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Mortgage broker says banks aren't giving Canadians the interest savings they deserve
11/28/2015 5:33:19 AM
Bank of Canada Governor Stephen Poloz responds to a question on the banks interest rate cut decision during a news conference in Ottawa, Wednesday July 15, 2015.
In its fifth year, CMP’s top brokers list received a record number of submissions and once more an increase in funded volumes. CMP r reports on the results
11/28/2015 5:30:31 AM
In its fifth year, CMP’s top brokers list received a record number of
submissions and once more an increase in funded volumes. CMP
r reports on the results

An Examination of the Canadian Mortgage Broker Industry By Andrew T. Williams
11/28/2015 5:27:33 AM
An Examination of the Canadian Mortgage Broker Industry
                                   By Andrew T. Williams.
Ontario on track to regain some of its economic power
11/28/2015 5:21:54 AM

As Canada looks to retool its economy after years of relying on the energy sector, Ontario hopes to recapture some of its heft as the country’s economic powerhouse.

Canada’s most populous province is on track to grow about 2 per cent this year, outpacing the projected 1.1-per-cent gross domestic product increase for the country. Rachelle Younglai - ECONOMICS REPORTER

Canada must reshape economy to escape slow-growth future, CIBC CEO says
11/28/2015 5:19:46 AM

To escape a slow-growth future, Canada must urgently transition to an economy that’s focused on advanced skills, high-value products and innovation, says Victor Dodig, chief executive officer of Canadian Imperial Bank of Commerce.

With the energy sector “in the dumps” and real estate slowing, it’s time for Canada to get serious about reshaping the economy, Mr. Dodig told The Globe and Mail.

Black Friday barely shifts Canadian shopping habits
11/28/2015 5:16:50 AM

Canadian retailers are putting a lot of effort into promoting Black Friday, but according to Statistics Canada, shoppers aren't likely to have shifted their spending habits.

Retailers are extending shopping hours and offering discounts for Black Friday, the day after American Thanksgiving, and a traditional work day for most Canadians, but only a few retailers are expected to benefit.

China’s slowed economy could have 'double impact' on Canada: Morneau
11/28/2015 5:13:35 AM
Experts are warning that China’s slowed economy may push the already-unstable global economy into another recession. A Bloomberg report last week said that Chinese borrowers are taking on “record amounts of debt” to repay interest on their existing financial obligations. Bloomberg cited Hua Chuang Securities Co., which predicts that the amount of loans, bonds and shadow finance arranged to cover interest payments will rise five per cent this year. Michelle Zilio, CTV Question Period@michellezilio
Titan Equity Group placed in receivership
11/28/2015 4:51:45 AM
Titan Equity Group and its CEO, Lance Kotton, are under investigation by the Ontario Securities Commission for allegedly misappropriating investor funds. No charges have in fact been made or those allegations yet proven in court.
 
The OSC alleges that Kotton used investor’s funds to purchase a home, luxury cars, and pay himself “excessive” management fees. by |
Exclusivity agreement leads to poor service?
11/28/2015 4:50:07 AM
Despite a recent negative experience with a broker and an exclusivity agreement, this client still chooses to support the broker industry.

“I’ve never seen one and I’d never think of using one,” Nick Bachusky, a broker with Verico The Mortgage Advisors, told MortgageBrokerNews.ca. “That broker even used legal threats against the client.
by |

Exclusive: Open letter to the industry
11/28/2015 4:48:17 AM
By Gary Mauris
There has been much discussion recently about the proposed changes to the form 10 by FICOM, British Columbia’s regulator. Many of the industry leaders including Lenders, Originators and Associations have come together to discuss the consequences of these potential changes.

 First off, this is not a Commission disclosure issue. We all universally agree that transparency, regulating meaningful disclosure and enforcement are critically important for our Industry and for the public at large.
Broker channel giving back to the community
11/28/2015 4:47:13 AM

Giving back is nothing new for DUCA President & CEO Richard Senechal, who once again took part in the Covenant House Sleep Out: Executive Edition on last Thursday.

“This is the second consecutive year we have raised the most money for the kids,” said Senechal. “I am so proud of what we do, making a difference in the community.” by |

Clients feel lender demands are ‘lunacy’
11/28/2015 4:46:10 AM
Lenders have had to adapt to changing guidelines, which have caused tighter underwriting resulting in delays – much to the mounting frustration of clients as well as their brokers.

 “ … I attended a lenders meeting a while ago and expressed concerns about policies versus the customer (sentiment),” Lorne Rackel, general manager with Jayman Financial, wrote in the comments section of MortgageBrokerNews.ca. “The process is all about documenting a file and the customer pays the price of inconvenience and then becomes frustrated with us as brokers.
“They think some of our requests for documents borders on lunacy.” by |
CMP wins national journalism award
11/28/2015 4:45:10 AM
Masthead online hosted the annual Canadian Online Publishing Awards Thursday night in Toronto, and CMP Magazine was recognized as one of the best B2B publications in the country – winning a silver in its category for best online magazine.

“The award was for CMP’s digital magazine and a nod to its redesign, diverse news coverage and features,” Vernon Jones, editorial director for KMI Media, said. “Well done, Justin da Rosa, Trevor Biggs and the rest of the CMP team.” by |
Endorsement places Canadian company at forefront
11/28/2015 4:43:59 AM
D+H Corporation’s MortgagebotLOS loan origination system has been endorsed by the American Bankers Association through its Corporation for American Banking subsidiary.

“We are proud to have the ABA, an organization that represents many small, mid-sized and regional banks around the country, endorse our complete mortgage solution suite,” said Eric Cummins, senior vice president and general manager of Lending at D+H. “Many of these institutions are being challenged by alternative lenders on one side of the market, and very large financial institutions on the other.” by |
Oil Slump Puts Canada in C$3 Billion Hole as Trudeau Takes Reins
11/28/2015 4:42:51 AM
(Bloomberg) -- Canada’s finances are taking a bigger hit than projected from the oil-price slump, putting the country on pace for red ink even before Prime Minister Justin Trudeau kicks off his plan for deficit spending.

After a surplus of C$1.9 billion ($1.4 billion) in the last fiscal year, the latest finance department projections are for a C$3 billion deficit in the fiscal year that began in March, followed by deficits of C$3.9 billion in 2016, C$2.4 billion in 2017 and C$1.4 billion in 2018. Canada is on track to run surpluses in 2019 and 2020, according to figures released Friday by Finance Minister Bill Morneau in Ottawa. By Theophilos Argitis
Impact on clients
11/28/2015 4:39:38 AM
A pending rule implementation that will require all broker compensation to be explicitly stated to clients could actually harm homebuyers and result in fewer lending options for purchasers, according to one industry player.

“If you’re going to introduce legislation, it should truly benefit clients,” Dustan Woodhouse, a broker with Dominion Lending Centres Canadian Mortgage Experts, told MortgageBrokerNews.ca. “But this proposed change could force thousands of brokers out of the channel, which would result in the elimination of some lenders, and lead to fewer options for clients.” by |
Brokers, mark this date in your calendar
11/28/2015 4:36:22 AM
CMHC released its first housing market insight report this week and in it teased the release date of what may be an even more interesting study: its report on foreign ownership.

“On December 3, CMHC will release a national report highlighting foreign ownership as part of the HMI series,” CMHC said in its first housing market insight report, released Wednesday.
by |
HomeNews Mortgage Brokernews News InFocus TV Forum E-mag Special reports Profiles Subscribe Advertise Can brokers step in to help allay seniors’ concerns?
11/28/2015 4:32:55 AM
Canadian seniors worried about finances may be wondering what changes they can expect now that a majority Liberal government has been elected.

“The comments we hear from seniors, every day, are that government changes are needed to areas affecting finances,” says Yvonne Ziomecki, senior vice president at HomEquity Bank.  “Some are struggling while others face dire financial challenges.”by |
A New Mortgage Opinion Poll
11/28/2015 3:43:02 AM
At last week’s Mortgage Forum, Kyle Davies from Bond Brand Loyalty let us peek into the minds of mortgage consumers.

Mortgage Professionals Canada (formerly CAAMP) surveyed 2,000 homeowners from across the country. They were asked about their mortgage experiences and choices. Here were 10 of the top findings:
November 21, 2015  Mortgage Broker News   2k 

VALUEBLE INFORMATION FOR EVERY ASPECT OF A FIRST TIME HOME BUYER OR A REFINANCE
11/25/2015 9:22:45 PM
GREAT INFORMATIVE SITE WITH ANSWERS TO MORTGAGE QUESTIONS
How to buy a house when your credit rating’s been trashed
11/25/2015 5:11:34 AM

More than one in eight adult Canadians will declare bankruptcy or negotiate a debt settlement - consumer proposal - with creditors. That’s a lot of people with devastated credit.

