Terms and Conditions

Terms and Conditions

Applicant Service Agreement

(Acting as an intermediary)

1. Term of Agreement

  • This Agreement begins on the day of your mortgage application It ends on the funding of the loan, mortgage or for financing.
  • You acknowledge and affirm that the information you have given in the mortgage application or any other service offered is true and complete and that you have not withheld or misrepresented any The information provided by you will be relied upon to be accurate in order for the lenders or any other persons we may submit to on your behalf to determine credit worthiness.
  • The undersigned applicant(s) agree and covenant with Ownest Financial (Ownest).

2. Services

  • We will collect your personal information to determine your identity and credit
  • We will submit your financing application and other documentation to the

3. Personal and confidential information

  • You give your consent to us to collect, maintain, use and disclose your personal information for the purpose of this agreement and for all uses consistent with arranging and/or renewing loans, mortgages or other financing
  • You agree, we will collect your personal information from any person or source that has personal information about You authorize them to release your personal information to us.
  • You agree we can provide your personal information and financing application to each potential lender, insurer, insurance agent/broker or service provider, and they may receive this information maintain records relating to you, including your Social Insurance Number you provide.
  • You agree, each potential lender, and we can verify any information from any source for purposes of this agreement and arranging and/or renewing loans, mortgages or other financing
  • You agree we will retain your personal information for safe keeping in accordance with the Real Estate Act of Alberta, British Columbia, Ontario, the Personal Information Protection Act (PIPA) and the Personal Information Protection and Electronic Documents Act (PIPEDA), whether or not your financing is approved or You agree, we may send the application and personal information to a corporate office of the brokerage and hold the information securely with access restricted to individuals having a need to deal with the information.
  • We will not:
    • give out any of your confidential information without your consent, unless required by law
    • use confidential information we receive from you or that we get from performing under this agreement for another purpose than those in this agreement unless you agree in
  • Our duty to keep your information confidential continues after this agreement
  • To communicate with you through our website and to allow you to take advantage of services offered through that website
  • To solicit and process any referrals you may wish to send to us
  • You understand the use of the information is determine your credit
  • You agree we may update your referral source about the progress of your
  • You agree we may add your name and contact information to our client lists at the end of the term of this service agree to tell you about our services through electronic
  • You give consent and authorization to collect and use personal information for the following purposes:
    • to determine the suitability of the products and services for you
    • to determine your eligibility of the various products and services
    • to establish, manage and offer products and services that meet your needs
    • to provide ongoing service(s)
    • to meet our legal and regulatory requirements
    • to authenticate your identity
    • to monitor your compliance with any of your agreements with us
    • to manage or transfer our assets or liabilities, for example in the case of an acquisition or merger, the provision of security for a credit facility or the change of a supplier of products
    • to protect us, yourself and others from fraud and error and to safeguard our business interests
    • to offer additional or alternate products and services to

The purposes in section 3.13 (j) are optional, and you may opt out of them by contacting our Privacy Officer at privacy@ownest.ca

  • You authorize Ownest to disclose to any lender, credit reporting agency, insurer, insurance agent, financial advisor, realtor, lawyer or any other person(s) involved in a transaction personal and financial information concerning you as we consider You also authorize any person whom we contact in this regard to provide such information to us.
  • You acknowledge that Ownest will continue to use the personal information provided to keep you abreast of timely information regarding new products and changes in mortgage offerings that could benefit you, your family or And from time to time we share this information when relevant with your original referrer or nominee.
  • You acknowledge that Ownest will collect documents from Revenue Canada (CRA) on your behalf through signed T1013 This CRA form is provided to obtain appropriate signatures and to obtain the necessary information to support your financial goals.
  • To disclose to financial institutions, payment processors, lawyers, financial institutions and government licensing bodies for any of the  above purposes.

4. Our responsibilities

  • We will review your personal information and documents received to confirm your identity and your credit If further verification is required, we will notify all parties to any potential transaction of any changes.
  • We may provide related financial
  • We will act as an intermediary between you and the lender (s).
    • Our responsibilities to you in an intermediary relationship include:
      1. be honest
      2. exercise reasonable care and skill
  • gather your intended property and financial information to determine the lending options available to you
  1. disclose and explain finance options for your consideration
  2. complete and submit documentation to the lender
  3. keep you informed of the progress of your application
  • Our responsibilities to the lender are:
    1. be honest
    2. exercise reasonable care and skill
  • complete and submit documentation to the lender
  1. disclose what steps were taken to verify information and documentation as part of the application process
  2. keep the lender informed of the progress of the application

5. Your responsibilities:

  • Communicate and cooperate with us
  • Be honest
  • Give us personal and financial information and keep us updated on any changes
  • Pay all applicable expenses for a property appraisal, closing costs, legal fees, registration fee, broker fee (if applicable) and any other costs or expenses incurred by you in connection with this For this purpose of this agreement whether or not you receive approval or funding. We will discuss these expenses with you.
  • Pay for any costs we incur to verify your personal

6. Credit Bureau consent:

  • You authorize us to obtain credit reports from Equifax &
  • We will ask you for your Social Insurance Number to use in verifying and reporting credit information to the credit bureaus and credit reporting You may refuse to consent to its use or disclosure for these purposes (this will however affect our ability to secure you any financing).

