Federally Regulated Financial Institutions: Background

Banks, Mortgage Lenders other Federally Regulated Finance Sector Industry Participants

Risk-Based Integrated Quality Management Systems Solutions

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 & International), certifiably statutory-, regulatory- and process-compliant, operational, reporting & audit technology to the banking & finance sector.

In 2006, we developed what is today, the world's first bespoke ISO 9001:2015 certified, litigation tested, integrated risk-based 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 world-class technology creates measurable levels of efficiency, quality, trust & confidence for the three critical risk management functions of a regulated and non-regulated financial sector company: Business (Operations), Enterprise (Compliance) and Governance (Audit) within a transparent ecosystem.

MortgageQuote Canada Corp. is the only company in Canada's finance sector, whose integrated risk-based Quality Management System technology is built on Standards that are both: recognized by 163 countries, including the Canadian Federal Government; and certified thereto, by an Accredited Certification Body: "to safeguard consumers and users of [financial] products and services ..."

At MortgageQuote Canada Corp. "We do what we say and say what we do" this approach "Makes Banking, Finance & Investing Better"

What problem does MortgageQuote Canada Corp. solve?

Mr. Jeremy Rudin, Superintendent, Office of the Superintendent of Financial Institutions (Canada) issued a letter on July 7, 2016, to All Federally Regulated Financial Institutions (FRFI) respecting "Reinforcing Prudent Residential Mortgage Risk Management".

Problem Definition: Office of the Superintendent of Financial Institutions (Canada)

Excerpt from Letter by Mr. Jeremy Rudin to All FRFI's, of July 7, 2016:

Given the current economic environment in Canada, with record levels of household indebtedness and growing risks and vulnerabilities in some housing markets, OSFI’s supervisory scrutiny in the area of mortgage underwriting will continue. OSFI will place an even greater emphasis on confirming that financial institutions conduct prudent mortgage underwriting, and that their internal controls and risk management practices are sound and take into account market developments.

MortgageQuote Canada Corp.'s Solution: Office of the Superintendent of Financial Institutions

Summary of Letter to Mr. Jeremy Rudin, Superintendent, Office of the Superintendent of Financial Institutions by Anoop Bungay, August 8, 2016:

On August 8, 2016, Mr. Anoop Bungay, President of MortgageQuote Canada Corp. sent a private response letter to Mr. Rudin, detailing how MortgageQuote Canada Corp. is able to help those entities subject to OSFI oversight, meet [exceed] the increasing scrutiny, regulatory and operational expectations of OSFI (not to mention the Canadian public demands for higher standards of conduct by their regulated financial institutions).

MortgageQuote Canada Corp.'s Solution: Minister of Finance (Canada)

Summary of Letter to The Honourable Bill Morneau, P.C., M.P. , Minister of Finance by Anoop Bungay, September 12, 2016:

On September 12, 2016, Mr. Anoop Bungay, President of MortgageQuote Canada Corp. sent a letter to The Honourable Bill Morneau, P.C., M.P. , Minister of Finance detailing how MortgageQuote Canada Corp. is able to help the organizations withhin Canada's finance sector improve the use our integrated risk based Quality Management System, certified to Canada's National Standard for Quality Management, which helps to ensure better, safer and more efficient methods and products are provided to Canadian consumers of financial products.

Legislative Review

Pursuant to a variety of studies, including a legislative review by the Department of Finance Canada, a public version is posted here: Letter to the Minister of Finance: ISO 9001 Certification in the Finance Sector

MortgageQuote Canada Corp.'s Solution: Other Sector Bodies

MortgageQuote has also sent similar letters to various banking and finance associations in Canada's finance sector.

How Does MortgageQuote Canada Corp. solve the problem?

In 2006, MortgageQuote Canada Corp. pioneered the development and implementation of certifiable, Financial Regulatory Compliance & Operations Technology Quality Management Systems for the scope of Mortgage Banking ("Lending", in Canada) and Mortgage Broker Operations; which includes the sub-processes of residential mortgage underwriting. Among other things, the MortgageQuote technology achieves the following:

  • delivery of mortgage and financial products and services that are certified safe, reliable and of good quality.
  • business operations which function in a manner that certifiably reduces costs by minimizing waste and errors and increasing productivity; within a statutory, regulatory and process compliant environment.

MortgageQuote achieved what other financial sector companies have not, because we started from the bottom, up; from the point of a single transaction.

