Business Plans
Realtors, Community leaders, accountants, lawyers, financial planers, builders, renovation company to name a few
what is a referral source or Coi
text, calls, face to face meetings, emails, WhatsApp, quarterly updates on market/economy/rates
what are some of the ways you can communicate/keep in constant contact with your referral sources
Friends, family, co-workers - past and present, school chums, team mates, folks you interact with frequently like doctor/dentist/barber,
What is a database
BMO, Scotia, TD, CIBC, RBC- bank, an institution that deals in money and its substitutes and provides other money-related services. In its role as a financial intermediary, a bank accepts deposits and makes loans.
What is an A lender?
The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) represents a critical component of Canada's strategy to combat financial crimes.
What is AML ( Anti Money Laundering)
friends, family, past coworkers, past team mates, folks you went to school with, neighbours, and frenemies
What is a database
office meetings, seminars, socials, charity events, door knocking, open houses to name a few
what are some activities you can do with your COIs
Although the average Canadian refinances once every 3 years - its important to connect within 180 days of this
What is reaching out to clients for their mortgage renewal
This lender is typically a non-bank lender (except Home Equity Bank that provides the CHIP reverse mortgage) that does not take deposits, have store fronts, or provide other non-lending products. Its sole business is lending.
What is a monoline lender?
A client with a modest salary makes a series of large cash payments towards their mortgage over a short period without a clear source of funds.
What is a UTR ( unusual transaction report)
A measurable activity that is routine based and brings you to what you want to achieve
What is a deal/goal
Birthday cards, personal gifts, write a review, featured on your social media, gift cards, social outings....
what is some of the ways to show COI appreciation
check on clients the day of closing/ send a thank you note then in a months time... and it would be great to check in again and ask for more business
What are things you should do upon your customers closing.
Also called alternative lenders, they can approve mortgage applications from borrowers who may not meet the minimum requirements for a prime mortgage through a federally regulated bank or a credit union
what is a B lender?
This is defined as any cash transaction of $10,000 or more. This can include a single transaction or multiple transactions that total $10,000 or more within a 24-hour period.
What is a large cash transaction?
Lenders, products, processes, AML, compliance to name a few
What you should know/understand about your role as an agent
At the door you should be ready at the guard with feature sheets, pen, clipboard, some water/treats and a positive attitude!
What is participating in an open house
Every week - I call up to 20 but I make sure I actually speak to no less than 5. I offer financial check ups/reviews. Establish the conversation NOT centred on rate but what is more beneficial to the client and worth my effort and time- to reach my goals
What is a measurable data base activity?
An individual investor or nonbank financial institution that offers loans without taking monetary deposits from customers1. They lend money to people who are having difficulty getting loans, usually at a higher rate than a bank would charge
What is a private lender.
Individuals: Government-issued photo IDs such as a passport or driver’s license. • Corporations: Certificates of incorporation, corporate resolutions, and information on directors and beneficial owners.17
What are acceptable identification documents?
Schedule A Banks, B Lending, Privates, Bridge loans, Commercial loans, to name a few
What are the types of lending you can do as an agent
New to Canada, non residence, insured, bridge financing, bruised credit program, reverse mortgage, high net worth, down payment top up, stated income, rental program, down payment top up - to name a few
What are some of the reasons your referral sources should choose YOU over a bank?
What is a proper customer care cycle?
Level 1 can help you get a mortgage from a traditional lender, for example, a bank or a credit union. A Level 2 can help you get a mortgage from all mortgage lenders, including alternative and private lenders.
What is the difference between an Level 1 and Level 2 Mortgage agent/broker.
Depending on the severity and frequency of the infractions, penalties can range from $1 to $100,000 per violation for individuals and up to $500,000 for entities. Other penalties may involve substantial fines and imprisonment and individuals can face fines up to $1,000,000 and imprisonment for up to 5 years
what are Administrative and Criminal Penalties