Articles and Open Secrets

MortgageQuote Canada Corp. (www.mortgagequote.ca)

CQMFA.org: The World's Safest Banking & Finance Network (www.cqmfa.org)

Quality Management-in-Finance.

Friday, 5 May 2017

The Company You Keep: "For Whom the Certified Quality Management Bell Tolls": CQMFA.org

"You are the company you keep". This and other phrases: "Birds of a feather flock together", have been spoke for centuries because they bear a certain truth.

Who else in Canada or the world is devoted to Certified Levels of Quality Management, in the Finance Sector?

In accordance with Clause 8.1 of the accreditation standard ISO/IEC 17021 (Reference to Certification and Use of Marks); certification bodies must make their directory of certified (to an International Organization for Standardization (ISO) or an International Electrotechnical Commission (IEC) Standard) clients available.

Here is a partial list of finance sector organizations Certified to ISO 9001:2008 or ISO 9001:2015:


  • Industrial and Commercial Bank of China (China) 

  • Bank of Canada (Canada)

  • Reserve Bank of India (India)

  • National Australia Bank Limited (Australia)

  • MortgageQuote Canada Corp. (Canada)

  • US Bancorp (USA)

  • PT. Bank Mandiri (Indonesia)

  • Allfunds Bank (UK/Spain)

Visit www.CQMFA.org for additional names.



Certified Quality Management-in-Finance Association CQMFA.  


Join CQMFA!

If you are the Quality Management Director or Quality Management Officer at one of these organizations (and are not already a member) please consider joining CQMFA.org. An international organization where members of the finance community who have Certified Quality Management Systems may get together and discuss matters-of-interest or share ideas.

If you trade in the finance sector (NAICS or Equivalent Code: 52 - Finance and insurance; NACE/ISIC/UKSIC: Section "K"  Financial and Insurance Activities) and have business operations that are certified to ISO 9001:2015, and do not appear on the public record (or the CQMFA website) pursuant to ISO/IEC 17021, let us know who you are. Please have your Quality Management Director or Quality Management Officer, Email us at info@cqmfa.org.


What is CQMFA.org's vision?

To foster an international community of like-minded individuals in leadership positions of organizations in the finance sector, who have a passion for quality management. Learn more

Quality Management is an international phenomenon. A Certified level of Quality Management is the pinnacle that all Quality Managed organizations recognize.

 Everyone who sees quality knows what it looks like; quality knows no borders. It does not matter where you live, there are a small group of people who are dedicated to delivering a consistent, reliable, quality solution of whatever product or service they provide.

As a consumer, investor or stakeholder in the finance sector, you owe it to your self to seek, find and work with certified, quality managed professionals in the finance sector. And when you do, you will avoid "buyers remorse" and be able to "sleep well at night."


Contact info@cqmfa.org to learn more
MortgageQuote Canada Corp. MQCC
Proud Sponsor of the Canadian Dream®
www.mortgagequote.ca
@mymortgagequote


Tuesday, 14 March 2017

Certified Quality Management in Finance? It's All About Trust.

Are you looking for a trustworthy financial sector organization in Canada?

Look for the only one in Canada certified to ISO 9001:2015, namely, MortgageQuote Canada Corp.

Given MortgageQuote Canada Corp.'s status as Canada's only ISO 9001:2015 certified mortgage company, to the National Standard of Canada, which lets you, the Canadian consumer know that our company "does what it says and says what it does", the question of trust is answered. 

Don't just take our word for it. Certification provides the general public and stakeholders with prima facie, objective, third-party evidence supporting MortgageQuote's claims.

Visit www.mortgagequote.ca to learn more or ask the Honorable Navdeep Bains, Minister of Innovation, Science and Economic Development Canada. His ministry oversee the various organizations that publish the National Standards of Canada.

To learn about Quality Management-in-Finance at an international level, visit www.cqmfa.org.

