In 2006, the finance market was full of money; everybody was making it. Homeowners, brokers, banker's, lender's insurers. No one cared if the party would stop. Indeed, the cynics knew that political concepts of "too big to fail" were real, and if something bad happened market-wise, governments would step in to help.
Many person's made money in the years leading up to the great financial crisis, and fewer person's made more money, in the years after the great financial crisis. Indeed, movies were made to celebrate those who profited from the pre-financial crisis years: namely, "Wolf of Wall Street" and post-financial crisis years: namely, "The Big Short".
Pre-2006, the founder of one company, MortgageQuote Canada Corp., had the foresight to start along the path to develop a business management system that would effect organization resilience during both good times and bad times. The system today, is trademark branded as the "uQMS™: MortgageQuote (MQCC) Unified, Risk-Based Quality Management System". Certifiably based upon the quality management principles and requirements of ISO 9001:2015; the National Standard for Quality Management in Canada, USA, UK, European Union, Australia and over 150 other countries.
To learn how Anoop Bungay, Founder of MortgageQuote Canada Corp. pioneered Pioneered Certified Levels of Quality Management in Finance visit: www.mortgagequote.ca.
The patent-pending, enterprise level uQMS is multi-faceted and among other benefits, safeguards MortgageQuote stakeholders alike, to ensure that real estate finance transactions function at the highest certified levels of quality: in a statutory, regulatory and process compliant manner.
One unique outcome of uQMS implementation is development of QualityGuard™: The Finance Sector Safeguard System for Investors-Lenders & Borrowers.
What does QualityGuard™ do for stakeholders? QualityGuard™ effects less mistakes, errors, omissions and losses caused by non-compliance. Look at blog.mortgagequote.ca to learn more about what happens when bad things happen to finance sector organizations that fail to function at certified levels of statutory, regulatory and process compliance.
Let's face it, there is enough risk in life to trust your finances with a company that cannot even demonstrate certified levels of quality, when it comes to your finances.
MortgageQuote Canada Corp.: THE TRUSTED NAME IN FINANCE.
In 2006, the MQCC™ developed what is today, the world's first internationally recognized, energy-efficient, resource-efficient, quantum computing-ready, bespoke, unified, defense standard, military/law enforcement-grade, turn-key, plug 'n play (PnP), end-to-end (E2E), interoperable, "secure, risk-based meta-operating system". A functional system built in accordance to the MQCC Artificial Algorithmic Intelligent (AAI™) brand of self-learning artificial intelligence (AI) systems-standards and pioneering MQCC "blockchain" principles, designed to increase profits, increase cost savings and reduce expenditure through real-time assurance of statutory, regulatory and process conformity of both regulatory (regulator) and regulated (regulatee) organizations, within any industry sector.
Patent-pending and proprietary, continually improving, world-class MQCC systems and technology creates measurable levels of efficiency, quality, trust & confidence for the three critical risk management functions of a regulated and non-regulated financial sector company: "Macro" functions: Business (Operations), Enterprise (Conformity) and Governance (Audit); and "Micro" functions: processes. All within a transparent, "blockchain" principles-based, proof-of-work" organization conformity meta-operating system consisting of integrated internal controls for risk management, governance, legal and operational processes.
Dedicated to Quality Management in the Finance Industry; a finance application of Conformity Science. Conformity Science (www.conformity.org) includes the subordinate, abstracted concept system represented (or expressed) by the designated terminological phrase: "Bungay Unification of Quantum Processes Algorithm"; also represented as the "Principles of 'BlockChain'" or the simplified compound term: "BlockChain"; and the application thereof, on a pan-industry, pan-functional basis.
Sunday, 12 March 2017
Wednesday, 22 February 2017
Found it! The Wells Fargo of Canada is.......President's Choice Bank (PC) Financial - Fake Account Creation - Credit Card
The team at MortgageQuote called it!
On the FRIDAY, 9 SEPTEMBER 2016 MortgageQuote Blog, we asked the following question:
"who is the next Canadian version of Wells Fargo"?
Ask no more! This goes to President's Choice Bank, trading as PC Financial; owned by Loblaws (Real Canadian Superstore Brand). See this article to learn more:
I was tricked': Loblaws shopper says she was secretly signed up for credit card. Source A Pdf copy of the article is here.
Consumers and Investors:
Read this article again, to remember the value of MortgageQuote Canada Corp.
Invest in Financial Companies that have CERTIFIABLE Quality Management Systems that Prevent Home Capital Group and Wells Fargo Bank Fiasco's
On the FRIDAY, 9 SEPTEMBER 2016 MortgageQuote Blog, we asked the following question:
"who is the next Canadian version of Wells Fargo"?