Certified against What Standard and by Whom?

ISO 9001:2015

British Standards Institute (BSI Group)

See Home

Financial Regulatory Compliance & Operations Technology

Built for Quality Management in Credit Intermediation & Beyond

MortgageQuote Canada Corp. has developed an ecosystem of litigation tested, regulatory compliant, risk-based, ISO 9001:2015 certifiable, quality management systems for the scope of Mortgage Banking ("Lending", in Canada) and Mortgage Broker Operations which can be customized to enable a FRFI to operate in accordance with the Superintendent's "risk management expectations" at 3 critical operating levels (identified by OSFI), of a financial services company:

  1. Business (Operations)
  2. Enterprise (Compliance)
  3. Governance (Audit )

Top Management Leadership & Commitment: Quality Starts at the Top

A Message to Chartered Banks and Finance Sector Company Directors and Shareholders

A Message to Existing and Prospective Company Directors

A Message to Existing and Prospective Directors & Shareholders-Investors (Chief, Minor and Major)

Why MortgageQuote Canada Corp.?

In 2008, MortgageQuote Canada Corp. developed the process of applying certifiable ISO 9000 family of quality management systems to the financial services sector for the dual scope of mortgage banking and mortgage broker operations, in order to ensure that statutory, regulatory and process compliant nonconformity events do not occur. After nine years of continuous quality management systems certification, through three revisions of increasingly rigorous quality management standards (ISO 9001:2000, ISO 9001:2008 and ISO 9001:2015), MortgageQuote Canada Corp. has not only mastered the process of regulatory compliant for financial services, namely for mortgage banking and brokering (credit intermediation). The MortgageQuote technology is proven to be a very stable integrated management and operating system which ensures that all departments of a credit intermediary are effective, efficient and regulatory compliant, including: Origination, Underwriting, Funding, Enforcement, Compliance, Audit, Management & Reporting.

Why an ISO 9001:2015 based Quality Management System?

"ISO International Standards ensure that products and services are safe, reliable and of good quality. For business, they are strategic tools that reduce costs by minimizing waste and errors and increasing productivity."

Corporate Governance teams (Board of Directors and Senior Management) who choose to implement ISO 9001:2015 quality management system can "sleep well at night" knowing that the organization that they govern and manage operates in a manner that does not impair its Composite Risk Rating (if applicable) and is statutory, regulatory and process compliant at a Business (transactional) Level, Enterprise (Systems) Level and Audit Level as follows:

  • All employees and managers within the organization's financial sector business operate in a rules-based management system with preventive internal controls which ensure that non-regulatory nonconformity events are kept at a minimum and regulatory based non-conformance events do not occur at any time.
  • In the event of a nonconformity (regulatory or non-regulatory, minor, major or critical), a certifiable process exists that:
    • identifies the root cause of the nonconformity (systems based or individual based)
    • implements necessary corrective action to mitigate the nonconformity
    • implements new or updates existing preventive measures to ensure a repeat nonconformity does not occur
  • Maintain implemented risk-based internal controls to ensure operating compliance to all business processes with corresponding reporting systems.
  • Certification provides the Corporate Governance team (Board of Directors and Senior Management) indisputable third-party validation that your financial institution or financial services company is operating its quality management system, effectively - at a transactional level - and on a daily basis.

Engender Certifiable Levels of:

  • Investor Confidence
  • Customer Confidence
  • Stakeholder Confidence

The ONLY enterprise, integrated end-to-end quality management system that combines operations, management and audit process. Developed in Canada, MortgageQuote's management system fulfills' OSFI's "three lines of defense" principle for Operational Risk Management (E-21).

It all starts with an Application. Built from the ground up, within the ISO 9001 framework using an ultra-functional approach, integrating technology with rules based processes. Risk Based Management Systems Designed to Reduce the Effect of Uncertainty and Maximize EBITDA for OSFI-, OCC-, and other Regulated Companies

OSFI-Compliant ISO 9001:2015 Quality Management Solutions for Federally Regulated Financial Institutions

Calculators; Additional Details

Banks, Credit Unions, Lending Corporations - Federally or Provincially Regulated

(Qualified Registered Users Only)

Contact MortgageQuote Canada Corp.

Email info[at]mortgagequote.ca or complete the form below.

Click here for the contact form

Note: We will only respond to entities who are subject to OSFI-, OCC- or Other Regulatory (Federal and Non-Federal) oversight.