Initial Certification Requirements
To be certified as a HomeEquity Bank (the “Bank”) Reverse Mortgage Specialist (the “Certified”), a mortgage broker must fulfill the following requirements (the “Certification”):
- Must fund a minimum of three (3) deals within a twelve (12) month period (the “Period”). Funded deals are closed CHIPTM Reverse Mortgages or Income Advantage loans.
- Meet with the Bank’s Business Development Manager (“BDM”) to discuss the mortgage broker’s plan for promoting the Bank’s products.
- Participate in a training seminar provided by the Bank.
- Pass a certification test (the “Certification Test”).
For all Brokers Certified on or following July 4, 2017
During the first Period after the date on which a mortgage broker passes the Certification Test, the mortgage broker may earn up to 100 basis points on his or her first three funded (3) deals, depending on whether the broker funds a CHIPTM Reverse Mortgage or Income Advantage loan. For further details on commission payable by the Bank, please speak with your BDM.
If a mortgage broker funds more than three (3) deals, the broker will qualify for Peak Rewards and may be entitled to higher commission. For more information on Peak Rewards, click here.
Continuing Certification Requirements for Brokers Certified prior to July 4, 2017
A broker must fund a minimum of three (3) deals between January 1, 2017 and July 3, 2018 to continue to be Certified.
If a mortgage broker funds three (3) or more deals within the Period, he or she can continue to submit deals directly to the Bank through the D+H Expert portal or other system (the “Portal”). The Certified may earn 100 basis points or more in commission, depending on Peak Rewards qualification. For more information on Peak Rewards, click here.
If a mortgage broker funds fewer than three (3) deals within the Period, the broker will lose his or her Certification and will be required to remove the Certification logo from his or her promotional materials, website and social media platforms. Once the Certification is lost, the broker will be unable to submit deals directly to the Bank through the Portal. The broker is still encouraged to submit deals to the Bank but will only be able to refer deals to the Bank’s sales representatives. Once the Certification is lost, the broker may be able to earn 65 basis points or more in commission, depending on Peak Rewards qualification.
Re-certification Requirements for Broker Certified prior to July 4, 2017
It is possible to be re-Certified after the Certification status is lost.
In order to be re-Certified, a mortgage broker must:
- Fund a minimum of three (3) deals between July 4, 2018 and July 3, 2019.
- Prepare a written business plan outlining the strategy to promote HomeEquity Bank’s products and submit it to your BDM.
General Terms and Conditions
The Bank reserves the right, in its sole and absolute discretion, to cancel, amend or suspend HomeEquity Bank Certified Reverse Mortgage Specialist Program (the “Program”), or to amend these terms and conditions (the “Terms”), in any way without prior notice or obligation for any reason whatsoever. The Bank reserves the right, in its sole and absolute discretion, and without prior notice, to adjust any of the dates, timeframes and/or other Program’s mechanics stipulated in these Terms, to the extent necessary, as a result of any circumstances which, in the opinion of the Bank, in its sole and absolute discretion, affect the proper administration of the Program as contemplated in these Terms, or for any other reason.
In the event of any discrepancy or inconsistency between the terms and conditions as provided in these Terms and disclosures or other statements contained in any Program-related materials, including, but not limited to point of sale, print or online advertising, the terms and conditions of these Terms shall prevail, govern and control to the fullest extent permitted by law.
In the event of any discrepancy or inconsistency between the English and French version of these Terms, the terms and conditions of the English version of these Terms shall prevail, govern and control to the fullest extent permitted by law.
Trademarks are owned by the Bank or related entities.
You are responsible for any income tax liability arising from the Program. The Bank does not issue tax receipts.