Calvert Home Mortgage Investment Corporation
Calvert Home Mortgage Investment Corporation is a private mortgage lender in the province of Alberta providing alternative financing to the real estate market. The company was established in 1982, by its founder Everett Koeller as a means of providing niche financing options not available through traditional financial institutions. The range of products and services that the Calvert Home Mortgage provides includes first and second mortgages for the purposes of consolidation loans, bridge financing, equity take-out, construction, and short term cash requirements. The company is committed to quick timely service and continues to offer flexible options to meet its customer needs.
Calvert Home Mortgage primarily deals through the independent mortgage broker channel in offering competitive products for a variety of financial needs. CHMIC is a private company and is not registered on any public STOCK exchange.
History
Calvert Home Mortgage Corporation Ltd. was established in 1975 by the President and founder, Everett Koeller, for the purpose of brokering mortgage transactions in the province of Alberta. Calvert Home Mortgage Ltd. arranged financing for both residential and commercial and assisted primarily real estate investors in purchasing mortgages for investment purposes.
Calvert Home Mortgage Investment Corporation was established in September 1982, as a Mortgage Investment Corporation (MIC), for the purposes of pooling funds to invest in residential, commercial and construction mortgages.
1997
Dean Koeller joined Calvert Home Mortgage to provide accounting, financial and administrative support to his father, Everett Koeller. Dean Koeller is Vice president, Chief Financial Officer (CFO), Chief Compliance Officer (CCO) and the Restricted Portfolio Manager (RPM) for the company.
2001
Dale Koeller joined the company to become the lead underwriting and to facilitate additional growth of the business. Dale Koeller is the Vice President and Underwriter for the company.
2007
Global credit crisis as a result of a number of international lending practices Alberta experienced a real estate market correction that saw modest adjustments in real estate values.
2009
Canadian Securities Administrators (CSA) established National Instrument 31-103 which required Mortgage Investment Entities (MIE) to be registered with securities regulators as Investment Fund Managers (IFM) and Exempt Market Dealers (EMD). The new regulations came into effect on September 27, 2010, and were later granted a further extension to March 31, 2011. Additional changes also required that MIE’s obtain a Restricted Portfolio Manager (RPM) designation in the province of Alberta.
2011
The 2011 the Canadian Federal Budget suggested rule changes to RRSP accounts that had a significant impact to Mortgage Investment Corporations (MIC) across Canada. The rules limited the ability of related parties to own more than 10% of any class of shares in tax deferred registered (RRSPs and RRIFs) accounts. MICs have widely been used in Canada as a means of pooling RRSP funds together from small related parties to invest and diversify the risks of investing in mortgages. Calvert Home Mortgage Investment Corporation took an industry leadership role in communicating to politicians and to the Department of Finance the impact the rules changes would have to the MIC industry. Despite the efforts of Vice President, Dale Koeller in speaking to Parliament’sStanding Committee on Finance (Canada) on November 3, 2011 and to the Standing Senate Committee on National Finance on December 6, 2011 the Federal Budget became legislation on December 16, 2011 through Bill C-13. The company continues to make efforts to encourage changes to this legislation.
Involvement in the Community
Everett Koeller founded the Charitable Foundation of the Family in 1989 as an avenue of performing grass roots charitable work in the community.
The vision of the charitable organization is to provide hope to individuals who have cannot be assisted fully through the community social system or who require specialized help to focus on a specific community need. The Charitable Foundation of the Family has focused on being agile, sensitive, sensible, and responsive to the needs of the poor, young people, and the community. Although some of the focus has changed over the past twenty years, the foundation has remained faithful to maintaining low overhead and maximizing our donor's benefits to the greatest needs.
Since inception the Charitable Foundation of the Family has funded over a million dollars to community initiatives. Corporate Governance
Membership
CHMIC is a member of:
• Alberta Mortgage Brokers Association (AMBA)
• Canadian Association of Accredited Mortgage Professionals (CAAMP)
• Calgary Chamber of Commerce
• Canadian Association of Family Enterprise (CAFÉ)
Articles
Positive Mortgage News
Adjust Your Mortgage Expectations
Understanding Your Credit and Budget
Beware of Condo Alligators
Minimizing Risk in a Changing Market Ask the Expert
AMBA’s Lender Forum A Hit