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MorWEB upgrades to support new BC Cost of Borrowing regulations

July 10, 2006 — In an effort to ease the confusion and complication associated with manual annual percentage rate (APR) calculations, Marlborough Stirling Canada has developed a simple spreadsheet to help BC mortgage brokers quickly calculate the APR, as required by the new Cost of Borrowing regulations that came into effect for British Columbia mortgage brokers on July 1, 2006.

In addition, we are pleased to confirm that these calculations are now being integrated into the MorWEB product and will be available within approximately one week, so that MorWEB users will not have to rely on any manual calculations or complex workarounds.

"We are committed to ensuring that our solutions achieve regulatory compliance in all areas," says Bill Pitkin, Marlborough Stirling Canada President and CEO, "and part of that aim is to keep it simple for our users by building as much compliance into the system as possible. We want our clients to know that they can rely on us as their service provider to continually improve our systems and to do all we can to minimize the complexity that any new regulations may introduce to their business. In doing so, we act as proactively as possible and continue to foster collaborative relationships across the industry."

Tim Brown, MorWEB Product Manager, adds: "Our ability to quickly and seamlessly introduce this upgrade is an excellent example of web-based technology in action. Since we maintain the application from a central location we are able to make changes to the system without requiring any special steps to be taken by the end users to give them access to the added functionality. They simply log on and the changes are in place and ready for them to use. There's no need to download, install or configure a complex package of software patches, or to wait for a service call from one of our support representatives. With MorWEB you can be certain that you are using the most technically capable and functionally up to date origination package available every time you log on."

Additional information:

Complete details of the new Cost of Borrowing regulations are available on the Financial Institutions Commission of BC (FICOM) website.

The Mortgage Brokers Association of BC (MBABC) has also set up a Frequently Asked Questions page to provide further detail.

News source: Marlborough Stirling Canada

 

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