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BrokerBase Terms of Use Agreement

Last updated on August 30, 2017.

THESE TERMS OF USE, AND ANY ORDER FORMS YOU MAY HAVE EXECUTED, GOVERN YOUR USE OF BROKERBASE AND BROKERBASE SERVICES, INCLUDING BUT NOT LIMITED TO VERICO ACADEMY, VERICO INTRANET AND MORTGAGEWEB.

BY ACCEPTING THESE TERMS OF USE, EITHER BY CLICKING A BOX INDICATING YOUR ACCEPTANCE OR BY EXECUTING AN ORDER FORM THAT REFERENCES THESE TERMS OF USE, YOU AGREE TO BE BOUND BY THESE TERMS OF USE. IF YOU ARE ACCEPTING THESE TERMS ON BEHALF OF A COMPANY OR OTHER LEGAL ENTITY, YOU REPRESENT THAT YOU HAVE THE AUTHORITY TO BIND SUCH ENTITY AND ITS BROKERS, AGENTS, EMPLOYEES AND AFFILIATES TO THESE TERMS, IN WHICH CASE THE TERMS "YOU" OR "YOUR" SHALL REFER TO SUCH ENTITY AND ITS BROKERS, AGENTS, EMPLOYEES AND AFFILIATES. IF YOU DO NOT HAVE SUCH AUTHORITY, OR IF YOU DO NOT AGREE WITH THESE TERMS OF USE, YOU MUST NOT ACCEPT THESE TERMS OF USE AND MAY NOT USE BROKERBASE.

These Terms of Use are an agreement between You and Verico Financial Group Inc. ("We", "Us" or "Our").

We may modify these Terms of Use at any time. If we do so, we will post the modification on Our website or via BrokerBase, or provide You with notice of the modification. We will also update the "Last updated" date at the top of this document. You are responsible for checking these Terms of Use whenever you access or use BrokerBase. By continuing to access or use BrokerBase, You are indicating that You agree to be bound by the modified terms. If the modified terms are not acceptable to You, You must stop accessing and using BrokerBase.

1. DEFINITIONS

"Affiliate" means any entity that directly or indirectly controls, is controlled by, or is under common control with the subject entity. "Control," for purposes of this definition, means direct or indirect ownership or control of more than 50% of the voting interests of the subject entity.

"Agreement" means, collectively, these Terms of Use and all Order Forms.

"BrokerBase" means the software solution offered by Us and branded as BrokerBase, and all products and services that are provided by Us or on Our behalf in connection therewith, including but not limited to Verico Academy, Verico Intranet and MortgageWeb, but excluding BrokerBase Plus.

"BrokerBase Plus" means the software solution currently branded as "BrokerBase Plus" or "BrokerBase+", and all products and services that are provided by Us or on Our behalf in connection therewith, but excluding BrokerBase.

"CASL" means any applicable federal, provincial and local laws, regulations and rules governing the sending of commercial electronic messages.

"Content" means any and all information, materials, graphics, videos, photographs and other content made available to you through BrokerBase, other than Your Data.

"Customer Data" means the mortgage customer data collected by You or Your brokerage firms and imported into BrokerBase.

"Documentation" means Our online user guides, documentation, and help and training materials relating to BrokerBase, as updated from time to time.

"Order Form" means an order form or other ordering documentation (whether physical or electronic) pursuant to which You or the Broker Firm you are affiliated with orders BrokerBase.

"Personal Information" means any information relating to identifiable individuals, the collection, use or disclosure of which is regulated by Privacy Laws.

"Privacy Laws" means any applicable federal, provincial and local laws, regulations and rules governing the collection, use and disclosure of information relating to identifiable individuals, including the Personal Information Protection and Electronic Documents Act (Canada), the Personal Information Protection Act (British Columbia), the Personal Information Protection Act (Alberta), and any similar legislation enacted by any province or territory of Canada.

"Term" has the meaning given to it in Section 7 (Term and Termination).

"Terms of Use" means these BrokerBase Terms of Use, as they may be amended from time-to-time.

"Third Party Providers" means any contractors, consultants and other third parties that are engaged (directly or indirectly) to assist with the development, maintenance and provision of BrokerBase, including any third party engaged to host BrokerBase or any Customer Data.

"Verico Network" means collectively, (a) those mortgage brokers who have entered into a Brand License Agreement or similar agreement with Us or one of our Affiliates granting them limited rights to use certain "Verico" trademarks in connection with their mortgage brokerage business in exchange for the payment of fees to Us (the "Broker Firms"), and (b) the mortgage agents who are employed by or otherwise affiliated with such brokers.

"You" or "Your" means you and/or the company or other legal entity for which you are accepting this Agreement, and the brokers, agents, employees, and Affiliates of that company or entity.

"Your Data" means the Customer Data and any other data or information that You import into BrokerBase.

2. RESPONSIBILITIES

Provision of BrokerBase. Subject to Your compliance with this Agreement, We will make BrokerBase available to You on a non-exclusive, limited basis during the Term.

Your Responsibilities. You will (a) be responsible for Your compliance with this Agreement, including compliance with all license and usage restrictions set forth in this Agreement or the Documentation, (b) be responsible for the accuracy, quality and legality of Your Data and the means by which You acquired and imported Your Data, (c) keep Your password and other access credentials confidential, and use commercially reasonable efforts to prevent unauthorized access to or use of BrokerBase or any Content, and notify Us promptly of any such unauthorized access or use, (d) use BrokerBase only in accordance with the Documentation and applicable laws and government regulations, (e) strictly comply with Privacy Laws, CASL and any other applicable laws, and (f) monitor and maintain any automated aspects of BrokerBase to ensure compliance with Your responsibilities under this Agreement.

Usage Restrictions. You will not (a) make BrokerBase available to, or use BrokerBase for the benefit of, anyone other than You, Your company's brokers, agents and Affiliates; (b) sell, resell, license, sublicense, distribute, rent or lease BrokerBase (c) use BrokerBase to store or transmit infringing, libelous, or otherwise unlawful or tortious material, or to store or transmit material in violation of third-party privacy rights, (d) use BrokerBase to store or transmit viruses or other malicious software code, (e) interfere with or disrupt the integrity or performance of BrokerBase or any third-party data contained therein, (f) attempt to gain unauthorized access to BrokerBase or its related systems or networks, (g) share your password or other access credentials with anyone, or permit direct or indirect access to or use of BrokerBase in a way that circumvents a contractual usage limit, (h) copy BrokerBase or any part, feature, function or user interface thereof, (i) copy Content except as permitted herein, (j) frame or mirror any part of BrokerBase unless expressly provided as an embed code, other than framing on Your own intranets or otherwise for Your own internal business purposes or as permitted in the Documentation, (k) access or use BrokerBase in order to build a competitive product or service, or (l) reverse engineer BrokerBase. In addition, unless you obtain Our prior written consent, You may not access or use BrokerBase if You are Our direct competitor, or for purposes of monitoring the availability, performance or functionality of BrokerBase, or for any other benchmarking or competitive purposes.

3. OUR PROPRIETARY RIGHTS

Reservation of Rights. Subject to the limited rights expressly granted hereunder, We and Our licensors reserve all of Our/their right, title and interest in and to BrokerBase and the Content, including all of Our/their related intellectual property rights. No rights are granted to You hereunder other than as expressly set forth herein.

License to Content. We grant you a limited, non-exclusive, revocable, non-transferable, non-sublicensable license during the Term to access and use the Content, solely to the extent reasonably required in connection with Your permitted use of BrokerBase. You may make a reasonable number of copies of the Content for Your own internal purposes, but will treat these copies as Our confidential information.

Feedback. You are not required to provide any feedback or suggestions relating to BrokerBase. If You choose to provide any feedback or suggestions relating to BrokerBase, you acknowledge and agree that We will have an unrestricted, perpetual, worldwide right to use such feedback and suggestions, without any obligation to obtain consent from You, provide attribution to You, or make any payment to You.

