MQCC™ BLOG OF BLOCKCHAIN™ (www.BlogOfBlockChain.com) Articles and Open Secrets

BLOG TITLE: MQCC™ Blog Of BlockChain™ (www.BlogOfBlockChain.com) Articles and Open Secrets
BLOG, BOOK, E-BOOK SERIES: The FATHER OF BLOCKCHAIN™ Presents
(www.FatherOfBlockChain.com)
PUBLISHER: MQCC™ Money Quality Conformity Control Organization incorporated as MortgageQuote Canada Corp.
SELLER: MQCC™ Money Quality Conformity Control Organization incorporated as MortgageQuote Canada Corp.
GENRE: REFERENCE
AUDIENCE: GRADE 12; VOCATION; COLLEGE; UNIVERSITY; INDUSTRY; GOVERNMENT
PAGES: VARIOUS
CONTRIBUTOR: Anoop Bungay
PUBLISH START DATE: 2011



CQMFA.org: The World's Better, Safer and More Efficient Banking & Finance Network (www.cqmfa.org)

Quality Management-in-Finance.


ACADEMIC AND JOURNAL CITATIONS in MODERN LANGUAGE ASSOCIATION OF AMERICA (MLA 8) FORMAT
To cite any article, here is the template to use; with an example, below:

Citation Template:

Author’s Last Name, Author’s First Name. “Title of Post.” Blog Name, Blog Publisher (only include this information if it is different than the name of the blog site), Date blog post was published, Link to post (omit http:// or https://).

Example:

Bungay, Anoop. “The History of digital and non-digital, non-bank, non-institutional, non-syndicated, non-regulated or regulatory exempt, free trading securities and related financial instruments; also known as Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow securities and related financial systems, built on discovery of the the seminal "principles of 'BlockChain'", begins.” MQCC™ Articles and Open Secrets, MortgageQuote Canada Corp. MQCC, 18-Apr. 2019, blog-mortgagequote.blogspot.com/2019/04/the-history-of-digital-and-non-digital.html

Sunday, 29 September 2019

An Unexpected 18 Year Case Study: A Public Answer to a Public Question Re: the REALITY OF PRIVATE LENDING RISK to the General Public, Consumers, Government Licensed Credit Intermediaries (Mortgage Brokers) & their Professional Liability Risk Insurers (Errors and Omission: EO): A Tale of Two CEO's,Two Companies and Two Approaches


A Case Study of How MQCC Helps Canadian (and International) Finance Sector Entities, (Government, Regulatory Bodies, Regulated Participants) Learn, Participate, Compete and Profit through Correct Understanding of:

  • non-bank, non-institutional, non-syndicated, non-regulated or regulatory exempt, free trading securities and related financial instruments
  • Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow securities and related financial instruments
  • Conformity science (www.conformity.org) its concept system subordinate elements:
    • "Principles of 'BlockChain'" (Bungay Unification of Quantum Processes Algorithm)
    • Utility Tokens
    • Securities Tokens

MQCC: Built BlockChain First, Built BlockChain Best.™

If you would like to trade in what some Canadian financial regulators classify as higher risk mortgage activities and complex or high value products like non-bank, non-institutional, non-syndicated, non-regulated or regulatory exempt, free trading securities and related financial instruments; also known as Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow securities and related financial instruments, secured by real estate because they are traded on a Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow basis, then join MQCC.

Have your CEO contact MQCC's CEO at ceo@mqcc.org. Or read the authoritative textbooks first; (see below), first.

 Avoid the negative consequences of sustained exposure to risk by using the consumer-trusted, federal government approved, federal, state/provincial regulatory-recognized, MQCC National and International Standards-Class (NISC™) business systems and processes.
Since as early as 2008, MQCC is Canada's ONLY finance sector company in the role of lender and credit intermediary, whose operations conform to the National Standard of Canada for Quality Management Systems, built on seminal "Principles of 'BlockChain'" first discovered and commercialized for a peer-to-peer electronic finance system (at least as early as April 9, 2005) by the founder of MQCC. Registration to the National Standard means to government, industry, risk underwriters and consumers that MQCC's methods and products for "better, safer and more efficient". 

MQCC: Canada's (and the World's) Government, Consumer and Industry defacto Standard in Regulated and Non-Regulated Finance Sector Quality

All governments, consumers, shareholders and professional liability underwriters want to regulate, be served by, invest in or underwrite, a "quality operation". What is a quality operation? An operation that functions in a manner that measurably conforms to statutory, regulatory and customer requirements through governance, management and operational processes that built to be transparent, traceable, verifiable, immutable and nonrepudiable, which means that rules are followed, goods and services are delivered as promised, business risk is controlled and nonconformity events resulting in professional liability claims, expensive litigation events, regulatory investigations, regulatory fines and financial losses, are prevented, minimized or simply do not occur. 

 With over 12 years of continuous registration to Canada's National Standard, MQCC has earned the privilege to have acquired the designation as Canada's defacto industry standard for quality in the finance sector and specifically, for the scope of non-depository real-estate-secured lending and real-estate-secured credit intermediation (brokerage) in Canada.

 Built on seminal "Principles of 'BlockChain'", if your government-regulated, non-depository lending or credit intermediation (brokerage) organization for bank/institutional/regulated (non private) and non-bank/non-institutional/non-regulated (private)) financial trade does not utilize the MQCC Suite™ of systems, technology, services and products; then your organization cannot provide traceable, measurable, verifiable, immutable, non-repudiated proof to its shareholders, customers, regulators and professional liability insurers that it has the necessary and sufficient systems and process in place to be "better, safer and more efficient"; and simply does not operate at the Canadian industry standard for Quality that has served consumers of financial services well, since at least as early as May 9, 2008 so cannot be called a "quality operation".