Sunday, 12 March 2017

How Anoop Bungay Pioneered Certified Levels of Quality Management in Finance: QualityGuard: The Finance Sector Safeguard System for Investors-Lenders & Borrowers

In 2006, the finance market was full of  money; everybody was making it. Homeowners, brokers, banker's, lender's insurers. No one cared if the party would stop. Indeed, the cynics knew that political concepts of "too big to fail" were real, and if something bad happened market-wise, governments would step in to help.

Many person's made money in the years leading up to the great financial crisis, and fewer person's made more money, in the years after the great financial crisis. Indeed, movies were made to celebrate those who profited from the pre-financial crisis years: namely, "Wolf of Wall Street" and post-financial crisis years: namely, "The Big Short".

Pre-2006, the founder of one company, MortgageQuote Canada Corp., had the foresight to start along the path to develop a business management system that would effect organization resilience during both good times and bad times. The system today, is trademark branded as the "iQMS: MortgageQuote Integrated, Risk-Based Quality Management System". Certifiably based upon the quality management principles and requirements of ISO 9001:2015; the National Standard for Quality Management in Canada, USA, UK, European Union, Australia and over 150 other countries.

To learn how Anoop Bungay, Founder of MortgageQuote Canada Corp. pioneered Pioneered Certified Levels of Quality Management in Finance visit: www.mortgagequote.ca.

The patent-pending, enterprise level iQMS is multi-faceted and among other benefits, safeguards MortgageQuote stakeholders alike, to ensure that real estate finance transactions function at the highest certified levels of quality: in a statutory, regulatory and process compliant manner.

One unique outcome of iQMS implementation is development of QualityGuard: The Finance Sector Safeguard System for Investors-Lenders & Borrowers.

What does QualityGuard do for stakeholders? QualityGuard effects less mistakes, errors, omissions and losses caused by non-compliance. Look at blog.mortgagequote.ca to learn more about what happens when bad things happen to finance sector organizations that fail to function at certified levels of statutory, regulatory and process compliance.

Let's face it, there is enough risk in life to trust your finances with a company that cannot even demonstrate certified levels of quality, when it comes to your finances.

MortgageQuote Canada Corp.: THE TRUSTED NAME IN FINANCE.



Wednesday, 22 February 2017

Found it! The Wells Fargo of Canada is.......President's Choice Bank (PC) Financial - Fake Account Creation - Credit Card

The team at MortgageQuote called it!

On the FRIDAY, 9 SEPTEMBER 2016 MortgageQuote Blog, we asked the following question:

"who is the next Canadian version of Wells Fargo"?

Ask no more! This goes to President's Choice Bank, trading as PC Financial; owned by Loblaws (Real Canadian Superstore Brand). See this article to learn more:

I was tricked': Loblaws shopper says she was secretly signed up for credit card. Source A Pdf copy of the article is here.


Consumers and Investors:

Read this article again, to remember the value of MortgageQuote Canada Corp.

Invest in Financial Companies that have CERTIFIABLE Quality Management Systems that Prevent Home Capital Group and Wells Fargo Bank Fiasco's

Tuesday, 11 October 2016

The Benefits of ISO 9001:2015 (Quality Management-in-Finance) or; Non-Compliance versus Statutory and Regulatory Compliance versus Certified Statutory, Regulatory and Process Compliance (aka Quality Management): in Pictures for EVERYONE TO UNDERSTAND

Operating in a Non-Regulated Environment:
This is the original state of the Canadian banking and financial system, in Year 1, hundreds of years ago. In the beginning, the finance sector operated without (or with little) regulatory or statutory compliance requirements; like the teeth you find in a shark tank or dragon's den. "It's painful but due to the sharp edges, it is fast, so the pain does not last long." People lost money due to predation and nonconformity caused by the absence statutory, regulatory and process requirements.

Unverified Operations within a Regulated Environment:
This is the current state of the Canadian banking and financial system, with the exception of few companies, like MortgageQuote Canada Corp. After the introduction of statutory and regulatory compliance, people still lost money. Predation still exists, although it is often up to the consumer to figure out that they have been "had". Banks and finance company's say, "hey, we are regulatory and statutory compliant because we have our licenses to operate." Why? Due to the absence of verification.