4. YOUR DATA

Ownership of Your Data. We acknowledge that You or Your customers own Your Data, and We claim no rights to Your Data other than any rights granted in this Agreement or any other agreement between Us and You (or between Us and the customer to whom any Customer Data relates).

License to Your Data. You grant Us and Our Affiliates a worldwide, non-exclusive, perpetual, limited license to access, host, copy, transmit, modify and display Your Data for the purpose of (a) providing BrokerBase to You, Your company's brokers, agents and Affiliates in accordance with this Agreement, (b) providing other services to You, Your company's brokers, agents and Affiliates, (c) improving and developing BrokerBase and our other products and services, and (d) performing data analytics and analyzing and reporting on trends and statistics (it being understood that if we publish Your Data for this purpose, it will be in aggregated and anonymized form). Subject to the limited licenses granted herein, We acquire no right, title or interest from You or Your licensors under this Agreement in or to Your Data. You acknowledge that We may sublicense these rights to Our Third Party Providers for the purpose of allowing them to provide services to Us.

Privacy Policy. If Your Data includes any Personal Information, We will collect, use and disclose such Personal Information in accordance with Our privacy policy, a copy of which is available here.

Privacy Laws. If Your Data includes any Personal Information, You represent and warrant to us that (a) you have complied with all applicable Privacy Laws in connection with the collection, use and disclosure of such Personal Information, and the provision of such Personal Information to Us complies with all applicable Privacy Laws, and (b) all individuals to whom such Personal Information relates have consented to Our collection, use and disclosure of such Personal Information for the purposes disclosed in this Agreement, the Documentation and our Privacy Policy.

5. CONFIDENTIALITY

Definition of Confidential Information. "Confidential Information" means all information disclosed by a party ("Disclosing Party") to the other party ("Receiving Party"), whether orally or in writing, that is designated as confidential or that reasonably should be understood to be confidential given the nature of the information and the circumstances of disclosure. Your Confidential Information includes Your Data; Our Confidential Information includes BrokerBase, the Documentation, the Content and the terms and conditions of this Agreement. However, Confidential Information does not include any information that (a) is or becomes generally known to the public without breach of any obligation owed to the Disclosing Party, (b) was known to the Receiving Party prior to its disclosure by the Disclosing Party without breach of any obligation owed to the Disclosing Party, (c) is received from a third party without breach of any obligation owed to the Disclosing Party, or (d) is independently developed by the Receiving Party.

Protection of Confidential Information. The Receiving Party will (a) use the same degree of care that it uses to protect the confidentiality of its own confidential information of like kind (but not less than reasonable care) (b) not use any Confidential Information of the Disclosing Party for any purpose outside the scope of this Agreement, and (c) except as otherwise authorized by the Disclosing Party in writing, limit access to Confidential Information of the Disclosing Party to those of its and its Affiliates' employees and contractors who need that access for purposes consistent with this Agreement and who have signed confidentiality agreements with the Receiving Party containing protections no less stringent than those herein.

Compelled Disclosure. The Receiving Party may disclose Confidential Information of the Disclosing Party to the extent compelled by law to do so, provided the Receiving Party, if permitted by law, gives the Disclosing Party prior notice of the compelled disclosure.

6. REPRESENTATIONS, WARRANTIES, DISCLAIMERS AND INDEMNITIES

Representations. Each party represents that it has validly entered into this Agreement and has the legal power to do so.

Our Warranties. We warrant that BrokerBase will perform materially in accordance with the Documentation. For any breach of the above warranty, Your exclusive remedies are termination of use of BrokerBase.

Disclaimers. EXCEPT AS EXPRESSLY PROVIDED HEREIN, BROKERBASE IS PROVIDED ON AN "AS-IS" BASIS, AND WE MAKE NO REPRESENTATION, WARRANTY OR CONDITION OF ANY KIND, WHETHER EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, AND WE SPECIFICALLY DISCLAIM ALL IMPLIED AND STATUTORY REPRESENTATIONS, WARRANTIES AND CONDITIONS, INCLUDING ANY IMPLIED OR STATUTORY REPRESENTATIONS, WARRANTIES OR CONDITIONS OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON- INFRINGEMENT, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW. WE EXPRESSLY DISCLAIM ALL LIABILITY AND INDEMNIFICATION OBLIGATIONS FOR ANY HARM OR DAMAGES CAUSED BY ANY THIRD-PARTY HOSTING PROVIDERS. WE DO NOT WARRANT THAT BROKERBASE IS ERROR FREE OR THAT YOU OR ANYONE ELSE WILL BE ABLE TO ACCESS OR USE BROKERBASE WITHOUT PROBLEMS OR INTERRUPTIONS, OR THAT BROKERBASE IS NOT SUSCEPTIBLE TO INTRUSION, ATTACK OR COMPUTER VIRUS INFECTION. EXCEPT IN THE EVENT OF OUR GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, WE WILL NOT BE LIABLE FOR DAMAGES ARISING FROM ANY BREACH OF, UNAUTHORIZED ACCESS TO, MISUSE OF, LOSS OF, CORRUPTION OF, OR INTRUSION INTO, YOUR DATA.

Limitation of Liability. IN NO EVENT WILL OUR AGGREGATE LIABILITY ARISING OUT OF OR RELATED TO THIS AGREEMENT EXCEED THE AMOUNT PAID BY YOU HEREUNDER IN THE 12 MONTHS PRECEDING THE INCIDENT GIVING RISE TO THE CLAIM. THE ABOVE LIMITATIONS WILL APPLY WHETHER AN ACTION IS IN CONTRACT OR TORT AND REGARDLESS OF THE THEORY OF LIABILITY.

IN NO EVENT WILL WE HAVE ANY LIABILITY FOR ANY LOST DATA, LOST PROFITS, REVENUES OR INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, COVER OR PUNITIVE DAMAGES, WHETHER AN ACTION IS IN CONTRACT OR TORT AND REGARDLESS OF THE THEORY OF LIABILITY, EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THE FOREGOING DISCLAIMER WILL NOT APPLY TO THE EXTENT PROHIBITED BY LAW.

Indemnification. You will defend Us against any third party claim, demand, suit or proceeding made or brought against Us (a) by one of your customers (except to the extent the claim arises from our breach of this Agreement or our gross negligence or willful misconduct), (b) that arises from any breach of this Agreement by You or any inaccuracy in any representation or warranty made by You, or (c) that alleges that Your Data, or Your use of BrokerBase or Content in breach of this Agreement, infringes or misappropriates such third party's intellectual property rights or violates applicable law. You will indemnify and hold Us harmless from any damages, losses, liabilities, costs and expenses (including reasonable legal fees) arising from such a claim, demand, suit or proceeding.

7. TERM AND TERMINATION

Term. This Agreement commences on the date You first accept it and will remain in effect until terminated in accordance with this Agreement, or until it expires or is terminated in accordance with an applicable Order Form (the "Term").

Termination for Convenience. You may terminate this Agreement upon 30 days' written notice to Us at which time we will deregister You. Unless otherwise provided in an applicable Order Form, We may terminate this Agreement or suspend your access to BrokerBase at any time for any reason, without notice to you.

Termination for Cause. This Agreement may be terminated by either party for cause as follows: (i) upon 30 days written notice if the other party breaches or defaults under any material provision of this Agreement and does not cure such breach prior to the end of such 30 day period, (ii) effective immediately and without notice if the other party ceases to do business, or otherwise terminates its business operations, except as a result of an assignment permitted hereunder. We may suspend Your access to BrokerBase during any cure period.

Automatic Termination. This Agreement automatically terminates in the event that You or your Broker Firm ceases to be a member of the Verico Network.

Suspension. We may suspend your access to BrokerBase if we reasonably believe that you have breached any term or condition of this Agreement, until such breach has been cured to our satisfaction.

