A message to a Canadian regulated insurance provider for peer-to-peer (p2p; Non-Bank, Non-Institutional, Non-Syndicated, Non-Regulated or Regulatory Exempt, Free Trading Finance; also known as Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow Finance) financial services:
Mar 31, 2010, 5:17 PM
[Redacted[, [Redacted],
You have sparked a keen interest here and I believe that this exercise will be worth going through.
The information contained here in is proprietary and confidential and governed by the client/agency privilege between our firm, your firm and the insurers. This information is provided on the strict undertaking that it will be used for the purpose of establishing a risk profile and pricing model for MortgageQuote Canada Corp.
Here is back ground proof. The attachment ending wtih V2 is the ISO 9001:2000 standard by which our management system is designed and operated. It will take you at least 3 hours to read it :-) The operations are audited to ensure we work in compliance to the standard.
Our risk auditors are [REDACTED]. Your senior actuaries/underwriters will know who they are.
Here is proof of our certfication - attachment called Certificate and was originally issued in May 2008. We are in "greenfields" and believe that you will not ever have expected that a company as small as ours has such initiative. In a word, from a standards, quality and compliance point of view MortgageQuote Canada Corp. is "incomparable". And don't take my word for it, both lenders/borrowers are happy -- see the attachments called: [REDACTED] - customer surveys.
I believe that we have earned the right to speak to your underwriters and/or risk managers to determine if a case can be made for our firm to customize the risk premium based upon concrete, third party evidence that we have a bone fide, active and operational risk managment system in place. We are an outlier in the normal curve and believe that an underwriter, somewhere in North America will underwrite our Errors and Ommissions policy in light of our dedication to operating a world class company.
The only reason I bring this up is because your comments re: that there the insurers really cannot tell which mortgage brokerages who undertake private lending have the propensity to create risk. Unlike our peers who have been practicing for either 2 years or 30 years, our firm has implemented a proven risk managment practice for the last 36 months which your underwriters can quantify. And because they can quantify our risk management approach, they can price our E and OE with appropriate risk reduction discounting.
The concerned decision makers or their assigns are welcome to audit our operations if they choose. We can do a remote audit session via internet since we are internet based.
I am also happy to convene a teleconference with your insurer and the senior risk management personnel of [Auditor]; in case your insurer needs to audit the veracity of [Auditor] auditing capabilities -- which I expect should not be an issue. [Auditor] Audits airplane manufacturers and medical device companies, wherein a defect event for these companies may yield criminal charges.
Furthermore, it will be interesting to see where this leads us.
Rgds,
A. K. (Anoop) Bungay, B. Comm., AMP
Broker
MortgageQuote Canada Corp.
Alberta * British Columbia
toll free ph: +1.866.948.RATE (7283)x121
toll free fx: +1.866.948.FAX1 (3291)
www.mortgagequote.ca
"Proud Sponsor of the Canadian Dream”©
An ISO 9001:2000 Registered Company.
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