Introduction to MortgageQuote Canada Corp. - ISO 9001:2008 Certified, 100% Regulatory Compliant - Risk Management & Mortgage Processing Technology: mortgagequote.ca

A letter to a Canadian regulated insurance provider for professional activity for the finance sector. 

Apr 4, 2016, 12:11 PM

REDACTED

Great Chatting - here is the letter to Mortgage Regulators and Mortgage Company EO Insurance Providers:

-Anoop.

My name is Anoop Bungay and my firm is Canada's undisputed leader in certified risk management, process compliance and quality management in Canada's Finance Sector, for the scope of: Mortgage Banking and Mortgage Brokering. Specifically, since May 2008, MortgageQuote Canada Corp. is Canada's first and only company in the finance sector that "operates a Quality Management System which complies with the requirements of ISO 9001:2008 for the following scope: Provision of mortgage banking and mortgage brokerage services." Bank of Canada and CIBC also have ISO 9001-family certifications (we share the same auditors as CIBC), but neither company has certification in the field of mortgages (proof).

 

WHAT DO WE WANT?

In the interests of public service, risk reduction and liability cost reduction, we seek to have mortgage regulators and errors and omissions insurance companies require that all mortgage brokers who seek to trade in either mortgage transactions or specifically, PRIVATE LENDING mortgage transactions, to utilize MortgageQuote's ISO 9001:2008 certified, litigation-tested, proprietary, Integrated Mortgage Processing and Quality Management System for processing their transactions.

Real Life Business Problem that we Solve (source page):

Experienced Errors and Omissions Insurance professionals state that that the biggest complaint of a mortgage brokerage firm and their agents, when subject to either a valid or frivolous E&O claim, is that the broker or agent 'did nothing wrong', but cannot effectively prove it - in an objective manner. Well now you can.

Our ISO 9001:2008 certified, regulatory compliant, litigation-tested, proprietary, Integrated Mortgage Processing and Quality Management System mortgage operations engine is both a risk management system and processing system designed to ensure mortgage brokers operate in a manner that minimizes E&O claims and if a claim arises, is the basis of proving whether or not a mistake was made. There are over 1000 steps to a mortgage transaction and at MortgageQuote, each and every step is documented and managed for quality by real-time validation.

The system is designed to minimize errors, omissions, "willful blindness" events and related processing errors by licensed agents and unlicensed employees. The MQCC "engine" is is both a management system and quality management system for a mortgage brokerage firm.

While the system works for all types of mortgage transactions, we have found it is very effective for controlling the quality of private mortgage transactions which tend to be more profitable than non-private mortgage transactions. And an area of the industry that would best benefit from a system such as this.

We are only interested in sharing the technology in collaboration with regulators or EOE insurance providers, (both insurers and EO insurance brokers). 

 

 

Feel free to visit our website (www.mortgagequote.ca) and explore what we have done.

Your initial thoughts?

Anoop Bungay  

--

If you have questions, please contact me at your convenience. In order to prevent errors and omissions, email is the preferred choice of communication. 

Thank you for choosing MortgageQuote Canada Corp., 'Proud sponsor of the Canadian dream.'®

Sincerely yours,

 

 

 

 

 

A. K. (Anoop) Bungay,  B. Comm., AMP
Broker

MortgageQuote Canada Corp.
Alberta (AB) * British Columbia (BC) * Ontario (ON)

ON Brokerage License #12279

communication-policy.mortgagequote.ca

www.mortgagequote.ca

        

"Proud Sponsor of the Canadian Dream"^®

 

An ISO 9001:2008 Registered Company

 

PRIVILEGE AND CONFIDENTIALITY NOTICE

This communication and any attachment are confidential and may be subject to broker-client/lender-client privilege.  Any other distribution, copying or disclosure is strictly prohibited.  If you have received this communication or any attachment in error please notify us by reply and delete the communication or attachment.