Customer Data Portability. If you are a Broker Firm, we will make a limited amount of Your Data available to You for export or download as provided in the Documentation. After termination, We will have no obligation to retain or provide Your Data, and may delete Your Data without prior notice to You.

Customer Data Deletion. If you are a Broker Firm, you may request to have all of Your Data deleted from BrokerBase at any time. In the event that a Broker Firm ceases to be a member of the Verico Network, then we may terminate the BrokerBase account(s) associated with this Broker Firm and delete all Customer Data imported into these accounts.

Surviving Provisions. The provisions of this Agreement requiring performance or fulfilment after the expiration or termination of this Agreement, and any other provisions, the nature and intent of which is to survive termination or expiration of this Agreement, will survive the expiration or termination of this Agreement.

8. MISCELLANEOUS

Severability. If any term of this Agreement is invalid or not enforceable, it will not affect any other terms.

Assignment. You may not assign or transfer any of your rights under this Agreement, by operation of law or otherwise, without Our prior written approval. Any attempt by You to assign or transfer any of your rights under this Agreement, without such consent, will not be effective. We may assign or transfer this Agreement, in our sole discretion, without restriction.

Waiver. A failure by a party to enforce any right or provision of this Agreement will not constitute a waiver of future enforcement of that right or provision. The waiver of any such right or provision will be effective only if in writing and signed by a duly authorized representatives of the party granting such waiver. Except as expressly specified in this Agreement, any remedies specified in this Agreement will not limit any other remedies that may be available.

Governing Law. This Agreement is subject to the laws of the province of Ontario, Canada, without giving effect to conflicts of laws principles. The Parties hereby submit to the exclusive jurisdiction of the Ontario courts for any dispute arising out of this Agreement (it being understood that the foregoing will not affect Our rights to seek injunctive relief in any other jurisdiction, or to enforce any payment obligation in any other jurisdiction).

Entire Agreement. This Agreement (including the Order Forms and the Privacy Policy) states the entire understanding between the parties with respect to its subject matter, and supersedes all prior proposals, marketing materials, negotiations and other written or oral communications between the parties with respect to the subject matter of this Agreement. Notwithstanding any language to the contrary therein, no terms or conditions stated in Your purchase order or in any of Your order documentation (excluding Order Forms) will be incorporated into or form any part of this Agreement, and all such terms or conditions will be null and void. For the avoidance of doubt (a) this Agreement does not govern any access to or use of BrokerBase, which may be subject to different terms and conditions, and (b) this Agreement does not supersede or amend any agreement between the parties relating to Your participation in the Verico Network.

Language. The parties hereto confirm that it is their wish that this Agreement, as well as all other documents relating hereto, including notices, have been and shall be drawn up in the English language only. Les parties aux presentes confirment leur volonte que cette convention, de meme que cette convention, de mem que tous les documents, y compris tout avis qui s'y rattache, soient rediges en langue anglaise.

Notifications

February Newsletter

February MailChimp newsletter available for download, Winter newsletter sending February 10th

The MailChimp email template for the February 2020 VERICO newsletter is now available to download. You can generate your custom template by going to Tools E-Marketing MailChimp Email Templates Newsletters, and clicking Download next to Newsletter - February 2020. A reminder that the template pulls your contact info, including your phone, email, website, and address from your MailChimp profile when sending, and is not embedded into the template from BrokerBase. If you need to include your firm and/or agent license number, you can add that in the MailChimp editor after importing. Also, if you use the Marketing Dashboard to send newsletters, or have the Newsletter Web Part enabled in MortgageWeb, a reminder that the quarterly newsletter is set to go to your selected clients and newsletter subscribers on February 10th. Please note that at least a Standard MailChimp plan is required to import templates.
January Newsletter

January MailChimp newsletter available for download

The MailChimp email template for the January 2020 VERICO newsletter is now available to download. You can generate your custom template by going to Tools E-Marketing MailChimp Email Templates Newsletters, and clicking Download next to Newsletter - January 2020. A reminder that the template pulls your contact info, including your phone, email, website, and address from your MailChimp profile when sending, and is not embedded into the template from BrokerBase. If you need to include your firm and/or agent license number, you can add that in the MailChimp editor after importing. Also a reminder that MailChimp plans have changed, so that at least a Standard plan is required in order to import templates.
Application 3

Reminder: Happy Holidays email sending on December 13

This is a reminder that on December 13th, the Happy Holidays BAMP email is scheduled to be sent. If enabled, the Happy Holidays email will be sent to all applicable clients with personal marketing enabled in the marketing dashboard. As with the newsletter, no notification emails are sent due to the volume of emails. If you have clients imported to your Marketing Dashboard and you wish to enable the email for you clients, go to Tools > E - Marketing > Marketing Dashboard > Marketing Dashboard. Click VIEW/EDIT GLOBAL MARKETING OPTIONS, and under PERSONAL MARKETING OPTI0NS / Others, check Happy Holidays (Dec 13). Finally, press SAVE. See a sample of the email below, in English and French. This email is brought to you by your Sample Mortgages Mortgage Advisor VERICO Financial Group Inc. You are receiving this email because you've got a mortgage through your Sample Mortgages Mortgage Advisor. Happy Holidays! --> --> --> Hello Mark, May your home be filled with songs, joy, and all the love that this festive season brings. From my family to yours, I wish you a wonderful Holiday Season! John Smith, M111222AgentSample Mortgages, License # 125874Tel:1.604.681.6155 | Cell:104.555.1111 | Fax:1.604.321.4576Email:testing@verico.ca | Web: http://www.mortgageweb.ca/testing       This electronic mail transmission and any accompanying attachments contain confidential information intended only for the use of the individual or entity named above. Any dissemination, distribution, copying or action taken in reliance on the contents of this communication by anyone other than the intended recipient is strictly prohibited. If you have received this communication in error please immediately delete it and notify the sender. Proud member of: Each VERICO Broker is an independent owner and operator. Copyright © VERICO Financial Group Inc., All rights reserved. Our mailing address is: #490 1140 Sample Street Vancouver British Columbia V6E 4G1 Unsubscribe from this list Le présent courriel est une gracieuseté de votre conseiller en prêts hypothécaires SAample Mortgages VERICO Financial Group Inc. Le présent courriel vous est envoyé parce que vous avez obtenu un prêt hypothécaire par l'intermédiaire de votre conseiller en prêts hypothécaires Sample Mortgages. Joyeuses Fêtes! --> --> --> Bonjour Mark, Meilleurs vœux pour les Fêtes ! Je vous souhaite ainsi qu'à votre famille de très joyeuses Fêtes. John Smith, M111222AgentSample Mortgages, No de permis : 125874Tél:1.604.681.6155 | Cell:104.555.1111 | Téléc: 1.604.321.4576Courriel testing@verico.ca | Adresse Internet http://www.mortgageweb.ca/testing       Le présent message électronique et toute pièce qui y est jointe, le cas échéant, renferment des renseignements confidentiels destinés à la seule utilisation de la personne ou de l'entité dont le nom figure ci-dessus. Toute diffusion, distribution ou reproduction de ces renseignements ou toute décision prise sur la foi de ceux-ci par toute personne autre que le destinataire prévu est strictement interdite. Si vous avez reçu ce message par erreur, nous vous prions de le supprimer sur-le-champ et d'en aviser l'expéditeur. Fier membre de : Tous les courtiers de VERICO sont des propriétaires exploitants indépendants. © VERICO Financial Group Inc., Tous droits réservés. Adresse mail: #490 1140 Sample Street Vancouver British Columbia V6E 4G1 Pour vous désabonner de la liste
December Newsletter

