Prairie’s Best Mortgage prides itself in serving our clients with our team of industry leading experienced professionals. We make it mandatory for all members of the PBM team to maintain membership in both the Canadian Association of Accredited Mortgage Professionals (CAAMP www.caamp.org). Mortgage Professionals working for Prairie’s Best Mortgage are licensed and regulated in Saskatchewan under the Mortgage Brokers Act of Saskatchewan. Oversight for this Act is mandated to the Saskatchewan Financial Services Commission (www.sfsc.gov.sk.ca).

All professionals working with PBM have either already earned, or are working towards, their professional designation of Accredited Mortgage Professional (AMP, http://www.amp-designation.ca/) and must maintain the strict educational requirements and the highest ethical standards which are associated with this professional designation.

The Mortgage Brokers Act ensures that persons practicing as Mortgage Brokers or Associates in the Province of Saskatchewan provide their clients with a minimum standard  of responsibility to the public. We have summarized items below that are relevant to you as our client in order to ensure that you are fully informed as to our role and responsibility in serving you as well as the relationship and responsibilities we have to the lenders that we work with. The information detailed below is also incorporated into our Client Service Agreement, of which you may download a PDF copy from our Forms section on our website at http://www.saskatchewan-mortgages.com/mortgage-documents.html.

Mortgage Brokerage’s Role
The mortgage brokerage’s role (and that of their representatives, mortgage brokers/associates) and obligations to the borrower and the lender will vary depending on the nature of the service relationship between the mortgage brokerage and the lender or borrower.

A mortgage professional with PBM will always endeavor to obtain the very best mortgage for you depending on your own unique set of circumstances. A mortgage brokerage cannot always provide the lowest rate or the best terms in the marketplace. Best rate is dependant on your qualifying income, your credit history, your equity or your choice of property type or location.

Nature of Relationship
PBM and/or its associates and representatives will act as a transaction facilitator between the borrower and the over 40 independent lenders who have authorized us to offer their mortgage products to borrowers. In this service relationship, we are authorized to offer the mortgage products of one or more lenders to borrowers who are seeking a mortgage. Our duty to you, the borrower, is to act competently and honestly and to disclose all relevant information associated with the mortgage transaction.

Whose products do we offer
We offer products from over 40 different lenders that provide mortgage products to Canadian consumers, many of whom are publicly traded corporations and are governed by the Canadian Bank Act or Canadian Trust Legislation. All consumer mortgages in Saskatchewan are subject to the rules and disclosure regulations contained in the Saskatchewan Consumer Protection Act. We also offer products from a number of private lenders which may include a Mortgage Investment Corporation (MIC) or simply a wealthy individual.

We also offer Mortgage Protection Plan
(Creditor Life and Disability Insurance).
We are independent business professionals and we are not employed directly or indirectly by any of the entities to whom which we may introduce you to their product offerings.

Our Compensation
PBM will be compensated in most cases by the lender in the form of a finder’s fee (or commission) paid to PBM for facilitating the mortgage transaction. In rare circumstances PBM may be required to charge you a fee for the services we provide, if this is the case this fee will be disclosed to you prior to obtaining a mortgage commitment from a lender on your behalf, and will only be paid if the brokerage is successful in getting your mortgage approved by a lender.

PBM may also receive monies or non-monetary benefits from the lender that may include additional commission based upon our combined volume with the lender, additional commission based upon our efficiency with the lender, promotional travel or gifts, and attendance at seminars and conferences.

Additional Fees or Costs Associated with a Mortgage Transaction
Depending on the nature of the mortgage transaction and your personal circumstances you may be responsible for the cost of a property appraisal, default mortgage insurance (CMHC or Genworth mortgage premiums on high ratio mortgages) title insurance, legal fees, home inspection, registration fees, and home owner’s insurance.

Confidential Information
As part of the Mortgage Application, you may be required to provide members of the PBM team with personal information. PBM is dedicated to respecting your privacy and will take all reasonable steps at our disposal to safeguard it. For more information you may view our privacy policy at http://www.saskatchewan-mortgages.com/privacy.html

Prevention of Fraud
Mortgage fraud has become an unfortunate by-product of the buoyant Canadian Real Estate Market in recent years. Mortgage fraud is not a victimless crime as the losses incurred by lenders result in higher costs for mortgage funds and transactions to the vast majority of legitimate real estate business taking place in Canada every day. All PBM partners/associates have been trained in, and apply the recommended CIMBL best practices for fraud prevention in their daily practice.