ReplyReply allForward

Don't Believe the BS: The "Business" of Risk Management for Investors in Financial Products

To all: MortgageQuote Existing and Future Private Equity Mortgage (PEM^TM) investor-lenders

Recently seen on a publicly posted website that belongs to a government and securities commission regulated mortgage investment company; in an answer to a potential investor's question regarding guaranteeing of principal and risk:

IS MY PRINCIPAL GUARANTEED?
No. Your investment is secured by the mortgages held by the fund, and there is always risk associated with this type of investment. It is our business to manage risk on behalf of our investors and we have a strong record of successful risk management.

Well, at MortgageQuote, we have always preached about the risks of investing your money in any mortgage investment that is not directly registered on the underlying real estate - AVOID IT. Investing in the shares of a mortgage investment company is no less risky than investing in the shares of a company listed on a financial exchange. You are really placing your trust in the people who RUN THE COMPANY; you do not get the benefit of the safety of the underlying mortgage investment and there are many companies who have good mortgage investments but go into CCAA or CHAPTER 11 because not of the risk of the underlying investments but the RISK OF POOR BUSINESS MANAGEMENT. (Contact us if you have questions about this paragraph).

Anyhow, the point is this:

ANY COMPANY WHO SAYS THEY ARE IN THE BUSINESS TO MANAGE RISK ON BEHALF OF INVESTORS should also have the supporting third-party, objective proof to show HOW the business manages risk. One internationally recognized and certifiable approach is implementing an ISO 9001 quality management system. The ISO 9001 quality management system enables businesses to prevent and correct unwanted actions and outcomes. The system is a nothing less than a risk management system.

All savvy investors know that any company in the finance industry whose management purports to be in the BUSINESS OF MANAGING RISK, is required to let the audience know what tested, certifiable, auditable and established risk-management system they have in place to effect the risk management outcome. If not, the savvy investor knows that it's only BS: "Business Selling-a-line."

Conclusion:

FOR COMPANIES WHO ADVERTISE FINANCIAL INVESTMENTS, IT IS NOT SUFFICIENT TO REPRESENT BY MERELY STATING YOU ARE MANAGING RISK, IT IS INCUMBENT UPON THE COMPANY TO ADVERTISE PROOF OF HOW THEY MANAGE RISK - IN A MANNER THAT THE INVESTOR CAN VERIFY WITH A THIRD PARTY SOURCE BEFORE DECIDING TO INVEST.

MortgageQuote Canada Corp. is your answer.

(1) FOR MORTGAGE INVESTOR-LENDERS, IS MORTGAGEQUOTE IN THE BUSINESS OF MANAGING RISK?

YES

(2) HOW DOES MORTGAGEQUOTE MANAGE RISK?

CERTIFICATION TO ISO 9001:2008 QUALITY MANAGEMENT SYSTEM (QMS)

(3) CAN A PROSPECTIVE OR EXISTING LENDER OBTAIN THIRD-PARTY VALIDATION OF MORTGAGEQUOTE'S (QMS)

YES (HERE) - OR EMAIL US


#1 in Canada for Quality Management in the Finance Industry: serving the needs of borrowers, brokers and investor-lenders (proof).

Learn more at investor.mortgagequote.ca

MBRCC - Introduction to MortgageQuote Canada Corp. - ISO 9001:2008 - 100% Regulatory Compliant - Mortgage Processing Technology

 Mortgage Broker Regulator's Council of Canada

MBRCC Secretariat

5160 Yonge Street

16th Floor, Box 85 

Toronto, ON M2N 6L9

Email: mbrcc-ccarch@fsco.gov.on.ca

Telephone: (416) 590-2036 

Fax: (416) 226-7878

Shani Ratnapala

Policy Manager

Hello Ms. Ratnapala,

My name is Anoop Bungay and my firm is Canada's undisputed leader in process compliance and quality management in Canada's Finance Sector, for the scope of: Mortgage Banking and Mortgage Brokering. Specifically, since May 2008, MortgageQuote Canada Corp. is Canada's first and only company in the finance sector that "operates a Quality Management System which complies with the requirements of ISO 9001:2008 for the following scope: Provision of mortgage banking and mortgage brokerage services." Bank of Canada and CIBC also have ISO 9001-family certifications (we share the same auditors as CIBC), but neither company has certification in the field of mortgages.

