving you information about the account, if there's taxes owing, or what's...…

Real Life Mortgage Solutions

1
Velocity: The System of The Future with Heather Cermak VP DLCG 29:02

منذ 26 weeks29:02

29:02

In this insightful episode, Len Lane, founder and president of Brokers for Life Inc., dives into the world of mortgage technology with Heather Cermak, Regional Vice President of Prairies at DLCG. They discuss the drastic changes in mortgage submission processes over the past 17 years, highlighting the shift from manual, paper-based systems to sophisticated digital platforms like Velocity. Heather shares her journey in the mortgage industry and her experiences with various technology platforms. She emphasizes the importance of secure document handling and the role of Velocity in enhancing client and broker experiences. Len and Heather also explore the benefits of an integrated CRM, the significance of client engagement, and the positive feedback from both brokers and lenders regarding Velocity's capabilities. About Heather Cermak Heather Cermak is the Regional Vice President of Prairies at Dominion Lending Centres Group (DLCG). With extensive experience in the mortgage industry, Heather has a deep understanding of the technological advancements that have shaped the sector. Her passion for improving client and broker experiences through innovative solutions makes her a valuable voice in the conversation about mortgage technology. Resources discussed in this episode: Velocity: https://newton.ca/velocity/ -- Contact Len Lane | Brokers for Life: BrokersForLife.ca Linkedin: Len Lane LinkedIn: Brokers for Life Facebook: Brokers for Life X: @Brokers4Life Contact Heather Cermak: Website: heathercermak.ca Linkedin: Heather Cermak Email: heather@dlc.ca -- Transcript: Len 00:02 Welcome. My name is Len Lane, and I am the founder and president of Brokers for Life Inc, and we are Dominion Lending Centres in Western Canada. The topic of our podcast will be about what we consider to be Real Life Mortgage Solutions. Len 00:19 Welcome back. Today we're going to talk about technology in the mortgage industry. 17 years ago, when I started in this business, there was one platform to submit to the lenders through my entire tracking system was a system of coloured folders, that I would move the file from started, already submitted, complete, waiting to get paid. So, I had four different folders lined up across my desk. And that was how the system was pretty much set up. We faxed everything to the lenders. And you didn't even really knew if the other end received it because it could have jammed and at lot of long stories about some of those not happening over the years. But fast forward 17 years and there's a bunch of different platforms out there to work with for different organizations. But in our case, I think we lucked out. And we have the best one I think in the industry. My guest today is Heather Cermak Regional Vice President of Prairies and we're going to talk about Velocity. Welcome. Heather 01:21 Thank you so much Len, I'm so excited to be here. And that story that you just told, brought back some PTSD memories from when I started out in the business and I was in my dad's office and the fax feeder sometimes wouldn't work. So, I had to stand there and then feed the pages in manually, like we have really come a long way, haven't we? Len 01:46 Uh, yeah. There was many late nights, trying to make sure we got everything through to the lenders. So. So, the DLCG is fortunate enough to have Velocity, probably the best platform, we've seen a variety of other ones over the years. And but this one seems to have all the bells and whistles and all the bells and whistles work. So, it's quite impressive. So, what other platforms have you seen in the past? I know you're with other groups. Heather 02:13 For sure. And of course, I'm not going to mention any names. But you know, we’ve both been in the industry a long time. So, I have had the pleasure of working with a lot of the platforms out there. I'll tell you just a quick little story. It was interesting because I was working with a company quite intimately with their technology platform. And then when I decided to make the move over to DLCG, as an employee, you know, that's part of our mandate, we need to promote and sell the company's platform and technologies. So, and I'm not a super techy wizard person. So, it was a little bit daunting to come over to a new group organization. And know, I had to learn a whole new tech platform. But what I found, to my surprise was the majority, and I mean, the large majority of brokers and owners, were already using velocity. So, I didn't come into a situation where I felt like I had to force people to use something or put on a real sales pitch, everybody was already using it. And then to my even further delight, I was able to learn the system quite easily. I found it extremely intuitive. So, it was just so wonderful. Len 03:36 Yeah, I think, you know, we back and forth about deciding to go on, we get on a full year now of fully integrated, we don't use any other platform. And to have one of my biggest producers say to me that everything's in one place, I'm going like, yeah, that's what I've been telling you for the year before we got her to move. So, the entire team is on Velocity and there's so many other facets to it as well, right where that tracking system I have is built into Velocity only, it's now digital as opposed to a yellow, blue and black or whatever folder. So, it's made quite a difference. Right? So, let's talk about you spent a lot of time training of course as well part of your your overall scope of work, but it's what do you think is the hardest thing for agents to grasp when they start to work with this system? Heather 04:34 You know, it's interesting because I'll just put it out there. Like if I can learn this system, anybody can learn this system like it really is foolproof. It's very intuitive, it's easy to learn. So, I wouldn't say that there's any particular feature that's hard to learn or any aspect. Where I find the difficulty for agents or owners to wrap their head around is it's really more of a mindset. I think it comes down to brokers and owners feeling like change is hard. And it's scary. And it's difficult, right? I know, I can see you, I can see you being exasperated right now. Len 05:19 I've been living with change all my life, right? And actually, one of the phrases that one of my past employers always said is things stop changing, start worrying. Heather 05:33 Exactly, it's really just a mindset and a philosophy. But the other big factor I feel is involved when agents just have a really difficult time wrapping their head around Velocity is that they underestimate the client's ability. So, the broker or the owner has already made that decision that my client won't be able to do this, or...…

