How We Work Together The Mortgage Market
For a variety of reasons, a mortgage professional may not always be able to obtain the lowest rate or best terms in the marketplace for a particular borrower. The terms of the purchase contract, type of property, property
value, borrower’s employment status, borrower’s financial position and credit history are examples of some factors that may affect rates and terms.
This Service Agreement begins on 2020-06-07 at 16:50:38 and ends at the earlier of the funding of the loan, mortgage or other financing, or if there is no approval and you advise me to not proceed further with any financing applications. The Service Agreement may also be terminated at any time by either you or us by providing written notice.
The mortgage brokerage and its representative’s role and obligations to the borrower and the lender will vary depending on the nature of the service relationship between the mortgage brokerage and the lender or borrower. This is not intended to be an all inclusive list but in general terms the following document describes the mortgage brokerage’s role and resulting obligations to you. You are encouraged to discuss this document with your mortgage brokerage representative and ask any questions you may have.
In general terms a MORTGAGE BROKER can be described as the matchmaker between a borrower and a lender with the goal of originating a mortgage loan. Typically, a mortgage broker draws from a pool of various lenders to find the right match; however, some mortgage brokers only do business with one lender.
The Mortgage associate /broker will take the borrower’s application, consider the particular circumstances and recommend the best product suited to the borrowers needs based on the products available to the mortgage associate.
TYPES OF RELATIONSHIPS: There are 3 types of relationships
Mortgage Brokerage who represents the Borrower ; When a mortgage brokerage is representing you, as a borrower, you will be a That brokerage must act in your best interests at all times. It will owe you general, fiduciary, and regulatory obligations. These include undivided loyalty, confidentiality, full disclosure, obedience, reasonable care and skill, and full accounting. The brokerage will recommend financing options to you, advocate on your behalf, and provide you with confidential advice.
Mortgage Brokerage who Acts as an Intermediary; A mortgage brokerage may act as an intermediary between you, as a borrower, and potential lenders. In this case, the mortgage brokerage is not representing you or the lender. Neither of you are clients. Both are customers. The brokerage will facilitate the mortgage deal by gathering information, explaining the options, completing the necessary documents and keeping both sides apprised of the deal’s progress. They will not act to the benefit or detriment of you or the lender(s)
Mortgage Brokerage representing the lender: (when the lender is not a bank, treasury branch, credit union, loan corporation, trust corporation, insurance company, or any person engaged in the business of making loans secured with mortgages)
Our relationship / responsibilities
We will review your personal information and documents received to confirm your identity and your credit eligibility. If further verification is required, we will notify all parties to any potential transaction of any changes.
We will act as an intermediary between you and lender(s).
Our responsibilities to you in an intermediary relationship include:
exercise reasonable care and skill;
gather your intended property and financial information to determine the lending options available to you;
disclose and explain finance options for your consideration;
complete and submit documentation to the lender; and
keep you informed of the progress of your
Our responsibilities to the lender are:
exercise reasonable care and skill;
complete and submit documentation to the lender;
disclose what steps were taken to verify information and documentation as part of the application process; and
keep the lender informed of the progress of the
During the financing process, your responsibility is to communicate with us in a reasonable and timely manner and promptly provide us with the information and documents we request for your financing application and approval.
You hereby authorize us to communicate with your Realtor, Realtor’s Brokerage, appointed agent or sales person acting on your behalf as to the progress of your financing application.
You agree we may continue to contact you after the Service Agreement period ends to provide you information on products and services offered or approved by us, our company, our affiliates, related entities or other arm
ength financial partners that may be of interest to you. You can withdraw your consent at any time by notifying us. You agree to receive electronic messages from us, and/or our service providers providing industry relevant news, updates, interest rates, mortgage information, important reminders, insurance offers and follow ups, and similar communications. You may withdraw your consent at anytime by notifying us.
Documents and Personal Information Transmission
You and we consent to communicate and deliver documents and information to each other in person, by mail, or electronically. You and we acknowledge there are some risks with communicating documents in any format and you and we accept these risks. We both agree to use our best efforts to minimize these risks.
We will receive our fee for this mortgage transaction from the lender. There are circumstances where the lender does not pay the Mortgage Associate. Your Mortgage Associate will advise you when this is the case BEFORE you make any commitment, and if you agree, you will sign a Fee Agreement. Fees may be charged to the borrower where, in the opinion of the Mortgage Associate, lenders do not offer any or adequate compensation for the scope of the work required. We are normally paid by the lenders for fully qualifying mortgages placed with regular banks and financial institutions. We also may receive from time to time volume bonuses, this is based on the overall volume of the office, and is also subject to our office funding ratios. These are subject to change by the financial institutions. Mortgage Associate may also receive points/expense accounts, business trips, and expense allowance from service providers such as in relation to Mortgage protection plan.
Credit Bureau/ exchange of information
I consent and agree that my mortgage broker/agent may use the Information in my mortgage application for the purposes of obtaining a mortgage and may obtain Information about me from other reporting agencies ie; credit bureaus and real estate agents, appraisers.
Sky Financial Corporation o/a The Mortgage Centre
Other details about this agreement
The laws of the Province of Alberta govern this agreement. Words in the singular meaning may be read as plural when required by the context. You acknowledge this agreement accurately sets out what both of us agree to and any future changes to this Agreement must be in writing and signed by all parties to be valid.
NOTICE TO BORROWER(S) – mortgage brokerages must inform you whether a lender has an ownership interest
in the mortgage brokerage, the number of lenders the mortgage brokerage is capable of submitting an application to, and the names of those lenders. This information is required by Saskatchewan legislation, and must be provided to you at the earliest opportunity and not less than two (2) business days before you:
- commit yourself to enter into the mortgage; OR
- make any payment or committing to make any payment in connection with the mortgage, other than fees or charges paid to the mortgage brokerage for its services.
NATURE OF SERVICE RELATIONSHIP
Sky Financial Corporation has a service relationship with the borrowers (you). In this service relationship, Sky Financial
Corporation is authorized to offer the mortgage products of multiple lenders to borrowers who are seeking to secure a mortgage. Sky Financial Corporation is not employed directly or indirectly by any of the lenders for whom it is authorized to offer mortgage products.
SKY FINANCIAL CORPORATION DUTIES TO YOU, THE BORROWER ARE TO ACT COMPETENTLY AND HONESTLY AND TO DISCLOSE
LIST OF LENDERS;
SKY FINANCIAL CORPORATION, is capable of submitting your mortgage application to the following 35 lenders:
- BRIDGEWATER FINANCIAL, – CANADIANAN FINANCIAL CORP. -CAP LINK FINANCIAL, – CANADIAN WESTERN BANK,
-CMLS FINANCIAL, -COBRA MORTGAGE SERVICES – CHIP REVERSE MORTGAGE -EQUITABLE BANK, – FIRST NATIONAL,
-FISGUARD, -GIBRALTAR, – HEAVENTREE BANK, – HOME TRUST, -HOME EQUITY BANK/CHIP – ICICI BANK, -KOKANEE MORTGAGE MIC LTD -LAURENTIAN BANK,(B2B) – LENDWISE, MAGNUM MORTGAGE, -MANULIFE, – MARATHON MORTGAGE, – MCAP, – MCC CENTRIC MORTGAGE, MERIX, – MOSKOWITZ CAPITAL – PRIME WEST MIC – RADIUS FINANCIAL, RFA MORTGAGE, RMG MORTGAGE, – SCOTIA BANK, – SPECTRUM, – TD CANADA TRUST, -THREE POINT CAPITAL – VWR CAPITAL CORP, – XCEED MORTGAGE CORP.