Ask no more! This goes to President's Choice Bank, trading as PC Financial; owned by Loblaws (Real Canadian Superstore Brand). See this article to learn more:
I was tricked': Loblaws shopper says she was secretly signed up for credit card. Source A Pdf copy of the article is here.
Consumers and Investors:
Read this article again, to remember the value of MortgageQuote Canada Corp.
Invest in Financial Companies that have CERTIFIABLE Quality Management Systems that Prevent Home Capital Group and Wells Fargo Bank Fiasco's
Tuesday, 11 October 2016
The Benefits of ISO 9001:2015 (Quality Management-in-Finance) or; Non-Compliance versus Statutory and Regulatory Compliance versus Certified Statutory, Regulatory and Process Compliance (aka Quality Management): in Pictures for EVERYONE TO UNDERSTAND
Operating in a Non-Regulated Environment:
This is the original state of the Canadian banking and financial system, in Year 1, hundreds of years ago. In the beginning, the finance sector operated without (or with little) regulatory or statutory compliance requirements; like the teeth you find in a shark tank or dragon's den. "It's painful but due to the sharp edges, it is fast, so the pain does not last long." People lost money due to predation and nonconformity caused by the absence statutory, regulatory and process requirements.
Unverified Operations within a Regulated Environment:
This is the current state of the Canadian banking and financial system, with the exception of few companies, like MortgageQuote Canada Corp. After the introduction of statutory and regulatory compliance, people still lost money. Predation still exists, although it is often up to the consumer to figure out that they have been "had". Banks and finance company's say, "hey, we are regulatory and statutory compliant because we have our licenses to operate." Why? Due to the absence of verification.
Just because the Department of Motor Vehicles issued you a license to drive a car, does not mean that you drive responsibly on an ongoing basis. Obtaining a license to operate does not mean you are operating effectively, safely or within the statutory and regulatory requirements.
Market realities prove that getting a license is simply not "good enough". The ability to obtain a license to operate in a regulated industry is the minimum standard for entry; diluted for the market, as a whole. The fact that an organization is licensed does not tell the customers that the licensed entity is actually working in accordance with the licensing requirements.
Regulators will admit: "after we issue a license to operate, the only time we find out bad things are happening is, if someone lodges a complaint or something worse happens". Indeed, ask any regulated entity: bank, mortgage broker, syndicated lender, investment advisor: if you get audited tomorrow by your regulator -where they will go over all of your business operations, including your client and transaction records, pursuant to your requirements of licensing; will you be able to sleep well at night, tonight?" Most respondents will say "no".
Look at the billions of dollars in contingent liabilities that Canada's top 5 banks must account for, EACH YEAR in their ANNUAL REPORTS. This does not include the hundreds of millions of dollars paid by mortgage brokers, investment advisors, insurance brokers and other finance industry sector professionals who fail to operate in a statutory and regulatory manner.
This systemic weakness is evidenced by the sheer dollar volume of paid and pending contingent liabilities; into the billions on a per annum basis. Nor does it mean that all non-statutory and non-regulatory processes are effective enough to ensure that statutory and regulatory non-compliance events are prevented.
Additionally, merely demonstrating that an organization has employees who fulfill the role of compliance officer does not mean that the organization has implemented an integrated, risk-based process approach to ensure certifiable levels of compliance to all statutory, regulatory and procedural requirements. Nor does it mean that the organization has a system of preventive measures to ensure statutory, regulatory and process nonconformity (employee fraud, consumer predation, systems breakdown) do not occur.
Verified Operations within a Regulated Environment aka Certified Quality Management:
This is MortgageQuote Canada Corp. Canada's only finance sector company, whose integrated Quality Management System is certified to ISO 9001:2015 for the scope of Mortgage Banking ("lending" in Canada) and Mortgage Brokerage Service. Customers and stakeholders can trust the company to function in an environment that is statutory, regulatory and process compliant.
What does this result?
Implementation Aspect:
The ISO 9001:2015 Quality Management System standard specifies requirements for a quality management system when an organization:
a) needs to demonstrate its ability to consistently provide products and services that meet customer and applicable statutory and regulatory requirements, and
b) aims to enhance customer satisfaction through the effective application of the system, including processes for improvement of the system and the assurance of conformity to customer and applicable statutory and regulatory requirements.