Real Life Mortgage Solutions

1
Understanding Mortgage Protection Plans with Kyra Wong 27:29

منذ 28 weeks27:29

27:29

In this informative episode, Len Lane, founder and president of Brokers for Life Inc., sits down with Kyra Wong, Senior Vice President of Insurance Products for DLCG, to discuss the importance of Mortgage Protection Plans (MPP). They highlight the significant differences between MPP and bank insurance, emphasizing the portability and comprehensive coverage of MPP. Kyra shares her personal experiences and stories from her career, illustrating the critical need for mortgage protection. Listeners will gain valuable insights into the pitfalls of relying solely on employer-provided insurance and the benefits of securing independent mortgage coverage. The episode also delves into practical tips for mortgage brokers on how to effectively present insurance options to clients and help ensure their financial security. About Kyra Wong Kyra Wong is the Senior Vice President of Insurance Products for DLCG, with over 20 years of experience in the insurance industry. Starting her career as a mortgage broker, Kyra transitioned into insurance after witnessing firsthand the devastating impact of inadequate coverage on her clients. Her passion for educating mortgage brokers and advocating for comprehensive insurance solutions drives her work at DLCG. Kyra is dedicated to helping brokers understand the value of Mortgage Protection Plans and ensuring their clients are protected. -- Contact Len Lane | Brokers for Life: BrokersForLife.ca Linkedin: Len Lane LinkedIn: Brokers for Life Facebook: Brokers for Life X: @Brokers4Life Contact Kyra Wong: DLCG: dlcg.ca Website: magicalunicornproject.com Instagram: magicalunicornproject Linkedin: Kyra Wong -- Transcript Len 00:02 Welcome. My name is Len Lane, and I am the founder and president of Brokers for Life Inc. And we are Dominion Lending Centres in Western Canada. The topic of our podcast will be about what we consider to be Real Life Mortgage Solutions. Len 00:20 Welcome back. Over the last couple of episodes, you know, we've been talking about insurance. We've talked about Mortgage default insurance with Sagen. We've talked about title insurance with FCT, First Canadian Title. And today we're going to talk about the most important one I think of all three, life and disability insurance. Our main provider, our only provider is Mortgage protection plan through Manulife. And today, my guest is Kyra Wong, Senior Vice President, insurance products for DLCG. Welcome. Maybe give us a little background on your experience in the industry. Kyra 01:01 In the industry? Well, I started off as a mortgage broker, actually, joined insurance about 20 years ago, but I had a personal experience as a mortgage broker was something happening to one of my clients that really turned my head around about the way I was offering it. And, you know, levelling up my own way of, you know, offering insurance to clients. So, I learned through the school of hard knocks. And that's part of the reason I'm passionate about helping educate mortgage brokers today. Len 01:33 Excellent. So, let's dive right in, I guess, mortgage protection plan compared to bank insurance. How's that for a starter? Kyra 01:40 Yeah, wow, there's no comparison. And of course, you knew I was gonna say that, it's actually really a tragedy that, you know, banks are really our biggest competitor out there. And