Verico Accede Mortgage Borrower Disclosure Statement

MORTGAGE BORROWER DISCLOSURE DOCUMENT

The following was developed by the Canadian Institute of Mortgage brokers and lenders (CIMBL) to assist borrowers with understanding their relationship with mortgage professionals.

This is a multi purpose form designed to serve a number of different relationships. We will be adding sidebars throughout so that the reader will get a better idea of the relationship that will exist between themselves and your Verico Accede Mortgage Group mortgage professional.

MORTGAGE PROFESSIONAL'S ROLE.

A Mortgage Professional's role is to receive the borrowers application, consider the particular circumstances and recommend the best product suited to borrowers needs based on the products available to the mortgage professional.

The mortgage professional's role and obligation to the borrower and lender will vary depending on the nature of the service relationship between the mortgage professional, lender and borrower.

A mortgage professional cannot always provide the lowest rate or best terms in the marketplace.

NATURE OF RELATIONSHIP

Nature of Service Relationship (Check one)

I will act as an intermediary between the borrower and the lenders who have authorized me to offer their mortgage products to borrowers. In this service, I have been authorized to offer the mortgage products of one or more lenders to borrowers who are seeking a mortgage.
I will act as an agent for the borrower only. In this service relationship I have an obligation to represents the borrowers best interest at all times.
I will act as an employee of, or agent for, the lender only and will treat the borrower as a customer of the lender. In this service relationship, I have an obligation to represent the lender's best interests and will treat the borrower as a customer of the lender.

While an argument can be made that the second item is the choice at Verico Accede Mortgage Group we defer to item #1. By acting as an intermediary we represent the best interests of both borrower (to get you the best deal) and lender (full disclosure of client information). In this service relationship the client gets the best deal while the lender as sufficient information to minimize risk.

Whose products do I offer?

Mortgages from a single lender
Mortgages from multiple lenders.
Other _______________

Nature of relationship between lender and myself.

I am employed by the lender
I am not employed by the lender.
Lender expects first right of refusal.
Other _______________.

It follows that if we act as an intermediary that we would offer mortgages from multiple lenders and that in the course of our business we would be independent and not be employed by any lender.

COMPENSATION

I may (will) be compensated for this mortgage transaction in the following ways:

By way of commission/income or fee paid by the lender.
By way of salary paid by the lender.
By charging you a fee.
By way of a renewal commission from the lender if you keep the loan in force.
By way of commission/income depending on the length of the term or the amount of the mortgage.
Other _______________________.

I may (will) also receive monies or non monetary benefits from the lender that include:

Additional commission/income based on my volume of business with the lender.
Additional commission/income based on my efficiency with the lender.
Additional commission/income because you are paying a higher rate than is otherwise available with this particular lender.
Travel/gifts
Attendance at seminars or conferences
Equity shares with the lender.
Other _________________________

OTHER

Refund of Fees. If I charge you a fee to arrange your mortgage and I am not successful in getting your mortgage approved by a lender you will receive:

A full refund of the fees you paid.
No refund
A refund of $_________.
Not Applicable
Other $_________

At Verico Accede Mortgage Group we do not charge or collect fees until after successful placement of your mortgage.

What additional fees will you have to pay?

None
An application/placement fee
Specific fees e.g. property appraisal, default mortgage insurance, title insurance.
Other _____________________.

As a mortgage professional, I may (will) be paying others (e.g. realtors, financial planners) part of my compensation for this mortgage referral:

Yes
No
Not Applicable
Other _____________

This document then concludes with signature blocks for the Mortgage Professional and the Borrower(s) and is dated.

Once signed and dated ensure you obtain a copy for your files.