Certification Aspect:
ISO states: "Certification [is] the provision by an independent body [3rd party] of written assurance (a certificate) that the product, service or system in question meets specific requirements. [Namely, statutory, regulatory or process compliance]. Certification can be a useful tool to add credibility, by demonstrating that your product or service meets the expectations of your customers. For some industries, certification is a legal or contractual requirement."
Since 2008, MortgageQuote Canada Corp. is audited twice per year, by two different third-party auditing firms: an internal auditor and an external auditor. The external auditor is a Standards Council of Canada-Accredited Management Systems Certification Body.
The Standards Council of Canada (SCC) is a federal Crown corporation. Its mandate is to promote efficient and effective standardization in Canada. The organization reports to Parliament through the Minister of Innovation, Science and Economic Development Canada and oversees Canada's national standardization network. According to the SCC: "Standards help to ensure better, safer and more efficient methods and products."
Proven History:
Over 25 years of global history is not wrong. This international Quality Management Technology is what keeps you safe in a hospital; keeps you safe while flying and makes sure your light switch operates each time you need to turn it on.
Maybe it's about time you tell your bankers, lenders, mortgage brokers and investment advisors to give you the same degree of quality, don't you think?
Welcome to the Future of Finance
Financial Regulatory Compliance & Operations Technology & Financial Products-Services
MortgageQuote Canada Corp. is the world leader in providing real-time accountable, OSFI- (Canada), OCC- (USA) and Other Regulatory Body (RECA/FICOM/FSCO/MSC - Canada), 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 enable continual statutory and regulatory compliance and to prevent statutory and regulatory nonconformity events; for the following scope: "provision of mortgage banking (lending in Canada) and mortgage brokerage services".
Our continually improving system creates measurable levels of efficiency, quality, trust & confidence for the three critical risk management functions of a regulated financial sector company: Business (Operations), Enterprise (Compliance) and Governance (Audit).
If you have any questions, contact us at info@mortgagequote.ca. Ask for Anoop Bungay or one of his team members.
Copyright 2016 MortgageQuote Canada Corp. All Rights Reserved.
Unverified Operations within a Regulated Environment:
Just because the Department of Motor Vehicles issued you a license to drive a car, does not mean that you drive responsibly on an ongoing basis. Obtaining a license to operate does not mean you are operating effectively, safely or within the statutory and regulatory requirements.
Market realities prove that getting a license is simply not "good enough". The ability to obtain a license to operate in a regulated industry is the minimum standard for entry; diluted for the market, as a whole. The fact that an organization is licensed does not tell the customers that the licensed entity is actually working in accordance with the licensing requirements.
Regulators will admit: "after we issue a license to operate, the only time we find out bad things are happening is, if someone lodges a complaint or something worse happens". Indeed, ask any regulated entity: bank, mortgage broker, syndicated lender, investment advisor: if you get audited tomorrow by your regulator -where they will go over all of your business operations, including your client and transaction records, pursuant to your requirements of licensing; will you be able to sleep well at night, tonight?" Most respondents will say "no".
Look at the billions of dollars in contingent liabilities that Canada's top 5 banks must account for, EACH YEAR in their ANNUAL REPORTS. This does not include the hundreds of millions of dollars paid by mortgage brokers, investment advisors, insurance brokers and other finance industry sector professionals who fail to operate in a statutory and regulatory manner.
This systemic weakness is evidenced by the sheer dollar volume of paid and pending contingent liabilities; into the billions on a per annum basis. Nor does it mean that all non-statutory and non-regulatory processes are effective enough to ensure that statutory and regulatory non-compliance events are prevented.
Additionally, merely demonstrating that an organization has employees who fulfill the role of compliance officer does not mean that the organization has implemented an integrated, risk-based process approach to ensure certifiable levels of compliance to all statutory, regulatory and procedural requirements. Nor does it mean that the organization has a system of preventive measures to ensure statutory, regulatory and process nonconformity (employee fraud, consumer predation, systems breakdown) do not occur.
Verified Operations within a Regulated Environment aka Certified Quality Management:
What does this result?
- Cut costs, through improved systems and processes
- Increase customer satisfaction, through improved safety, quality and processes
- Near zero (0%) levels of statutory and regulatory non-conformity
- Consumer Confidence
Implementation Aspect:
The ISO 9001:2015 Quality Management System standard specifies requirements for a quality management system when an organization:
a) needs to demonstrate its ability to consistently provide products and services that meet customer and applicable statutory and regulatory requirements, and
b) aims to enhance customer satisfaction through the effective application of the system, including processes for improvement of the system and the assurance of conformity to customer and applicable statutory and regulatory requirements.
