Frequently Asked Questions

Q: What technology does RMA use to originate mortgages?
A: RMA currently uses Filogix technology, namely Expert.

Q: Does RMA have a website that allows consumers to do online mortgage applications?
A: RMA does have a web-site (www.rmabroker.ca). However, we do not entertain consumer applications via our web site. If a consumer wishes to apply to RMA they must choose a consultant in their chosen area and apply to that consultant directly. Many of our consultants have their own web sites with online application function provided by Filogix. The consultants are encouraged to market themselves directly to the consumers.

Q: Is RMA registered with most lenders to do mortgages?
A: RMA is currently an Ontario-based mortgage firm. We have expanded nationally through a licensing strategy. For more information on the licensing strategy, please visit www.RmaiFinancial.com. For the time being, we are registered with the lenders that do business in these provinces. Please click here for a list of the lenders that we currently deal with.

Q: Besides the payroll processing fee, what are the other costs associated with working with RMA?
A: The other costs are:

1. Credit Bureaus: Priced at $3.15 + .55 (beacon score & safescan)
2. CIMBL membership: $237 / year
3. Errors & Omissions Insurance: $300 / year
4.  Financial Services Commission of Ontario: $275 / year

Q: Is RMA licensed outside Ontario?
A: Currently, RMA is only trading in Ontario. We have a licensing strategy that has allowed us to open operations in BC, Alberta, Saskatchewan, Manitoba, PQ & the Atlantic. For more information about our licensing strategy, please visit www.RmaiFinancial.com

Q: How often does RMA pay its consultants?
A: The payroll is processed weekly. The pay is done through Electronic Fund Transfer(EFT) into the consultant’s account, every Wednesday. Providing the finder fees have been received by RMA, all files that are received by Wednesday at midnight. (EST) and passes audit requirements, are processed for payment on the following Wednesday.

Q: How often do the lenders pay the finder fees to RMA?
A: Most lenders pay RMA on a weekly or a bi-weekly basis. Most lenders do Electronic Fund Transfer (EFT) into the RMA commission account. However, some lenders do send cheques that may slightly delay the process. click here.

Q: How often is Volume Bonus paid?
A: Usually most lenders pay the volume bonus out on a monthly basis. When RMA receives the VB, we reconcile the amount to the appropriate, paid files and the VB is immediately placed into the payroll run.