|
Mortgage Documents:
Information for Solicitors
Frequently Asked Questions (FAQ)
We have recently implemented three (3) initiatives that have an impact on the way we work with solicitors, they are:
- Electronic Documentation Delivery (EDD)
- Legal Documentation Updates
- Electronic Funding
For answers to some of the most frequently asked questions about any of these initiatives, please click on one of the categories and it will take you the appropriate FAQ.
Electronic Documentation Delivery (EDD)
- Why has the delivery method changed for mortgage documentation delivery?
ATB Financial is implementing a new mortgage funding and documentation delivery process for all mortgages to ensure solicitors receive mortgage proceeds and documentation in an efficient and more timely manner.
- I am unable to open the documents that have been emailed to my law firm, as I do not have the password in my possession. How do I obtain the password?
If you cannot locate the password, please call our Branch Support department at (403) 541-4300 to obtain a copy of the letter containing the password. One of our Specialists will verify the caller and fax information and fax a copy of the letter to your office.
- I have received an error message or I am experiencing trouble opening the documents. What can I do?
The documents are provided in both Microsoft Word and Adobe PDF formats. You will require the most updated version of Adobe Reader in order to be able to open the PDF documents that were emailed and the documents that reside on the ATB web site. Please click on the link provided on the “Mortgage Documents” web page to download most updated version of Adobe Reader. Please pay close attention to the minimum system requirements outlined in the Adobe link; otherwise, you may continue to receive error messages.
- I have received an email from ATB Financial, however, I did not receive the attachments. Who do I contact?
Check your Internet security settings to enable pop-ups or email attachments from ATB. Alternatively, you can speak to one of our Branch Support Specialists by calling:
(403) 541-4300, or forward the email to BranchSupport@atb.com, advising you did not receive the attachments.
- I want future mortgage instructions to be sent to a different email address. Who can I contact to have this changed?
Please send an email to BranchSupport@atb.com advising of the email address change request. In addition, you may wish to include confirmation of mailing address, fax and phone number for your law firm. We will be happy to update our records with your contact information.
Legal Documentation Updates
- What is different about ATB Financial’s mortgage instructions?
Our instruction letter has been significantly changed to provide more detailed instruction for different types of financing. The instruction package includes some of the required documentation that contains sensitive client information. Additional documentation required to secure ATB’s security position can be found on the Mortgage Documents page.
An official draft will no longer be delivered with instructions to solicitor, as funding is now being delivered electronically to an ATB trust account. All solicitors currently doing work on behalf of ATB were mailed a letter in December 2004, outlining our new process.
All email instructions and enclosed documentation has been password protected to ensure confidentiality of customer information. In addition, ATB Financial has developed additional reporting documentation for solicitor use. Over the years, ATB has identified the need to provide this documentation at the request of various law firms. We trust you will find this documentation easy to use, as we have designed the forms to be interactive, permitting you to tab through the form to enter required information.
- I need assistance understanding your Instructions to Solicitor and I have questions about the loan. Who do I contact for clarification?
You may speak to one of our Branch Support Specialists by calling (403) 541-4300 to seek clarification. If your question requires interaction from ATB’s Legal Services, we will forward your inquiries or concerns on your behalf.
- ATB Financial now has reporting documents on the “Mortgage Documents” web page. I have my own reporting documents. Will I be required to use the forms ATB Financial has provided?
The only reporting documents that solicitors are required to use are the Solicitor Final Report and our Request for Funding form. The Conflict Letter, Solicitor Interim Report, Affidavit re: Down Payment and Protocol Letter been provided on www.atb.com for the benefit of solicitors who do not have their own forms. Both the Word and Adobe versions of these forms are interactive, which will allow you to tab through each field requiring completion.
- How do I explain when the CMHC/ Genworth Financial Canada mortgage insurance premium appears in both the “Value Given” and “Value Received” columns of the FTA Disclosure?
Cost of Borrowing Recap:
Cost of borrowing is the difference between the totals of “value received” and “value given” as set out in section B. of the disclosure.
- If the CMHC/ Genworth Financial Canada mortgage insurance premium has been the only fee paid through ATB, then total cost of credit will equal interest over term.
Value Given and Value Received Tables:
The CMHC/ Genworth Financial Canada mortgage insurance premium will appear in both the value given and in the value-received tables in section B., in order to cancel the premium amount out of the cost of borrowing calculation. This is purely an exposure of the calculation used to determine cost of borrowing, as per the Fair Trading Act.
The totals of the “value given” and “value received” columns in section B. of the disclosure do not represent funds borrowed or payments owing. Discussion of “value given” and “value received” is contained in the Fair Trading Act.
Application of loan amounts, as ordered by borrower:
This section details the amounts that make up the total loan amount advanced. If the CMHC/ Genworth Financial Canada mortgage insurance premium is being financed, the premium amount will appear in this table.
- I have a Mac OS X computer and I am having problems viewing and printing the MS Word/PDF documents correctly. What can I do to fix the problem?
The problems you are experiencing may be due to a number of different variables, such as the web browser, the version of MS Word, or the PDF viewer you are using. Adobe Reader 7.0 is recommended for use by Mac users and a link for a free download of the tool is provided on the site. The documentation on the web site has been properly tested for use on the Mac OS X platform. For problem resolution in this regard, please contact your in-house technical support, or Internet provider.
Electronic Funding
- I do not have an ATB trust account. How can I arrange to open an account?
Please contact your local ATB Financial branch and speak to a Branch Associate in order to open an account. Please use the ATB branch locator on our home page to determine which branch is most convenient for you.
- I do not have an ATB trust account. Can you credit my trust account at another financial institution?
At this time, the delivery of electronic funds to other Financial Institutions is currently unavailable, however is being explored. In the meantime, your office would be better served opening an ATB trust account for faster delivery of funds. The process for direct depositing funds would be initiated by your office faxing in to Central Services at 403-974-7179, indicating the date the funds will be required for disbursement. In the event you do not have an ATB trust account, Central Services would issue a trust cheque to be delivered to your office for the date you require funds. Please allow sufficient time for overnight delivery of our trust cheque. ATB Financial will guarantee funding within 72 hours.
- Funds for real estate transactions are usually required no later than 11:00 a.m. in order for funds to be remitted to the vendors’ solicitor. What is your service level for providing mortgage funding?
ATB Financial has a service commitment for ATB trust account holders, to provide a 72-hour funding guarantee from the date/time the Form 3588, Request for Funding has been faxed to our central processing center. On the date the funding request has been received, ATB will review the forms for the date the funds are required, giving consideration to Protocol or Title Insurance closings. On the funding date, proceeds will be directly deposited into the Law Firm trust account prior to 11:00a.m. and a confirmation will be returned to the solicitor.
Additional Information
ATB Financial is looking for ways to improve our ability to communicate with our service partners. Making it faster and easier to obtain your forms and documents is only the first step. If you have any questions or suggestions, please feel free to contact our Support Line at:
ATB Financial
Central Services
380, 6715 - 8th St NE
Calgary, Alberta
T2E7H7
Tel: (403) 541-4300
Fax: (403) 974-7179
e-mail: BranchSupport@atb.com
|