Certification Aspect:
ISO states: "Certification [is] the provision by an independent body [3rd party] of written assurance (a certificate) that the product, service or system in question meets specific requirements. [Namely, statutory, regulatory or process compliance]. Certification can be a useful tool to add credibility, by demonstrating that your product or service meets the expectations of your customers. For some industries, certification is a legal or contractual requirement."
Since 2008, MortgageQuote Canada Corp. is audited twice per year, by two different third-party auditing firms: an internal auditor and an external auditor. The external auditor is a Standards Council of Canada-Accredited Management Systems Certification Body.
The Standards Council of Canada (SCC) is a federal Crown corporation. Its mandate is to promote efficient and effective standardization in Canada. The organization reports to Parliament through the Minister of Innovation, Science and Economic Development Canada and oversees Canada's national standardization network. According to the SCC: "Standards help to ensure better, safer and more efficient methods and products."
Proven History:
Over 25 years of global history is not wrong. This international Quality Management Technology is what keeps you safe in a hospital; keeps you safe while flying and makes sure your light switch operates each time you need to turn it on.
Maybe it's about time you tell your bankers, lenders, mortgage brokers and investment advisors to give you the same degree of quality, don't you think?
Financial Regulatory Compliance & Operations Technology & Financial Products-Services
MortgageQuote Canada Corp. is the world leader in providing real-time accountable, OSFI- (Canada), OCC- (USA) and Other Regulatory Body (RECA/FICOM/FSCO/MSC - Canada), 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 enable continual statutory and regulatory compliance and to prevent statutory and regulatory nonconformity events; for the following scope: "provision of mortgage banking (lending in Canada) and mortgage brokerage services".
Our continually improving system creates measurable levels of efficiency, quality, trust & confidence for the three critical risk management functions of a regulated financial sector company: Business (Operations), Enterprise (Compliance) and Governance (Audit).
"Making Banks Better"
If you have any questions, contact us at info@mortgagequote.ca. Ask for Anoop Bungay or one of his team members.
Copyright 2016 MortgageQuote Canada Corp. All Rights Reserved.
Wednesday, 5 October 2016
If your Bank, Mortgage Broker or Investment Advisor is not certified for Quality, then your Bank, Mortgage Broker or Investment Advisor is not Quality Certified.
If quality is important to you and your money is important to you, then you must insist that your bank, mortgage broker or financial advisor operates a quality business. What is Quality? A very simple definition from google is "the standard of something as measured against other things of a similar kind; the degree of excellence of something".
What is "Quality in a Financial Context"? This is also very simple; how excellent is your bank, mortgage broker or investment advisor, to you? As in all things of a service or product nature, "you get what you pay for". Given all the bank interest charges, account fees, mortgage broker charges, investment advisor fees, mutual fund fees and other expenses, do you feel you are getting what you pay for? Do you feel that your bank, mortgage broker or investment advisor is operating their business in a manner that delivers you a "high quality solution"? Is your bank difficult to deal with? Is your mortgage approval taking too long, or has "last minute conditions that your mortgage broker did not properly explain to you"; is your investment advisor or mutual fund company charging you more in fees than you are actually earning in your investments?
Ask your bank, mortgage broker or investment advisor if they are running a Quality Certified business. Only a Quality Certified business is able to provide you with financial products and services that are: safe, reliable and of good quality.
When it comes to YOUR money, should you not expect that to be your minimum standard for deciding to work with a bank, mortgage broker or investment advisor?
MortgageQuote Canada Corp. is the world leader in providing real-time accountable, OSFI- (Canada), OCC- (USA) and Other Regulatory Body (RECA/FICOM/FSCO/MSC - Canada), 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 enable continual statutory and regulatory compliance and to prevent statutory and regulatory nonconformity events; for the following scope: "provision of mortgage banking (lending in Canada) and mortgage brokerage services".
Our continually improving system creates measurable levels of efficiency, quality, trust & confidence for the three critical risk management functions of a regulated financial sector company: Business (Operations), Enterprise (Compliance) and Governance (Audit).
What is "Quality in a Financial Context"? This is also very simple; how excellent is your bank, mortgage broker or investment advisor, to you? As in all things of a service or product nature, "you get what you pay for". Given all the bank interest charges, account fees, mortgage broker charges, investment advisor fees, mutual fund fees and other expenses, do you feel you are getting what you pay for? Do you feel that your bank, mortgage broker or investment advisor is operating their business in a manner that delivers you a "high quality solution"? Is your bank difficult to deal with? Is your mortgage approval taking too long, or has "last minute conditions that your mortgage broker did not properly explain to you"; is your investment advisor or mutual fund company charging you more in fees than you are actually earning in your investments?
