Mortgage Broker/Agents Rewards Program – Terms & Conditions
The following are the terms and conditions (the “Terms”) for the Rewards Program provided by HomeEquity Bank (the “Bank”) to mortgage broker/agents (the “Rewards Program”). The Rewards Program period for each given year begins on January 1 and ends on December 31 of the same calendar year. The Rewards Program period will reset the following calendar year and the new Rewards Program period will be in effect.
Eligibility
To qualify for a particular tier, and therefore, to receive the Increased Commission (as hereinafter defined) outlined in Table 2 below, a mortgage broker/agent is required to meet either the minimum number of funded deals OR a minimum total dollar value of funded deals. These include deals closed as a CHIP Reverse Mortgage® CHIP Max Reverse Mortgage, a CHIP Open Reverse Mortgage or an Income Advantage Reverse Mortgage (the “Deals”) as set out in Table 1 below. A mortgage broker/agent will need to complete the funded Deals on or before December 31 of the same calendar year. A Deal is considered funded once it closes in the Bank’s system of record. The number of Deals that qualify for a particular tier will be retroactive to January 1 of the same calendar year.
Table 1 (Achieve the number of funded deals required in each tier OR/ the cumulative funded volume indicated)
*Total deal count / total volume is only for a calendar year and resets every year. PEAK Rewards Bonus paid on Initial Advances, Subsequent Advances within 90-days of the date of Initial Advance, and Planned Advances within the calendar year of the Initial Advance.
Increased Commission in Basis Points
Once the Bronze, Silver or Gold tier is reached, a mortgage broker/agent will receive additional basis points (the “Increased Commission”) on the initial advance amount for Deals closed on or before December 31 of the same calendar year, that qualify under a particular tier. Only new client Deals that fund will count towards qualification of each tier.
Table 2
*Mortgage Broker Direct Base Rate = 175 BPS on Initial Advance greater than $100,000 as of January 1st, 2023
Maintaining your status:
If a Mortgage Broker /Agent has achieved Bronze, Silver or Gold status within a calendar year, that status is maintained until the end of that same calendar year. The Peak Rewards program renews on January first each year, offering the opportunity to once again attain status levels. Table 3 provides an illustration of how a mortgage broker/agent’s compensation would be calculated, if the mortgage broker/agent funded 10 Deals through the mortgage broker direct channel over the course of a year with the average Initial Advance assumed to be $200,000). Other advance scenarios may be subject to different commissions.
Table 3
Payment
Once the Bronze, Silver or Gold tier is reached, the Increased Commission will be paid at the next commission payment period for Initial Advances and monthly for all other payments.
General Terms and Conditions
This Rewards Program is subject to all applicable federal, provincial and municipal laws. The decisions the Bank makes with respect to all aspects of this Rewards Program are final and binding on all mortgage broker/agents without right of appeal, including, without limitation, any decisions regarding the eligibility of any person. By participating in this Rewards Program, you are agreeing to be legally bound by these Terms.
The Bank reserves the right, in its sole and absolute discretion, to cancel, amend or suspend this Rewards Program, or to amend these 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 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 this Rewards Program as contemplated in these Terms, or for any other reason.
By participating in this Rewards Program, you expressly consent to the Bank, its agents and/or representatives, storing, sharing, using and disclosing the personal information submitted while participating in this Rewards Program for the purpose of administering this Rewards Program and in accordance with the Bank’s privacy policy (available at: https://www.homeequitybank.ca/privacy/).
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 marketing-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 Rewards Program. The Bank does not issue tax receipts.
In no event will the Bank be liable for any direct, indirect, special, exemplary, punitive, incidental or consequential damages of any kind, whether based in contract, tort or otherwise, which arise out of or are in any way connected with the Peak Rewards Program, these terms and conditions, or the Bank’s operation of the Peak Rewards Program.