yet, they offer non-portable insurance products, which means that if a client takes the insurance from the bank or their lender, they can never take the insurance with them in the future, it's not portable. So, if they have a health issue come up, and they would have to, you know, basically, if they became uninsurable, they're stuck there at the bank, because that means they would never be able to get new coverage, you know, down the road. Or even if they don't have a health issue come up, if they wanted to move lenders in the future, to take advantage of better interest rates, they'd have to cancel their insurance or reapply. And as people get older, insurance gets more expensive. So, it's a real travesty that people don't know that. And it's a deliberate retention tool that the banks and the lenders use to try and lock down clients to them forever and ever, and ever. Len 02:42 No question that the portability we've seen, we've actually lost deals recently, actually was because the bank rate didn't change. And he didn't want to lose that coverage, because the new coverage, of course, was going to be more money. Right? So, important points. So, I know the bank penetration on mortgage and life and disability insurance is huge. I talked to former Bank agents on a regular basis. And they're sometimes in that 50% to 60% range of penetration, which is huge, right? I said, I keep telling them, if they were doing that here, they wouldn't have to worry about mortgages, they just do insurance. So, why do you think that is? Our overall personal rate at the company here is about 23% - 24%, maybe? Kyra 03:30 Yeah, so at the banks, they basically recommend the coverage and they assume the sale like the starting point is basically you need this, you need to take this, this is very important. And so they don't bias the client against the insurance, right? I think with mortgage brokers, they have the best intentions at heart. And they'll say things like, oh, you know, you should go talk to a life insurance agent, or you should go talk to a financial planner. And that isn't wrong, they should. But what I know from 20 years of experience is that a lot of people will never get around to doing that or doing that in a timely fashion. Right? So, if they get the coverage right at the point where they're getting their mortgage, they have them walking out the door, which is awesome. And that way, if they never get around to getting other types of coverage or getting a financial plan, at least they’re not going to lose their home. Right? So, I think banks know that clients are probably not going to go out there and shop around or do it right away or get a will for that matter. So, many people don't even bother getting a will is another huge disaster when you're not doing that. So, they assume and they roll the premium into the whole payment upfront, right? So, they're not sort of tacking on this extra charge right at the very end. They sort of speak of a protected payment with principal interest, taxes and insurance. This is what your payment is going to be, right, so. Clients have that in their minds from the get-go and are comfortable with it from the get-go. Len 04:58 Yeah, it definitely makes the difference, I think that the way it's presented is monumental difference between what we do. And I think, of course, we're gonna talk more about pro tips in the end, and we can kind of go through that some mor...…

