Justin Da Rosa is a journalist with Canadian Mortgage Professional.
Brokers argue there aren’t enough ramifications to deter brokers from falsifying documents, but some suggest reporting them to a database such as REDX is a good start
Brokers in this one major market are likely faring better than the rest when it comes to the commercial segment
Brokers hope the recent suspension of numerous brokers by one lender for allegedly falsifying documents won’t encourage regulators to hand out more stringent guidelines
One leading mortgage insurer says fraud is on the decline in the Canadian mortgage industry as a result of tightened lending guidelines
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