MQCC: 
the World's First BlockChain Company; 
the World's Most Trusted BlockChain Company.
The Global Standard for Quality Management Systems in Regulated and Non-Regulated Finance
Education - Conformity - Finance

Industry - Real World - Business Case Problem:

On Friday, Sep 27, 3:54 PM, the following problem was publicly distributed by a Government Licensed Credit Intermediary (Mortgage Broker) regarding their Professional Liability Risk Insurer (Errors and Omission: EO) company. 

This is the original public question, inserted here edited:
My company needs a new professional liability insurer because the current insurer will not renew my policy. Why? for at least two issues:

  • ISSUE #1: A Mortgage Agent licensed by a Regulatory Body and working with the company - let's name this company as "concerned credit intermediation company" - was subject to third-party lawsuit, which embroiled the "concerned credit intermediation company". The Plaintiff terminated the cause of action but the "damage with the professional liability (errors and omissions/EO) insurer was done".  The insurer did not even spend any money on the case.
  • ISSUE #2: A Mortgage Agent licensed with the "concerned credit intermediation company" is the subject of a regulatory complaint AND a lawsuit because a borrower did not make some mortgage payments which resulted in the lender not renewing the mortgage.  
  • CONTEXTUAL INFORMATION: The "concerned credit intermediation company", a government regulated mortgage brokerage, had no professional liability claims for 18 years, earlier.


Terminology clarification & Background information:

  • Regulatory Body = Government or non-government body which issues licenses to persons trading in real estate-secured financing.
  • Background information: the "concerned credit intermediation company" is in business for 18 years and is known to trade in "private lending".
    • PRIVATE LENDING = is the trade in non-bank, non-institutional, non-syndicated, non-regulated or regulatory exempt, free trading securities and related financial instruments; also known as Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow securities and related financial instruments,  secured by real estate because they are traded on a Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow basis. Visit Private Equity Mortgage Institute PEMI® at www.peminstitute.org: The voice and academic/professional standards setting body for the global private equity mortgage industry group to learn more. Or, the International Peer-to-Peer (P2P) & Private Finance Association at www.ip2pfa.org. Both organizations are created by MQCC. 
    • Private lending (Peer-to-Peer (P2P)/Private/ Crypto/Secret/Shadow Finance) is considered by ALL finance regulators and professional liability risk underwriters in Canada and internationally as a "high risk" business activity. High risk for applicants, borrowers, investors, lenders, credit intermediaries, regulatory bodies and professional liability insurers.


Notice: MQCC Foreshadowing the RISK of Shadow Finance

It is for the above reason that the MQCC SAFER™ National-Standards Mortgage Finance Program for the Mortgage Sector was created; and the reference textbook and program guide: MQCC SAFER™ Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow Finance: "Private Lending" Edition Program was written. 

See below for details on the MQCC SAFER™ program and the reference book.

MQCC - Real World - Business Case Solution:

To arrive at a permanent solution, the "concerned credit intermediation company" CEO is at a crossroads for decision-making. The CEO has the following options:
  1. Do nothing and this may lead to shutting down of the business because the regulatory body REQUIRES EO insurance to function.
  2. See if the current EO insurance company can provide a secondary EO insurance solution from the secondary insurance market. This may cost more money and may be difficult due to an actual or ostensible "pattern of risk". And even if an alternative insurance provider is found, this does not solve the root cause of the problem; namely, the circumstances that created an environment for the conditions which created the original problem to occur, remains. The implication is clear: the pattern that has occurred once, then occurred a second time has a high degree of likelihood of being subject to repeating itself for a third, fourth and more times.
  3. Wind down current operations and work with MQCC as a sub-licensed company. Since as early as 2006, MQCC has developed and set the defacto Canadian and International standard for better, safer and more efficient trade in private lending (Peer-to-Peer (P2P)/Private/ Crypto/Secret/Shadow Finance).  In the current business case, MQCC offers the "concerned credit intermediation company" an opportunity to transform itself and improve its structural operational integrity at all "Macro" functional levels including: Business (operations), Enterprise (conformity) and Governance (audit); and all "Micro" functions including processes, using seminal "Principles of 'BlockChain'" (Bungay Unification of Quantum Processes Algorithm). The MQCC Suite™ of systems, technology, services and products offer Canadian and Foreign Investors the ONLY Federal Government of Canada-recognized and regulatory-recognized environment for the trade in private lending (Peer-to-Peer (P2P)/Private/ Crypto/Secret/Shadow Finance) - built on seminal “Principles of ‘BlockChain’”; and registered to the National (and equivalent international standard) of Canada for Quality Management Systems, which is empirically proven to manage risk when dealing in a "private lending" situation as either a borrower, lender or broker when delivered within a risk-managed environment (RME™) or network globally managed by MQCC™. MQCC is recognized by the Canadian Federal Government and ALL Canadian Regulatory bodies pursuant to Federal Legislation that its finance sector methods and products for the scope of Mortgage Banking (also known as mortgage lending) and mortgage brokerage services: are better, safer and more efficient" to the benefit of applicants, borrowers, lenders, brokers, regulators and professional liability risk underwriters. A combination of systems, technology, services and products, named: BlockChain SafeGuard™ that assures legislators, regulators, customers, prospective customers, investors, shareholders, professional liability companies that an organization total operations conform to statutory, regulatory, process (SRP™) and customer requirements and prevents nonconformity events including errors, omissions and fraud.
  4. Obtain EO insurance from the secondary market (if available) and work with MQCC as a sub-licensed company.
  5. Plead with the current insurer to allow them stay on the promise that the company will implement the Canadian National and International Standards-Class (NISC™) systems, technology, services and products that are used by MQCC because ALL professional liability risk underwriters in the world recognize the 14 year-old, NISC™ MQCC Quality Management System Standards as a legitimate risk-reduction system to safeguard a company's total operations in private lending (Peer-to-Peer (P2P)/Private/ Crypto/Secret/Shadow Finance) trade.