Ask your bank, mortgage broker or investment advisor if they are running a Quality Certified business. Only a Quality Certified business is able to provide you with financial products and services that are: safe, reliable and of good quality.
When it comes to YOUR money, should you not expect that to be your minimum standard for deciding to work with a bank, mortgage broker or investment advisor?
MortgageQuote Canada Corp. is the world leader in providing real-time accountable, OSFI- (Canada), OCC- (USA) and Other Regulatory Body (RECA/FICOM/FSCO/MSC - Canada), 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 enable continual statutory and regulatory compliance and to prevent statutory and regulatory nonconformity events; for the following scope: "provision of mortgage banking (lending in Canada) and mortgage brokerage services".
Our continually improving system creates measurable levels of efficiency, quality, trust & confidence for the three critical risk management functions of a regulated financial sector company: Business (Operations), Enterprise (Compliance) and Governance (Audit).
If you are looking for Quality Certified financial products and services BUILT ON BLOCKCHAIN™ namely those that are safe, reliable and good quality for you, then contact MQCC™; creator of BLOCKCHAIN™ brand management systems including conformity management and quality management systems. We have been waiting for you.
Visit www.mortgagequote.ca to learn more.
Thursday, 22 September 2016
A Canadian Technology, World’s First: ISO 9001:2015 Certified Statutory and Regulatory Compliant Integrated Quality Management System for the Finance Sector
|  Thu, Sep 22, 2016, 1:41 PM | | ||
| ||||
Alexander Jokic
--
Senior Competition Law Officer
Eric Chalifoux
Competition Law Officer
Competition Promotion Branch
Competition Bureau
Place du Portage Phase I 50 rue Victoria
Gatineau, QC K1A 0C9
Via email: alexander.jokic@canada.ca
Re: Technology-led Innovation and Emerging Services in the Canadian Financial Services Sector – Market Study
Dear Mr. Jokic and Mr. Chalifoux:
MortgageQuote Canada Corp. is world's first and Canada's ONLY fintech, regtech company, mortgage lending and licensed mortgage brokerage firm that is certified ISO 9001:2015 Quality Management Standards for the scope of Mortgage Banking ("Lending" in Canada) and Mortgage Brokerage.
We are a model for Canada and the future of peer to peer and private lending in Canada. Finally, MortgageQuote Canada Corp. is Canada's AUTHORITY on Peer-to-Peer (P2P) and Private (Non-Institutional, Non-Syndicated, Non-Regulated) Equity Mortgages. Please below email to Canada's Finance Minister, the Honourable Bill Morneau, dated September 12, 2016.
LINK IS HERE - full 6 page letter
Newly created Fintech companies are able to license our technology to ensure their operations function at a 100% statutory, regulatory and process compliant manner.
Your "appreciated" response date was June 30, 2016, so we regret the late entry.
Anoop Bungay,
President,
MortgageQuote Canada Corp.
Yes, I am available for a oral interview.
---------- Forwarded message ----------
From: Anoop Bungay <anoop.bungay@mortgagequote.ca
Date: Mon, Sep 12, 2016 at 10:42 PM
Subject: A Canadian Technology, World’s First: ISO 9001:2015 Certified Statutory and Regulatory Compliant Integrated Quality Management System for the Finance Sector
To: Bill.Morneau@canada.ca, Bill.Morneau@parl.gc.ca
Cc: paul.rochon@fin.gc.ca, Francois-Philippe.Champagne@
From: Anoop Bungay <anoop.bungay@mortgagequote.ca
Date: Mon, Sep 12, 2016 at 10:42 PM
Subject: A Canadian Technology, World’s First: ISO 9001:2015 Certified Statutory and Regulatory Compliant Integrated Quality Management System for the Finance Sector
To: Bill.Morneau@canada.ca, Bill.Morneau@parl.gc.ca
Cc: paul.rochon@fin.gc.ca, Francois-Philippe.Champagne@
The Honourable Bill Morneau, P.C., M.P.
Minister of Finance
House of Commons Ottawa, Ontario K1A 0A6
EMail: Bill.Morneau@canada.ca Bill.Morneau@parl.gc.ca
Dear Mr. Morneau,
Kindly see attached introduction letter respecting Canadian Technology, World’s First: ISO 9001:2015 Certified Statutory and Regulatory Compliant Integrated Quality Management System for the Finance Sector.