December MailChimp newsletter available for download

The MailChimp email template for the December 2019 VERICO newsletter is now available to download. You can generate your custom template by going to Tools E-Marketing MailChimp Email Templates Newsletters, and clicking Download next to Newsletter - December 2019. A reminder that the template pulls your contact info, including your phone, email, website, and address from your MailChimp profile when sending, and is not embedded into the template from BrokerBase. If you need to include your firm and/or agent license number, you can add that in the MailChimp editor after importing. Also a reminder that MailChimp plans have recently changed, so that at least a Standard plan is required in order to import templates.
November Newsletter

November MailChimp newsletter available for download, Autumn newsletter sending November 12th

The MailChimp email template for the November 2019 VERICO newsletter is now available to download. You can generate your custom template by going to Tools E-Marketing MailChimp Email Templates Newsletters, and clicking Download next to Newsletter - November 2019. A reminder that the template pulls your contact info, including your phone, email, website, and address from your MailChimp profile when sending, and is not embedded into the template from BrokerBase. If you need to include your firm and/or agent license number, you can add that in the MailChimp editor after importing. Also, if you use the Marketing Dashboard to send newsletters, or have the Newsletter Web Part enabled in MortgageWeb, a reminder that the quarterly newsletter is set to go to your selected clients and newsletter subscribers on November 12th. Also a reminder that MailChimp plans have recently changed, so that at least a Standard plan is required in order to import templates.
Meridian

Meridian Broker Services Update

Message from Meridian Broker Services Effective Friday, October 25th @ 7:59PM - we will be turning back / collapsing ALL new applications rate hold requests that land in our queue. For applications that were submitted before Friday, October 25th, all files in the queues are subject to the following timelines: Purchase applications = minimum 10 business days (Day 1 starts the 1st business day after submission) Refinance applications = minimum 14 business day (Day 1 starts the 1st business day after submission)
Agent Mobile Merged

Agent Mobile Merged with MortgageWeb

As of September 30, Agent Mobile and MortgageWeb areno longer distinct sites. If any clients go to your Agent Mobile URL (m.mortgageweb.ca/AGENTID), they will be redirected to your MortgageWeb site. Why this is happening When originally developed, MortgageWeb was intended for desktop computers, and Agent mobile for mobile users. Since then, MortgageWeb has been updated significantly, and is mobile friendly. It works well on any device, and has full capabilities. On the other hand, Agent Mobile has an outdated design and limited capabilities, such as no mortgage application. This update will give the best of both sites in one place. What you need to do If you have MortgageWeb active or dont have Agent Mobile active, there is nothing for you to do. If you currently have Agent Mobile active but MortgageWeb deactivated, you may want to activate MortgageWeb, as it will be your new mobile site. Otherwise, any clients going to your mobile URL will see an error message. If you use the MortgageWeb Mortgage Application, it is recommended to set it to Style 3, as it is mobile friendly and has the most functionality. When sharing your website, you can just provide your MortgageWeb URL (www.mortgageweb.ca/AGENTID). It will work the same for desktop and mobile users. If anyone is still using the mobile URL, it will work the same. If you have any questions, please go to www.vericosupport.ca.
October Newsletter

October MailChimp newsletter available for download

The MailChimp email template for the October 2019 VERICO newsletter is now available to download. You can generate your custom template by going to Tools E-Marketing MailChimp Email Templates Newsletters, and clicking Download next to Newsletter - October 2019. A reminder that the template pulls your contact info, including your phone, email, website, and address from your MailChimp profile when sending, and is not embedded into the template from BrokerBase. If you need to include your firm and/or agent license number, you can add that in the MailChimp editor after importing. Also a reminder that MailChimp plans have recently changed, so that at least a Standard plan is required in order to import templates.
September Newsletter

September MailChimp newsletter available for download

The MailChimp email template for the September 2019 VERICO newsletter is now available to download. You can generate your custom template by going to Tools E-Marketing MailChimp Email Templates Newsletters, and clicking Download next to Newsletter - September 2019. A reminder that the template pulls your contact info, including your phone, email, website, and address from your MailChimp profile when sending, and is not embedded into the template from BrokerBase. If you need to include your firm and/or agent license number, you can add that in the MailChimp editor after importing. Also a reminder that MailChimp plans have recently changed, so that at least a Standard plan is required in order to import templates.
August Newsletter

August MailChimp newsletter available for download, Summer newsletter sending August 12th

The MailChimp email template for the August 2019 VERICO newsletter is now available to download. You can generate your custom template by going to Tools E-Marketing MailChimp Email Templates Newsletters, and clicking Download next to Newsletter - August 2019. A reminder that the template pulls your contact info, including your phone, email, website, and address from your MailChimp profile when sending, and is not embedded into the template from BrokerBase. If you need to include your firm and/or agent license number, you can add that in the MailChimp editor after importing. Also, if you use the Marketing Dashboard to send newsletters, or have the Newsletter Web Part enabled in MortgageWeb, a reminder that the quarterly newsletter is set to go to your selected clients and newsletter subscribers on August 12th. Also a reminder that MailChimp plans have recently changed, so that at least a Standard plan is required in order to import templates.
July Newsletter

MailChimp newsletter for July now available

The MailChimp email template for the July 2019 VERICO newsletter is now available to download. You can generate your custom template by going to Tools E-Marketing MailChimp Email Templates Newsletters, and clicking Download next to Newsletter - July 2019. A reminder that the template pulls your contact info, including your phone, email, website, and address from your MailChimp profile when sending, and is not embedded into the template from BrokerBase. If you need to include your firm and/or agent license number, you can add that in the MailChimp editor after importing. Also a reminder that MailChimp plans have recently changed, so that at least a Standard plan is required in order to import templates.
MailChimp

MailChimp users: Plan changes

For those that use MailChimp, please note that they have recently adjusted their plans. Before, with a free plan, you could import templates generated from BrokerBase have up to 2,000 active subscribers, and send up to 12,000 emails a month. Now, the free plan does not allow importing of templates, you are limited to under 2500 contacts (including unsubscribed and bounced contacts), and 10,000 emails per month. Going forward, if you wish to be able to import templates, the Standard plan is required, which starts at $14.99 USD per month.
June Newsletter

MailChimp newsletter for June now available

The MailChimp email template for the June 2019 VERICO newsletter is now available to download. You can generate your custom template by going to Tools E-Marketing MailChimp Email Templates Newsletters, and clicking Download next to Newsletter - June 2019. A reminder that the template pulls your contact info, including your phone, email, website, and address from your MailChimp profile when sending, and is not embedded into the template from BrokerBase. If you need to include your firm and/or agent license number, you can add that in the MailChimp editor after importing.
May Newsletter

May MailChimp newsletter available for download, Spring newsletter sending May 15th

The MailChimp email template for the May 2019 VERICO newsletter is now available to download. You can generate your custom template by going to Tools E-Marketing MailChimp Email Templates Newsletters, and clicking Download next to Newsletter - May 2019. A reminder that the template pulls your contact info, including your phone, email, website, and address from your MailChimp profile when sending, and is not embedded into the template from BrokerBase. If you need to include your firm and/or agent license number, you can add that in the MailChimp editor after importing. Also, if you use the Marketing Dashboard to send newsletters, or have the Newsletter Web Part enabled in MortgageWeb, a reminder that the quarterly newsletter is set to go to your selected clients and newsletter subscribers on May 15th.
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Advisory: Original application embed codes require update

