Investors: Invest in Financial Sector Companies that have CERTIFIABLE Quality Management Systems that Prevent Home Capital Group and Wells Fargo Bank Situations

Team;

Do not invest in financial sector companies unless their Quality Management Systems are certifiable to function in accordance with Statutory and Regulatory requirements

Tell the finance sector company that you invest into (bank, lender, brokerage firm, wealth management advisor, discretionary funds manager), to license MortgageQuote Canada Corp.'s regulatory compliant, internationally accepted, ISO 9001:2015 certifiable Operations and Quality Management Systems technology for finance sector institutions and corporations.

Do not suffer the same fate as investor's who invested million's of dollars in Home Capital Group Inc. (whose shares have not recovered from a high of C$39.60 down to approximately C$28.00 - ove the course of the last 18 months) or Wells Fargo Bank (Whose have not recovered from a high of  USD$57.94 down to USD$48.72 over the course of the last 18 months).

Don't rely on "trumped up statements in annual reports to make you feel happy and then find out the company just got fined $160,000,000.00 USD for poor governance".

Welcome to the Future of Finance™

MortgageQuote Canada Corp.

Financial Regulatory Compliance & Operations Technology - Mortgages & Investments

MortgageQuote Canada Corp. (MQCC) is the world leader in providing real-time accountable, OSFI- (Canada), OCC- (USA) and Other Regulatory certifiably compliant, origination, operational processing, audit & reporting technology to the finance sector. In 2006, we developed what is today, the world's first bespoke ISO 9001:2015 certified, litigation tested, integrated Quality Management System designed to prevent regulatory non-conformance events for the scope of: "provision of mortgage banking (lending in Canada) and mortgage brokerage services". Our system creates certifiable levels of efficiency, quality, trust & confidence for the three critical risk management functions of a regulated financial sector company: Business (Operations) Level, Enterprise (Compliance) Level and Governance (Audit) Level. 

THIS is what we use to lend money, invest money and manage money. What does your bank or financial company use? 

What Problem does MortgageQuote Solve? See below for this latest edition of PROBLEMS IN FINANCIAL SERVICES REGULATORY COMPLIANCE:

Wells Fargo - Major Investor: Warren Buffet

• 5,300 Wells Fargo employees created 2 million phony bank accounts and racked up huge fees, raking in commissions from their employer for being such great salespeople for the bank's services; meanwhile, the fees associated with the 2 million fake accounts created the appearance of much greater earnings for the bank, which it trumpeted to its investors.  "BoingBoing.net".

Whatever financial quality management and operating systems that Wells Fargo had running, they were clearly poor and a waste of Warren Buffet's and his fellow shareholder's money. The Wells Fargo Directors must also be wondering.

The same type of problem (this time with mortgages, in terms of fraud and document verification and origination) happened to HomeEquity Bank

Home Capital Group Inc. - Long Time Investor: Mawer Management

Home Capital Group Inc. began suspending mortgage brokers after its board of directors received a letter from an anonymous whistle-blower last fall pointing it to problems with some of its mortgages, company officials confirmed Thursday.

The company, which operates as one of Canada’s largest alternative mortgage lenders through its subsidiary, Home Trust, revealed it hired an external investigator and launched a probe into its mortgages, finding evidence that some borrowers had submitted fake employment letters. In many cases, the borrowers actually worked at the companies listed in their mortgage applications, but claimed they made more money than they actually did, which allowed them to qualify for larger mortgages at better interest rates.

Home Capital said it ultimately cut ties with 45 brokers, the majority of whom worked for just two brokerages. In total, the brokers contributed more than $960-million to the company’s mortgage originations last year, with the bulk of the business in the company’s portfolio of insured mortgages.

Jeff Mo, portfolio manager at Mawer Investment Management Ltd., a long-time Home Capital investor. “Is management’s credibility damaged because of this? I would say slightly.... "

Source: The Globe and Mail

The price of Home Capital Group Inc. has gone down significantly over the past year.

Whatever financial quality management and operating systems that Home Capital Group had running, they were clearly insufficient for their investors and shareholder's money.  

If you invest in a financial company, learn from us. Visit www.mortgagequote.ca to learn more.

Indeed, we, at MortgageQuote wonder: "who is the next Canadian version of Wells Fargo"?

