Big bank saddles mortgage borrower with hefty bill
A Canadian couple was shocked to learn that they owed their lender tens of thousands of dollars to end their fixed-term mortgage early.
This one major broker gripe may be futile
A recent Bank of Canada announcement has dredged up an age-old debate but is it one that should finally be put to bed?
OSFI puts kibosh on bank risk-sharing
The Office of the Superintendent of Financial Institutions (OSFI) will not force Canada’s banks to assume more mortgage risk, despite calls from many in the industry for them to do so.
Leading broker founds new brokerage
The former manager/COO of one of Canada’s largest brokerages has resurfaced as the president of a rate site’s brokerage arm – a move likely to drum up some debate in the industry.
Investors taking dangerous steps to get over five door rule
Brokers advised an investor client – who closed two deals in one day -- to not disclose the second planned property purchase to the lender as a work-around for one lending rule.
CMHC confirms potential risk-sharing
The Canada Mortgage and Housing Corporation (CMHC) has announced it will consider implementing risk-sharing measure with lenders in the future, confirming anonymous sources who told the Financial Post in early September that OSFI and CMHC were in talks about the potential policy.
Broker not convinced by bank CEO's parting words
Brokers may be happy to see one big bank executive go, but they likely won’t fall for his parting words about the need for tighter lending rules to help rein in consumer debt.
Canada’s market not as healthy as believed to be?
All is not as it seems in the Canadian housing market, according to one major economist who points to several vulnerable markets that may be lulling economists and the Bank of Canada into a false sense of optimism about the market, overall.
Deferred sales spike soon to end?
Brokers who lamented the early year slump have likely made up for the lost business, according to recent stats that point to continued strong summer sales.
Brokers split on CMHC proposal
Broker opinion is split -- following news that CMHC is considering banks to pay a deductible before mortgage claims are paid out – with some believing the move will lead to more careful underwriting and others thinking it could result in higher fees for clients.