As advised in August, for anyone using an application embed code on their website, you need to make sure the code is up to date. Please note that if you are still using the original application embed code on your own website, the application is no longer functioning. This due to Filogix updating the way applications are authenticated. The current embed code uses the updated authentication method, and is fully functional. If you are using the old embed code, your embedded application will instead show: To use the new embed code, you or your web developer will need to find the old embed code on your application page, and replace it with the new one. This is a sample of what the old embed code looks like: iframe id=appFrame name=appFrame height=1050 width=700/iframe form id=frmFullApplication action=https://application.mortgageweb.ca/dhonlineapplication.aspx method=post target=appFrame input id=firmcode name=firmcode type=hidden value=ABCD input id=dhagentid name=dhagentid type=hidden value=SMITHJ input id=lenderlogo name=lenderlogo type=hidden value= input id=dhagentemail name=dhagentemail type=hidden value=vericoagent@sample.ca input id=dhagentfullname name=dhagentfullname type=hidden value=John Smith input id=dhagentphone name=dhagentphone type=hidden value=888.555.1234 input id=dhagentcompanyname name=dhagentcompanyname type=hidden value=Verico Sample Firm input id=dhagentlicenceno name=dhagentlicenceno type=hidden value=12345 /form script type=text/javascript document.getElementById(frmFullApplication).submit();/script The new embed code is much simpler. To get the new embed code, in BrokerBase, go to Tools Web Tools Mortgage Application Manage Mortgage Application. Copy the contents of the Application Embed Code box, and replace the above code in your page with it. Alternatively, you can just link to the application directly with the Application Link URL above the embed code. Of course, you can only use the application if you have a Filogix Login ID in your BrokerBase profile.
April Newsletter

MailChimp newsletter for April now available

The MailChimp email template for the April 2019 newsletter is now available to download. You can generate your custom template by going to Tools E-Marketing MailChimp Email Templates Newsletters, and clicking Download next to Newsletter - April 2019. A reminder that the template pulls your contact info, including your phone, email, website, and address from your MailChimp profile when sending, and is not embedded into the template from BrokerBase. If you need to include your firm and/or agent license number, you can add that in the MailChimp editor after importing.
Finastra

Expert Maintenance - March 10

Finastra has advised that Expert will undergo maintenance starting at 12:01 AM ET, Sunday March 10 and will be completed no later than 6:00 AM ET, Sunday March 10. Expert will be unavailable during this time.
March Newsletter

MailChimp newsletter for March now available

The MailChimp email template for the March 2019 newsletter is now available to download. You can generate your custom template by going to Tools E-Marketing MailChimp Email Templates Newsletters, and clicking Download next to Newsletter - March 2019. A reminder that the template pulls your contact info, including your phone, email, website, and address from your MailChimp profile when sending, and is not embedded into the template from BrokerBase. If you need to include your firm and/or agent license number, you can add that in the MailChimp editor after importing.
February Newsletter

February MailChimp newsletter available for download, Winter newsletter sending February 11th

The MailChimp email template for the February 2019 VERICO newsletter is now available to download. You can generate your custom template by going to Tools E-Marketing MailChimp Email Templates Newsletters, and clicking Download next to Newsletter - February 2019. A reminder that the template pulls your contact info, including your phone, email, website, and address from your MailChimp profile when sending, and is not embedded into the template from BrokerBase. If you need to include your firm and/or agent license number, you can add that in the MailChimp editor after importing. Also, if you use the Marketing Dashboard to send newsletters, or have the Newsletter Web Part enabled in MortgageWeb, a reminder that the quarterly newsletter is set to go to your selected clients and newsletter subscribers on February 11th.
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Home Buyers Guide Updated

The Home Buyers Guide has been updated for January 2019. Changes include: New cover photo Updated details on the Mortgage Stress Test Spelling and formatting corrections The branded Home Buyers Guide can be generated in BrokerBase by going to Tools > PDF Centre > Customer Information > Home Buyers Guide, and selecting Home Buyers Guide from the list. Available in English and French.
January Newsletter

MailChimp newsletter for January now available

The MailChimp email template for the January 2019 newsletter is now available to download. You can generate your custom template by going to Tools E-Marketing MailChimp Email Templates Newsletters, and clicking Download next to Newsletter - January 2019. A reminder that the template pulls your contact info, including your phone, email, website, and address from your MailChimp profile when sending, and is not embedded into the template from BrokerBase. If you need to include your firm and/or agent license number, you can add that in the MailChimp editor after importing.
Application 3

Happy Holidays email added to Marketing Dashboard

VERICO has added a new marketing option in BrokerBase for the holidays. If enabled, the Happy Holidays email will be sent to all applicable clients with personal marketing enabled in the marketing dashboard on December 14th. As with the newsletter, no notification emails are sent due to the volume of emails. If you have clients imported to your Marketing Dashboard and you wish to enable the email for you clients, go to Tools > E - Marketing > Marketing Dashboard > Marketing Dashboard. Click VIEW/EDIT GLOBAL MARKETING OPTIONS, and under PERSONAL MARKETING OPTI0NS / Others, check Happy Holidays (Dec 14). Finally, press SAVE. See a sample of the email below, in English and French. This email is brought to you by your Sample Mortgages Mortgage Advisor VERICO Financial Group Inc. You are receiving this email because you've got a mortgage through your Sample Mortgages Mortgage Advisor. Happy Holidays! --> --> --> Hello Mark, May your home be filled with songs, cakes, treats and all the love that this festive season brings. From my family to yours, I wish you a wonderful Holiday Season! John Smith, M111222AgentSample Mortgages, License # 125874Tel:1.604.681.6155 | Cell:104.555.1111 | Fax:1.604.321.4576Email:testing@verico.ca | Web: http://www.mortgageweb.ca/testing       This electronic mail transmission and any accompanying attachments contain confidential information intended only for the use of the individual or entity named above. Any dissemination, distribution, copying or action taken in reliance on the contents of this communication by anyone other than the intended recipient is strictly prohibited. If you have received this communication in error please immediately delete it and notify the sender. Proud member of: Each VERICO Broker is an independent owner and operator. Copyright © VERICO Financial Group Inc., All rights reserved. Our mailing address is: #490 1140 Sample Street Vancouver British Columbia V6E 4G1 Unsubscribe from this list Le présent courriel est une gracieuseté de votre conseiller en prêts hypothécaires SAample Mortgages VERICO Financial Group Inc. Le présent courriel vous est envoyé parce que vous avez obtenu un prêt hypothécaire par l'intermédiaire de votre conseiller en prêts hypothécaires Sample Mortgages. Joyeuses Fêtes! --> --> --> Bonjour Mark, Meilleurs vœux pour les Fêtes ! Je vous souhaite ainsi qu'à votre famille de très joyeuses Fêtes. John Smith, M111222AgentSample Mortgages, No de permis : 125874Tél:1.604.681.6155 | Cell:104.555.1111 | Téléc: 1.604.321.4576Courriel testing@verico.ca | Adresse Internet http://www.mortgageweb.ca/testing       Le présent message électronique et toute pièce qui y est jointe, le cas échéant, renferment des renseignements confidentiels destinés à la seule utilisation de la personne ou de l'entité dont le nom figure ci-dessus. Toute diffusion, distribution ou reproduction de ces renseignements ou toute décision prise sur la foi de ceux-ci par toute personne autre que le destinataire prévu est strictement interdite. Si vous avez reçu ce message par erreur, nous vous prions de le supprimer sur-le-champ et d'en aviser l'expéditeur. Fier membre de : Tous les courtiers de VERICO sont des propriétaires exploitants indépendants. © VERICO Financial Group Inc., Tous droits réservés. Adresse mail: #490 1140 Sample Street Vancouver British Columbia V6E 4G1 Pour vous désabonner de la liste
December Newsletter

December MailChimp newsletter available for download

The MailChimp email template for the December 2018 newsletter is now available to download. You can generate your custom template by going to Tools E-Marketing MailChimp Email Templates Newsletters, and clicking Download next to Newsletter - December 2018. A reminder that the template pulls your contact info, including your phone, email, website, and address from your MailChimp profile when sending, and is not embedded into the template from BrokerBase. If you need to include your firm and/or agent license number, you can add that in the MailChimp editor after importing.
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BrokerBase & MortgageWeb – Maintenance Complete

Phase two of maintenance for BrokerBase, MortgageWeb & Mortgage Applications is now complete. All systems are back at full capacity. We appreciate your patience during this time. If you encounter any issues, please submit a ticket to www.vericosupport.ca
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November Economic Report Available