LINK IS HERE - full 6 page letter
In 2006, we developed what is today, the world's first bespoke ISO 9001:2015 certified, litigation tested, patent pending integrated Quality Management System designed to enable continual statutory and regulatory compliance and to prevent statutory and regulatory non-conformance events; for the following scope: "provision of mortgage banking (lending in Canada) and mortgage brokerage services".
Advances in technology has enabled us to allow for the implementation of our system to any finance sector company in Canada, regardless of size or technology constraints. We would like your thoughts on our initiative and if you agree with the benefits, help to share this with Canadians in order to bring safety, soundness, trust and confidence to a transactional level within the finance sector.
The attached cover letter and Schedule A describes our efforts.
Thank you in advance for your consideration,
Anoop Bungay
President, MortageQuote Canada Corp.
CC:
Deputy Minister, Mr. Paul Rochon
Parliamentary Secretary to the Minister of Finance, The HonourableFrançois-Philippe Champagne, M.P.
--
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.mortgageq
"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.
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.
Broker
MortgageQuote Canada Corp.
Alberta (AB) * British Columbia (BC) * Ontario (ON)
ON Brokerage License #12279
communication-policy.
"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.
Wednesday, 21 September 2016
MQCC® - Canadian Bankers Association (CBA) - A Canadian Technology, World’s First: ISO 9001:2015 Certified Statutory and Regulatory Compliant Integrated Quality Management System for the Finance Sector
Sep 21, 2016, 5:08 PM
Terry Campbell
--
President,
Canadian Bankers Association
Hello Mr. Campbell,
My name is Anoop Bungay; a former Chartered Banker (circa early 1990's), President of MortgageQuote Canada Corp.
A World First for the Banking Sector: Solving Superintendent Jeremy Rudin's Concerns
In 2006, we developed what is today, the world's first bespoke ISO 9001:2015 certified, litigation tested, integrated Quality Management System designed to enable continual statutory and regulatory compliance and to prevent statutory and regulatory nonconformity events; for the following scope: "provision of mortgage banking (lending in Canada) and mortgage brokerage services".
Our continually improving system creates measurable levels of efficiency, quality, trust & confidence for the three critical risk management functions of a regulated financial sector company: Business (Operations) , Enterprise (Compliance) and Governance (Audit).
What does our technology do, exactly? As I explained in a letter to Mr. Jeremy Rudin, Superintendent at the Office of Superintendent of Financial Institutions, (and subsequently, to Finance Minister Morneau), we are able to certifiably ensure that a finance sector company (including all Federally Regulated Financial Institutions (FRFI) operate in a manner that is 100% compliant with statutory and regulatory requirements. (B-20, B21 and related guidelines and requirements).
What we have developed over 10 years is revolutionary and groud-breaking because it provides a method to bring trust, confidence, safety and soundness in Canada's finance sector, to a transactional level.
The best part, is rather than have all the banks invest hundreds of million's of dollars to build their own ISO 9001:2015 system, they can simply license our technology for much less. Anybody who knows the ISO 9001:2015 technology understands that it can be scaled from a 1 person company to a 100,000 person company, regardless of jurisdiction, complexity of operations and independent of existing technology platforms.
Canada First
As explained to Mr. Rudin: earlier this year, I decided it was important to share our Canadian regulatory compliant mortgage (finance) processing technology with the world by marketing our ISO 9001:2015 certified integrated Quality Management System 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. Each year since 2008, Canada is ranked #1 in the world. Canada must be doing something right and other countries who seek to achieve Canada's level of performance, might want to learn from Canadians.
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" in Canada. This marriage of technology and ISO 9001:2015 levels of quality management, enables the transfer of knowledge and skills from a sector-level to a company-level, regardless of jurisdiction.
With over 25 years of history, the current Quality Management Standard of ISO 9001:2015 is proven to be a perfect instrument for technology transfer and training because it is designed to be scalable and transferable regardless of employee size, complexity of existing operations and existing technology platforms. Perhaps some members of the WEF would be interested in transferring our Canadian regulatory compliance technology for the finance sector into their respective jurisdictions.
When I read the contents of Mr. Rudin's letter dated July 7, to Canada's Federally Regulated Finance Sector (your members), it dawned on me, rather than going international, why not help the members of the finance sector in my own country, first?
Especially if our integrated Quality Management Systems technology directly solves the Superintendent's concerns in critical areas including residential mortgage underwriting.
The website, www.mortgagequote.ca explains it all.
- You might want to read the an open letter to the Top Leadership of all Canadian FRFI's, respecting a solution to Mr. Rudin's concerns, located here.