7. Fee (s):

  • We will receive our fee for this mortgage transaction from the lender unless otherwise disclosed due to private or alternative lending. This fee is prior to Our team consists of underwriters, assistants and brokers who are salaried employees therefore no commissions are paid directly to them from any financing mortgage transaction.
  • We may (will) also receive monies or non-monetary benefits from the lender that include:
    • additional fees based our volume of business with the lender
    • our efficiency with the lender
    • because you are paying a higher rate than otherwise is available with this particular
    • travel/gifts
    • attendance at seminars or conferences
    • equity shares with the lender
  • You acknowledge that a referral fee may/will be paid to one or more referral sources on this mortgage transaction and further referral fees may/will be paid to the same one or more referral sources (or nominees) on any subsequent financing provided in the Standard referral fee schedule:


Min Mortgage Value Max Mortgage Value Referral Fee
$50,000.00 $200,000.00 $100.00
$200, 001.00 $350,000.00 $250.00
$350,001.00 $600,000.00 $500.00
$600,001.00 $900,000.00 $750.00
$900,001.00 $3,000,000.00 $1,000.00


8. Relationship and Compensation

  • To better assist our borrowers in understanding the relationship and compensation with Mortgage Brokerages, we have outlined the following information for your
  • For a variety of reasons, a mortgage professional may not always be able to obtain the lowest rate or best terms in the marketplace for a particular borrower. Terms of the purchase contract, type of property, property value, borrower’s employment status, borrower’s financial position, and credit history are examples of some factors that may affect rates te
  • The mortgage brokerage and its representative’s role and obligations to the borrower and the lender will vary depending on the nature of the service relationship between the mortgage brokerage as well as the lender or This is not intended to be an all-inclusive list however in general terms it best describes the mortgage brokerage’s role and resulting obligations to you. You are strongly encouraged to discuss this document with your mortgage brokerage representative and ask any questions you may have.
  • A mortgage broker can be described as the mastermind between a borrower and a lender with the goal of originating a mortgage Typically, a mortgage broker draws from a pool of various lenders to find the right match; however, it is important to know that some mortgage brokers only do business with one lender.
  • We, as a Mortgage Brokerage, will act as an INTERMEDIARY between the borrower and the lender(s) who have authorized us to offer their mortgage products to borrowers who are seeking a Some of our duties to the borrower are to be honest, exercise reasonable care and skill, gather your intended property and financial information to determine the lending options available to you, disclose and explain appropriate options for your consideration, complete and submit documentation to the lender, and keep you informed of the progress of your application. Some of our duties to the lender are to be honest, exercise reasonable care and skill, complete and submit documentation to the lender, disclose what steps were taken to verify information and documentation as part of the application process, and keep the lender informed of the progress of the application. The products this brokerage offers will be from MULTIPLE LENDERS.
  • The brokerage and its brokers/associates will be compensated for this mortgage transaction by way of commission income a fee paid directly by the lender and, as well, may also receive monies or nonmonetary benefits from the lender which can include additional commissionable income based on volume of business with a particular
  • As outlined above, there is a variety of options in obtaining a mortgage, however if for some reason the brokerage must charge you a fee to arrange your mortgage you will be information as soon as possible so you many decide to proceed or If you choose to proceed there will be no refund. When obtaining a mortgage, there can be additional fees that that you might be required to pay such as property appraisal, default mortgage insurance, title insurance, legal fees, etc.
  • If you, the client, back out of or cancel a mortgage approved and accepted by you Ownest reserves the right to charge to you a fee up-to and equal to the compensation Ownest would have collected from the lender on this mortgage This   fee will be collected through a lawyer, collection agency or charge on title.

9. Early end to this agreement:

  • Despite the end date listed at the beginning of this agreement, the agreement ends immediately if any of these things happen:
    • we both agree in writing to an earlier end date
    • our license to deal in mortgages is suspended or cancelled
    • we are bankrupt, insolvent, or we are in receivership
    • you materially breach this agreement and you give us written notice to end If the agreement ends for any other fee reasons, there will be no effect on our rights and your rights under this agreement.

10.   Other details about this agreement:

  • The laws of the Provinces of Alberta, British Columbia and Ontario govern this
  • Words in the singular meaning may be read as plural when required by
  • The clause numbers will change as necessary, if there are changes in this
  • Any future changes to this agreement must be in writing and signed by both of us to be
  • you agree the information provided to us and the financing application is truce and
  • You acknowledge this agreement accurately sets out what both of us agree to
  • You acknowledge by requesting Ownest’s assistance in trying to provide you financing or any other service we offer you will be auto enrolled in our Ownest Advocates Referral Program This membership automatically entitles you to receive referral fees anytime you refer another person for financing or any other participating product we offer. You also understand that you will be receiving regular communications regarding this program.
  • You acknowledge that you have read and received a copy of this

11. Contact Information:

  • You and we may communicate and deliver documents and information to each other in persons, by mail, electronically or in customer You and we acknowledge there are risks with each of these methods and we have explained these risks to you.
  • We will use the following information for all written communication between both of Both of us must tell each other in writing within two (2) business days of the change of this information.

This service agreement has been accepted and will be served for the purposes only until mortgage funding and will end on that date



Ownest Financial, Inc.

1927 246 Stewart Green SW Calgary, AB T3H 3C8

P: 1-855-699-2400

F: 1-866-698-1726

E: info@ownest.ca