A Tale of Two CEOs; A Tale of Two Approaches: One Builds a Local Business, the other Formalizes an Unregulated Industry Group at a Global Scale (and discovers the "Principle's of 'BlockChain'" along the way)


This business case is more than a singular answer by a member of the general public to a singular question posed to the general public, it is actually or ostensibly a case with at least two distinct dimensions:
  • i) the inevitable outcome of what happens when you build a business to trade in an unregulated activity that integrates with a regulated activity, without a full and comprehensive understanding of the required necessary and sufficient correct-system-based, integration protocols and conformity requirements between the regulated business process and the unregulated business processes. Some day, the non-system-based business may accumulate enough instances of nonconformity to result in a catastrophic-level (or near-equivalent) failure; maybe not in year 1, year 5, year 10 or year 15, it may happen in year 18. And if the non-system-based business does not transform to a correct-systems-based business, then the conditions that resulted in the failure will remain and subsequent nonconformity events are likely to recur.
  • ii) what amounts to the results of an ad hoc 18 year study of how two persons - both, future CEO's - entered the same industry sub-sector [mortgage] in the same year, specialized in the same area of trade in a nascent industry group [non-bank, non-institutional, non-syndicated, non-regulated or regulatory exempt, free trading securities and related financial instruments; on a Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow] and how each persons approach towards building their respective businesses within the nascent industry group differed. The publicly available historical record shows that one CEO focused on traditional business development of his corporation while the other balanced traditional business development of his corporation with formalization of industry norms through the development of standards, business methods, techniques, shared knowledge base, National and International Standards Registration and industry group public infrastructure to help the legislative community, the regulatory community and the general population including future and prospective customers and industry members.
The distinction that distinguishes the two CEO's and their two respective companies from one another is that one CEO (the CEO of  the "concerned credit intermediation company") built a local business and the other CEO (the CEO of MQCC) built a business AND formalized an unregulated industry group - at a global scale - and by doing so, discovered a new way (a paradigm shift) on how government, non-government, commercial and consumer value-exchange interactions ("business") are conducted, globally through application of the seminal "Principles of 'BlockChain'".

The MQCC Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow Finance Industry Group: An Entire Brand-Class Industry Group built on the "Principles of 'BlockChain'"


 The "MQCC Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow Finance" is a brand-class within the generic-classified industry group known as: Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow Finance. The distinction that distinguishes the brand-class from the generic-class is the prefix MQCC. The MQCC prefix which is a common law and registered trademark of MortgageQuote Canada Corp. 

 According to the United States Patent and Trademark Office; a trademark:
A trademark is generally a word, phrase, symbol, or design, or a combination thereof, that identifies and distinguishes the source of the goods of one party from those of others.
And MQCC, as the owner of the mark:
 is the person or entity who controls the nature and quality of the goods/services identified by the mark. 
So, companies who trade in the Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow Finance Industry and license the MQCC Suite™  of Systems, Technology, Services and Products, are authorized to advertise themselves as members of the MQCC Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow Finance Industry Group.

 Yes, a WHOLE INDUSTRY GROUP BUILT ENTIRELY ON THE "PRINCIPLES OF 'BlockChain'"; including:
  • utility tokens
  • securities token
  • Principles of 'BlockChain' organizational structure

An Unregulated Industry in a Regulated World: Its all about RISK


 At an early stage (pre-2003) of a 19 year history of regulatory-licensure (2001 to 2019), the CEO of MQCC recognized the inherent risk found in an unregulated industry group that trades in non-bank, non-institutional, non-syndicated, non-regulated or regulatory exempt, free trading securities and related financial instruments; on a Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow basis. Such business activity has limited to no rules. Such "green fields" or "Wild West" conditions exposes people to trade in the non-rules-based environment to a  high-degree of risk, which is defined as the effect of uncertainty. No industry participant knows what the other industry participants are doing and there are no standard rules by which consumers and industry participants may rely upon for achieving a degree of certainty. 

 In the finance sector, risk includes elements of "predation" in the form of predatory lenders, predatory brokers, predatory investors, predatory applicants, predatory borrowers, predatory lawyers, predatory valuators. Risk also includes data thieves who seek to pass themselves off as "private lenders" but are not real "private lenders" and convince unwitting, inexperienced, imprudent or untrained government licensed credit intermediaries to share top secret personally identifiable information of consumers with the intent of taking that information for resale on the black market or for impersonation (identity theft).

"MQCC" a Four Letter Word for "RISK Reduction"


 To address this problem of risk within an unregulated industry group, the CEO of MQCC built what is recognized as the world's first world’s first application of the “Principles of ‘BlockChain’” (Bungay Unification of Quantum Processes Algorithm)-in-commerce, for the public, regulatory-integrated, commercial trade in Non-Bank, Non-Institutional, Non-Syndicated, Non-Regulated or Regulatory Exempt, Free Trading Securities and Related Financial Instruments; transacted on a Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow basis, within a Global Electronic Finance System-Network on April 9, 2005; and subsequent registration thereof, of a subordinate Quality Management System, to ISO 9001:2000, on May 9, 2008.


  • MQCC: Out of chaos creating control 
    • Through Bungay’s Organizational String Theory (BOST™)
  • MQCC: Out of industry sector-based uncertainty creating certainty
    • Through a combination of MQCC’s systems, technology, services and products
  • MQCC: Out of volatility creating stability
    • Through a combination of MQCC’s systems, technology, services and products
  • MQCC: Out of nonconformity create conformity

    • Through a combination of MQCC’s systems, technology, services and products

  • MQCC: Create a system of trust that works for all stakeholders including internal (shareholders/management/employees) and external (customers, industry, vendors, regulators, general public)

    • Through a combination of MQCC’s systems, technology, services and products

  • MQCC: Create a "proof-of-work" (POW) and "proof-of-quality" (POQ™) integrated process system; allowing for transparent, traceable, immutable, non-repudiated process functionality within a decentralized framework. 

