EDWINA NEARHOOD, AACI, P.APP. ELECTED
AIC-BC congratulates Edwina Nearhood, AACI, P.App of Vancouver, BC on her election as President of the British Columbia Association of the Appraisal Institute of Canada. A Press Release was sent out in November 2021 advising of Edwina’s accomplishment.
AIC-BC wishes to congratulate the following AIC-BC Members for earning use of their AACI™ and CRA™ designations in 2020:
From affordable housing issues, to speculation tax, to tighter mortgage rules, to spikes and drops in housing prices, the British Columbia real estate market continues to be under the microscope. Under these circumstances, while it is an opportune time for increased appraisal demand, it is also a time to exercise caution. The AIC-BC will use this forum to share fraud-related notices as they are made available and would like to take this opportunity to share best practices and additional information about how AIC-BC Members can protect themselves and the public.
BCFSA has advised of the following Industry Alerts:
The Registrar of Mortgage Brokers (the “Registrar”) issued a Decision on Merits on August 30, 2021 regarding allegations by the Office of the Registrar against Dean Frank James Walford and Loan Depot Canada.
A Notice of Hearing has been issued to Sarbjit Bains
A Notice of Hearing has been issued to Elite Lending Corporation
A Notice of Hearing has been issued to Hou Yin Ho
A Notice of Hearing has been issued to Chi Young Norris You
A Notice of Hearing has been issued to Tony Young
A Notice of Hearing has been issued to Kasra Erfani Mohseni
A Notice of Hearing has been issued to Mylene Villanueva Lim
A Notice of Hearing has been issued to Donna Catalina Baciu
A Notice of Hearing has been issued to Ksenia Ivanova
A Notice of Hearing has been issued to Jordan Lee Ly
The Registrar of Mortgage Brokers (the Registrar) has entered into a Consent Order with Ms. Tanya Smith.
A Notice of Hearing has been issued to Shima Soltani
A Notice of Hearing has been issued to Prem Lata Devi Singh
A Decision on Penalty and Costs – MA Campagna
Cease and Desist Order – Jay Kanth Chaudhary aka: Mike Kumar; George DeSouna; Jay Michaels
Notices of Hearing have been issued to Dean Frank James Walford and Loan Depot Canada
Industry Alert – Consent Order – Gabriel Jason Hoffart and John Stephen McKay
Industry Alert – Consent Order – Nasir Aziz Ansari
A Notice of Hearing has been issued to Gagan Deep Bachra
A Notice of Hearing has been issued to Shane Christopher Ballard
Industry Alert – Consent Order – Adil Jafferali Virani
Industry Alert – Consent Order – Anil Sagar
Beneficial Ownership Register Advisory
Notice of Hearing has been issued to Manjot Kaur Khunkhun
A Notice of Hearing has been issued to Ravinder Biln (also known as Ravinder Kaur)
A Notice of Hearing has been issued to Kambiz Parvizi.
For general mortgage broker inquiries, call:
Office of the Registrar of Mortgage Brokers
BC Financial Services Authority
Phone: 604-660-3555 | 866-206-3030 (toll free) | Fax: 604-660-3365
2800 – 555 West Hastings Street | Vancouver, BC | V6B 4N6
Email: | Website: www.bcfsa.ca
AIC Fraud Prevention Tips:
- Know your client.
- Know your market – heated markets are hubs for fraud.
- Exercise due diligence in your research — property flips, sales/listing history and exposure time can tell a story.
- Issue letters of engagement with every assignment but particularly with unfamiliar clients.
- Password-protect your reports and only give the password to your client.
- Decline if it doesn’t feel right – providing a reliance letter to a new intended user is not a mandatory requirement; you have the right to decline – it is an extension of risk.
If you suspect that your report has been altered or compromised, you should immediately*:
- Advise your client, if appropriate, of the suspected activity;
- Report suspected fraudulent activity to the Appraisal Institute of Canada – BC Association Executive Director, Christina Bhalla, to request that an email broadcast be sent out to the AIC-BC Membership;
- Report any suspected fraudulent activity to the Appraisal Institute of Canada’s Director – Professional Practice, Shelley Poirier. Information will be held on record should a related claim or complaint arise;
- Report suspected activity to appropriate lending associations such as MIABC, CMBA-BC, and MPC;
- Contact BCFSA at firstname.lastname@example.org or 604-660-3555 to advise of the suspected activity;
- Alert your local police to advise of suspected activity and obtain a case number.
*These recommendations are for general information purposes only and should not be construed as legal advice. AIC-BC urges Members to contact AIC’s Director of Professional Practice with specific questions or for additional guidance.
For more information, please refer to the following AIC publications:
Protecting Yourself Against Valuation Fraud
Mortgage Fraud Red Flags and Warning Signs for Valuation Experts
Avoiding Mortgage Fraud is Everyones Business