The majority of those people will want a mortgage at some point, but they’ll find their options are limited. Following the credit crisis, funding shrank for high-risk mortgages, causing more than a dozen subprime lenders to close their doors in Canada.  Robert McLister  Special to The Globe and Mail

CMHC is “walking a tight rope” on mortgage insurance: Author
11/25/2015 4:27:27 AM

Hilliard MacBeth says the Canada Mortgage and Housing Corporation (CMHC) is becoming increasingly serious about sharing the risk of insuring mortgages, but the author and portfolio manager warns that asking lenders to put more skin in the game could be risky for Canada’s already vulnerable housing market.

“I’m sure the CMHC feels like they are walking a tightrope on this one,” said portfolio manager at Richardson GMP and author of When the Bubble Bursts: Surviving the Canadian Real Estate Crash in an interview with BNN. by Jeff Lagerquist,

Royal Bank of Canada scraps limit on size of newcomer mortgages
11/25/2015 4:21:53 AM

Nov 2 The Royal Bank of Canada scrapped an internal limit on mortgage loan size for immigrants in the spring to tap into surging demand for financing on multi-million dollar houses by newcomers to Vancouver.

Wealthy buyers, mostly from China, are fueling a booming mortgage business in Vancouver, where the median price for a detached home on the desirable west side jumped 31 percent to C$2.87 million ($2.19 million) in the last two years.

 

CAAMP Becomes Mortgage Professionals Canada
11/25/2015 4:18:37 AM
CAAMP – that awkward acronym that we all secretly loved to hate – is officially no more.

As of today, the Canadian Association of Accredited Mortgage Professionals will be known as Mortgage Professionals Canada.

The rebranding of Canada’s largest mortgage association is the result of months of work and consultation with key stakeholders, including members, board members, staff and government.
November 16, 2015  Steve Huebl  3k 

Canada Mortgage Insurer Warns of Overheating Housing Markets
11/25/2015 4:14:13 AM

Canada Mortgage and Housing Corp. said there is “strong overall evidence of problematic conditions” in Toronto, Canada’s largest city, as well as in the smaller cities of Winnipeg, Saskatoon and Regina.

2015 Mortgage Forum Wrap-Up
11/25/2015 4:09:15 AM

Canadian mortgage rates moved higher again last week but it wasn’t because of new economic data or rising bond yields. Instead, one large lender raised rates and everyone followed, repeating a cycle that we have seen several times lately. Over the past couple of months these rounds of follow-the-leader rate changes have shrunk average five-year variable-rate discounts from prime minus 0.60% to prime minus 0.40% and increased average five-year fixed rates from 2.59% to 2.79%.

Market-wide rate changes like these are difficult to predict because they start out as subjective decisions made by one lender that everyone else then decides to follow, and in many cases, the followers have different reasons for raising than the leaders did.

- See more at: http://www.movesmartly.com/2015/11/why-are-canadian-mortgage-rates-rising-november-23-2015.html#sthash.iQgpsPce.dpuf

Canadian mortgage rates moved higher again last week but it wasn’t because of new economic data or rising bond yields. Instead, one large lender raised rates and everyone followed, repeating a cycle that we have seen several times lately. Over the past couple of months these rounds of follow-the-leader rate changes have shrunk average five-year variable-rate discounts from prime minus 0.60% to prime minus 0.40% and increased average five-year fixed rates from 2.59% to 2.79%.

Market-wide rate changes like these are difficult to predict because they start out as subjective decisions made by one lender that everyone else then decides to follow, and in many cases, the followers have different reasons for raising than the leaders did.

- See more at: http://www.movesmartly.com/2015/11/why-are-canadian-mortgage-rates-rising-november-23-2015.html#sthash.iQgpsPce.dpuf
November 23, 2015  Steve Huebl  483 

Last week Mortgage Professionals Canada (formerly CAAMP) hosted the mortgage industry’s biggest annual gathering of mortgage professionals.

Canadian mortgage rates moved higher again last week but it wasn’t because of new economic data or rising bond yields. Instead, one large lender raised rates and everyone followed, repeating a cycle that we have seen several times lately. Over the past couple of months these rounds of follow-the-leader rate changes have shrunk average five-year variable-rate discounts from prime minus 0.60% to prime minus 0.40% and increased average five-year fixed rates from 2.59% to 2.79%.

Market-wide rate changes like these are difficult to predict because they start out as subjective decisions made by one lender that everyone else then decides to follow, and in many cases, the followers have different reasons for raising than the leaders did.

- See more at: http://www.movesmartly.com/2015/11/why-are-canadian-mortgage-rates-rising-november-23-2015.html#sthash.iQgpsPce.dpuf

Canadian mortgage rates moved higher again last week but it wasn’t because of new economic data or rising bond yields. Instead, one large lender raised rates and everyone followed, repeating a cycle that we have seen several times lately. Over the past couple of months these rounds of follow-the-leader rate changes have shrunk average five-year variable-rate discounts from prime minus 0.60% to prime minus 0.40% and increased average five-year fixed rates from 2.59% to 2.79%.

Market-wide rate changes like these are difficult to predict because they start out as subjective decisions made by one lender that everyone else then decides to follow, and in many cases, the followers have different reasons for raising than the leaders did.

- See more at: http://www.movesmartly.com/2015/11/why-are-canadian-mortgage-rates-rising-november-23-2015.html#sthash.iQgpsPce.dpuf

Canadian mortgage rates moved higher again last week but it wasn’t because of new economic data or rising bond yields. Instead, one large lender raised rates and everyone followed, repeating a cycle that we have seen several times lately. Over the past couple of months these rounds of follow-the-leader rate changes have shrunk average five-year variable-rate discounts from prime minus 0.60% to prime minus 0.40% and increased average five-year fixed rates from 2.59% to 2.79%.

Market-wide rate changes like these are difficult to predict because they start out as subjective decisions made by one lender that everyone else then decides to follow, and in many cases, the followers have different reasons for raising than the leaders did.

- See more at: http://www.movesmartly.com/2015/11/why-are-canadian-mortgage-rates-rising-november-23-2015.html#sthash.iQgpsPce.dpuf

Canadian mortgage rates moved higher again last week but it wasn’t because of new economic data or rising bond yields. Instead, one large lender raised rates and everyone followed, repeating a cycle that we have seen several times lately. Over the past couple of months these rounds of follow-the-leader rate changes have shrunk average five-year variable-rate discounts from prime minus 0.60% to prime minus 0.40% and increased average five-year fixed rates from 2.59% to 2.79%.

Market-wide rate changes like these are difficult to predict because they start out as subjective decisions made by one lender that everyone else then decides to follow, and in many cases, the followers have different reasons for raising than the leaders did.

- See more at: http://www.movesmartly.com/2015/11/why-are-canadian-mortgage-rates-rising-november-23-2015.html#sthash.iQgpsPce.dpuf

Canadian mortgage rates moved higher again last week but it wasn’t because of new economic data or rising bond yields. Instead, one large lender raised rates and everyone followed, repeating a cycle that we have seen several times lately. Over the past couple of months these rounds of follow-the-leader rate changes have shrunk average five-year variable-rate discounts from prime minus 0.60% to prime minus 0.40% and increased average five-year fixed rates from 2.59% to 2.79%.

Market-wide rate changes like these are difficult to predict because they start out as subjective decisions made by one lender that everyone else then decides to follow, and in many cases, the followers have different reasons for raising than the leaders did.

- See more at: http://www.movesmartly.com/2015/11/why-are-canadian-mortgage-rates-rising-november-23-2015.html#sthash.iQgpsPce.dpuf

Canadian mortgage rates moved higher again last week but it wasn’t because of new economic data or rising bond yields. Instead, one large lender raised rates and everyone followed, repeating a cycle that we have seen several times lately. Over the past couple of months these rounds of follow-the-leader rate changes have shrunk average five-year variable-rate discounts from prime minus 0.60% to prime minus 0.40% and increased average five-year fixed rates from 2.59% to 2.79%.

Market-wide rate changes like these are difficult to predict because they start out as subjective decisions made by one lender that everyone else then decides to follow, and in many cases, the followers have different reasons for raising than the leaders did.

