Finmo allows team admins to enable the BCFSA Form 1A workflow in their team settings. Once enabled, borrowers will be prompted to complete and sign Form 1A as part of their application.
Important: Form 1A will only be presented automatically for applications initiated by the borrower. If a deal is initiated by the broker, Form 1A must be sent to the borrower manually using e-sign.
How to enable BCFSA form 1A -team admins only
1. Log in to your account as a Team Admin.
2. Go to Team Settings by clicking on the "gear" icon.
3. Select Compliance.
4. Find the BCFSA disclosure section.
5. Choose when you want Form 1A to be presented to borrowers.
You have three options:
Do not include the BCFSA disclosure in the borrower portal
Form 1A will not be presented to borrowers.Show when the subject property is in BC
Form 1A will be presented when the borrower indicates that the subject property is located in British Columbia.Show for all applications
Form 1A will be presented to all borrowers who start an application, regardless of the subject property's location.
Tip: For teams operating primarily in British Columbia, select option 3 to have Form 1A presented for all applications.
6. Select a default assignee when there is no deal agent associated with the application.
7. Some information required for Form 1A is not collected elsewhere in the application and must be configured by a Team Admin.
This includes:
Relationship with lenders: Choose whether to include lender information and complete the applicable details.
Agency model: Select Brokerage agency or Designated agency, as appropriate for your brokerage.
Brokerage name: Confirm the brokerage name shown.
Note: Your brokerage name will populate on the Form 1A.
8. Click on Save changes.
Should you have any questions please click on the chat bubble in Finmo or email support@finmo.ca