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AI & Lending

The New Mortgage Services Act in British Columbia: What it means and how to prepare

Changes to the rules governing mortgage brokers and non-institutional lenders in British Columbia made headlines this week. One notable pending change is the $500,000 maximum penalty for individuals and businesses that violate the rules, which will come into force in late 2023. 

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Mortgage Quality Control Software

Loan officers can drop the ball when they don't use mortgage quality control software. As everyone in the industry knows, loan originators must comply with nearly a dozen mortgage or real estate industry rules and regulations that are dictated by federal agencies. Quality control is an integral part of error-free loan origination. In addition to protecting a lending institution from liability, quality control helps to ensure a positive client experience. The process of mortgage quality control involves:

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Cheap Leads: Loan Officer Referral Gifts

The major mortgage companies understand the importance of giving loan officer referral gifts. You may be wondering if this strategy is right for if you're an independent broker or run a small business. Some loan officers see gifts as giving off a bad impression and transactional. But as we’ll see below, there are ways for mortgage loan officers to make gifts look and feel authentic.

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