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Be careful what you wish for – brokers hankering for standardized mortgage penalties could be undercutting one clear advantage they have over the banks.
The most recent Bank of Canada rate cut highlights the current risks to the Canadian economy, according to one organization, arguing the housing market is 20 per cent overvalued.
Renewed frustration around lender penalties have forced one broker to make a FSCO complaint, but is it really time for Canada-wide regulation?
The head of one leading lender believes brokers should prepare for even tighter lending guidelines.
The Canadian government is reportedly considering tougher mortgage rules, but brokers warn that they would negatively impact the industry’s most crucial client type.
Frustrations mount that the banks aren’t passing the entire savings onto their clients in the wake of another axed benchmark rate.
Stingy – that’s how brokers may characterize the 10 bps drop by banks yesterday, and leaving the door open to monolines.
It may be the in the future, but brokers are looking at the inevitable rate hike and anticipating what the banks will do with their own rates at that time.
The Bank of Canada has lowered its overnight rate to 1/2 per cent.
With CAAMP set to re-evaluate its future – and the role the next leader will take – industry players believe there are certain things the association should focus on, including providing more support specifically to brokers.