Real Life Mortgage Solutions

1
Opportunities for Homebuyers with Teresa Ferbey: Explore Sagen's Programs and Benefits 21:15

منذ 30 weeks21:15

21:15

In this episode, Len Lane sits down with Teresa Ferbey, Sagen Account Manager, to discuss a range of mortgage solutions available through Sagen. They delve into the critical role of Mortgage Default Insurance, making homeownership accessible even with less than 20% down payment. Teresa shares insights on popular programs like the First-Time Home Buyer Incentive, New to Canada Program, and Business for Self options, highlighting their benefits and eligibility criteria. Key topics include the Purchase Plus Improvements Program, which allows buyers to roll renovation costs into their mortgage, and the Homeowner Assistance Program (HOAP), designed to support homeowners facing financial hardship. Teresa also explains the portability of Sagen insurance and upcoming changes like the introduction of 30-year amortizations for new homes. About Teresa Ferbey Teresa Ferbey is a seasoned Sagen Account Manager with extensive experience in the mortgage insurance industry. With a background at Genworth and a passion for helping homeowners, Teresa brings valuable insights into making homeownership more accessible and manageable. Her expertise spans various programs designed to assist first-time buyers, new Canadians, and self-employed individuals. Resources discussed in this episode: Business for Self (Alt. A) Energy Efficient Housing Program First-Time Home Buyer Incentive HOAP (Homeowner Assistance Program) New to Canada Program Purchase Plus Improvements Program Vacation/Secondary Homes -- Contact Len Lane | Brokers for Life: BrokersForLife.ca Linkedin: Len Lane LinkedIn: Brokers for Life Facebook: Brokers for Life X: @Brokers4Life Contact Teresa Ferbey: Website: www.sagen.ca Linkedin: Teresa Ferbey Email: teresa.ferbey@sagen.ca -- Transcript Len 00:02 Welcome. My name is Len Lane, and I am the founder and president of Brokers for Life Inc. and we are Dominion Lending Centres in Western Canada. The topic of our podcast will be about what we consider to be Real Life Mortgage Solutions. Len 00:19 Welcome back. This is podcast number two in a series talking about insurance. Yes, I know it's a topic that none of us ever want to talk about. But we also have an insurance program called Mortgage Default Insurance, which is pretty much covers anybody who doesn't have 20% down. We've been talking about how that works for everybody and why it works. And today our guest speaker is Teresa Ferbey, Sagen account manager for Edmonton and area, longtime in the insurance industry or that side of the insurance industry. Anyway, so having worked for Genworth in the past as well. Teresa, welcome. Teresa 00:54 It's so good to be with you here today. Thank you for inviting me. Len 00:59 No problem. So, title insurance, you know, when people buy homes, they realize that there's so many different types of insurance, whether it's title insurance, life and disability insurance, and current home insurance. But the other one that's that's pretty much predominant in mortgages is that in the real world, the majority of Canadians have less than 20% down to buy a property. What role does Mortgage default insurance play in making home insurance possible? Teresa 01:29 Like you said, it is the reality for most when purchasing a home, whether it be their first or second home, it can be challenging to come up with that 20% down payment that is typically required or has been in the past. The government allows us one of three insurers to protect the lender, take on that risk, so that the borrowers can put less than 20% down and pay a premium to us to do so. And it allows them to get into a home with less than that 20% down. Len 02:05 Super important. I know the first-time buyer is probably one of your biggest programs. But what are some of the other more popular programs? And why do you think they are? Teresa 02:16 We have a great new to Canada program. That is probably one that has taken up a lot of popularity lately. The reason that it has is because we, in Canada, have allowed a lot of people to immigrate. So, newcomers coming to Canada, we are expecting 500,000 this year, and 500,000 next year. So, there's a lot of people coming to this country and find really quickly that they want to make this their home. And so our new to Canada program is awesome. We actually have a few recent changes as of last week, that make this program really easy for first-time new to Canada for worse to purchase with less than that 20% down as little as 5% down with very little requirement in order to qualify them. So, it's wonderful. Len 03:13 A well-used program, I'm sure, like you said there. We've done millions of new Canadians over the last few years. And I'm thinking that will may continue into the future as well as we as we continue to have an aging population and myself included as we need to replace people in the industries. Right? So, what else is, I know you do a great job with self-employed clients as well. What are some of the details of that program? Teresa 03:41 Absolutely. Yes, we do have a business-for-self program. So, for those that have their own business, and they want to purchase, oftentimes they have great accountants and they declare a lot less income than they actually truly bring in. So, knowing some of those details, what their gross business revenue is, and what they actually bring in and what shows that they've paid their income tax to our lovely government, all those things are part of it, they put 10% down they pay a little higher premium than your typical first-time homebuyer but they're allowed to buy their primary home with 10% down and we call it our stated or alt a business for self program. So, that absolutely is another popular program. We have heard that one in four Canadians actually do have some sort of business for self component. So, it's a great program. Len 04:46 Yeah, it's not uncommon and a lot of new Canadians also seem to want to work for themselves. We have a lot of Ukrainian clients in our broker business because of Tetyana, but the...…

