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Tag: mortgages

Registering a Notice to try and save a Power of Sale

Often, borrowers loosing their home to a power of sale will take any advise they can get to stop the process. Borrowers are sometimes led to believe that if you register something on title to the property that you can possibly thwart the lender’s ability to physically transfer it. As with most registrations on title if it has nothing to […]

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Changes to the Mortgage Syndication Rules

As of July 1, 2018, the Financial Services Commission of Ontario (FSCO) will begin enforcing the changes to the O. Regulation 188/08 Mortgage Brokerages Standards of Practice under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA) that affect non-qualified syndicated mortgages.To recap a qualified syndicated mortgage is a syndicated mortgage (a mortgage where there is more than one lender) that meets ALL of the following requirements:A licensed mortgage brokerage was involved in negotiating or arranging it.The mortgaged property secured was:Primarily used for residential purposes;Did not contain more than four (4) dwelling units (remember sometimes lenders will classify multiplexes as commercial or entirely residential depending on the number of dwelling units disregarding actual zoning and use);Did not contain more than one non-residential (commercial) unit, if within a mixed use building with other residential units (again up to four (4) in total).

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Islamic Financing and Riba Free Mortgages

Over the last few years, and especially since the financial crisis of 2008, the concept of Islamic financing or banking has been gaining momentum as an alternative financial model for lending and banking. In the UK for example, since 2013, there has been a wider acceptance of this model of financing, and in fact there has been a wide push by the government for the creation of Islamic compliant investment opportunities, both for the domestic market’s consumption, and as a means of attracting foreign investment in the UK financial market.Here in North America the model has garnered some attention, and in fact currently there are few lending companies that offer Islamic compliant financing options, however the model has not been seen as attractive enough or in demand enough to be created and offered as a product.The attraction to this model of financing and banking is primarily due to the fact that Islamic financing puts emphasis and operates on the notion of shared risk between the lender and the borrower, as oppose to the traditional western style banking and financing. That is why this model garnered more attention after the financial crisis of 2008.

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Annual Maintenance and Reporting Requirements of a MIC, a Mortgage Investment Corporation

Annually a MIC that issues its shares through a prospectus and registration exemption under securities law and regulations (e.g. not publicly traded companies),  will be responsible for providing their investors with financial statements illustrating the performance of the MIC for its recent fiscal year end in a set of separate documents.  However, in addition to appeasing their investors with proper disclosure and transparency a MIC will be required to do the following annually:A financial audit (completed by a qualified firm CA or CPA firm, does not need to be IFRS, as MICs are not automatically considered reporting issuers even though they are deemed “public companies” under the Canadian Income Tax Act);Annual resolutions to approve the financial statements;Annual resolutions to declare dividends, and possibly to catch up for dividends declared throughout the year on a monthly or quarterly basis;

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