CMHC price hike to negatively affect homebuyer equity position
An average $5-a-month hike to mortgage insurance premiums may seem inconsequential, but brokers believe the effect on homebuyer equity will prove disastrous.
CAAMP releases ethics complaint summary
CAAMP released its annual ethics complaint summary for 2014, and the vast majority of complaints were made against new CAAMP applicants.
Man charged in Ponzi-like mortgage scheme
A former mortgage administrator has been found guilty of fraud in a case that the Ontario Securities Commission is referring to as a “large-scale, sophisticated mortgage investment scheme” akin to a Ponzi scheme.
Taking the positive from bank news
Many brokers scoff at bank “relationship pricing” but at least one professional believes they are creating a more informed public: Which will benefit the broker channel.
Higher rates on the horizon for even more clients
One private insurer has quickly followed CMHC’s lead and upped its rates
Former bank road rep shares controversial practices
Another banking veteran, now a broker, is criticizing the increasingly close relationship between Realtors and some of the big six banks, suggesting it comes at a disadvantage to clients.
Federal budget date announced
After postponing the federal budget in mid-January, Finance Minister Joe Oliver has scheduled the budget for Tuesday, April 21.
Brokers frustrated by appraisal middlemen
Fewer lenders are allowing brokers to choose their own appraisers, and players are once again airing frustration about the appraisal process; a process one appraiser refers to as “a total racket."
Brokers respond to claim their business is ‘dirty’
A bank road rep tell-all has brokers’ backs up after he suggested the channel’s deals are “dirtier” than those funded on the bank side. But at least one lender has come to the aid of his channel player partners.
Brokers call ‘smoke and mirrors’ on RBC employee pricing
The biggest of the big banks has brought back its “employee pricing” on mortgages, but the industry argues brokers will be the biggest beneficiaries.