- See more at: http://www.movesmartly.com/2015/11/why-are-canadian-mortgage-rates-rising-november-23-2015.html#sthash.iQgpsPce.dpuf

Canadian mortgage rates moved higher again last week but it wasn’t because of new economic data or rising bond yields. Instead, one large lender raised rates and everyone followed, repeating a cycle that we have seen several times lately. Over the past couple of months these rounds of follow-the-leader rate changes have shrunk average five-year variable-rate discounts from prime minus 0.60% to prime minus 0.40% and increased average five-year fixed rates from 2.59% to 2.79%.

Market-wide rate changes like these are difficult to predict because they start out as subjective decisions made by one lender that everyone else then decides to follow, and in many cases, the followers have different reasons for raising than the leaders did.

- See more at: http://www.movesmartly.com/2015/11/why-are-canadian-mortgage-rates-rising-november-23-2015.html#sthash.iQgpsPce.dpuf
Rising mortgage rates could put damper on housing market
11/25/2015 4:06:30 AM

Mortgage rates are on the rise in Canada, a trend that could cool the housing market even as the economy struggles to recover from the effects of low oil prices.

Lenders have already begun boosting their mortgage rates from their September lows. Five-year, fixed-rate mortgages, which represent the largest share of Canadian mortgages, have risen by as much as 20 basis points in the past two months as Canadian government bond yields have moved higher. (A basis point is 1/100th of a percentage point.) Variable-rate mortgages are seeing their first sustained increase since 2012.

Exclusivity agreement leads to poor service?
11/25/2015 4:01:40 AM
Despite a recent negative experience with a broker and an exclusivity agreement, this client still chooses to support the broker industry.

“I’ve never seen one and I’d never think of using one,” Nick Bachusky, a broker with Verico The Mortgage Advisors, told MortgageBrokerNews.ca. “That broker even used legal threats against the client.
by |
Broker’s mortgage denial story the talk of CAAMP
11/25/2015 3:59:40 AM
Brokers often talk about the hoops they are forced to jump through to verify income, but this one example may take the cake.

During the broker panel at the national association’s conference in Toronto, broker Croft Axsen told those in attendance about a file he lost because a client’s bank account showed $1,600 of unaccounted income that Axsen couldn’t verify.
by |
HomeNews Mortgage Brokernews Home News TV Forum E-mag Special reports Profiles Subscribe Advertise Big bank launches diversified offering for brokers
11/25/2015 3:58:07 AM
TD Bank is offering brokers a  ceditor insurance insurance product that is based on volume and not dollar amount, meaning even the smallest deals will garner extra cash for brokers.

The big bank launched its TD Credit Protection (TD CP) referrals program at the annual Mortgage Brokers Canada (CAAMP) national conference in Toronto. The program officially started November 13.
by |
White lies on loan applications creating compliance nightmares
11/25/2015 3:57:01 AM
One of the speakers at this week’s Canadian Mortgage Conference, Chris Mathers – a 20-year veteran of the RCMP and president of KPMG’s Corporate Intelligence Inc. – cautioned brokers and underwriters that trying to duck around compliance issues can lead to much larger problems down the road.

A serious problem Mathers has seen pop up recently is when the person seeking the loan is an Iranian or Syrian national, as it draws concerns from compliance in regards to potential terrorism.
by |
Empty floors, shadow vacancies new norm for Calgary
11/25/2015 3:56:02 AM
Katia Dmitrieva and Rebecca Penty
 
Office-tower owners in Canada’s energy hub are about to feel the full force of the oil-price crash.

Vacancy is already at a five-year high in Calgary and rents are the lowest since 2006 after thousands of office jobs were cut. Energy company tenants have now begun to ask for rental relief and are offering subleases for as little as half the going rate, according to real estate brokers including Jones Lang LaSalle Inc. and Avison Young Canada Inc.

That’s before five new office towers with about 3.8 million square feet (353,031 square meters) of space hits the market in the next three years.
by |
Onboarding: Five tips to get the best out of your new hires
11/25/2015 3:54:59 AM
Recruiting is hard, but retaining talent is harder. According to research conducted by the Aberdeen Group, within the first six months in a job 86% of new hires make their decision to leave or stay. This astounding statistic should be at the front of every HR manager’s mind when they make a new hire.
 
I’ve seen some of our customers lead the way in developing effective ways to ensure a successful, long-term hire. A well-developed onboarding program is a key part of this. Onboarding is, in a nutshell, a program ensuring that new employees are equipped with the necessary knowledge, skills and resources to become a valuable part of an organization. It takes into account the professional but, just as importantly, the social aspects of beginning a new job. It begins before the employee’s first day and can continue for as long as the organisation and the employee need.
by |
News from the trade floor
11/25/2015 3:53:07 AM
Dozens of industry players schmoozed with brokers on the trade floor at the national association’s latest mortgage forum in Toronto, and MortgageBrokerNews.ca has assembled a cheat sheet of what was discussed.

B2B Bank
Anne Wright, VP of business development, and Tom Hickey, VP of operations adjudication, told MortgageBrokerNews.ca about its expanded launch into Quebec in September. Starting September 21, the Laurentian-owned bank began servicing all brokers in the province; prior to that rollout date, only Verico members had access to its products.
by |
Disclosure rule could lead to undercutting
11/25/2015 3:51:18 AM
The industry could see a major change next year when it comes to disclosing income to clients, and one broker is arguing the ramifications could be dire.

“There will be no protection from under cutters, and you will see flat rate brokers who offer cash back to steal broker business,” Dustan Woodhouse, a broker with Dominion Lending Centres Canadian Mortgage Experts, told MortgageBrokerNews.ca. “Clients will bring in approvals to these companies, let the brokers do the planning, and they will take any approved deal.”
by |
Online platform the future for second mortgages?
11/25/2015 3:50:10 AM
The growing popularity of second mortgages has created a scramble to find private lenders – and one online solution is attracting broker attention
 
 “We have 220-plus brokers on board already in the system,” says Paul DeMelo, CEO of Home Ownership Solutions, a division of Fourth Street Financial Corporation based out of Mississauga, Ont., who describes this “engagement platform” as allowing brokers to avoid dialing for dollars in the second mortgage space.
by |
Mauris: New broker regulation disaster in the making
11/25/2015 3:49:04 AM
FICOM’s proposed disclosure rules changes for British Columbia brokers could have a disastrous impact on the industry across the country, according to one major network head.
 
“What happens on April 1, 2016  (when the proposed change goes into place) – on that day, instantly, it could be almost the beginning of the end for our industry,” Gary Mauris, president of Dominion Lending Centres, told a packed room at this year’s CAAMP national conference in Toronto
by |
Canada target for money launders, says new report
11/25/2015 3:47:56 AM
A new study called “Just For Show?” by Transparency International (TI), the corruption watchdog, has looked at money laundering and corruption across the G20 countries.
 
It found that Canada, among most other countries has pretty lax standards when it comes to allowing billions of foreign and illicit funds to filter through our systems. Corrupt foreigners are finding it too easy to launder their dodgy cash here. They do so by buying luxury goods like jewels but most importantly property. It’s thought that the buying of such property with fraudulent funds could be part of the reason people are being out-priced of the cities like Vancouver and Toronto.
by |
Brokers vent No. 1 frustration at CAAMP
11/25/2015 3:46:50 AM
The broker panel at CAAMP always fosters unfettered and honest discussion and this year’s was no different, with several veterans calling on lenders to step up to the plate and push back against the regulators.
 
“I feel such an obligation to push back against the destruction of productivity in our business,” Croft Axsen of Jencor Mortgage said during CAAMP’s broker panel discussion Monday. “And yet it is so hard because the lenders are just accepting this role …It’s gone too far. At some point the lenders have to take back their jobs.”
by |
BC’s other hot markets
11/25/2015 3:45:22 AM

Homeowners can celebrate the latest news from the Central 1 Credit Union, but would-be home buyers could face even more pressure – and not just in Vancouver.

Central 1 senior economist Bryan Yu predicts B.C. home prices and sales will continue to rise for the next two years, with the BC Interior playing an important role.
by |

Clients: An old but new referral source
11/25/2015 3:44:25 AM
Let’s face it, today’s consumers are skeptical. With all the marketing hype and sales pitches people receive on a daily basis, it’s no wonder why we’re all becoming a bit jaded. Marketing guru Dan Kennedy reasons that, “This is not a consumer trend, but a societal one, largely supported by the repetitive failures of people we once looked up to political leaders, ministers and pro athletes.” Take that default level of skepticism and add to it the plethora of marketing messages from every Tom, Dick and Harry in the mortgage industry claiming to having the “best rates” and “best service” and now we have skepticism on steroids! People don’t know who to believe any more. It’s like marketing incest – everyone is saying the same thing with ever-decreasing results!