The November 2018 VERICO Economic Report by Michael Campbell is now available. You can generate your custom report by going to Tools PDF Centre Customer Information VERICO Economic Report, and selecting November 2018. The PDF can be generated in English and French. Agent-branding only, no partners.
November Newsletter

November MailChimp newsletter available for download, Autumn newsletter sending November 9th

The MailChimp email template for the November 2018 VERICO newsletter is now available to download. You can generate your custom template by going to Tools E-Marketing MailChimp Email Templates Newsletters, and clicking Download next to Newsletter - November 2018. A reminder that the template pulls your contact info, including your phone, email, website, and address from your MailChimp profile when sending, and is not embedded into the template from BrokerBase. If you need to include your firm and/or agent license number, you can add that in the MailChimp editor after importing. Also, if you use the Marketing Dashboard to send newsletters, or have the Newsletter Web Part enabled in MortgageWeb, a reminder that the quarterly newsletter is set to go to your selected clients and newsletter subscribers on November 9th.
October Newsletter

October MailChimp newsletter available for download

The MailChimp email template for the October 2018 VERICO @ Home newsletter is now available to download. You can generate your custom template by going to Tools E-Marketing MailChimp Email Templates Newsletters, and clicking Download next to Verico @ Home - October 2018. A reminder that the template pulls your contact info, including your phone, email, website, and address from your MailChimp profile when sending, and is not embedded into the template from BrokerBase. If you need to include your firm and/or agent license number, you can add that in the MailChimp editor after importing.
September Newsletter

September MailChimp newsletter available for download

The MailChimp email template for the September 2018 VERICO @ Home newsletter is now available to download. You can generate your custom template by going to Tools E-Marketing MailChimp Email Templates Newsletters, and clicking Download next to Verico @ Home - September 2018. A reminder that the template pulls your contact info, including your phone, email, website, and address from your MailChimp profile when sending, and is not embedded into the template from BrokerBase. If you need to include your firm and/or agent license number, you can add that in the MailChimp editor after importing.
Application 3

New Mortgage Application now available

VERICO has introduced a newly designed mortgage application in BrokerBase and MortgageWeb in addition to the 2 current ones available. This new option has an improved look, and includes capabilities by popular request. Features include: Up to 4 applicants Dynamic sections to add more relevant applicant information as necessary Easier navigation between applicants through the top fixed navigation Mortgage related calculators right within the application Embed friendly layout - You can hide header ">Customize your message on the application User friendly form validator Mobile friendly The new Style 3 application is currently in BETA. Style 3 has passed our internal QA test, but unknown issues may be discovered while you use it. If you experience any issues, please let us know with any details you can provide at www.vericosupport.ca. To try the new application, go to the Mortgage Application Centre in BrokerBase, select Style 3 (BETA), set the options below, and press SAVE. Also a reminder to anyone using an embed code on their website to make sure the code is up to date. Older codes may cause the application to behave in unexpected ways, or not display at all. The current embed code is also available in the Mortgage Application Centre. See what's new about this app.
August Newsletter

August MailChimp newsletter available for download, Summer newsletter sending August 10th

The MailChimp email template for the August 2018 VERICO @ Home newsletter is now available to download. You can generate your custom template by going to Tools E-Marketing MailChimp Email Templates Newsletters, and clicking Download next to Verico @ Home - August 2018. A reminder that the template pulls your contact info, including your phone, email, website, and address from your MailChimp profile when sending, and is not embedded into the template from BrokerBase. If you need to include your firm and/or agent license number, you can add that in the MailChimp editor after importing. Also, if you use the Marketing Dashboard to send newsletters, or have the Newsletter Web Part enabled in MortgageWeb, a reminder that the quarterly newsletter is set to go to your selected clients and newsletter subscribers on August 10th. As the monthly newsletter is part of a 3 part series, the quarterly newsletter will have a different first article. Please see below for the articles of the Summer quarterly newsletter. CREA Updates Resale Housing Market Forecast --> --> The new mortgage stress test announced last October had been expected to cause homebuyers to rush purchases in advance of the new rules coming into effect in January and for the “pull-forward” of sales activity to result in fewer transactions in the first half of 2018. Evidence suggests the policy response was stronger than expected, with seasonally adjusted national home sales last December having surged to the highest level ever recorded before dropping sharply in early 2018. Actual (not seasonally adjusted) national sales figures for March, April and May are typically among the most active months in any given year. Combined sales fell to a nine-year low for the three-month period. The seasonally adjusted trend suggests sales momentum has not yet begun to rally. Interest rates are widely expected to rise further this year and next. Home sales activity is nonetheless still expected to strengthen modestly in the second half of 2018 as housing market uncertainty diminishes. Taking these factors into account, the national sales forecast has been revised downward and is now projected to decline by 11% to 459,900 units this year. The decrease almost entirely reflects weaker sales in B.C. and Ontario amid heightened housing market uncertainty, provincial policy measures, high home prices, ongoing supply shortages and this year’s new mortgage stress test. Lifestyle tips for healthier eating (NC) Today's on-the-go lifestyles and the abundance of tasty, tempting fast food options can make sticking to healthy eating goals challenging. But maintaining a nutritious and appetizing diet can be easier than you think. The College of Family Physicians of Canada's Prevention in Hand website offers one-stop-shopping for current information from numerous healthcare organizations to support your individual wellness, healthy lifestyles and the prevention of chronic diseases. Here is what some of their resources say about helping you and your family make good nutrition choices: Make a plan. Take a few minutes on the weekend to plan out healthy meals and snacks for the upcoming week, including brown bag lunches for work and school. Having the dishes planned and ingredients purchased will encourage you to follow through on smarter eating and avoid reaching for the vending machine. Find friendly fats. It's a myth that all types of fat are bad for your body. Healthy fats and oils help us absorb nutrients and add flavour to foods. Opt for natural fats from avocados, nuts and seeds, and oils like olive, coconut and flaxseed. Make it a ritual. Research shows that eating together as a family can help you make better food choices, so try to enjoy at least one meal together every day. If varying work and school schedules prevent you from eating together, try breakfast together instead of the traditional family dinners. An omelet bar loaded with veggies is a fun and nutritious way to start your day. Eat the rainbow. Enjoying a variety of fruits and vegetables with all the colours of the rainbow ensures you receive lots of vitamins, nutrients, fibre and antioxidants. Aim for at least one dark green and one orange piece of produce every day. Try a meatless Monday. Avoid foods that are high in sodium, fat or cholesterol and go with healthier options with natural ingredients and nutrition – fresh fruit, vegetables or grains. Try a Meatless Monday with protein sources like lentils, beans and tofu. Reduce your sodium intake by seasoning dishes with herbs and spices rather than salt. Find more information at www.preventioninhand.com. www.newscanada.com
July Newsletter

July MailChimp Newsletter Available

The MailChimp email template for the July 2018 VERICO @ Home newsletter is now available to download. You can generate your custom template by going to Tools E-Marketing MailChimp Email Templates Newsletters, and clicking Download next to Verico @ Home - July 2018. A reminder that the template pulls your contact info, including your phone, email, website, and address from your MailChimp profile when sending, and is not embedded into the template from BrokerBase. If you need to include your firm and/or agent license number, you can add that in the MailChimp editor after importing.
June Newsletter

June MailChimp Newsletter Available

The MailChimp email template for the June 2018 VERICO @ Home newsletter is now available to download. You can generate your custom template by going to Tools E-Marketing MailChimp Email Templates Newsletters, and clicking Download next to Verico @ Home - June 2018. A reminder that the template pulls your contact info, including your phone, email, website, and address from your MailChimp profile when sending, and is not embedded into the template from BrokerBase. If you need to include your firm and/or agent license number, you can add that in the MailChimp editor after importing.
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May Economic Report Available