Creating Infrastructure at a Global Scale

In the early 2000's, there was no infrastructure, either locally, regionally, nationally or globally, for the trade in non-bank, non-institutional, non-syndicated, non-regulated or regulatory exempt, free trading securities and related financial instruments; on a Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow basis. So, the painstaking work of formalizing an industry group began. Infrastructure included:
PrivateLender.org: Canada’s Private Lending Network®

Www.
Privatelender.
org
PrivateLender.org the world’s first and most trusted Global Peer-to-Peer (P2P)/Private/Crypto/Secret /Shadow Financial Network™ Established April 9, 2005.


 Office of the Shadow Banking System Ombudsman

www.osbso.org™
"REFLECTING LIGHT INTO
THE SHADOWS OF
SHADOW FINANCE”™

Helping consumers, industry
members and investors who
may be concerned about a
shadow banking financial
transaction.

Private Equity Mortgage/Money Exchange PEMX®

www.pemx.com®
For trading in Private
Equity Mortgage (PEM®)
Products

PrivateLenderCheck.org™

www.privatelendercheck.org®
Private Investor-Lender
Authentication

Private Equity Mortgage Institute PEMI®

www.peminstitute.org™
The voice and
academic/
professional
standards setting
body for the global
private
equity mortgage
industry group.

International Peer-to-Peer (P2P) and Private Finance Association

(IP2PFA™)
www.ip2pfa.org™
The global voice of individuals
and organizations who trade in
the specialized field of secured
or unsecured, non-bank,
non-institutional, non-syndicated,
non-regulated or regulatory
exempt, free trading securities
and related financial instruments;
also known as Peer-to-Peer (P2P)
/Private/Crypto/Secret/Shadow
securities and related financial
instruments.

GAMUS™ General Accepted Mortgage Underwriting Standards

www.gamus.org™
Home to the generally accepted
mortgage origination &
underwriting standards.

 MortgageBrokerCheck.org™
www.mortgagebrokercheck.org™
As part of the MQCC Regulator-Proof Your Business™ Program; if you are a government
regulated credit intermediary, for a fee, MortgageBrokerCheck™ will review and audit
your mortgage transaction file and provide you with a report with information
regarding the conformity of your file to the requirements of the mortgage licensing
jurisdiction which governs your mortgage transaction. To prevent downstream problems
caused by the absence of conformity to statutory, regulatory and process requirements.


This is not a complete list.

What should the CEO do?


 If we agree that do nothing is not best option, then let's look at what is left. If the CEO elects option 2, the ROOT PROBLEM is not solved. The systematic conditions that created the first set of problems remains and the CEO will most likely experience the same set of problems again. Afterall, once a pattern is created - at a systematic level within an organizational structure - the only functionally sound corrective action is a systems-based solution.

If the CEO elects for option 3, 4 or 5, the common theme here is MQCC; so let's see why working with MQCC may be the best option for this company.

Though the "concerned credit intermediation company" is in business for 18 years [the company is actually recognized to be in operation by the regulatory body since 2003, which makes it 16 years as a corporate entity], the CEO who oversees the total private lending (Peer-to-Peer (P2P)/Private/ Crypto/Secret/Shadow Finance) operations is licensed since 2001, which is the same tenure of licensure as the CEO of MQCC. 

The Need: A Proven, Mature, Trusted, Systems & Process-based Solution


 What is the proof of the need for such a solution? Look at the "concerned credit intermediation company". It operated for 18 years without a complaint then in years 17-18, two complaints (nonconformity events) occurred resulting in the potential of a catastrophic failure (organizational shut down). 

If the company operated in a rules-based environment, one that is proven, mature and whose end-to-end (E2E™) and top-to-bottom (T2B™) business systems conform to statutory, regulatory and process requirements, then the events in year 17-18 would likely not have occurred because the company would have evidence that all transactions in the past 18 years are done right.

Ask the Seven (7) Professional Liability Insurers about the Need for a Risk-Based Operating System for the MQCC Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow Finance Industry Group Members


 There are at least seven (7) professional liability insurers who measure and price risk (underwrite) for government licensed credit intermediaries and you are welcome to call any one of them (find them in an internet search) and ask them if they see a high level of losses associated with mortgage brokers and government licensed credit intermediaries who trade in real-estate secured  Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow Finance activities; and if so, to confirm that the primary cause of:

a) statements of claims
b) causes of action
c) regulatory complaints
d) consumer complaints to companies
e) regulatory professional conduct investigations

is because of:

I) Lack of Training (competency)
II) Lack of Experience (proficiency)
III) Lack of sufficient and necessary integrated corporate resources to allow for effective and active ongoing supervision of transactions.
IIII) Lack of effective risk-based systems of overarching control to manage the business operations from end-to-end (E2E™) and top-to-bottom (T2B™)

 This results in types of problems like the following:

  • Borrower did not fully understand what they were signing.
  • Borrower did not provide lender full and candid disclosure.
  • The lender made promises and did not fulfill the promise.
  • The Mortgage Broker did not fully explain the product due to lack of training or experience.
  • The Mortgage Broker was advertising himself or herself as an "intermediary" but started to give advice, and this turned the Mortgage Broker into a "fiduciary" but the Mortgage Broker did not provide a "fiduciary standard" of service - unbeknownst to the borrower - until a problem occurred and professional liability lawyers got involved.
  • The fees and rates could not demonstrably be quantified to the actual risk, so the borrower either paid too much or paid too little; notwithstanding any premiums for quality, certainty, flexibility or exceptions-made. 
  • The lender was properly vetted by the Mortgage Broker.
  • The Mortgage was cancelled at the "last minute"; or, changes made and the client end up paying more for no fair or reasonable (just) cause; or, having to find a new lender because the current lender "changed their mind".
  • The lender did work with the borrower in the time of need; or displayed behavior that is consistent with economic predation. 
  • The deal was processed so fast, that the borrower did not have the option of choosing a lawyer whom they knew and trusted to provide them a familiar level of courtesy and candour.
  • And more.
  • read CANLII Canadian Legal Information Institute to see cases of where mortgage brokers, private lenders or borrowers have been involved in lawsuits related to problems; at www.canlii.org.