Just because the Department of Motor Vehicles issued you a license to drive a car, does not mean that you drive responsibly on an ongoing basis. Obtaining a license to operate does not mean you are operating effectively, safely or within the statutory and regulatory requirements.

Market realities prove that getting a license is simply not "good enough". The ability to obtain a license to operate in a regulated industry is the minimum standard for entry; diluted for the market, as a whole. The fact that an organization is licensed does not tell the customers that the licensed entity is actually working in accordance with the licensing requirements.

Regulators will admit: "after we issue a license to operate, the only time we find out bad things are happening is, if someone lodges a complaint or something worse happens". Indeed, ask any regulated entity: bank, mortgage broker, syndicated lender, investment advisor: if you get audited tomorrow by your regulator -where they will go over all of your business operations, including your client and transaction records, pursuant to your requirements of licensing; will you be able to sleep well at night, tonight?" Most respondents will say "no".

Look at the billions of dollars in contingent liabilities that Canada's top 5 banks must account for, EACH YEAR in their ANNUAL REPORTS. This does not include the hundreds of millions of dollars paid by mortgage brokers, investment advisors, insurance brokers and other finance industry sector professionals who fail to operate in a statutory and regulatory manner.

This systemic weakness is evidenced by the sheer dollar volume of paid and pending contingent liabilities; into the billions on a per annum basis. Nor does it mean that all non-statutory and non-regulatory processes are effective enough to ensure that statutory and regulatory non-compliance events are prevented.

Additionally, merely demonstrating that an organization has employees who fulfill the role of compliance officer does not mean that the organization has implemented an integrated, risk-based process approach to ensure certifiable levels of compliance to all statutory, regulatory and procedural requirements. Nor does it mean that the organization has a system of preventive measures to ensure statutory, regulatory and process nonconformity (employee fraud, consumer predation, systems breakdown) do not occur.


Verified Operations within a Regulated Environment aka Certified Quality Management:
This is MortgageQuote Canada Corp. Canada's only finance sector company, whose integrated Quality Management System is certified to ISO 9001:2015 for the scope of Mortgage Banking ("lending" in Canada) and Mortgage Brokerage Service. Customers and stakeholders can trust the company to function in an environment that is statutory, regulatory and process compliant.

What does this result?
  • Cut costs, through improved systems and processes
  • Increase customer satisfaction, through improved safety, quality and processes
  • Near zero (0%) levels of statutory and regulatory non-conformity
  • Consumer Confidence
MortgageQuote Canada Corp. undergoes a 2 part process. Through implementation and certification of the internationally recognized, tried and tested quality management system namely, ISO 9001:2015.  Developed by the International Organization for Standardization (ISO), based in Geneva, Switzerland. ISO is an independent, non-governmental international organization with a membership of 163 national standards bodies. As Canadians, we are founding members.

Implementation Aspect:

The ISO 9001:2015 Quality Management System standard specifies requirements for a quality management system when an organization:

a) needs to demonstrate its ability to consistently provide products and services that meet customer and applicable statutory and regulatory requirements, and

b) aims to enhance customer satisfaction through the effective application of the system, including processes for improvement of the system and the assurance of conformity to customer and applicable statutory and regulatory requirements.

Certification Aspect:

ISO states: "Certification [is] the provision by an independent body [3rd party] of written assurance (a certificate) that the product, service or system in question meets specific requirements. [Namely, statutory, regulatory or process compliance]. Certification can be a useful tool to add credibility, by demonstrating that your product or service meets the expectations of your customers. For some industries, certification is a legal or contractual requirement."

Since 2008, MortgageQuote Canada Corp. is audited twice per year, by two different third-party auditing firms: an internal auditor and an external auditor. The external auditor is a Standards Council of Canada-Accredited Management Systems Certification Body.

The Standards Council of Canada (SCC) is a federal Crown corporation. Its mandate is to promote efficient and effective standardization in Canada. The organization reports to Parliament through the Minister of Innovation, Science and Economic Development Canada and oversees Canada's national standardization network. According to the SCC: "Standards help to ensure better, safer and more efficient methods and products."

