Council Highlights – February 2018

Council received a report on the RECA Communications Audit

Downey, Norris & Associates presented the results of RECA’s Communications Audit. The objectives of the audit were to:

• evaluate and assess the effectiveness of RECA’s internal and external communication programs and practices in supporting its strategic plan
• provide recommendations for improvement of RECA’s internal and external communications to position their efforts to service organizational and stakeholder needs
• provide recommendations and a plan for development of employee skills and resource requirements to ensure the communications function serves evolving organizational and stakeholder needs and expectations

RECA is reviewing the recommendations within the report, and will share key findings with stakeholders later this spring.

Council approved the Audited Financial Statements and Annual Report for the year ending September 30, 2017

RECA’s 2016-2017 Annual Report and Summarized Financial Statements are available on RECA’s website.

Council reviewed a consultation plan for proposed standards of practice and Rule changes within the mortgage brokerage sector

At its October meeting, Council directed RECA Administration to develop a consultation plan and paper for consulting mortgage brokerage stakeholders on proposed changes to the Real Estate Act. These proposals relate to:

• disclosures of material risk and product suitability
• enhanced mortgage fraud prevention and detection
• the intermediary relationship option
• stronger protection for private lenders/investors

Read more about this consultation, and how you can provide your feedback in the Let Us Know: Mortgage Rules Consultation article in this newsletter.

Council instructs a review of the activities of appraisal management companies

Council directed the Real Estate Appraisers Advisory Committee (REAAC) and RECA Administration to review the activities of appraisal management companies, and how those activities affect the public and licensed real estate appraisers. REAAC and RECA Administration will make recommendations to Council, including the feasibility for licensing appraisal management companies under the Real Estate Act. There is no timeline in place for this project; Council will review its strategic business plan and determine what resources are necessary to undertake this project at a planning session later this spring.

Council approved an In-Camera Policy

Given the desire to improve the openness and transparency of Council proceedings, it is necessary to have a formal in-camera policy, which will ensure in-camera discussions meet the criteria for confidential and privacy issues. This will ensure that only meeting portions that meet the stated criteria proceed in-camera. Council meeting minutes will be available to the public on our website once approved by Council.

Council approved a Social Media Policy

The policy recognizes that it is up to each individual Council member to decide whether they wish to participate in social media, but also impresses upon Council members the inherent responsibilities, such as confidentiality and respectfulness, that come along with serving as a Council member for a provincial regulatory body.

Council approved a Correspondence Protocol

The correspondence protocol guides the Chair and executive director in carrying out their spokesperson responsibilities related to written correspondence. This policy works in conjunction with the Role of RECA Spokesperson policy.

Council approved a motion to complete the purchase and financing of the new RECA office building

Council received its stewardship report from the Executive Director

On an annual basis, the Executive Director tables a written report to Council in accordance with its Stewardship Reporting Policy.

This report is a tool to support the oversight responsibility of RECA operations in the following areas:

• fraud and theft
• privacy policy
• health, safety and environment
• ethical conduct
• legal actions