Justin Da Rosa is a journalist with Canadian Mortgage Professional.
Brokers have long argued the barrier to entry for the industry is too low, and the Home Trust suspension of 45 brokers is further proof that a more stringent licensing process is required.
It’s a tactic that lenders – and their underwriters – may not be too keen to implement, but one broker is suggesting his lender partners take a page out of the bank playbook.
Home Trust delivered a message of confidence to its broker partners.
Tightened guidelines may be encouraging some mortgage professionals to take shortcuts, but that is no excuse say industry players reacting to Home Capital's move to suspend ties with several brokers
Exit plans for alternative clients are becoming increasingly important, as bundled mortgages become more prevalent
Industry players have been vindicated: the CBC has offered a sort of mea culpa for airing erroneous information about brokers and the lenders they work with
One superbroker has published an article that may help turn rate shoppers into ‘service shoppers’ – and convert bank clients to broker clients
It may be a small victory for brokers, but CMHC’s latest rule change is a welcome decision in an era of seemingly endless mortgage rule tightening.
One leading economist is warning that any more mortgage rule tightening would negatively impact the entire economy, following speculation that the Canadian government is considering more rule changes meant to cool the housing market.