Proven History:

Over 25 years of global history is not wrong. This international Quality Management Technology is what keeps you safe in a hospital; keeps you safe while flying and makes sure your light switch operates each time you need to turn it on.

Maybe it's about time you tell your bankers, lenders, mortgage brokers and investment advisors to give you the same degree of quality, don't you think?

Welcome to the Future of Finance

Financial Regulatory Compliance & Operations Technology & Financial Products-Services

MortgageQuote Canada Corp. is the world leader in providing real-time accountable, OSFI- (Canada), OCC- (USA) and Other Regulatory Body (RECA/FICOM/FSCO/MSC - Canada), certifiably compliant, origination, operational processing, audit & reporting technology to the finance sector.

In 2006, we developed what is today, the world's first bespoke ISO 9001:2015 certified, litigation tested, integrated Quality Management System designed to enable continual statutory and regulatory compliance and to prevent statutory and regulatory nonconformity events; for the following scope: "provision of mortgage banking (lending in Canada) and mortgage brokerage services".
Our continually improving system creates measurable levels of efficiency, quality, trust & confidence for the three critical risk management functions of a regulated financial sector company: Business (Operations), Enterprise (Compliance) and Governance (Audit).

"Making Banks Better"

If you have any questions, contact us at info@mortgagequote.ca. Ask for Anoop Bungay or one of his team members.

Copyright 2016 MortgageQuote Canada Corp. All Rights Reserved.

Wednesday, 5 October 2016

If your Bank, Mortgage Broker or Investment Advisor is not certified for Quality, then your Bank, Mortgage Broker or Investment Advisor is not Quality Certified.

If quality is important to you and your money is important to you, then you must insist that your bank, mortgage broker or financial advisor operates a quality business. What is Quality? A very simple definition from google is "the standard of something as measured against other things of a similar kind; the degree of excellence of something".

What is "Quality in a Financial Context"? This is also very simple; how excellent is your bank, mortgage broker or investment advisor, to you? As in all things of a service or product nature, "you get what you pay for". Given all the bank interest charges, account fees, mortgage broker charges, investment advisor fees, mutual fund fees and other expenses, do you feel you are getting what you pay for? Do you feel that your bank, mortgage broker or investment advisor is operating their business in a manner that delivers you a "high quality solution"? Is your bank difficult to deal with? Is your mortgage approval taking too long, or has "last minute conditions that your mortgage broker did not properly explain to you"; is your investment advisor or mutual fund company charging you more in fees than you are actually earning in your investments?

Ask your bank, mortgage broker or investment advisor if they are running a Quality Certified business. Only a Quality Certified business is able to provide you with financial products and services that are: safe, reliable and of good quality.

When it comes to YOUR money, should you not expect that to be your minimum standard for deciding to work with a bank, mortgage broker or investment advisor?

MortgageQuote Canada Corp. is the world leader in providing real-time accountable, OSFI- (Canada), OCC- (USA) and Other Regulatory Body (RECA/FICOM/FSCO/MSC - Canada), certifiably compliant, origination, operational processing, audit & reporting technology to the finance sector.

In 2006, we developed what is today, the world's first bespoke ISO 9001:2015 certified, litigation tested, integrated Quality Management System designed to enable continual statutory and regulatory compliance and to prevent statutory and regulatory nonconformity events; for the following scope: "provision of mortgage banking (lending in Canada) and mortgage brokerage services".

Our continually improving system creates measurable levels of efficiency, quality, trust & confidence for the three critical risk management functions of a regulated financial sector company: Business (Operations), Enterprise (Compliance) and Governance (Audit).

If you are looking for Quality Certified financial products and services, namely those that are safe, reliable and good quality for you, then contact us. We have been waiting for you. Visit www.mortgagequote.ca to learn more.

Wednesday, 14 September 2016

MortgageQuote Canada Corp.: ISO 9001:2015 or the Wells Fargo Online Financial Services Group & Home Capital Group: Balanced Scorecard Approach? What does over 10 Years of History Tell Us?