The May 2018 VERICO Economic Report by Michael Campbell is now available. You can generate your custom report by going to Tools PDF Centre Customer Information VERICO Economic Report, and selecting May 2018. The PDF can be generated in English and French. Agent-branding only, no partners.
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Updated Email Signature in Banner Builder

The Verico email signature in the Banner Builder has been update with the National Network of the Year badge for 2018. You can generate your custom email signature by going to Tools E-Marketing Banner Builder, selecting Verico Email Signature, your firm logo, and clicking CREATE.
April Newsletter

April MailChimp Newsletter Available

The MailChimp email template for the April 2018 VERICO @ Home newsletter is now available to download. You can generate your custom template by going to Tools E-Marketing MailChimp Email Templates Newsletters, and clicking Download next to "Verico @ Home - April 2018". A reminder that the template pulls your contact info, including your phone, email, website, and address from your MailChimp profile when sending, and is not embedded into the template from BrokerBase.
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New Economic Report Available

The February 2018 VERICO Economic Report by Michael Campbell is now available. You can generate your custom report by going to Tools PDF Centre Customer Information VERICO Economic Report, and selecting February 2018. The PDF can be generated in English and French. Agent-branding only, no partners.
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First National: B-20 Qualification Update

B-20 Guideline Update Purchase agreements signed before January 1, 2018 First National will allow for deals with purchase agreements signed prior to January 1, 2018 to be grandfathered under the old qualification rules. This now includes deals that were not submitted to First National by the December 31 cut-off. For a deal with a previously signed purchase agreement to be qualified under the old rules, it must be received by May 31, 2018 These new commitments will remain valid for 120 days. Any extension beyond 120 days of the original commitment date will require the deal to be re-qualified under the new rules. Any deal received after May 31, 2018 will be subject to the new qualifying rules, regardless of when the purchase agreement was signed Previous B-20 Updates B-20 Update - December 15, 2017 B-20 FAQs - December 20, 2017
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B-20 Update from First National

Guideline B-20 Update The Office of the Superintendent of Financial Institutions (OSFI) issued a revision to Guideline B-20 on October 17, 2017. The changes will go into effect on January 1, 2018 and will require conventional mortgage applications to qualify at the greater of the Bank of Canada’s five-year benchmark rate or the contract rate plus 2%. Although these changes only apply to federally regulated financial institutions, First National will comply to these new guidelines for conventional mortgages. As such, any applications for conventional mortgages submitted to First National after midnight December 31, 2017, will be underwritten using the new qualification guidelines, subject to specific product exemptions such as switches and insurable deals. What does this mean for existing commitments and pre approvals with First National? Pre Approvals: Any pre approval committed prior to January 1st will remain valid for 120 days from the date of the original approval. Any extensions of an expired pre approval after December 31, 2017 must be qualified using the qualifying rate based on the new rules. Should a pre approval that was committed in 2017 turn into a real deal, the old rules apply even if the closing date of the new purchase is greater than the expiry date of the pre approval, but no greater than 120 days from the date of the commitment for the real deal. Example: A pre approval committed prior to January 1st expires March 15, 2018. Borrowers purchase a property closing May 1, 2018. If the real deal is committed on/before March 15th, we still qualify the deal using the old qualifying rate rule. The rate is no longer protected as the closing is beyond the expiry date of the pre approval, however the old rules still apply for qualification, as long as the deal closes within 120 days. Commitments: Any existing First National commitments, approved in 2017 and closing after January 1, 2018, will remain valid and will not have to be re-adjudicated under the new qualifying rate. Any application received by First National after December 31, 2017 will be underwritten using the new qualifying rate regardless of the date of the purchase agreement. Only applications received before January 1st will be qualified using the old qualifying rate. Example 1: Application received by First National on January 15, 2018 with a purchase agreement dated November 15, 2017. Since First National has not issued a commitment on this application prior to January 1st, the new qualifying rate would have to be used. Example 2: First National issued a commitment on November 15, 2017 for a purchase closing on June 15, 2018. The rate will be set on this deal 120 days prior to closing (Feb. 15, 2018) and must be re-adjudicated at that time. Since a commitment was issued in 2017 by First National, the old rule will apply for qualification purposes. All refinance deals committed in 2017 and closing in 2018 do not have to be re-adjudicated. However, should the closing not take place on the expected closing date and the deal is extended beyond 120 days of the original commitment date, the application would have to be re-adjudicated using the new qualifying rate. Please note that any changes/revisions to the original commitments, including pre approvals after January 1, 2018 will require the deal to be re-qualified under the new rules. For any further information please contact your Account Manager.
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From Equitable Bank: New Stress Test & Loan-To-Value Ratios - Effective December 18th, 2017

From Joe Flor, Manager Business Development, Equitable Bank With B20 changes looming closer, all lenders, including Equitable Bank, have made changes in order to comply with the new guidelines that must be in effect no later than January 1st, 2018. As a valued partner of Equitable Bank, we wanted to ensure to communicate what these changes will be for EQB and when we will be implementing them. This is an update to my email sent November 8th, 2017. Please see the changes below Qualifying Rate – Effective December 18, 2017: The rate used to calculate the GDS and TDS ratios for all variable/adjustable and fixed interest rate mortgages, regardless of term, will be the greater of the contractual mortgage rate plus 2% (aka the offer rate) or the five year benchmark rate published weekly by the Bank of Canada. The rate used to calculate the GDS and TDS ratios for HELOC component of Collateral Charge mortgages will be the greater of the contractual HELOC rate plus 2% (aka the offer rate) or the five year benchmark rate published weekly by the Bank of Canada. Loan-To-Value (LTV Ratio) – Effective December 18, 2017: Under B20, the Loan to Value Ratio is not to exceed 80% of the appraised value or the purchase price, whichever is the lesser amount, unless mortgage insurance covers any excess. Borrowers are permitted to obtain a subordinate ranking lien position up to a maximum of 80% LTV with a minimum of 20% down payment or equity in the transaction. In other words, we are not permitted to allow our EQB first mortgage to exceed 80% LTV and in instances where the max LTV approved for an EQB 1st mortgage is less than 80%, 2nd mortgages will not be permitted above 80% LTV. Loan-To-Value (LTV Ratio) – Effective December 18, 2017: Under B20, the Loan to Value Ratio is not to exceed 65% of the appraised value or the purchase price, whichever is the lesser amount, for our Total Worth Program. In other words, we are not permitted to allow 2nd mortgages above 65% LTV for our Total Worth Program.
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From TD Canada Trust: Policy updates regarding B20

Attention: All Brokers The Office of the Superintendent of Financial Institutions (OSFI) issued a revision to Guideline B-20 on October 17, 2017. The changes will go into effect on January 1, 2018, and will require conventional mortgage applicants to qualify at the Bank of Canada's five-year benchmark rate or the customer's mortgage interest rate +2%, whichever is greater. OSFI is implementing these changes for all federally regulated financial institutions. As a result, some customers looking to purchase a home or refinance may experience a reduction in the total principal amount they are qualified to borrow. What advice can I provide my customer? It is important that we continue to provide our customers with advice that will promote a confident, comfortable home financing experience. Expect the average Canadian's home purchasing power for a given income to be reduced 15-20%. Here's an example of the impact the new qualifying rate will have on the maximum mortgage proceeds and home purchase price. Amounts are based upon a combined Canadian family income of $75,000, 5-year fixed term mortgage at a contractual rate of 3.39%, 25-year amortization, $100,000 available for down payment and $700 in other monthly debt obligations: Up to December 31, 2017 After January 1, 2018 Target Rate 3.39% 3.39% Qualifying Rate 3.39% 5.39% Maximum Mortgage Amount $400,000 $325,000 Available Down Payment $100,000 $100,000 Home Purchase Price $500,000 $425,000 A customer's maximum mortgage amount will be influenced by other factors including product and term selected, amortization period, other debt obligations, and credit score. How will TD manage in-flight applications? Changes to existing policies and procedures may impact applications initiated before or after January 1, 2018. Timeline: Pre-Approval: Purchase Transactions or Refinances: Before January 1, 2018 Pre-Approvals committed before January 1st will remain valid up to 120 days following the initial credit decision. Approved applications closing before or beyond January 1stwill remain valid; no re-adjudication is required as a result of the qualifying rate update. On and after January 1, 2018 Any material changes to the request post January 1st may require re-adjudication using updated qualifying rates. Material changes to the request post January 1st may require re-adjudication using updated qualifying rate rules. Additional information will be shared as it becomes available. Contact: Your Broker RSM
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New PDF Flyer: "B20 - Mortgage Qualification Changes"