Ask the Finance Regulators


There are a number of finance regulators, you may find their names at www.mqcc.org; and you will discover that if you ask the same question about risk and loss for government licensed credit intermediaries, who trade in Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow Finance real-estate-secured transactions, the finance regulators will echo what the professional liability risk insurers say.

Material Benefits of MQCC


 National and International industry group Support Infrastructure for:
  • Legislators
  • Regulators
  • General Public
  • Customers
  • Prospective Customers
  • Industry Members
The MQCC National and International-standard-class (NISC™) federation of systems (FOS) network (MQCC FOSNET™) is  recognized by the Canadian Federal Government and regulatory bodies in at least 119 countries around the world, as offering methods and products that are BETTER, SAFER and MORE EFFICIENT for the scope of mortgage banking (lending in Canada) and real-estate secured credit intermediation (mortgage brokerage) operations. The MQCC FOSNET™  provides a proven industry standard for competency, proficiency and transaction uniformity for the general public, applicants, borrowers and industry members (regulators, government licensed intermediaries, professional liability insurers). This convergence creates the ultimate levels of operational transparency, transactional integrity, proof-of-work (POW), MQCC Proof-of-Quality (MQCC POQ™), process non-repudiation and all of this leads to one word: TRUST. 

MQCC: An Overarching Operating Systems for TRUST


 In addition to the inherent benefits of MQCC, there is the external benefits from the industry group infrastructure that is created, in order to offer legislators, regulators, general public, customers, prospective customers and industry members necessary and sufficient resources to maintain the momentum of trust in the the MQCC Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow Finance Industry Group, including:
  • PrivateLender.Org: Canada's Private Lending Network®/™
  • OSBSO™: Office of the Shadow Banking System Ombudsman
  • PrivateLenderCheck.org™
  • Private Equity Mortgage Institute PEMI®
  • MortgageBrokerCheck.org™
  • GAMUS™ General Accepted Mortgage Underwriting Standards
  • International Peer-to-Peer (P2P) and Private Finance Association
  • MortgageQuote Canada Corp. MQCC
The implication is clear; if your organization seeks to trade in "private lending" or Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow Finance transactions, then your customers, your regulators and your professional liability insurance companies will appreciate you working within the MQCC Domain™. A domain whose business operations are built entirely on seminal "Principles of 'BlockChain'" first discovered by Anoop Bungay, Founder of MQCC and and commercialized into a business that that is built to assure conformity to statutory, regulatory, process (SRP™) and customer requirements.

MQCC: Preventing System and Human NonConformity Events within Organizations


 With MQCC, you are able to ask yourself the following question:
"What more could I have done?"
With MQCC, nonconformity events caused by errors, omissions, application fraud, lender fraud and related problems are identified and subject to corrective action; or, prevented. If you demonstrably follow all of the steps and do your work in a manner that conforms to statutory, regulatory, process and customer requirements (SRPC™) and you can PROVE it; then ask yourself: "where can there be a "cause of action" for a downstream regulatory-complaint or lawsuit against you?"

 Not only did you do your job right at all times, using the MQCC BlockChain™, Proof-of-Work, Proof-of-Quality (POQ™), transparent, immutable, non-repudiated-event, overarching system of control, then you can prove that you have done all the work good and proper, from step 1 to step-last. And by proving this degree of provable functionality, you have reduced or eliminated the uncertainty of making a mistake and this means you have reduced or eliminated your risk exposure as an organization, resulting in long-term organizational resilience, stability, profitability and the ability for the CEO and stakeholders to "SLEEP WELL AT NIGHT™".

MQCC: Bringing 12 Years of Canadian National and International Standards-Class (NISC™) of Confidence to the Canadian General Practitioner Mortgage Brokerage Community


 MQCC's Founder foreshadowed the increasing interest and consumer demand in Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow Financial services and products, as early as 2001. Given the creation of the MQCC Economic System™ (MQCC EconomiSystem™) , general practitioners of mortgage origination, which CMHC Canada Mortgage and Housing Corporation identifies as 99% of Canada's Mortgage Broker community, Government Licensed Mortgage Brokers do not need to think twice; about "sending deals to MQCC.

 Indeed, think about something for a moment. In the current case of our "concerned credit intermediation company", the company CEO explained that:

  • ISSUE #1: A Mortgage Agent licensed with the "concerned credit intermediation company" was subject to third-party lawsuit, which embroiled the  "concerned credit intermediation company". The Plaintiff terminated the cause of action but the "damage with the professional liability insurer was done".  The insurer did not even spend any money on the case.

Commentary RE: ISSUE #1:
    • Third-party claims are hard to fight because anybody can sue anyone for anything (so long as there is cause). Third-party cases are worse because there is a relationship somehow between the "concerned credit intermediation company" and the two parties in the original suit. 
    • At the minimum, MQCC provides a "Principle's of 'BlockChain'"-based "proof of work" and MQCC Proof of Quality (POQ™) system so that - at the minimum - our "concerned credit intermediation company" can demonstrably prove that their obligations were done correctly.