Let’s face it, people don’t like to be guinea pigs. They know pioneers get arrows in their backs! That’s why it’s mission critical that we find ways to increase our credibility and thereby build trust with our prospects, so that we have a better chance of closing the deal. The question is how.

by |

CAAMP announces rebrand, new name
11/25/2015 3:43:22 AM
The industry association announced a rebranding initiative, a new name, and a new slogan at the opening ceremonies of its national conference in Toronto, Monday morning.
 
“Something was missing,” Cindy Freiman, director of marketing and communications at CAAMP, told hundreds of brokers in attendance at the opening ceremony. “We had made all these changes but our brand was tired.”
by |
The double standard that loses clients
11/25/2015 3:41:40 AM
It’s a necessary step in the origination process, according to industry professionals – but only in the broker channel.

Brokers are asked by lenders to verify funds conspicuously placed in accounts by clients prior to closing, and some are arguing the big banks aren’t held to the same requirement.
by |
Spectre of household debt rises again
11/25/2015 3:40:02 AM
Predictions of slowing markets and rising rates are not being voiced by just economic forecasters, but the CEO of the CMHC as well.

“Although residential mortgage arrears rates remain low and credit scores are strong, household debt remains a vulnerability that would amplify an economic shock,” says Evan Siddall, president and CEO of the Canada Mortgage Housing Corporation (CMHC). “In the event of a material increase in the unemployment rate, many households may need to access their wealth to make ends meet for a period of time.”
by |
Some much-needed optimism about the housing market
11/25/2015 3:38:55 AM
The second in command at the Bank of Canada has a rather optimistic view of the housing market – despite various reports to the contrary.

Carolyn Wilkins, senior deputy governor at the bank of Canada, believes the Canadian housing market will achieve a soft landin
by |
Some much-needed optimism about the housing market
11/25/2015 3:34:32 AM
The second in command at the Bank of Canada has a rather optimistic view of the housing market – despite various reports to the contrary.

Carolyn Wilkins, senior deputy governor at the bank of Canada, believes the Canadian housing market will achieve a soft landing.

“Our base case, and one that we outlined in the [October Monetary Policy Report], is that the housing market and household debt are going to evolve in a constructive way,” Wilkins told The Globe and Mail. “We don’t see the risk as part of our base case at all.”
by |
Central bank snapshot
11/25/2015 3:33:23 AM
by Lyle Adriano
Following the stronger than anticipated gain in employment in October, expectations for the US Federal Reserve to raise fed funds at its December meeting increased, according to data compiled by Royal Bank of Canada.

Employment increased by 5.0%, reflecting continued steady domestic spending activity for the final quarter of the year.
First-time buyer habits revealed
11/25/2015 3:32:15 AM
CMHC released its 2015 first-time homebuyer survey, which details the buying habits of one of the industry’s most lucrative segments.

“For many Canadians, buying their first home is the single, largest purchase they have ever made,” Nathalie Fredette, vice-president, client relationship management for CMHC, said in a release. “Our aim is to provide mortgage brokers, lenders and other industry professionals with valuable information and useful tools so they can better guide their clients through this major life event.”
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Book answers key question: Are you broker material?
11/25/2015 3:30:58 AM
Starting out in the mortgage channel can be intimidating – but one broker is trying to make that initiation less daunting with his own how-to book.

“There isn’t really a textbook for brokering,” says Dustan Woodhouse, a mortgage professional with Dominion Lending Centres in Vancouver, B.C. “I’m trying to put something useful out there, the first book in the series begins at the beginning for those contemplating entering the profession.”
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Calls for finance minister to cool the market
11/25/2015 3:29:06 AM
Cooling the housing market may be a good plan, according to one broker, as long as the government focuses on reining in this one type of buyer.
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“I would say cooling the market sounds like a good plan, but how they cool it is the main question; in our area – it’s foreign money that is coming in and inflating prices,” Jeff Evans, a broker with Mortgage Architects Canada Innovative Financial in B.C., told MortgageBrokerNews.ca. “If the government were to do something to cool that segment, I would support it; if the measures make it harder for the average Canadian to buy, I wouldn’t support that.”
Oil could hit US$130 as U.S. output 'falls off a cliff': Analyst
11/12/2015 11:03:26 PM

Emad Mostaque has had a profound change of heart on oil prices. The analyst with London-based consultancy Ecstrat says US$130 per barrel crude could be less than a year away for the European benchmark as lower prices drive demand in both emerging and developed markets, while a weakening stream of capex dollars constrains new exploration and production.

“What we are seeing is supply is about to roll over dramatically. Demand is continuing to rise,” he said an in interview with BNN.

Unlike many analysts, he says U.S. shale production is set to decline, and as such won’t provide the necessary stop-gap to supply the increasing appetite in world markets.

CMHC chief paints bleak picture of risks to Canadian housing
11/12/2015 11:00:57 PM

Canada’s housing agency is painting a bleak picture of the damage that a severe housing market correction would inflict on the country, pulling back the curtain on its stress tests for the first time.

As with all stress tests, the limits are pushed to provide a worst-case scenario - or something pretty close.

Finance minister Morneau plans economic update by year-end
11/12/2015 10:54:48 PM

Canada's Finance Minister Bill Morneau said on Tuesday he intends to deliver an economic and fiscal update before the end of the year, though he did not yet have an exact date.

Morneau said it was not really a surprise that a report released by the country's parliamentary budget watchdog earlier on Tuesday had been somewhat more pessimistic than its previous one, although he said it does not form part of the government's formal analysis.

What a former Calgarian learned from Canada’s runaway real estate markets
11/12/2015 10:51:59 PM

ANALYSIS: Free money is impossible to resist, and that’s precisely what was pitched to me when I dipped my toe in two of Canada’s biggest housing markets.

It certainly seemed impossible for me to resist when I decided to make my first-ever real estate investment in early 2014; purchasing a modest downtown Calgary condo. At the time, Alberta’s largest city was by far the hottest housing market in Canada. With prices increasing by double digits every year it was outpacing even the likes of Toronto and Vancouver.

Detached houses becoming scarcer commodity in Vancouver region
11/12/2015 10:47:58 PM

Single-family detached houses are becoming an ever-shrinking portion of the total housing stock in the Vancouver region, adding to pricing pressures in an already hot market.

The share of detached houses as a percentage of all residential properties in the region has tumbled from 65 per cent in 2000 to 54 per cent last year, Central 1 Credit Union senior economist Bryan Yu said Tuesday.

Canada's coal industry hoping for rebound despite drop in demand
11/12/2015 9:19:48 PM

CALGARY - Coal industry watchers say that while their sector is hurting, the picture isn't as bleak as two reports this week have painted.

Canada's coal export market, which is made up almost entirely of metallurgical coal used in steel making, has taken a major hit in recent years as prices have dropped from more than US$300 a tonne in 2011 to less than US$90 a tonne this quarter because of continued oversupply and slowing demand from China.

Statoil to put up $82M for exploration of Nova Scotia's offshore
11/12/2015 9:14:44 PM

HALIFAX -- A Norway-based oil and gas company has been awarded $82 million in exploration licences in Nova Scotia's offshore.

The Canada-Nova Scotia Offshore Petroleum Board has awarded Statoil Canada Ltd. two deepwater parcels, one for about $76 million and the other for roughly $5.8 million.

Ontario raises $5B from sale of Hydro One shares
11/12/2015 9:09:58 PM

TORONTO - The Ontario government raised a total of $1.83 billion from the sale of the first 15 per cent of shares in Hydro One, the giant electricity transmission utility.

The province also gained about $2.2 billion from a deferred tax asset benefit and another $1 billion from a special dividend and payments-in-lieu of taxes.

Growing number of university grads overqualified for their jobs: study
11/12/2015 9:06:02 PM

OTTAWA -- A new report says a growing proportion of recent university graduates are overqualified for their jobs.

The analysis by the federal parliamentary budget office also found a decline in the rate of young graduates with jobs that match their education level.

War of words intensifies between Suncor and COS
11/12/2015 9:03:18 PM

CALGARY -- The war of words is intensifying between oilsands giant Suncor Energy and its reluctant takeover target, Canadian Oil Sands.

In an open letter issued today, Suncor tells COS shareholders hope is not a strategy when it comes to weathering the downturn in crude prices.

The leadership of COS has urged its shareholders to do nothing, accusing Suncor of being opportunistic and exploiting inside information it has about an oilsands project they jointly own.

Small fiscal changes that can make a big difference during holidays
11/12/2015 9:00:43 PM

It is the holiday season and coming up with a few extra dollars can be harder at this time of year due to all the demands to entertain more, buy gifts and the list goes on.