- MortgageQuote's Technology and its effect on Canada and International Finance Sector Public Policy is located here
A Message for the Banking Industry in Canada; All levels of Government, Regulators, International Bodies, Media and the Canadian public
After you learn and understand what we have developed, I am certain you will agree that this message "needs to get out". We are a private company that only (after 10 years of development and 8 years of ISO certification) now realize (partly due to Mr. Rudin's published concerns), that what we have built will have a material effect on the finance sector-at-large, public policy and Canadian consumers trust and confidence.
The core issue is, what we have developed is "more than merely a technology". No software company, regulatory compliance company, (so-called "regtech", "fintech") or management consulting company is able to make the claims that MortgageQuote does; nor is there any company that is certified to deliver results, as we are. For me, building our technology was a way to make my life easier. A true labor of love.
As President of the Canadian Banker's Association (CBA), I am of the opinion that you might be the best person to help us get our message out. Especially since the CBA advocates for the banking industry. You have nothing to gain or lose, apart from helping to make Canada's banking sector the best it can be (and remain #1 in the world as far as the World Economic Forum is concerned).
Frankly speaking, as of writing, I am not certain a "press release" or a mere introduction to a journalist is the right approach - especially for something as significant as this is. Perhaps you and the CBA might be the first to learn about us and by way of a profile, article, letter or other means, introduce us to Canada, it's banks and the Canadian consumers?
Thank you in advance for your time and consideration; your thoughts?
Sincerely yours,
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.
Broker
MortgageQuote Canada Corp.
Alberta (AB) * British Columbia (BC) * Ontario (ON)
ON Brokerage License #12279
communication-policy.
"Proud Sponsor of the Canadian Dream"®
An ISO 9001:2015 Registered Company
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Wednesday, 14 September 2016
MortgageQuote Canada Corp.: ISO 9001:2015 or the Wells Fargo Online Financial Services Group & Home Capital Group: Balanced Scorecard Approach? What does over 10 Years of History Tell Us?
Conclusion: There is no contest. One is not the same as the other. And ISO 9001:2015 wins.
The shareholders of Wells Fargo and it's Board should consider licensing MortgageQuote's certifiable, regulatory compliant, integrated Quality Management System technology, immediately. It will be long term money well spent.
Some Canadian Mortgage Companies or Financial Services rely on the Balanced Scorecard at the Governance level; for example: Home Capital Group, which in 2015, had an anonymous "whistleblower" tip lead to the exposure of a massive 45 Licensed mortgage broker fraud related to $960M of mortgage originations.
If it happens in two places, it happens in three places.
The Balanced Scorecard concept is a ostensibly about "measurement". If the Balanced Scorecard can not even allow for the measurement of fraud, regulatory noncompliance or nonconformity in finance - it is proven to be useless for at least some finance companies
For the finance sector, the Balance Scorecard appears to function as merely an academic construct born out of a thesis, supported by a 12 month study (Kaplan et. al. 1992). Deemed by some individual or consultant as appropriate for use in the very serious business of finance. Any modifications to the original model clearly did not work for Wells Fargo or Home Capital Group.
How do you not see 2M fake accounts? Or 45 fraudulent LICENSED mortgage brokers. What good is the measurement system...why would you need to wait for the selfless, charitable generosity of a whistleblower.....and for that matter...what good is licensing?
Company 1 - ISO 9000 Approach:
MortgageQuote Canada Corp.: ISO 9000 Family of Quality Management Standards
Abstract:
The MortgageQuote Canada Corp. (MortgageQuote) ISO 9001:2015 certified, integrated Quality Management System is designed to prevent statutory and regulatory nonconformity events.
2016 Outcome
After 10 years of compliance and 8 years of certification to an ISO 9001 Quality Management System, MortgageQuote is operating at 6 six sigma. Less than 1 defects (nonconformity) occurring out of a million opportunities.
Company 2 - Balanced Scorecard Approach
Wells Fargo and Balanced Scorecard
Abstract:
Source: Harvard (Case Study: Wells Fargo Online Financial Services (A) PUBLICATION DATE: June 12, 1998 PRODUCT #: 198146-PDF-ENG)
Wells Fargo, the industry leader in electronic banking, has implemented a Balanced Scorecard in its online financial services group (OFS) to track and measure performance. The OFS group develops and supports services that allow existing and future banking customers to perform transactions via the Internet. The new division faces rapid change and must invest heavily in new technology and in the development of innovative products and services. OFS was finding it difficult to balance the need for a clearly articulated strategy and measurable objectives with the flexibility required in its dynamic environment. Wells Fargo had a culture that embraced financial metrics. Yet OFS management believed that its business could not be measured and evaluated on the basis of financial metrics alone. For example, the group was not yet profitable, yet it provided a critical component to the bank's long-term strategy. The OFS group believed that the Balanced Scorecard would allow them to develop a set of integrated, multidimensional measures to assess performance against its goals and to communicate and update its strategy in a rapidly changing environment.