Real Life Mortgage Solutions

1
Unlocking Real Estate Protection: Understanding Title Insurance with Shauna Vandenbroek 22:43

منذ 32 weeks22:43

22:43

In this insightful episode of Real Life Mortgage Solutions, host Len Lane is joined by Shauna Vandenbroek, Business Development Manager for Residential Lending Solutions at FCT (First Canadian Title). Shauna dives deep into the often-overlooked topic of title insurance, explaining its critical role in protecting homeowners from various risks. From covering unknown issues like liens, judgments, and fraud to discussing the differences between lender and homeowner policies, Shauna provides a comprehensive guide on why title insurance is essential for every property owner. Shauna also shares valuable insights into the rising trends of title fraud and how FCT's advanced fraud detection measures, including their new identification verification system, help safeguard clients and lenders. The episode highlights the importance of strong industry partnerships and how FCT's mortgage closing solutions can simplify the closing process, reduce costs, and enhance client trust. Tune in to learn why title insurance is more than just an optional add-on but a vital component of any real estate transaction. About Shauna Vandenbroek Shauna Vandenbroek is the Business Development Manager for Residential Lending Solutions at FCT (First Canadian Title). With extensive experience in the mortgage and lending industry, Shauna is passionate about educating professionals and homeowners on the importance of title insurance. She works closely with mortgage brokers and lenders to provide innovative solutions that enhance the closing process and protect clients from potential risks. Resources discussed in this episode: CMHC: cmhc-schl.gc.ca SAGEN: sagen.ca Mortgage Logic News: mortgagelogic.news -- Contact Len Lane | Brokers for Life: BrokersForLife.ca Linkedin: Len Lane LinkedIn: Brokers for Life Facebook: Brokers for Life X: @Brokers4Life Contact Shauna Vandenbroek: Website: fct.ca Linkedin: Shauna Vandenbroek (Bobinski) Email: svandenbroek@fct.ca -- Transcript Len 00:02 Welcome, my name is Len Lane, and I am the founder and president of Brokers for Life Inc, and we are Dominion Lending Centres in Western Canada. The topic of our podcast will be about what we consider to be Real Life Mortgage Solutions. Len 00:20 Welcome back. This morning we're gonna talk about insurance. Yes, I know half of you just left the conversation. But when you're buying a home, there are several types of insurance that need to be addressed. Default insurance is what is more commonly known as mortgage insurance, is CMHC, or Sagen and you have to buy home insurance obviously, to protect your property. We always talk about life and disability insurance through our MPP program. But the one that is probably not talked about enough is called title insurance. So, our guest today is Shauna Vandenbroek, Business Development Manager Residential Lending Solutions for FCT which is First Canadian title. Welcome, Shauna. Shauna 01:02 Thank you so much for having me, Len. I’m really excited the idea behind this podcast bringing that digital connection and education into the broker world. FCT, we really value having lending partners like you, DLC Brokers for Life, really helping us share out these educational pieces into the market. Lots of value been having those strong relationships with industry partners for your business as a mortgage broker. So, I really appreciate the partnership that we have and you bringing me in today, hopefully our chat is going to bring some value to everybody listening in. Len 01:34 Yeah, I'm happy to have this one in here because I know FCT does a great job with our clients. So, why don't we start with what exactly is title insurance? And why does it exist? Shauna 01:44 Absolutely. So, like you said, insurance is plentiful during that mortgage transaction. Title insurance is the one people know the least about, but it is really such a valuable tool to have in place. So, what is title insurance? Your clients and borrowers, they're asking the same question and they're going out and educating themselves. They're on social media, they're using Google, our research shows that online searches for, what is title insurance, what does insurance cover? Who is FCT? Back in 2020, that was happening about 800 times per month, and in 2023 that was up to 11,000 times per month. Absolutely wow. The conversations are getting out there and clients are getting themselves educated. So, the more educated we are on this side, we can continue that conversation and answer those questions for them. So, title insurance, we're really that's just a unique type of insurance, we're designed to protect risks related to the title of the land. So, unlike traditional insurance, which protects risks that might occur in a future state, title insurance protects from risks that are present, but from the past. So, things that are unknown, but currently exist. And those tend to present themselves in a couple of different ways. So, when they're on title, we see them as liens, judgments, notices, security interests, sometimes a name mismatch, we'll see them as off-title items that might show up later after a possession. So, sometimes tax or utility arrears that don't get posted to title until after possession. Lack of building permits is a really big one. And then there's our transactional ones. So RPR surveys and fraud, of course fraud. The risks that we cover with title insurance, they're not mitigated by other types of insurance and that can be really costly and concerning for property owners. In Alberta, our claim average was almost $30,000. And without having title insurance in place, they'd be out of pocket for those costs. So, considering it's a one-time premium to protect for the lifetime, that you have the interest in the property, as long as you own that home, it really gives you that kind of sleep at night kind of peace of mind protection. Len 03:51 So, the coverage remains with the property as long as you own it? Shauna 03:56 Absolutely. Yeah. Len 03:57 That's excellent. I didn't realize that, because the mortgage term ends at the end of five years in 99% of the cases, right? So, as they renewed with another, maybe with another lender, then they don't worry that the title insurance didn't change. So– Shauna 04:10 For the homeowner policy, absolutely. So, that's a really good point that you lead us into there Len, two different types of policies. Len 04:18 Thenone that I don't think most people don't realize they can have. Is that second policy wh...…

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