However, when we try to save money, are we sometimes being cheap? Or, as put a better way by a new survey done by Credit Canada Debt Solutions, is it possible to be frugal without compromising quality?

Tips on paying your mortgage off earlier
11/12/2015 8:58:35 PM

Sean Cooper`s story has gone viral as at the age of 30 he paid off his $255,000 mortgage in three years and two months.

I spoke with Sean a few years back and trust me he has always been financially savvy and very frugal.

But it was more than that; he was driven by a deep desire to free himself from the stress and risk of carrying huge amounts of debt.

New broker lender provides more details
11/12/2015 8:51:01 PM
Manulife will be entering the broker channel next year, and its offerings will help brokers focus on debt management solutions for clients.

“The unique features of Manulife One and Select [include] sub-accounts and full banking capabilities, with brokers being supported by a team that will be able to work closely with and help them position their existing customers on the benefits of managing and eliminating their debt,” Manulife rep Sean Pasternak wrote in an email to MortgageBrokerNews.ca.
Brokers earning media praise
11/12/2015 8:49:38 PM
Brokers have been frustrated by some salacious – and sometimes inaccurate – media coverage, but they seem to have influential allies in their corner.

A recent CBC news story profiled a Hamilton woman whose family is struggling under the burden of massive debt.
The boom days are over – and that’s a good thing
11/12/2015 8:46:50 PM
Better-than-expected job numbers both here and in the U.S. should mean a hike in interest rates by the Federal Reserve, which means the long love affair with low interest is coming to an end, and a positive sign that a potential housing crisis isn’t looming.

“The boom days for mortgage brokers are behind us,” says Dr. Sherry Cooper, chief economist for Dominion Lending Centres. “And I think it is a good thing frankly. If you were to see the boom continue for another year, we would be setting ourselves up for a bubble bursting, and that isn’t good for anyone.”
The digital threat: How brokerage can mitigate cyber liability
11/12/2015 8:45:52 PM
Cyber attacks resulting in theft are a growing risk for organizations. Cybercrime can be an issue for any sized organization that has care, custody or control of any confidential information, whether in electronic or paper format, as well as any company with a computer system or website.
 
In the new normal of the online world, companies need to take steps to protect themselves against the financial loss that can result from online attacks. The cost of recouping the damages of an attack and the cost of investigation can build and result in significant financial loss for an organization.
Brokers react to the channel’s newest lender
11/12/2015 8:44:14 PM
Manulife will soon offer its products through the mortgage broker channel, and brokers are wondering what – if any – advantages the partnership will provide.

“If it feels a need it’s going to be a positive,” Daniel Lewczuk, a mortgage agent with Dominion Lending Centres Parato Mortgage Group, told MortgageBrokerNews.ca. “I’ve compared the Manulife One product to other products we can already offer and the differences seemed negligible; I saw some advantages of the offerings already available in the channel.”
Broker frustrations grow
11/12/2015 8:42:35 PM
It’s been a tough but lucrative year for brokers, with many struggling with underwriting delays that have resulted from a boom in business.

“Underwriters seem to satisfy files to audit requirements these days and not common sense underwriting,” Brad Currie, a broker with Verico Coastal Pacific, told MortgageBrokerNews.ca. “For example, there is one lender that won’t lend on condos that have had problems with leaks, even if the building has been remediated. Who thinks of that?”
CMHC outlines plans to collect foreign data
11/12/2015 8:41:02 PM

(Bloomberg) -- Canada’s housing agency is considering ways to collect more data on foreign investment as home prices continue to surge in Toronto and Vancouver.

"It’s clear that we need to capture more detailed information on foreign investment, to better inform the Canadian government and housing market participants," Evan Siddall chief executive officer of the Canada Mortgage & Housing Corp. said in the text of a speech delivered in Toronto. "A lack of accurate and reliable data makes it difficult to determine if or how foreign investment may be affecting the market. Most of the available information is anecdotal. And the problem is that many foreign investors may prefer to hide their ownership."

Lender reaches mortgage cap … for now
11/12/2015 8:39:51 PM
It’s far from the norm, but still an indication of just how busy brokers have been this year: One lender has told its broker partners it has no more money to lend for mortgages.

In a memo to brokers – the full text of which was published by B.C.-based broker Dustan Woodhouse on his personal Facebook page – local credit union Northern Savings Credit thanked its partners for the busy year. And told them it will not lend any more money for mortgages for the time being. 

Brokers prepare to school young buyers
11/12/2015 8:38:30 PM
Young Canadians are most at risk in the event of a housing market correction, according to a recent report. But brokers can help them prep for what many fear is the inevitable.

“Obviously you want to advise clients to not get in over their heads; they should build a three-month savings cushion,” Doug Whelpton, a broker with Verico Worry Free Mortgage, told MortgageBrokerNews.ca. “Using pre-payment tools can help as well; some lenders allow some wiggle room for clients who prepay and may miss a payment.”

Canada consumer confidence hits one-year high on economy outlook
11/12/2015 8:36:11 PM
(Bloomberg) -- Canadian consumer confidence reached a one- year high, continuing a surge since the federal election last month, polling conducted by Nanos Research shows.
Automated lead generation
11/12/2015 8:35:02 PM
Did you know that there are literally thousands of people every month in your local market that are searching for mortgage information online. At the time of this writing, just in Vancouver, British Columbia alone, there were over 2,240,000 local searches in one month for the keywords: mortgage calculator. Do you think there might be an opportunity here?
Pace of new home construction slows in October, fewer multi-unit starts: CMHC
11/12/2015 8:32:30 PM
The pace of new residential construction in Canada slowed down in October after a red-hot September, but the decline in housing starts wasn't enough to change the upward trend over the past six months.
Toronto housing market at mounting risk of ‘sharp correction,’ OECD warns
11/9/2015 9:50:26 PM
The OECD has issued a long to-do list to Canada’s new government and the provinces: Cool down house prices, act as a group on climate change and cover essential drugs in public health plans.
Pay off your mortgage, live debt free: how one guy did it in 3 years
11/9/2015 9:46:43 PM
"Ding dong, the mortgage is dead," a jubilant Sean Cooper announces as he sets fire to his mortgage in front of cheering friends outside a Toronto restaurant.
Home Capital’s probe into alleged fraud by mortgage brokers widens
11/9/2015 9:45:34 PM
TORONTO – Home Capital Group Inc. says mortgage brokers who were suspended for allegedly falsifying income information generated roughly twice as much in mortgages as the company originally estimated.
20% housing correction would push young homeowners under water
11/9/2015 9:43:53 PM

Young Canadian homeowners are disproportionately vulnerable to a housing correction, and more than 1 in 10 would owe more than they owned in the event of a modest or larger pullback in the market, according to a report.

The report, by the Canadian Centre for Policy Alternatives, was released Monday. The left-leaning think-tank urges governments to implement policies aimed at bringing down debt loads before its too late.

Lender reveals bank plans
11/9/2015 9:40:58 PM
Home Capital has specified how much capital it has injected into CFF, and what it plans to do with the newly acquired Schedule I bank.
Accused: ‘No evidence that I committed fraud’
11/9/2015 9:39:25 PM
A woman involved in a multi-million dollar mortgage fraud case is suggesting her husband is the real perpetrator.
Brokers: Market your skills for success
11/9/2015 9:38:27 PM
Brokers have the skillset that can save clients tens of thousands of dollars and countless headaches when securing a mortgage – but few take advantage of it. Here are five tips from one industry veteran to change all of that.
Will hiking taxes on Canada’s rich really help the economy?
11/8/2015 9:36:31 PM

Experts say the Trudeau government should have little trouble meeting its Jan. 1 deadline to rejig tax brackets. But will the tax increase rake in as much revenue as the Liberals expect?

Tanking commodities could mean dark days for Canadian economy
11/7/2015 9:11:00 PM
In 1929, the true sign of an impending problem for the Canadian economy was not the stock-market crash, but rather the collapsing price of wheat and other commodities on global markets. As primary producers’ incomes shrivelled, the retrenchment rebounded to other sectors of the economy, unemployment grew and a decade of serious depression followed. It had begun on the Winnipeg Grain Exchange, not on Bay or Wall streets.
Jobs up, loonie falls on U.S. interest rate speculation
11/7/2015 9:07:34 PM
The loonie fell sharply on Friday despite robust job creation data as U.S. labour market gains raised expectations the Fed will hike its benchmark interest rate next month, the first increase in nearly a decade.
BOOM, BUST AND ECONOMIC HEADACHES
11/7/2015 9:06:41 PM
The dramatic greying of Canada’s population will reshape the economy, stifle growth and force governments to provide for a growing number of seniors with a shrinking pool of taxpayers
‘Brutal market’ for oil services makes rebound elusive
11/7/2015 8:58:42 PM
An “industry-wide state of depression” is weighing heavily on Canada’s oil-field service sector as Precision Drilling Corp. and Mullen Group Ltd. kicked off earnings season this week.
Oil patch woes deepen as spending cuts mount
11/7/2015 8:56:14 PM

The oil patch is cutting ever deeper to cope with the longest crude-price rout in more than 15 years.

