Open Letter to Professional Liability Insurers (Insurance Sector): Private (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) Mortgage Transactions: Liability and Risk Reduction through Regulatory Compliance Certification

Open Letter to Professional Liability Insurers: Private (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) Mortgage Transactions: Liability and Risk Reduction through Regulatory Compliance Certification

[Sent to one or more representatives of insurance companies]May 10, 2016, 2:58 PM

Were you able to consider the below idea?  

Open Letter to Professional Liability Insurers

 

In the interests of public service, risk reduction and liability cost reduction, we seek to have 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.

 

 

Actuaries, underwriters or liablity insurance professionals may contact us at info[at]mortgagequote.ca

Do you think we could find a way to work with you and your insurers?

Anoop

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.