  • ISSUE #2: A Mortgage Agent licensed with the "concerned credit intermediation company" is the subject of a regulatory complaint AND a lawsuit because a borrower did not make some mortgage payments which resulted in the lender not renewing the mortgage.  

Commentary RE: ISSUE #2:
    • DISCLAIMER: In this current business case, the "concerned credit intermediation company" private lender did NOT offer a renewal to a borrower because the borrower did not make payments. The lender in this case has EVERY RIGHT to NOT offer a renewal. MQCC is not going to take this right away from the lender. If a borrower does not pay, a lender has EVERY right to Foreclosure or Not offer a renewal or both.
    • What distinguishes the over 14 year-old, mature, MQCC System-Network™ from the 99% of general practitioner mortgage brokers who trade in "private lending" is that the MQCC System-Network™ is large enough to be comprised investors beyond "normal" private lenders. Specifically, creative thinking, wealthy investors who don't mind working with MQCC and its finance applicants who seek financing solutions when banks, regulated lenders or other private lenders cannot or unwilling to help with a finance, refinance or renewal. MQCC custom-tailored (MQCC Win-Win-Win™) creative investment opportunities help property owners in a complex or critical financial situation. It is not the case that "everyone can be helped"; some finance applicants may need to sell their property or not buy a property that they wanted to buy. There is more than one way to help a homeowner in financial problems. Some lenders do joint-ventures, other lenders have other methods and techniques to help customers in "problem".
    • DISCLAIMER: It could be the case that the property has zero equity due to market conditions or damage of the property however these types of problems - if the borrower has legal counsel - are easy to quantify, easy to understand and easy to explain so a lawsuit should not be required. But once again, in the current business case, the "concerned credit intermediation company" said the non-renewal occurred only due to non-payment. So, it is reasonable to infer that the property has some value and the property owner may have been able to find other options. The problem is, if our "concerned credit intermediation company" does not have system designed to provide alternatives to out-right "non renewals", so naturally, unless an applicant is properly educated BEFORE they become a BORROWER, conflict will naturally arise.
    • DISCLAIMER: Every case is different and MQCC is not passing an judgement of any kind against our "concerned credit intermediation company". The goal of this commentary is to highlight the distinguishing differences between trade in generic-class Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow Real-Estate-Secured Finance and MQCC brand-class of MQCC Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow Real-Estate-Secured Finance.
    • Indeed, many years earlier, MQCC developed EASYOUT™: Non-Judicial Mortgage Enforcement Program (Non-Insurance Investor-Lender Default Management); a revolutionary innovation in Canadian and global finance. 

  • ISSUE #3: Our government regulated mortgage brokerage has had no claims for 18 years. 

Commentary RE: ISSUE #3:
  • As explained in an earlier passage; the systems that the "concerned credit intermediation company" operates within are demonstrably sub-optimal and from looking at the public record, do not conform to the same proven standard as the MQCC System-Network™. 
  • The implication is clear: the conditions that created some of the nonconformity events remain and so are subject to recurrence. A patter or practice is established.
  • The only solution is a complete transformation to a proven, customized system that is built for the Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow Real-Estate-Secured Finance industry group, namely, MQCC.

MQCC: Systems, Technology, Services and Products 


 MQCC EASYOUT™ is only one of many products and services developed for the generic-class Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow Finance industry group using MQCC's world changing "Principle's of 'BlockChain'" based, systems and technologies. You may learn all about MQCC at the parent website www.mqcc.org and the finance website at www.mortgagequote.ca.

 How much will MQCC cost the "concerned credit intermediation company" CEO? Contact MQCC and find out for yourself. 

Put it this way; Wells Fargo was fined over Wells Fargo Fined $1 Billion dollars for insurance and mortgage abuses.  Home Capital Group was fined $30.5 million as a result of its nonconformity events in its mortgage and investor reporting practice and CEO negligence. Manulife Bank of Canada was fined $1.15M by FINTRAC for failing to conform to statutory, regulatory or process (SRP™) requirements.

What is the value of MQCC? MQCC is worth at least what you and your company are worth.

Other Examples of Canadian Mortgages Brokers and Litigation in Private Lending (Peer-to-Peer (P2P)/Private/ Crypto/Secret/Shadow Finance) Matters: Real World Risk


 In this business case of today, our CEO of the "concerned credit intermediation company" is not the only one exposed to litigation, regulatory complaints or otherwise burden with reputation deterioration, financial loss and loss of consumer confidence and loss of regulatory confidence, including loss of professional liability insurer confidence:

Other Example of Real-World Risk for Consumers and Government Licensed Mortgage Brokers and their Professional Liability Insurers #1:

 Borrowers can end up paying fees or interest rates that are not consistent with the market risk, value, temporal characteristics (time frame) or quality of their underlying circumstances; may lose property to foreclosure; may unwittingly accept an unsustainable financing approval.
    • see Moll, Re, 1998 CanLII 1379 (ON LST)
Other Example of Real-World Risk for Consumers and Government Licensed Mortgage Brokers and their Professional Liability Insurers #2:
  • Mortgage brokers may be subject to a legal cause of action or regulatory complaint caused by inexperience, insufficient competency, unconscionability, errors or omission; 
    • see Mortgage Genie Inc v Johnson, 2014 CanLII 26813 (ON SCSM)

 Other Example of Real-World Risk for Consumers and Government Licensed Mortgage Brokers and their Professional Liability Insurers #3:
  • Investor-Lenders may lose time or peace of mind getting involved in a transaction that “was not worth it or successfully sue a mortgage broker for negligence;

    •  see Normak Investments Ltd. v. Belciug, 2015 BCSC 700 (CanLII)


Other Example of Real-World Risk for Consumers and Government Licensed Mortgage Brokers and their Professional Liability Insurers #4:
  • A person passed off to a "private lender" that the person was a Government Licensed Mortgage Broker; which was incorrect, result in risk to exposure to the "private lender".

