Peak Rewards – Terms & Conditions
Mortgage Brokers Loyalty Promotion
The following are the terms and conditions (the “Terms”) for the promotion provided by HomeEquity Bank (the “Bank”) to mortgage brokers in 2017 (the “Promotion”). The Promotion begins on January 1, 2017 and ends on December 31, 2017.
In order to qualify for a particular tier, and therefore, to receive the Increased Commission as outlined below, a mortgage broker is required to meet the minimum number of funded deals, being closed CHIPTM reverse mortgages or Income Advantage loan deals (the “Deals”) as set out in Table 1 below. A mortgage broker will need to close the funded Deals on or before December 31, 2017. 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, 2017.
|Number of funded deals
A mortgage broker will receive a combination of 1) Increased Commission (as defined below); and 2) eStore Credit, once the mortgage broker has qualified for a Bronze, Silver or Gold tier.
- Increased Commission in Basis Points
Once the Standard, Bronze, Silver or Gold tier is reached, a mortgage broker will receive additional basis points (the “Increased Commission”) on the initial advance amount for Deals closed on or before December 31, 2017 that qualify under a particular tier. All Deals will count towards qualification under a particular tier . Subsequent or Planned Advances will not be eligible for any Increased Commission.
 Income Advantage deals in which the initial advance is less than $100,000.00 will not receive any Increased Commission; those deals will continue to be paid out according to the terms of the referral agreement that is in place with a mortgage broker’s head office.
The Increased Commission on CHIP Reverse Mortgages and Income Advantage Deals in which the initial advance is greater than or equal to $100,000.00 are detailed in Table 2. For Income Advantage, the Increased Commission will be paid on the incremental portion of the initial advance above $100,000 only.
|Total basis points in compensation on initial advances
|Deals submitted directly to HomeEquity Bank (through D+H or other system)
|Deals submitted to HomeEquity Bank inside sales representative
Table 3 provides an illustration of how a mortgage broker’s compensation would be calculated, if the mortgage broker funded 12 Deals over the course of 2017 (all Deals assumed to be submitted directly to the Bank and the average Deal size is assumed to be $100,000).
|12 Total Deals
|Number of Deals in tier
|Funded amount in initial advances
|3 X $100,000= $300,000
|6 X $100,000= $600,000
|3 X $100,000= $300,000
|12 X $100,000= $1.2M
|Basis points commission for tier
Once the Standard, Bronze, Silver or Gold tier is reached, the Increased Commission will be paid on a quarterly basis as one lump sum, following the end of the close of the quarter.
- eStore Credit
Once the Bronze, Silver or Gold tier is reached, a mortgage broker will also receive a credit to the Bank’s eStore, as outlined in Table 4. No eStore credit is payable on the Standard tier.
eStore credits are not assignable or transferable.
Once the Bronze, Silver or Gold tier is reached, the Bank will notify a mortgage broker via email that the eStore credit is available. A mortgage broker will have 90 days from the date on which the email is received to use the eStore credit (the “Expiry Period”).
If within the Expiry Period, a mortgage broker closes additional Deals to qualify for the next tier(s), the total number of eStore credits will be equal to the difference between the eStore credit balance previously earned and unused and the eStore credit available under the next tier. For example, if a mortgage broker reaches the Bronze tier on April 1, 2017, the mortgage broker will receive 1,000 in eStore credit. If the mortgage broker does not use the eStore credits and reaches the Silver tier on June 1, 2017 (i.e., within the Expiry Period), the mortgage broker will receive an additional 1,000 in eStore credit, and will therefore have a total of 2,000 in eStore credits. The mortgage broker will then have 90 days from June 1, 2017 to spend the 2,000 in eStore credit. The mortgage broker will be notified via email by the Bank when the new Expiry Period is set to begin.
If the eStore credit is not used within the Expiry Period, the credit will be removed from the mortgage broker’s account.
General Terms and Conditions
This Promotion is subject to all applicable federal, provincial and municipal laws. The decisions the Bank makes with respect to all aspects of this Promotion are final and binding on all mortgage brokers without right of appeal, including, without limitation, any decisions regarding the eligibility of any person. By participating in this Promotion, 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 Promotion, 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 Promotion 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 Promotion 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 Promotion-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 Promotion. The Bank does not issue tax receipts.