Summary of Article: 

Ask these three questions before you invest in a Financial Sector Company:

1) Is your end-to-end, total business operations certified to ISO 9001:2015 standards? If not, why not?
2) Are you able to provide real-time accountability of every transaction, at every stage, from origination to funding to servicing?
3) Is a 3rd party auditor permitted to audit your business processes, annually to ensure that you are working in accordance with statutory, regulatory and process requirements?

If the answer is NO to any one of three, then DO NOT INVEST unless you ask them more questions about how they operate and they answer same, to your satisfaction. Contact MortgageQuote.ca to learn more.

Disclaimer: this is not investment advice; this is not legal advice; this is an article on the value of National Standard's Quality Management Systems and the nexus of Quality Management System and economic losses resulting from non-conformity caused by public investment companies who do not implement National Standard's Level Quality Management Systems. MortgageQuote Canada Corp. is not responsible for any investment decisions you may make. Finally, the information in this article may not be suitable for your purposes.

MQCC® - OSFI: Teaching the Real-World Benefits of Regulatory-Integrated Commercial Applications of Non-Novel (exact) Conformity Science, namely, Goods and Services Source-identified by the Trademarks: BLOCKCHAIN™; BITCOIN™; BITMORTGAGE®; CRYPTDO™ brand CRYPTO & METAVERSE™: Genus: systems; Specie: Management; Sub-Specie: Conformity, Quality, Risk, Privacy, Cyber to Mr. Jeremy Rudin, Superintendent; Office of the Superintendent of Financial Institutions OSFI

from:		Anoop Bungay <anoop.bungay@mortgagequote.ca>
to:		jeremy.rudin@osfi-bsif.gc.ca

date:		Aug 8, 2016, 12:19 AM
subject:		A Canadian Technology First: ISO 9001:2015-Certified Quality Management Systems for Residential Mortgage Underwriting & Credit Intermediation
mailed-by:		mortgagequote.ca
:		Important according to Google magic.

Jeremy Rudin

Superintendent:

Office of the Superintendent of Financial Institutions

13th Flr., Kent Sq., 255 Albert St.

Ottawa, Ontario K1A 0H2

Phone: 613-990-3667

Fax: 613-993-6782

Email: jeremy.rudin@osfi-bsif.gc.ca

Mr. Rudin,

My name is Anoop Bungay and I am President of MortgageQuote Canada Corp.  Since 2008, our firm has had the privilege of being Canada's first and only ISO 9000 certified credit intermediary. You will be pleased to learn that as of June 16, 2016, MortgageQuote Canada Corp. became the world's first credit intermediary whose Quality Management System complies with the requirements of ISO 9001:2015 for the following scope: Provision of mortgage banking and mortgage brokerage services. Please see our ISO 9001:2015 Certificate, attached. To further our bona fides: since 2008, British Standards Institute (BSI Global) is both our ISO certification body and our external auditors. 

Respecting your letter to All Federally Regulated Financial Institutions on July 7, 2016; you are correct - Canadian financial Institutions need improved (and effective) systems that ensure regulatory compliance is maintained when it comes to Residential Mortgage Underwriting Practices and Procedures. Creating a regulatory compliant and functional mortgage underwriting and management system to reduce risk and manage uncertainty was my vision, over 10 years ago and implementation and certification to ISO 9001:2015, is how we achieved it. We were lucky to have earned our first  ISO 9001:2000 certification in 2008, just as our peers were being negatively affected by the "great credit crisis". 

After nine years of continuous certification, through three revisions of increasingly rigorous quality management standards (ISO 9001:2000, ISO 9001:2008 and ISO 9001:2015), MortgageQuote Canada Corp. has not only mastered the process of regulatory compliant residential mortgage underwriting, we have developed a very stable integrated management and operating system which ensures that all departments of a credit intermediary are effective, efficient and regulatory compliant, including: Origination, Underwriting, Funding, Enforcement, Compliance, Audit, Management & Reporting. The real benefit of certification to ISO 9001:2015 is that our business processes are audited twice a year by third-parties, which ensures that we are continually using our system - daily for each and every transaction - and not just once-in-a-while.

The MortgageQuote Quality Management System has successfully passed the test of litigation. Strict adherence to our ISO 9001:2015 based mortgage underwriting processes and related internal controls, enabled us to prove beyond any doubt, that all regulatory compliant requirements were fulfilled and any claim against our company was without merit. Success in matters of litigation has enabled MortgageQuote to earn the right to act as expert witness for some law societies in Canada, in defense of some of their members, in matters of claims-of-negligence pertaining to mortgage transactions. 