Royal Dutch Shell PLC took the drastic step of halting its multibillion-dollar Carmon Creek oil sands development in Alberta after it had already started construction. The oil major on Tuesday blamed weak crude markets and insufficient pipeline capacity to export the eventual production.


Shell’s profit slammed by big Arctic, Canadian writeoffs
11/7/2015 8:52:46 PM
Royal Dutch Shell on Thursday reported a hefty $8.2-billion charge, equivalent to around 5 per cent of its market value, due to write-offs on projects in the Alaskan Arctic and Canada as Europe’s biggest oil producer grapples with weak oil prices.
Shell extends olive branch to Notley after halt to Carmon Creek project
11/7/2015 8:50:11 PM
Royal Dutch Shell PLC has extended an olive branch to Alberta Premier Rachel Notley after releasing news about the company’s plans to cancel its Carmon Creek project Tuesday afternoon, casting a pall on the new provincial budget unveiled at the same time.
UBS house ‘bubble index’ warns Vancouver among world’s frothiest
11/7/2015 8:46:22 PM
Vancouver’s “significantly overvalued” housing market is among the most bubbly in the world, a new report suggests.
A house for three times your income? Think again
11/7/2015 8:44:39 PM
The late 1990s were the last time prices were that low in the city. The actual average in September was $627,395, which is a gross undersell because it includes homes in the suburbs around the city. In Toronto proper – the 416 area code, in other words – the average cost of a detached house was around $1-million.
An opportunity for monolines?
11/7/2015 8:41:48 PM
When it comes to second mortgages, there aren’t enough viable options in the broker – and bank – space, argues one player who is calling on his lender partners to distinguish themselves by focusing on this segment.

“I think there should be better options for second mortgages; there should be more avenues for clients with good credit to obtain second mortgages from A-lenders,” Steve Gilmour, a broker with Dominion Lending Centres Alliance, told MortgageBrokerNews.ca. “Most of the time these products are costly and I would like something with a competitive interest rate; people with good credit shouldn’t have to pay exorbitant amounts of interest.”

Let's talk
11/7/2015 8:39:58 PM
Unless you’re planning on speaking at a nudist camp, imagining your audience naked is probably not going to help you give a great seminar.
 
There are lots of tricks to help people overcome their fear of public speaking, but according to communications expert Brett Rutledge, the key is to practice. “Prepare. The more you know your material, the more likely you are to overcome nerves,” he says.
HomeNews Mortgage Brokernews Home News TV Forum E-mag Special reports Profiles Subscribe Advertise Brokers in this one market could influence condo rules
11/7/2015 8:38:21 PM
The Alberta government is looking at changes to condominium legislation, and it wants public input.

Some of the proposed changes include allowing buyers to cancel purchase agreements if developers don't meet move-in dates and requiring developers to make detailed operating budgets.
The growing chorus of housing critics
11/7/2015 8:37:24 PM
It’s the sort of media coverage brokers don’t like to see, but one agency is adding its own voice to the chorus of overvaluation talk – especially in two major cities.
Mortgage network launches Mortgage Dragons
11/7/2015 8:34:55 PM
The mortgage industry now has a certification program based on the Dragon’s Den Guides to Business – and it is being offered exclusively to brokers of one major network.
Voices added to the chorus calling for more options
11/7/2015 8:33:38 PM
Brokers are echoing the argument that the industry needs more second mortgage options for prime clients.

“I do run into A+ clients requiring - or more accurately - wanting a second mortgage. These are prime, sophisticated clients and the request is to leverage their equity as an investment tool,” MortgageBrokerNews.ca reader, Kristin Woolard of Dominion Lending Centres wrote in the forum. “More often than not I set them up with a HELOC with a credit union and they invest and pay off as needed. More selection of standalone second mortgages would be beneficial.”
What brokers should know about the new regime
11/7/2015 8:32:11 PM
Justin Trudeau was announced as the 23rd Prime Minister, as the Liberals won a majority government Monday night … so what now for brokers?

In the lead-up to the election, the Liberals made a number of promises that could impact the housing, and broker, industries, and these are the things brokers should be looking out for.
BoC makes rate announcement
11/7/2015 8:31:00 PM
The Central Bank will maintain its target for the overnight rate at 1/2%.

“Total CPI inflation remains near the bottom of the Bank’s target range, owing to declines in consumer energy prices,” the Bank said in a release. “Core inflation is close to 2% as the transitory effects of the past depreciation of the Canadian dollar are roughly offsetting disinflationary pressures from economic slack, which has increased this year.

Get over your fear of public speaking and you will succeed
11/7/2015 8:30:01 PM
Top broker secret: They use public speaking to leverage their marketing efforts
 
Admittedly, the words “public speaking” freak most people out. In fact, there was a survey done asking people what they feared most and surprisingly, most people put public speaking ahead of death as their greatest fear. When you translate the logic in that, if you’re at a funeral, you’re better off in the casket than delivering the eulogy!
Innovation spurs growth of mortgage channel
11/7/2015 8:29:02 PM
“The franchise conference is really where new ideas are conceived and new initiatives are launched that change how the organization looks like and impacts the brokerage industry as a whole,” says Michael Beckette, CEO Mortgage Alliance. “(It is) one of my favourite events that I believe is integral to our organization’s continued success.”
Canada's new Finance Minister urged to act on hot housing market
11/7/2015 8:27:33 PM
The country’s new Finance Minister had better look soon, and possibly act, given what’s happening in soe of Canada’s hot housing markets, the chief economist at HSBC Bank Canada warns.
BoC prediction is a double-edged sword for brokers
11/7/2015 8:26:18 PM
The Bank of Canada expects inflation to hit its 2% mark in mid-2017, which would put an end to economic stimulus. But growing mortgage and household debt may speed up the move.

Who’s the ideal finance minister … for brokers?
11/7/2015 8:25:23 PM
The Liberal government has yet to appoint the next minister of finance, but one leading broker has some suggestions for how he or she should oversee mortgage lending policy.
Employment Insurance claims hit major markets
11/7/2015 8:22:47 PM
The number of Employment Insurance (EI) claims in Canada increased by 4.9% month-on-month to 242,400 in August, according to figures from Statistics Canada on Thursday.
MICs thriving in a low-yield investment landscape
11/7/2015 8:21:48 PM
With the continuing low yield environment, mortgage investment corporations have seen dramatic growth over the last couple years as investors search for return and capital preservation, says one mortgage investment analyst.

“Capital sourcing by many established MICs has appeared to be steadily reliable and available in the current environment,” says Michael Graves, manager of marketing and communications with W.A. Robinson Asset Management Ltd. and Pillar Financial Services Inc.

Broker: It’s time for CMHC reform
11/7/2015 8:19:48 PM
One industry professional is arguing the crown corporation should be a non-profit organization that should focus on helping a certain segment break into the housing market.

“CMHC should operate on a break-even basis,” Bob Cameron, a broker with Cameron Financial Services, told MortgageBrokerNews.ca. “Their purpose [should be] to help first-time homebuyers purchase, but they are making big money and they shouldn’t be increasing fees.”

The campaign promise flying under brokers’ radar?
11/7/2015 8:11:06 PM
The legalization of marijuana in Canada will open up a new segment for brokers and it’s one that will be ignored by the big banks, according to one major player.

Details around commission disclosure revealed
11/7/2015 8:04:48 PM
FICOM has confirmed it will require brokers to reveal compensation details to clients, but has yet to confirm an implementation date.
We’ve hit bottom, says industry analyst
11/7/2015 8:03:30 PM
Interest rates – and in particular mortgage rates – can’t go any lower, and the growth of lending has peaked or is close to peaking, says one industry analyst.

Alberta brokers struggle
11/7/2015 8:01:13 PM
Alberta brokers have more than just dwindling home sales to grapple with, according to one broker who is experiencing tightened lending standards.

“The real frustrating thing out here is there has been real tightening of policy from the lenders,” Dave Trithart, broker/owner of Dominion Lending Centres 1st Financial Link, told MortgageBrokerNews.ca. “One lender recently came out with a policy change and now they will only use half the overtime and bonus income over the past two years (for qualification); in the past, they used the average for the prior two years.”
Regulator offers reason for requirement
11/7/2015 7:57:49 PM
An upcoming disclosure change in B.C. is being implemented to ensure brokers put their client’s interests above their own … but is it necessary?