    •  see Real Estate Council of Alberta - 05-2018.

Other Example of Real-World Risk for Consumers and Government Licensed Mortgage Brokers and their Professional Liability Insurers #5:
  • A Government Licensed Mortgage Broker breached the trust of a private lender by providing the private lender a fake "gift letter"; coached a borrower how to borrow money fraudulently from a private lender, provided false information to a private lender; failed to disclose their role (as a fiduciary, intermediary or other) to the private lender and borrower. You cannot serve two masters.

  •  see Real Estate Council of Alberta - 09-2019 (reca website).

Other Example of Real-World Risk for Consumers and Government Licensed Mortgage Brokers and their Professional Liability Insurers #6:
  • Various and sundry examples to as early as 2006 in British Columbia.

  •  see Financial Institutions Commission of BC - 2019-2006 (ficom bc website).

Other Example of Real-World Risk for Consumers and Government Licensed Mortgage Brokers and their Professional Liability Insurers #7:
  • Various and sundry examples in Ontario.

  •  see Financial Services Tribunal of Ontario - 2019 - 1999-01-28 (CANLII website).

MQCC Private Lending (Peer-to-Peer (P2P)/Private/ Crypto/Secret/Shadow Finance) the < 1%

General Practitioner Mortgage Brokerages, Brokers and Agents/Sub-Brokers Need A Trusted Resource: MQCC System-Network™

As explained in the MQCC SAFER™ textbook (see below); the business model and the business systems, technology, processes model of an organization trading in non-bank, non-institutional, non-syndicated, non-regulated or regulatory exempt, free trading securities and related financial instruments; on a Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow basis, is NOT the same as the business model and the business systems, technology, processes of an organization trading in traditional bank, institutional, syndicated, regulated, regulatory-applicable, non-free-trading securities and related financial instruments, trading in a traditional manner. It should, therefore, be of no surprise that the underlying knowledge base and intellectual abilities and skills are also not the same for theses to classes of business. Especially, since the former class represents less than 1% of Canadian mortgage trade. 

 To underscore the distinction of these two business model and the business systems, technology, processes, understand how the governing, legal, academic and risk insurance members of the finance sector characterize or understand the business of Private Lending or Peer-to-Peer (P2P)/Private/ Crypto/Secret/Shadow Finance: 
  • Regulatory Bodies recognize that Private Lending (Peer-to-Peer (P2P)/Private/ Crypto/Secret/Shadow Finance) real-estate-secured transactions are deemed higher risk mortgage activities and complex or high value products. 
  • Canada Mortgage and Housing Corporation (CMHC) acknowledges that less than (<) 1% of Canadian mortgage transactions to which Government Licensed Mortgage Brokers are exposed possess the definitive characteristics of being classified as Private Lending (Peer-to-Peer (P2P)/Private/ Crypto/Secret/Shadow Finance).
  • Risk Insurance Professionals (underwriters at professional liability insurance companies) acknowledge that the business processes and education requirements of a General Practitioner Mortgage Broker are NOT the same as a Specialist Mortgage Broker trading in  Private Lending (Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow Finance).
  • Legal Professionals who are involved in lawsuits due to Mortgage Broker errors, omissions and negligence claims will agree that the competency and proficiency standards for Mortgage Brokers who trade in  Private Lending (Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow Finance) is different and distinct from those Mortgage Brokers who trade in the 99% of "normal" or traditional mortgages delivered by General Practitioner Mortgage Brokers.
  • The Mortgage Broker Regulators' Council of Canada MBRCC are expressly aware that the subject matter for learning, training, testing, competency and proficiency in Private Lending (Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow Finance) is comprised of separate learning (cognitive domain) elements (principles, concepts, core processes) than the subject matter for traditional mortgages delivered by General Practitioner Mortgage Brokers.
  • MQCC reminds the reader that the process of learning (cognitive domain) consists of two aspects (as explained by Dr. Bloom et. al. (1956): KNOWLEDGE and INTELLECTUAL ABILITY AND SKILLS. CEOs and Top Management of ALL policy-making organizations (government), regulatory bodies (government, non-government, private), legal firms prosecuting professional negligence claims, education institutions and professional liability (corporate, business and process risk) insurance underwriters have a comprehensive understanding of this concept system, including concepts and sub-concepts as follows (using Dr. Blooms hierarchical structure):
    • Cognitive Domain
      • Knowledge
        • 1 Knowledge
      • Intellectual Abilities & Skills
        • 2 Comprehension
        • 3 Application
        • 4 Analysis
        • 5 Synthesis
        • 6 Evaluation
Given the foregoing risk-exposure disclosed in prior sections of this document and given the foregoing explanation of the differences in approaches of the two business models, it is no wonder that our company in the current business case, the "concerned credit intermediation company". When private lending transactions or transactions in non-bank, non-institutional, non-syndicated, non-regulated or regulatory exempt, free trading securities and related financial instruments; on a Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow basis, go bad, the REALLY GO BAD.


2001 to 2019: the World of MQCC

It is only with the advent of MQCC in 2006, (and it's predecessor entity in 2002, Bungay International Inc.) under the leadership of MQCC's Founder - commencing at least as early as August 14, 2001 -  that this comprehensive level of organization and understanding is brought to the National and International domain of finance, for this growing industry group of Private Lending or Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow financial trade.

