Search This Blog

27 October 2010

Media Release - MAC Offline Application Launch

October 2010 – For Immediate Release

Mortgage Alliance transforms the mortgage application process with the
launch of the new Offline Application featuring Lender Logic.

Mortgage Alliance is pleased to announce the launch of its newest compliment to the MortgageBOSS suite of products for mortgage professionals-the Offline Application with Lender Logic called “The Professor”, that includes several enhancements to the already popular “anytime-anyplace” software platform.

From its inception, the MortgageBOSS offline application was designed to do one thing better than anyone else, - allow the Mortgage Alliance network of mortgage professionals the freedom and ability to create client applications regardless of network connections and add value to the client relationship.

In less than one year, the software has become the highest used offline application in the mortgage brokerage industry.

New design augmentations include the abilities to:

Fill mortgage applications and send anytime

A Real Time - Rate Grid Systems that shows BEST Rates available

A Rate Matrix – A comprehensive screen showing rates offered by Lenders

The Mortgage Professor – a unique software wizard with Lender Logic that includes current products offered by the lenders, their guidelines and policies that guide the mortgage professional, in real time, as they complete the application.

Faster and smarter calculators for MAC’s hugely successful RightMortgage & SmartMortgage products.

As Michael Beckette, C.E.O. of Mortgage Alliance stated, “this new technology will continue to change the way we do business. It will improve efficiencies and empower our network of mortgage professionals with resources and lender relationships they need to grow their business and add value to the client relationship.”

For more information regarding this revolutionary Technology, please contact:
Michael Beckette at or 416-499-5454 – extension 235
or Karl Sutton at or 416-499-5454, extension 233

26 October 2010

Understanding Collateral Mortgages - John Gabriel Director of Education and Compliance Mortgage Alliance

Recently, TD bank has made changes to the registering of their mortgages. Effective October 18th, all new TD mortgages will be registered as collateral mortgages instead of as conventional mortgages.
These changes got me thinking so I thought I would share the following information with the network.

Firstly, the definition of a collateral mortgage:
It’s a loan attached to a promissory note and backed up by the collateral security of a mortgage on a property.

Normally collateral mortgages have been used exclusively for secured lines of credits
Some collateral mortgages are registered for the full value of the property.
The lender then allows, say, 80% of the value of the property to be advanced. As the value of the property increases over time, the borrower(s) can takeout funds up to 80% of the value of the new appraised value. All this for only the cost of an appraisal. Scotia Bank, National Bank & others have such secured lines of credit products.
Major chartered banks will accept “transfers” of conventional mortgages from one to the other at little or no cost.

So: my Pros & Cons of collateral mortgages.

Pros: I’ll discuss later

i) Most chartered banks will not accept “transfers” of collateral mortgages from other chartered banks. If the consumer wishes to switch their collateral mortgage to another lender upon maturity, there will be legal & appraisal costs. Approx $750-$1000
ii) Upon maturity, would the lender offer only a posted fixed rate or just a slightly lower rate knowing the costs associated with transferring to another lender has legal & appraisal costs?
iii) Collateral charges allow lenders to change the interest rate and/or loan more money to qualified borrowers after closing. On secured lines of credit, the interest rate registered at Prime + upwards of 10%.
iv) Collateral loan involves the other debts you may have. Under Canadian law, a lender may seize equity to cover other debt you have with the same lender. So, in essence, you’re possibly securing all your loans that you have with that financial institution; be it credit cards, unsecured lines of credit, car loans, or overdraft etc.

Now the Pros:
I can’t think of any!

John Gabriel AMP
Director Compliance & Education
Broker of Record-Ontario Lic# 10530
Mortgage Broker-Alberta
Designated Individual, Broker-B.C.

RightBroker™ - RightMortgage® - RightPlace™

Lisette Amalfi, AMP
Mortgage Broker/Owner
Mortgage Alliance OAC Mortgages Inc.
Brokerage License Number 10928

Follow us on Twitter!
We Blog
Find out the most recent news and Oac opinions.
Our Website
You could win up to $100,000.00 toward your Mortgage!!!
Visit our website today for all the details

1-877-529-1199 (Toll Free)
905-628-7917 (Fax)
1-866-805-9653 (Toll Free Fax)

25 October 2010

Real estate association members ratify deal giving consumers wider choice
ST. JOHN’S, N.L. — Delegates from Canada’s 101 local real estate boards Sunday ratified a deal worked out by the federal Competition Bureau and the real-estate industry.
It would allow consumers to choose what services they want from their agent when selling their homes, and to pay for only those services.
The deal was reached after months of negotiations between the competition watchdog and the Canadian Real Estate Association that represents some 100,000 realtors.
The bureau chief was quick to praise the ratification.
“I am pleased that CREA members have voted in favour of this agreement,” said commissioner Melanie Aitken. “For Canadian homeowners, it ensures that they will have the freedom to choose which services they want from a real-estate agent and to pay for only those services.”
Association president Georges Pahud also welcomed the vote.
“We are pleased that after careful consideration and reflection, real-estate boards and associations from across Canada have endorsed the agreement,” Pahud said.
Under the deal, the Canadian Real Estate Association has agreed that its rules as well as those of its members should not deny or discriminate against realtors wishing to offer mere posting services.
The Competition Bureau has been pressuring the association to change rules it calls “anti-competitive” on behalf of realtors and consumers who want more flexible services.
“This 10-year agreement brings a close to a long process of negotiation with the Competition Bureau and will allow CREA and realtors to do what they do best — help people with the biggest financial decision of their lives, buying and selling a home in these challenging economic times,” said Pahud.
But experts say the doors to lower-cost services won’t be thrust open overnight because the industry is dominated by traditional agents who are reluctant to change their business models.
Realtors currently operate on the principle that selling agents will split the standard five per cent commission with the buyer’s agent.
Canadian Real Estate Association members voted on amendments to the organization’s rules in March that were expected to appease the Competition Bureau, but the watchdog took issue with a clause in the amendments that said the changes are subject to the rules of local boards.
The watchdog said it would settle for nothing less than a legally binding agreement so that the association couldn’t change its rules back on a whim.
With Sunday’s ratification, the deal will be legally binding as of today and will remain in effect for 10 years, with hefty penalties for any violation.

Mortgage Alliance Oac Mortgages

As a registered franchise of the Mortgage Alliance Network, we have a number of mortgage professionals who can bring you the choice, convenience, and counsel you need to get the RightMortgage®. Working with over 40 lenders (some offered exclusively through brokers) we'll provide unbiased guidance in your mortgage decision.

We are legislated by the Ministry of Finance FSCO and our brokerage license is 10928.

We are dedicated to educating our clients about their mortgage! We want you to be well informed and comfortable with the mortgage you have and the options available to you. This blog is intended to offer information, updates, current mortgage products and current rates.

Please provide your feedback and let us know if there is anything else we can provide to help you in your mortgage process.