Conclusion: There is no contest. One is not the same as the other. And ISO 9001:2015 wins.
The shareholders of Wells Fargo and it's Board should consider licensing MortgageQuote's certifiable, regulatory compliant, integrated Quality Management System technology, immediately. It will be long term money well spent.

Some Canadian Mortgage Companies or Financial Services rely on the Balanced Scorecard at the Governance level; for example: Home Capital Group, which in 2015, had an anonymous "whistleblower" tip lead to the exposure of a massive 45 Licensed mortgage broker fraud related to $960M of mortgage originations.

 If it happens in two places, it happens in three places.

The Balanced Scorecard concept is a ostensibly about "measurement". If the Balanced Scorecard can not even allow for the measurement of fraud, regulatory noncompliance or nonconformity in finance - it is proven to be useless for at least some finance companies

For the finance sector, the Balance Scorecard appears to function as merely an academic construct born out of a thesis, supported by a 12 month study (Kaplan et. al. 1992). Deemed by some individual or consultant as appropriate for use in the very serious business of finance. Any modifications to the original model clearly did not work for Wells Fargo or Home Capital Group.

How do you not see 2M fake accounts? Or 45 fraudulent LICENSED mortgage brokers. What good is the measurement system...why would you need to wait for the selfless, charitable generosity of a whistleblower.....and for that matter...what good is licensing?

Company 1 - ISO 9000 Approach:

MortgageQuote Canada Corp.: ISO 9000 Family of Quality Management Standards

Abstract:

The MortgageQuote Canada Corp. (MortgageQuote) ISO 9001:2015 certified, integrated Quality Management System is designed to prevent statutory and regulatory nonconformity events.

2016 Outcome

After 10 years of compliance and 8 years of certification to an ISO 9001 Quality Management System, MortgageQuote is operating at 6 six sigma. Less than 1 defects (nonconformity) occurring out of a million opportunities.


Company 2 - Balanced Scorecard Approach

Wells Fargo and Balanced Scorecard

Abstract:

Source: Harvard (Case Study: Wells Fargo Online Financial Services (A) PUBLICATION DATE: June 12, 1998 PRODUCT #: 198146-PDF-ENG)

Wells Fargo, the industry leader in electronic banking, has implemented a Balanced Scorecard in its online financial services group (OFS) to track and measure performance. The OFS group develops and supports services that allow existing and future banking customers to perform transactions via the Internet. The new division faces rapid change and must invest heavily in new technology and in the development of innovative products and services. OFS was finding it difficult to balance the need for a clearly articulated strategy and measurable objectives with the flexibility required in its dynamic environment. Wells Fargo had a culture that embraced financial metrics. Yet OFS management believed that its business could not be measured and evaluated on the basis of financial metrics alone. For example, the group was not yet profitable, yet it provided a critical component to the bank's long-term strategy. The OFS group believed that the Balanced Scorecard would allow them to develop a set of integrated, multidimensional measures to assess performance against its goals and to communicate and update its strategy in a rapidly changing environment.

2016 Outcome

Wells Fargo Fined $185 Million for Fraudulently Opening Accounts. 

They created fake email accounts to sign up customers for online banking services. (The OFS - Online Financial Services Group). Source

BoingBoing.net states: 5,300 Wells Fargo employees created 2 million phony bank accounts and racked up huge fees, raking in commissions from their employer for being such great salespeople for the bank's services; meanwhile, the fees associated with the 2 million fake accounts created the appearance of much greater earnings for the bank, which it trumpeted to its investors.

Wells Fargo says that it has been rooting out employees who ran this con for the past two years, having caught 5,300 of them so far (the bank employs 265,000 people). The fake accounts -- savings, checking, credit/debit cards -- were opened in the names of existing Wells Fargo customers, who had their accounts raided to create balances in the new accounts, and were then hit with fees that cleaned them out.

[Wells Fargo] bank is paying a $185M fine and reimbursing known victims to the tune of $5M.