“Disclosure of conflicts of interest in terms that consumers can easily understand,” FICOM said in an email to MortgageBrokerNews.ca, “reduces the risk that brokers provide advice that is not in the consumer’s best interest, but rather, in the broker’s pecuniary interest (for example, where lender A provides higher compensation than lender B).”
Brokers, do your research: what to know before opening a mic
11/7/2015 7:52:06 PM
Lending experience
In my opinion, it takes at least 10 years of consistent lending experience before you should consider raising investor funds. Until you have been through some fluctuations with the economy and/ or real estate market, you do not know how your mortgage portfolio will truly perform over time. This experience is needed to mitigate the risk of the mortgage portfolio and will assist in determining the right lending criteria. Also key is having a great team, making sure you have enough experienced individuals to manage all areas of the mortgage lending business. That includes third party appraisers, lawyers, etc.
Alberta brokers, take note
11/7/2015 7:50:26 PM
Here are a few things to watch for in Tuesday's Alberta budget, the first since the NDP was elected in May

The bottom line: Low oil prices have stripped billions from one of the Alberta government's key revenue streams. Finance Minister Joe Ceci has already said the deficit could be just under $6.5 billion and the budget won't be balance until the 2019-2020 fiscal year, a year later than promised.

CMHC signals end of housing boom
11/7/2015 7:47:50 PM
The housing market will begin moderating in 2015 and continue to do so until 2017, the Crown Corporation said in its Q4 Housing Market Outlook, released Monday. That kind of trend will lead to a greater focus on refi business, according to one broker.

“We follow the market as it goes and try to go about business as usual,” Derek Sherbinin, broker/owner of Centum Mortgage Store in Castlegar, B.C., told MortgageBrokerNews.ca. “What we do is we focus a lot on renewals and make sure our clients are taken care of.”

A deeper look at condo volatility
11/7/2015 7:46:13 PM
Unsold condo data in Toronto – long thought to be an indication of the risks posed by that hot market – doesn’t provide an entirely accurate picture of the segment’s stability, according to one economist.

“To be sure, the GTA’s condo market will be tested as interest rates start rising in the coming years, and increased resale activity from domestic condo investors will result in excess supply and some downward pressure on prices,” Benjamin Tal, deputy chief economist for CIBC, wrote in a research note released Monday. “But for now, those who look at the rise in unabsorbed units as a sign of increased vulnerability are barking up the wrong tree.”
Land transfer tax updated
11/7/2015 7:41:13 PM
It’s bad news for clients in Ontario – and one that could have a lasting effect on broker business – still the industry is bracing for an influx in business prior to a new tax being enacted.
 
The Liberal government is planning to permit all municipalities in Ontario to double the land transfer tax homebuyers pay.
Broker: ‘Every deal is a documentation nightmare’
11/7/2015 7:33:29 PM
It seems to be the complaint of the season, as brokers continue to struggle with last minute requests from lenders.
 
“On this particular deal, the lender was so busy they didn’t make the call [requesting follow-up documentation] to rectify the situation until the last minute,” Layth Matthews, a broker with Rate Miser, told MortgageBrokerNews.ca. “I had to scramble to verify pension income in addition to the employment income; the employment income wasn’t as high as originally thought.”
Rate decision revealed
11/7/2015 7:27:40 PM
Brokers – and the industry – will have to wait a little long for the expected rate hike.
“To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current 0 to 1/4% target range for the federal funds rate remains appropriate,” the U.S. Federal Reserve, headed by Janet Yellen, said in a release Wednesday afternoon. “In determining whether it will be appropriate to raise the target range at its next meeting, the Committee will assess progress--both realized and expected--toward its objectives of maximum employment and 2% inflation.”
Testing and measuring your ROI
11/7/2015 7:24:52 PM
The purpose of testing is to develop maximum performance from every marketing effort and dollar invested. Frankly, I find it amazing how few mortgage professionals actually test and measure their marketing metrics and return on investment (ROI). If you were to ask them what their ROI is on their paid advertising campaigns, most of them wouldn’t have a clue! Most of them use what I call the S.W.A.G method – Scientific Wild Ass Guess!
We’ve hit bottom, says industry analyst
11/7/2015 7:18:56 PM
Interest rates – and in particular mortgage rates – can’t go any lower, and the growth of lending has peaked or is close to peaking, says one industry analyst.

“Canadian interest rates have bottomed. Most particularly, mortgage rates have bottomed,” says Dr. Sherry Cooper, chief economist for Dominion Lending Centres. “With 70% of Canadian households already owning their own homes and housing affordability declining – with the bottoming in mortgage rates and the rise in house prices – lending activity will inevitably slow as will the rise in the price of homes, which has continued strong in Vancouver and Toronto, particularly in the single-family sector.”

Broker lender results revealed
11/7/2015 7:15:44 PM
First National is crediting brokers for its impressive quarter of originations.

“Brokers play a very big role for us; we get all our business from the channel,” Robert Inglis, chief financial officer for First National, told MortgageBrokerNews.ca. “Mortgage brokers do offer a valuable service by helping clients for free; banks are good too but brokers can just get better rates.”
Banks leaving brokers high and dry
11/7/2015 7:11:36 PM
Brokers on both sides of the country are reporting fewer options for mobile home mortgages – and missing out on potential business as a result.

“In our area, one of the frustrating things is trying to fund mortgages for mobile homes; there are only a couple lenders who will do them,” Derek Sherbinin, a B.C.-based broker/owner of Centum Mortgage Store told MortgageBrokerNews.ca. “Most just aren’t interested and I don’t know what it is; lenders have really shied away from them in the last year-and-a-half.
HOUSING MARKET ASSESSMENT Q4
11/7/2015 7:05:23 PM
VIEW FULL REPORT
CMHC releases report on health of various housing markets
11/7/2015 6:59:12 PM
Four major metropolitan areas show strong evidence of problematic housing market conditions, according to a report from the Crown Corporation.

CMHC’s Housing Market Assessment (HMA), released Thursday afternoon, points to “strong evidence” of problematic conditions in Toronto, Winnipeg, Saskatoon, and Regina.
The 75% ceiling for alt lenders
11/7/2015 6:53:24 PM
Where others say no, it is the job of alternative lenders to find a way to say yes. Within reason.
 
“We look at the ability to repay, the track record of the borrower’s payment history, consider all income and funds coming into the client’s possession, and, of course, the marketability of the property,” says Tiffany Pedersen, assistant vice president, business development, Capital West Mortgage. “With that said, many alternative lenders are not lending past 75% LTV, as there are risks associated with lending high-ratio that most “B” lenders are simply not set up for or interested in.”
Brokers, prepare to serve this market
11/7/2015 6:49:42 PM
Rising self-employment numbers are creating a lucrative opportunity for brokers, who have much more to offer these clients than big bank counterparts, according to one industry player.

“If people have less choice with their bank, they need to find an alternative, and that is often to go to a broker,” Bryan Guertin, a mortgage broker with Mortgage Intelligence, told MortgageBrokerNews.ca. “We have alternative financing options, whereas the banks have one program and clients have to qualify under that program.”
New-build loans: dead horse or business opportunity?
11/7/2015 6:47:46 PM
One sector of the mortgage industry seems to be dying: fewer and fewer lenders are financing self-build mortgages, according to one broker.

“Mortgage options for new construction builds are pretty limited, especially when it comes to self-build homes; I don’t have any options for clients who want to construct their own homes,” Jonah Wright, a mortgage consultant with Mortgage Intelligence, told MortgageBrokerNews.ca. “Any time I get a new construction deal where a client wants to do a self-build, I have to mould it into a contract build.”
MIC advantages are stability, arsenal of lending tools
11/7/2015 6:43:06 PM
Private lenders do have value, but mortgage investment corporations remain the go-to lender for brokers that they can depend on, says one industry insider.

“It allows a broker to know where they can take a deal easily without having to shop it all over the place,” says Gay Andrews, executive vice president, COO, Caplink Financial Corporation, Camrock Capital. “A MIC offers constancy of market area, LTV'S, terms, rates‎. In addition, more than your typical private investor, professional MIC managers are skilled a structuring mortgage financings and, as such, can and do assist mortgage brokers with putting together ‎comped mortgage financings.”

Industry association launches petition
11/7/2015 6:41:49 PM
The MBABC is calling on mortgage brokers to sign a petition against an upcoming disclosure rule.