While MortgageQuote Canada Corp. is the only credit intermediary in Canada with ISO 9001:2015 certification for it's end-to-end processes including residential mortgage underwriting, in 2014, the Bank of Canada had some departments with ISO 9000 certification (proof  (#1 in Canada for Quality Management: Best-in-Industry Sector & Best-in-Industry Class: World's First)). One chartered bank, CIBC had implemented an ISO 9000 quality management program for their telephone banking department but did not certify their mortgage underwriting operations (proof (#1 in Canada for Quality Management: Best-in-Industry Sector & Best-in-Industry Class: World's First)). 

Earlier this year, I decided it was important to share our Canadian regulatory compliant mortgage processing technology with the world by marketing our ISO 9001:2015 certified Quality Management Systems and expertise to governments, banks and credit intermediaries, globally. We started in Switzerland, where the World Economic Forum (WEF) is based because each year the WEF painstakingly ranks each country for Trust & Confidence in the Banking Sector. My thinking was "if the WEF painstakingly ranks countries by trustworthiness and confidence in banking (credit intermediation subsector) each and every year, then the members of WEF might be interested in what MortgageQuote has done by marrying ISO 9001:2015 to the credit intermediation industry". Perhaps some members of the WEF would be interested in transferring our Canadian regulatory compliance technology for the finance sector into their respective jurisdictions. After over 25 years of history, ISO 9001:2015 is proven to be a perfect instrument for technology transfer because it is designed to be scalable and transferable across multiple jurisdictions and technology platforms.

  

When I read the contents of your letter dated July 7, it dawned on me, rather than going international, why not help the members of the finance sector in our own country? Especially if the Superintendent deems it to be worthwhile.

Without naming names, as you are already aware, there are a number of Canadian mortgage lenders who, if they knew MortgageQuote Canada Corp. existed, would have saved themselves from being exposed to risk caused by poorly originated mortgage transactions by using our systems. In the absence of effective management systems, operating processes and internal controls, trust and confidence cannot be maintained.

Within an OSFI context, our MortgageQuote regulatory compliance technology helps the Canadian mortgage industry as follows:

• OSFI expects mortgage lenders to verify that their mortgage operations are well supported by prudent underwriting practices, as well as sound risk management and internal controls that are commensurate with these operations.
  

MortgageQuote meets this requirement within its ISO 9001:2015 certified Quality Management System.  

• “OSFI wants to see sound mortgage underwriting procedures in place that adapt to the ever-changing circumstances in this area”.
  

MortgageQuote meets this requirement within its ISO 9001:2015 certified Quality Management System; our mortgage underwriting standards are based upon the Internationally Generally Accepted Mortgage Underwriting Standards (GAMUS.org).

•  OSFI will be placing a greater emphasis on confirming that controls and risk mitigating practices at mortgage lenders and mortgage insurers are sound and consistent with the principles underpinned by OSFI Guideline B-20 — Residential Mortgage Underwriting Practices and Procedures and OSFI Guideline B-21 — Residential Mortgage Insurance Underwriting Practices and Procedures.
  

MortgageQuote meets this requirement within its ISO 9001:2015 certified Quality Management System

MortgageQuote Canada Corp. has proven to the world that benefiting from the principles of quality management (zero defects, customer satisfaction and regulatory compliance) is not limited to manufacturing and distribution companies. Over 9 years of continuous ISO 9000 certification has enabled MortgageQuote to fine tune it's processes and create an efficient system that is functional, cost effective and scalable from 1 employee to 100,000+ employees. We are a template of leadership in Canada and in an effort to help you achieve your goals, would appreciate the opportunity to amplify this message to the other industry members in Canada - whether they are a Federally Regulated Chartered Bank, Mortgage Investment Company, Mortgage Brokerage firm, Private Lender, Peer-to-Peer Lender - or to the general public.

It would be a privilege clarify how OSFI might be able to leverage MortgageQuote's ISO 9001:2015 regulatory compliant mortgage underwriting technology, in an effort to help strengthen Canada's financial sector.

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 9001:2015 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.

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.

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

 Letter to a Canadian regulated insurance company that provides professional liability insurance to finance 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 (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) LENDING (investing, brokering, underwriting, managing, borrowing) 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) --see at www.mqcc.org

 

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

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.

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