Weve added a one-page handout to BrokerBase for you to provide information about the upcoming mortgage qualification changes. You can find it in the Home Buyers Guide section by going to Tools PDF Centre Customer Information Home Buyers Guide, and selecting B20 - Mortgage Qualification Changes in step 3. The one-page PDF can be generated in English and French. Co-branding with a partner is available.
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BrokerBase Marketing: Additional deal status added as trigger for automatic product marketing

Based on the results of a poll we conducted in August, we have made an adjustment to the automatic marketing from the BrokerBase dashboard. If “Auto Turn On Product Marketing” is enabled in the Marketing Dashboard, clients have been auto-checked for marketing once the deal reached either PAID or CLOSED status in D+H Filogix. We have now added COMPLETE as a third possible trigger status for auto-enabling product marketing. Note that if you do not have any product marketing options or “Auto Turn On Product Marketing” enabled in the Global Marketing Options, this will not affect you. For any questions, go to www.vericosupport.ca.
November 2017 Economic Report

New Economic Report Available

The November 2017 VERICO Economic Report by Michael Campbell is now available. You can generate your custom report by going to Tools PDF Centre Customer Information VERICO Economic Report, and selecting November 2017. The PDF can be generated in English and French. Agent-branding only, no partners.
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New PDF Guide: "9 Steps to Buying a Home"

A popular part of the Home Buyers Guide is the "9 Steps to Buying a Home" infographic.So we've made it into a standalone marketing piece, available for all BrokerBase users. You can find it in the Home Buyers Guide section by going to Tools > PDF Centre > Customer Information > Home Buyers Guide, and selecting "9 Steps to Buying a Home Infographic" in step 3. The one-page PDF can be generated in English and French. Agent-branding only, no partners.
Banners

BrokerBase Mailchimp Guide

Check out the BrokerBase Mailchimp Guide for a detailed instructions on how to leverage this email engine with your BrokerBase account. Mailchimp is free up to 2000 subscribers. Email template ready for you to upload into your Mailchimp account can be found in Brokerbase Tools E-Marketing MailChimp Email Templates
Banners

New MortgageWeb Banner Themes and Photos

Weve improved the MortgageWeb banners with new photos and new themes. In addition to expanding many of the existing themes, you can now select themes from numerous cities across Canada, as well as new Family themes. The existing theme photos have also been better optimized and limited on the number of images. This makes your MortgageWeb site smaller and faster, especially for mobile viewers. Just a reminder to those using seasonal themes - remember to adjust your theme as the season changes. If you have your theme set at the moment to Winter, Fall, or Summer, you may want to update your theme selection. To change your MortgageWeb photo theme, go to Tools Web Tools MortgageWeb Create/Modify MortgageWeb. Go to step 6 to preview the themes and select your favorite. Enjoy!
Financial Feature Sheet

Financial Feature Sheet Update

Per new CMHC rules, the Financial Feature Sheet has been updated. You can now set the specific interest rate for each down payment option. Currently, only the Classic style is available, as the Modern version will be redesigned due to popular demand.
CMHC

CMHC Insurance Premium Update

All applicable BrokerBase services have been updated to reflect CMHCs standard mortgage loan insurance premiums change, effective March 17th. That includes: Mortgage Plans All applicable calculators All applicable Feature Sheets
BrokerBase Upgrades

New BrokerBase User Interface on February 23!

We are upgrading the BB user interface! The changes will include: New navigation categories. Profile section that slides out from the right edge. Click on the profile photo to try it out. Mobile friendly profile section.

Next Webinar: Working with CMLS in 2017

A Webinar with Vince Agozzino, National Manager, Business Development at CMLS Financial What YOU are going to learn from this webinar: -The new balance sheet lending program to be launched in February by CMLS - How to choose business partners to work with in 2017 and why it is essential to both your business and our industry - Non-prime business suite of products provided by CMLS Friday, February 3 Pacific Time: 11:00 am Eastern Time:2:00 pm Register atwww.vericoevents.com/Webinars
Mike Campbell

Mike's 4 Big Problems with the Mortgage Rule Changes

VERICOs Economic Consultant Michael Campbell has just released the Economic Update for Q4 2016, a VERICO Exclusive. Have you been wondering why lender rates are going up? Want to get a better insight into what the Trump victory really means for the markets? Click to read the report: https://www.verico.ca/q42016-economic-update/
Locked password

How old is your password?

It is important that you regularly update your password to all your accounts including BrokerBase to ensure the security of your data. Please ensure your new passwords is at least 6 characters long, and include at least one digit and one capital letter. Updating your password is easy. Simply go to MY ACCOUNT Change Password.

Major BrokerBase system update

We have had major system updates on BrokerBase today, which include the implementation of the new Qualifying Rate Regulations to our mortgage affordability calculators. Additionally, we have updated the visual layout of our Financial Feature Sheets Fixed vs. Variable Rate Sheets. You will notice minor interface updates bug fixes for example, the system will now automatically save every change made on the page. Weve worked hard to minimize the errors, but please let us know if you have any issues with the system by submitting any claims to vericosupport.ca. Thanks.

Recording of the Conference Call on the Insured Mortgage Changes

The recording of the conference call on the insured mortgage changes,held by Albert Collu and Jared Dreyer on Oct 6th, is now available on VERICO Academy. Navigate to VERICO Webinars, and find it under Changes to Insured Mortgages 2016. Please find the slides with the discussion topics here.

Michael Campbell On Insured Mortgage Changes

VERICOs Economist Michael Campbell has released the following commentary for the VERICO Network. By now you will have seen the details of the significant changes to the mortgage market announced by the Finance Minister but how will they impact the market? In a nutshell it will be big. The changes fundamentally impact the demand side of the supply/demand relationship. Over that past 7 years, market demand at the entry and mid level have been fueled by record low interest rates. The new regulations are the equivalent of a significant increase in rates. Click here to read Michael Campbells commentary on yesterdays announced changes

Grow / Grouplend Service Deactivation

On September 1st, VERICO Canada received notification from Grow / Grouplend that they are no longer accepting loan referrals from mortgage brokers. As such we will be deactivating the personal loan application button for all those who have activated this on their mortgageweb websites. For any questions about the termination of this partnership, please refer tosean.oconnor@poweredbygrow.com
Upload Profile Photo

Have you updated your profile photo recently?

If you havent updated your profile photo in a while using the new square photo uploader, it is highly recommended to update your photo in BrokerBase. (In BrokerBase, go to My Account My Profile Photo Upload a New Photo). Any older non-square photos still work, but they can have issues, such as being partially cut-off, not being perfectly aligned, or even looking squished. If you really dont want your photo to show anywhere, you can set your photo to not display, but that setting mainly affects MortgageWeb. Our tip for no photo is to upload an empty image for your profile photo (download one here, right-click and save image to your computer).

Join the new VERICOTalks on FB

Join the new VERICOTalks on Facebook. This is a closed group to VERICO members only. Please feel free to encourage your fellow VERICO members to join. To expedite approval of your request to join this group, please ensure that your profile includes the name of your VERICO firm. This is a forum for VERICO members to discuss topical issues, interact and network in a positive environment. For bug reporting, please continue to use www.vericosupport.ca.