Professional Liability Insurers: Private (peer-to-peer (p2p)/crypto/shadow/secret/private ) Finance Transactions: Liability and Risk Reduction through Regulatory Compliance Certification via the MQCC Enforced Compliance Conformity System - (MQCC EC2S™)

Direct Insurance & Liability Insurance Professionals and Corporations (UN INDUSTRY CODE 651; NAICS CODE: 5241 - Insurance carriers): Private (peer-to-peer (p2p)/crypto/private/secret/shadow/private) Credit Intermediation Transactions: Liability and Risk Reduction through Regulatory Compliance Certification via the MQCC Continuous Enforced Compliance Conformity System - (MQCC CEC2S™)

How MQCC and the first application of "BlockChain principles" in commerce reduced the risk for credit intermediation professional liability insurers.

A blast from the MQCC Archives of April 2016; with an update to reflect 2017 nonconformity events in Canada re: Fortress Real Developments

(with some updated comments/changes/private information redaction).

An Open Letter to:

• Professional Liability Insurers 
• Finance Sector Regulators
• Finance Sector Company E&O (errors and omission; negligence) Insurance Providers &
• Canadian Technology Organizations
• UK (Royal Chartered) Auditors 
• Prospective International Clients

My name is Anoop Bungay and my firm - MQCC - 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, MQCC 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 [replaced by ISO 9001:2015, risk based system] for the following scope: "Provision of mortgage banking and mortgage brokerage services."  

WHAT DOES MQCC WANT TO DO FOR YOU AND YOUR STAKEHOLDERS?

In the interests of public service, risk reduction and liability cost reduction, MQCC seeks to have credit intermediation (mortgage and non-mortgage) regulators and professional liability (errors and omissions, negligence) insurance companies require that all government licensed or regulated credit intermediaries who seek to trade in either mortgage and non-mortgage transactions; and, specifically: PRIVATE peer-to-peer (p2p/ crypto/ shadow/ secret/ private) LENDING mortgage transactions, to invest in MQCC Enforced Compliance Conformity Systems & Technology. 12 years of continuous registration to the Canadian National and International equivalent ISO 9001 Quality Management System standard, [ISO 9001:2015] and successful litigation-tested performance, proves that the proprietary, Integrated Mortgage Processing and Quality Management System with inbuilt safeguards for managing and processing credit intermediation their transactions, makes credit intermediation "safer, better and more efficient" for the benefit of:

• regulators
• regulatees
• industry
• consumers 
• general public 

 Real Life Business Problem that MQCC Solves

Experienced Errors and Omissions Insurance & legal professionals (actuaries, underwriters, lawyers) state that that the biggest complaint of a finance sector firm and their marketing agents, when subject to either a valid or frivolous claim of professional negligence (Errors, Omissions, Negligence), is  

that the broker or agent 'did nothing wrong'; but the insurer or the legal professional cannot effectively prove a defense - in an objective manner that is proven to withstand litigation scrutiny. Well now you can.  (See blog.mortgagequote.ca for more examples).

MQCC's ISO 9001:2015 registered, regulatory compliant, litigation-tested, proprietary, Integrated Mortgage Processing and Quality Management System credit intermediation operations engine is both a risk management system (governance,legal) and processing (operations) system designed to ensure government licensed and regulated credit intermediaries operate in a manner that minimizes E&O and negligence claims. Should a claim arise, the MQCC system is the basis of proving whether or not a mistake was made. There are over hundreds of steps to a mortgage transaction and at MQCC, each and every step is documented and managed for quality by real-time validation.

The MQCC system (MQCC continuous enforced compliance conformity system - MQCC CEC2S™) is designed to minimize errors, omissions, "willful blindness" events and related processing errors by licensed agents and unlicensed employees. The MQCC "engine" is built on an seminal "BlockChain principles" developed by MQCC and serves as both a management system and quality management system for a financial sector firm.

While the MQCC system works for all types of mortgage transactions, we have found it is very effective for controlling the quality of peer-to-peer (p2p/ crypto/ shadow/ secret/ private) mortgage transactions which tend to be more profitable than non-peer-to-peer (p2p/ crypto/ shadow/ secret/ private) mortgage transactions. And an area of the finance sector that would best benefit from a system such as this.

MQCC is only interested in sharing the technology in collaboration with regulators or professional liability (E&O; negligence) insurance providers (brokers and underwriters).

Feel free to visit our website (www.mqcc.org) and explore what MQCC has developed to make commercial trade safer, better and more efficient.

2017 Development: Fortress Real Developments

According to Reuters news agency in a 2017 article (Source):

"Compliance officers at the Financial Services Commission of Ontario (FSCO) had evidence that syndicated mortgages were being marketed and sold in ways that broke the law, putting the savings of thousands of Canadian mom-and-pop investors in danger. "

"Brokers affiliated with Fortress, the compliance officers had found, were telling clients they could put their investments in retirement savings accounts administered by a trust company not licensed to do business in Ontario.....the team determined, was a breach of provincial law - by brokers for recommending [the trust company]"

 Key issues:

• Unlicensed activity of a trust company
• Undisclosed "conflict of interest" by Government Licensed Mortgage Brokers
• Failure to identify unlicensed mortgage trading activity
• Failure of Government Licensed Mortgage Brokers to market regulated products in conformity with regulatory and statutory requirements
• Government Licensed Mortgage Brokers acting “in conduct contrary to the public interest” 
• Government Licensed Mortgage Brokers promoting unlicensed businesses

MQCC is pleased to advise that some of it's top management and Government Licensed Mortgage Brokers have met with Executive Director for Licensing and Market Conduct Anatol Monid to explain that MQCC's system help's Ontario "mom and pop" investors enjoy a Federal Government recognized, National Standard-level of trust; through seminal proprietary "BlockChain-based" systems, technology, services and products, which conform to Canada's Cabinet Directive on Regulatory Management for Quality Management Systems, for the scope of credit origination and credit intermediation (mortgage and non-mortgage banking and brokerage), resulting in - as described by the Federal Government's own Standards Council of Canada (SCC) "better, safer and more efficient" mortgage services for both borrowers and investor-lenders. Mr. Monid appreciates MQCC's efforts to help "ensure customer (sic) are treated fairly".

If you are a CEO, Shareholder, Government Licensed Mortgage Broker, or otherwise owe a fiduciary or non-fiduciary duty of care in your Government Licensed Mortgage Broker business, invest in MQCC's systems, technology, services and products.

MQCC: Safer, Better and More Efficient Organizations & Processes.

Incorporated in 2006 and developer of the world's first "Principles of BlockChain"-based, commercialized, regulatory recognized, litigation tested, systems and technology.

Continually registered to an ISO 9000 Quality Management System standard since May 9, 2008 to the National and International standard of 119 countries, MQCC is also the word's most trusted "BlockChain" company.

Empirically Tested, Empirically Trusted™.

NOTICE - DISCLAIMER: 

For privacy, intellectual property or educational reasons, the above message is a variation of the original message sent to the recipients. The reader is cautioned to understand that the contents of this page may have  information added, removed, modified or otherwise differ in content from the original submission.