WHAT DO WE WANT?

In the interests of public service, risk reduction and liability cost reduction, we seek to have mortgage regulators and errors and omissions insurance companies require that all mortgage brokers who seek to trade in either mortgage transactions or specifically, PRIVATE LENDING mortgage transactions, to utilize MortgageQuote's ISO 9001:2008 certified, litigation-tested, proprietary, Integrated Mortgage Processing and Quality Management System for processing their transactions.

Real Life Business Problem that we Solve (source page):

Experienced Errors and Omissions Insurance professionals state that that the biggest complaint of a mortgage brokerage firm and their agents, when subject to either a valid or frivolous E&O claim, is that the broker or agent 'did nothing wrong', but cannot effectively prove it - in an objective manner. Well now you can.

Our ISO 9001:2008 certified, regulatory compliant, litigation-tested, proprietary, Integrated Mortgage Processing and Quality Management System mortgage operations engine is designed to ensure mortgage brokers operate in a manner that minimizes E&O claims and if a claim arises, is the basis of proving whether or not a mistake was made. There are over 1000 steps to a mortgage transaction and at MortgageQuote, each and every step is documented and managed for quality by real-time validation.

The system is designed to minimize errors, omissions, "willful blindness" events and related processing errors by licensed agents and unlicensed employees. The MQCC "engine" is is both a management system and quality management system for a mortgage brokerage firm.

While the system works for all types of mortgage transactions, we have found it is very effective for controlling the quality of private mortgage transactions which tend to be more profitable than non-private mortgage transactions. And an area of the industry that would best benefit from a system such as this.

We are only interested in sharing the technology in collaboration with regulators or EOE insurance providers, (both insurers and EO insurance brokers). 

 

WHY MBRCC?

Your member regulator's are too busy regulating; MBRCC is uniquely created to address a query like ours for the benefit of your members, who trust your organization to represent their interests.

In your role at the Secretariat and your position as Policy Manager, you are uniquely positioned to understand the nature of MortgageQuote's "inventive solution" and it's implications on an ecosystem that, until now, has not been able to provide a definitive, third-party, internationally accepted (ISO) and certifiable business method to ensure 100% regulatory compliance in each and every originated mortgage transaction by members of the mortgage industry. MortgageQuote can work with MBRCC and MBRCC and share it's findings about our technology with it's member regulators for possible implementation in various (all) member jurisdictions.

Feel free to visit our website (www.mortgagequote.ca) and explore what we have done.

Your initial thoughts?

Anoop Bungay 

--

If you have questions, please contact me at your convenience. In order to prevent errors and omissions, email is the preferred choice of communication. 

Thank you for choosing MortgageQuote Canada Corp., 'Proud sponsor of the Canadian dream.'®

Sincerely yours,

 

 

 

 

 

A. K. (Anoop) Bungay,  B. Comm., AMP
Broker

MortgageQuote Canada Corp.
Alberta (AB) * British Columbia (BC) * Ontario (ON)

ON Brokerage License #12279

communication-policy.mortgagequote.ca

www.mortgagequote.ca

        

"Proud Sponsor of the Canadian Dream"^®

 

An ISO 9001:2008 Registered Company

 

PRIVILEGE AND CONFIDENTIALITY NOTICE

This communication and any attachment are confidential and may be subject to broker-client/lender-client privilege.  Any other distribution, copying or disclosure is strictly prohibited.  If you have received this communication or any attachment in error please notify us by reply and delete the communication or attachment.