“As some of you know, the government in BC is in the process of implementing changes to disclosure of remuneration requirements for mortgage brokers,” Samantha Gale, MBABC CEO, said in an email sent to MBABC members, which she shared with MortgageBrokerNews.ca. “Please read our petition and sign it to let government know that consultation with industry is required on this issue.”

Brokers react to overvaluation report
11/7/2015 6:36:02 PM
CMHC released its Housing Market Assessment, detailing the health of various housing markets, and one broker finds fault in the methodology.

“I find that the summary of each of the cities and provinces doesn’t [fully capture] what their individual risks are,” Anthony Cirelli, a broker with Real Mortgage Associations, told MortgageBrokerNews.ca. “They compare Calgary, Vancouver, and Toronto using the same criteria but they all have different risks.”
RBC does away with mortgage limits for foreigners
11/7/2015 6:33:55 PM
The Royal Bank of Canada will no longer limit mortgage size for immigrant buyers in Vancouver.

"We're seeing a lot of affluent newcomers looking to buy high-purchase price homes," Christine Shisler, RBC’s director of multicultural markets, told Reuters. "Now we can actually service any mortgage amount."
Organize your time and business will boom
11/7/2015 6:31:00 PM
What are high-return activities? These are activities that, if implemented consistently, can bring you the most amount of profit in the shortest period of time. In short, they have massive impact on your bottom line. I call these activities “the shortest path to the cash” because they have a way of cutting through all the clutter and BS and getting you to focus on what actually makes you money.
Ontario MIC association long overdue
11/7/2015 6:26:46 PM
Brokers have CAAMP, and Mortgage Investment Corporations out west have their own associations – which begged the question: why not Ontario?
Broker: ‘We have to turn our focus to foreign buyers’
11/7/2015 6:24:49 PM
One broker has a suggestion for better tracking foreign investment in Canada’s real estate market.

“We have to turn our focus to foreign buyers and better track the stats; it’s unfair for Canadians living here that foreigners are coming in and boosting home prices,” Walid Hammami, a Montreal-based broker with Dominion Lending Centres, told MortgageBrokerNews.ca. “The banks should have to report foreign purchases to CMHC so we know exactly how much money is coming in.”
Brokers react to investigation about mortgage fraud
11/7/2015 6:21:00 PM
Mortgage fraud exists – and brokers will be the first to admit that – but it isn’t nearly as prevalent as some make it seem, according to industry professionals.
Teaching life lessons on how to get a mortgage
11/7/2015 6:11:23 PM
Brokers keep running into the same issues with newcomers to the market – a fundamental lack of understanding of what it takes to secure a mortgage loan; but two groups are joining forces to help make next generation financially literate.
How to thrive in the new construction segment
11/7/2015 6:08:33 PM
Brokers complain about the difficulty of working with new construction mortgages, but one of the leading players in that space says those who dedicate the time to understand the market will thrive.
Foreign investor data revealed
11/7/2015 6:06:34 PM
It may be a small-scale study, but the statistics are sobering: One association says a large portion of buyers in Vancouver over the past six months are likely mainland Chinese.
Liberals announce finance minister
11/7/2015 6:02:28 PM
Justin Trudeau has launched a new Liberal era with a 30-member cabinet that features predominantly fresh faces and an equal number of men and women.

Home Capital says loan investigation to continue through 2016
11/7/2015 5:58:24 PM
(Bloomberg) -- Home Capital Group Inc., Canada’s largest alternative-mortgage provider, said an investigation into loans with faulty income information is set to continue through most of next year.
Broker to Broker advice: reaping the benefits of community involvement
11/7/2015 5:57:08 PM
Let’s face the facts: We work within our community on a daily basis. As we become stewards in our community, we have a responsibility to ensure that our neighbourhood is healthy and sustainable. Without a thriving community, we cannot prosper as neighbours, business owners or professionals.
A renewed focus on developing business
11/7/2015 5:56:00 PM
Lenders who have prided themselves on partnering with brokers are making a concerted effort to focus on business development to remain competitive in the lending channel.
Broker wish list for the new Finance Minister
11/7/2015 5:54:23 PM
The Liberal Party announced its new finance minister Wednesday afternoon, and this is what is known about the man who takes over one of the most important posts in the cabinet – and what brokers hope his policy will be pertaining to the mortgage industry.
Niche business wins broker referrals
11/7/2015 5:52:45 PM
Specializes in helping down-and-out clients, Toronto-based mortgage agent Ron Alphonso was recently featured in a major news publication.
Widening of land transfer tax draws flak
11/7/2015 5:50:51 PM
The provincial move to allow individual municipalities to impose land transfer taxes is drawing organized opposition from MPPs and the Ontario Real Estate Association – but one Toronto broker is providing some perspective on what it will mean to the Ontario market.
Lender does due diligence
11/7/2015 5:49:35 PM
Home Capital has an entire team dedicated to reviewing each of the files originated by the 45 suspended brokers.
First National in talks with lenders
11/7/2015 5:46:56 PM
First National may be tight-lipped when it comes to sharing specific details, but it did confirm it is in talks with other lenders interested in outsourcing their underwriting.
Cancellation Fees in B.C.
11/7/2015 5:43:53 PM
On October 2, B.C.’s mortgage broker regulator put the industry on notice that charging advanced fees for mortgages will not be tolerated.
Baseball and Brokering
11/7/2015 5:40:25 PM
Those who know me know I am not a huge sports guy. In fact, I tend to choose late nights in the office over hockey games, and afternoons writing rather than watching football or baseball. Nonetheless, here comes a sports analogy.
The Liberal Effect
11/7/2015 5:37:21 PM
The Liberals’ new majority gives them all the power they need to influence Canada’s mortgage market. Interest rates, mortgage policy and affordable housing initiatives will all be affected.
Royal Bank scraps size limit on newcomer mortgages to keep up with Chinese demand
11/7/2015 5:34:39 PM
The Royal Bank of Canada scrapped an internal limit on mortgage loan size for immigrants in the spring to tap into surging demand for financing on multi-million dollar houses by newcomers to Vancouver.
Canadians owe $1.88 trillion, 5% more than last year
11/7/2015 5:30:04 PM

Canadian households owed $1.88 trillion in outstanding debt in September, as the high cost of housing in some markets pushed borrowing levels higher, according to RBC Economics.

The annual increase in the consumer debt load is five per cent, much greater than the pace of inflation.

Reverse mortgages set to explode as Canadians tap their homes for cash
11/7/2015 5:27:25 PM
Musician John Agius had seen the reverse mortgage advertisements on television for years before he decided to take one out against his own home in downtown Toronto.
FICOM Proposes More Compensation Transparency
11/3/2015 8:16:12 PM
How would you like to know what your mortgage broker is earning on your mortgage?

In B.C., you may soon find out. The mortgage broker regulator there plans on doing what no other major province has done: force mortgage brokers to disclose how much they’re earning from lenders on your mortgage. We’re talking exact dollars and cents.

Explicit Compensation Disclosure – Part II
11/3/2015 8:00:24 PM
It’s shaping up as one of the most pivotal and contentious regulatory issues ever faced by mortgage brokers in B.C.

As noted in yesterday’s story, the B.C. broker regulator (FICOM) is proposing a change that would require mortgage brokers to communicate (to the dollar) the exact amount of compensation and perks lenders give them. That includes finders’ fees, volume bonuses, efficiency bonuses, lender “points,” free travel and other rewards. FICOM believes that consumers need to know how much these items are worth in order to judge the value of, and motivations behind, a mortgage broker’s services.

We have no reason to believe that FICOM’s intentions are not good. But, the way this change is executed could nonetheless have far-reaching unintended consequences for the industry and consumers, and not just in B.C. Here’s a breakdown of the issue.


What’s on the Minds of Lender Execs
11/3/2015 7:58:28 PM
Last month Scotiabank hosted its always-informative Financials Summit. Top brass from various lenders spoke at the event and each had a few sound bites of note. Here are some of the more notable ones:
How mortgage fraud is thriving in Canada's hot housing market
11/3/2015 7:56:29 PM
In early 2013, Kelly Vandenham and her boyfriend were preparing to put an offer on a charming Craftsman-style house in West Kelowna, B.C. They had been preapproved for a mortgage with Canadian Imperial Bank of Commerce, but the couple’s realtor suggested they could get a lower interest rate at Toronto-Dominion Bank, where their realtor’s boyfriend, Kulwinder Dhaliwal, worked as a mobile mortgage specialist. What happened next is a problem that continues to plague the financial industry despite steady changes to mortgage lending rules, a dilemma that some warn threatens to undermine faith in the country’s robust housing market.
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