2016 Outcome
Wells Fargo Fined $185 Million for Fraudulently Opening Accounts.
They created fake email accounts to sign up customers for online banking services. (The OFS - Online Financial Services Group). Source
BoingBoing.net states: 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.
Wells Fargo says that it has been rooting out employees who ran this con for the past two years, having caught 5,300 of them so far (the bank employs 265,000 people). The fake accounts -- savings, checking, credit/debit cards -- were opened in the names of existing Wells Fargo customers, who had their accounts raided to create balances in the new accounts, and were then hit with fees that cleaned them out.
[Wells Fargo] bank is paying a $185M fine and reimbursing known victims to the tune of $5M.
The shareholders of Wells Fargo and it's Board should consider licensing MortgageQuote's certifiable, regulatory compliant, integrated Quality Management System technology, immediately. It will be long term money well spent.
Some Canadian Mortgage Companies or Financial Services rely on the Balanced Scorecard at the Governance level; for example: Home Capital Group, which in 2015, had an anonymous "whistleblower" tip lead to the exposure of a massive 45 Licensed mortgage broker fraud related to $960M of mortgage originations.
If it happens in two places, it happens in three places.
The Balanced Scorecard concept is a ostensibly about "measurement". If the Balanced Scorecard can not even allow for the measurement of fraud, regulatory noncompliance or nonconformity in finance - it is proven to be useless for at least some finance companies
For the finance sector, the Balance Scorecard appears to function as merely an academic construct born out of a thesis, supported by a 12 month study (Kaplan et. al. 1992). Deemed by some individual or consultant as appropriate for use in the very serious business of finance. Any modifications to the original model clearly did not work for Wells Fargo or Home Capital Group.
How do you not see 2M fake accounts? Or 45 fraudulent LICENSED mortgage brokers. What good is the measurement system...why would you need to wait for the selfless, charitable generosity of a whistleblower.....and for that matter...what good is licensing?
Company 1 - ISO 9000 Approach:
MortgageQuote Canada Corp.: ISO 9000 Family of Quality Management Standards
Abstract:
The MortgageQuote Canada Corp. (MortgageQuote) ISO 9001:2015 certified, integrated Quality Management System is designed to prevent statutory and regulatory nonconformity events.
2016 Outcome
After 10 years of compliance and 8 years of certification to an ISO 9001 Quality Management System, MortgageQuote is operating at 6 six sigma. Less than 1 defects (nonconformity) occurring out of a million opportunities.
Company 2 - Balanced Scorecard Approach
Wells Fargo and Balanced Scorecard
Abstract:
Source: Harvard (Case Study: Wells Fargo Online Financial Services (A) PUBLICATION DATE: June 12, 1998 PRODUCT #: 198146-PDF-ENG)
Wells Fargo, the industry leader in electronic banking, has implemented a Balanced Scorecard in its online financial services group (OFS) to track and measure performance. The OFS group develops and supports services that allow existing and future banking customers to perform transactions via the Internet. The new division faces rapid change and must invest heavily in new technology and in the development of innovative products and services. OFS was finding it difficult to balance the need for a clearly articulated strategy and measurable objectives with the flexibility required in its dynamic environment. Wells Fargo had a culture that embraced financial metrics. Yet OFS management believed that its business could not be measured and evaluated on the basis of financial metrics alone. For example, the group was not yet profitable, yet it provided a critical component to the bank's long-term strategy. The OFS group believed that the Balanced Scorecard would allow them to develop a set of integrated, multidimensional measures to assess performance against its goals and to communicate and update its strategy in a rapidly changing environment.
2016 Outcome
Wells Fargo Fined $185 Million for Fraudulently Opening Accounts.
They created fake email accounts to sign up customers for online banking services. (The OFS - Online Financial Services Group). Source
BoingBoing.net states: 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.
Wells Fargo says that it has been rooting out employees who ran this con for the past two years, having caught 5,300 of them so far (the bank employs 265,000 people). The fake accounts -- savings, checking, credit/debit cards -- were opened in the names of existing Wells Fargo customers, who had their accounts raided to create balances in the new accounts, and were then hit with fees that cleaned them out.
[Wells Fargo] bank is paying a $185M fine and reimbursing known victims to the tune of $5M.
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