Ironically, what is historically, functionally and primarily a private or secretive business, has finally captured the attention of the world-wide public. Many governments and non-government (private enterprise) have a fixation with "all financial things crypto" and the related principles, concepts
and core processes first discovered and commercialized by Bungay International Inc. and currently administered by MQCC, namely: the  "Principles of 'BlockChain'"; utility tokens, securities tokens and related subject matter.
MQCC™ MortgageQuote Canada Corp.: the Canadian and Global
Standard-Setting Benchmark for Regulatory-Integrated Trade in “Private Lending”.

   Welcome to the <1%™.
PEOPLE INVESTING IN PEOPLE®
THE POWER OF PRIVATE LENDING®
THE POWER OF EQUITY®
Home of the:
 PURELY PRIVATE® Brand
BORROWER BE AWARE® Program
TRUE PRIVATE LENDERS, TRUE PRIVATE LENDING®
CHARTERED PRIVATE EQUITY MORTGAGE (PEM®)
PROFESSIONAL DESIGNATION C-PEM®-P
BEAT OR BYPASS® the Banking System Program
Learn2Lend™ & BE THE BANK® Training Program for Private Equity Mortgage (PEM®)
Investor-Lenders

Required Reading for those interested in Peer-to-Peer (P2P)/Private/ Crypto/Secret/Shadow Finance


Required reading #1:


 For Finance Industry Sector: CEO's, Heads of State (Members of organization "Top Management"), Legislators, Regulators, Regulated Entities, Professional Liability Insurers, Investors, Consumers, Academics, Scientists, Students
MQCC developed Canada Sustainable, Accountable, Flexible-Fair-Fiduciary-Frank, Efficient, Regulated-Respectful-Realistic (SAFER™) “Private Lending” Program.  MQCC SAFER™ is designed for Credit Intermediaries who desire to create systems to trade in "private lending" (Peer-to-Peer (P2P)/Private/ Crypto/Secret/Shadow Finance) transactions. Required reading for all legislators, regulators and finance sector regulated entities seeking to trade in Peer-to-Peer (P2P)/Private/ Crypto/Secret/Shadow Finance. Purchased at safer.mqcc.org.
safer.mqcc.org
safer.mqcc.org


Table of Contents

MQCC SAFER™

ISBN: 978-1-9991884-0-5 (E-Book)

ISBN: 978-1-9991884-3-6 (Printed Book)

safer.mqcc.org



Required reading #2: 


For an introduction to the history of MQCC and discovery and commercialization of the "Principle's of 'BlockChain'", your library should include the world's authoritative encyclopedic reference on matters related to the formalization of the global Peer-to-Peer (P2P)/Private/ Crypto/Secret/Shadow Finance industry group; along with the history of the discovery of the "Principles of 'BlockChain'", utility tokens, securities tokens and related concept system matter. 

For All Industry Sector: CEO's, Heads of State (Members of organization "Top Management"), Legislators, Regulators, Regulated Entities, Professional Liability Insurers, Investors, Consumers, Academics, Scientists, Students


 The "Principles of 'BlockChain'", securities tokens and utility tokens were built for the development of a Peer-to-Peer (P2P)/Private/ Crypto/Secret/Shadow Finance system. Origin of a Specie™ Required reading for all legislators, regulators and finance sector regulated entities seeking to trade in Peer-to-Peer (P2P)/Private/ Crypto/Secret/Shadow Finance. A Transparent, Incontestable, Encyclopedic History of the "Principles of 'BlockChain'"; Birth of Binary Digit Utility Tokens, Securities Tokens; International Standards Integration and the Discovery of Conformity Science.  2001:2019 and Onward. Purchased at origin.mqcc.org.
If you are serious about: 

  • non-bank, non-institutional, non-syndicated, non-regulated or regulatory exempt, free trading securities and related financial instruments
  • Peer-to-Peer (P2P)/Private/Crypto/Secret/Shadow securities and related financial instruments
  • Conformity science (www.conformity.org) and its concept system subordinate elements:
    • "Principles of 'BlockChain'" (Bungay Unification of Quantum Processes Algorithm)
    • Utility Tokens
    • Securities Tokens

and learning about these topics or integrating the systems, technology, services or products properly, learn from MQCC; who built it first and built it best. 

 A final note: conformity science, the "Principles of 'BlockChain'", utility tokens and securities tokens are not only for non-bank finance, they are applicable to other aspects of the finance sector including bank and regulated financial transactions; and, in any aspect of ANY business operation in ANY other industry sector, as defined by the United Nations industry classification system and country-equivalent;  from Agriculture to Manufacturing to Public Administration to Wholesale trade, and any industry in-between.

Best,


Anoop Bungay
CEO 
MQCC


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

Sincerely yours,




MortgageQuote Canada Corp. (mortgagequote.ca)
Financial services for whom time is worth more than money.™ 

Alberta (AB) * British Columbia (BC) * Ontario (ON)
ON Brokerage License #12279

"Proud Sponsor of the Canadian Dream"®

A finance sector process of MQCC™ Money Quality Conformity Control Organization, incorporated in September 2006 as MortgageQuote Canada Corp.: the World's First BlockChain Company; the World's Most Trusted BlockChain Company: www.mqcc.org.

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PRIVILEGE AND CONFIDENTIALITY NOTICE

MortgageQuote Canada Corp. (mortgagequote.ca) is a member of the Money Quality Conformity Control Organization MQCC™ network. MQCC™ (MQCC.org) is a global finance, conformity and education business providing client services worldwide directly or through its member firms and affiliates. This email may be confidential and protected by privilege on a legal basis. If you are not the intended recipient, disclosure, copying, distribution and use of the email matter including URL links and related attachments, are prohibited; please notify the sender immediately and delete this email and related attachments from your systems. Unsubscribe from Automatic MQCC Ai-CRM Emails). MQCC Legal Notices.
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