Last Update: May 7, 2014
This web site is privately operated by Strategic Matches Inc. (hereinafter referred to as “Strategic”) for use by approved and registered mortgage brokers and lenders. The use of this site by persons not approved by Strategic is strictly prohibited. Strategic will use all legal remedies available to prevent use by unauthorized persons. The site is intended to be a tool for use by registered mortgage brokers and lenders. The tool will submit broker’s mortgage applications to lenders, to allow the lenders to review, underwrite, and commit to such applications. The issuance of commitments is strictly at the discretion of the lenders. Strategic does not provide any guarantee that a commitment will be issued on any particular application, and neither the broker nor the lender will hold Strategic liable for any business that is arranged (or not arranged) through the use of this tool.
Mortgage brokers and lenders should take all necessary steps to ensure that the information and documentation being exchanged through the site fairly and factually represent the associated application. Lenders in particular should take all usual due diligence in their underwriting process.
Mortgage Brokers As a registered Mortgage broker, you are required by license and by privacy legislation, to ensure that you have obtained written informed consent from your client, for the collection and disclosure of personal information. The consent is required PRIOR to that information being disclosed to any other party. You are responsible to ensure that the person who gives consent is aware that their information (or portions of their information) may be viewed by many people involved in the mortgage approval and registration process (underwriters, appraisers, lawyers/notaries, etc). You will be required to post a copy of the signed consent to the site as part of the file origination documentation. All applicants must sign a consent document.
For mortgages arranged through the use of this web site tool, the mortgage broker agrees to pay a referral fee of one quarter of one percent of the approved mortgage amount (with a minimum fee of $150.00) to Strategic. The referral fee is clearly identified on the site application form and will be withheld from the initial mortgage advance by the lender and remitted directly to Strategic.
Using this site to obtain commitments, which are then taken to lenders outside the site to match or beat the terms, constitutes the use of this site for arranging a mortgage, and requires the referral fee to be paid. In this situation, the broker will be responsible for the remittance to Strategic, as the off-site lender will not be party to the fee agreement with Strategic. While Strategic cannot control the actions of a broker, Strategic does not recommend using competitive quotes obtained from on-site lenders to bargain with off-site lenders, as it may detract from the long term benefit of the site. Supporting the lenders on the site will ensure the long term commitment of the lenders and will ultimately benefit the broker and their client.
The broker agrees to mark appropriate files as "Funded", once a file has reached that stage in the process.
For files presented to a lender through the site, the lender agrees to only issue commitments back through the site. The lender will not use information gathered from applications on the site to contact borrowers directly, unless the lender’s commitment has been accepted by the broker/borrower. Then normal interactive contact with the borrower, if that is the usual process for the lender, is acceptable. Information available from the applications on the site is not to be captured, stored, or used for any purpose other than the intended purpose of arranging mortgage financing, at the time the application is live on the site.
Only if a lender’s commitment has been accepted by the broker/borrower does the lender have the right to capture and store the borrower information provided in the application, for use in their lending file going forward.
The lender agrees to issue commitments only in those situations where there is full intent to fund the mortgage, and in all cases will not issue commitments for more funds than the lender has available at the time the commitment is issued. Funds must be on hand and available at the time the commitment is issued.
The lender agrees to withhold the REFERRAL FEE portion of the broker fee from the mortgage advance (the first advance if more than one advance is scheduled), and remit those funds directly to Strategic within 5 business days of the related mortgage advance. The lender will be provided with a separate agreement (Agreement for Collection and Remittance of Referral Fees) for signature.Close X