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Mortgage Broker News | 30 Nov 2009, 02:00 AM Agree 0
Abode Mortgage Corporation is shutting down business after the prospective sale of the company by a private investment firm fell through.
  • Carol Bell | 01 Dec 2009, 06:40 AM Agree 0
    What happens to existing funded mortgages? Mortgage agents are understandably losing faith in placing deals with new lenders. It ultimately reflects poorly on all concerned.
  • Marcy Berg | 01 Dec 2009, 06:43 AM Agree 0
    Sorry to see this. Joe and his team are top notch and will be missed.
  • Another Mortgage Agent | 01 Dec 2009, 08:12 AM Agree 0
    Carol,

    I would imagine that they will contract out servicing to someone like MCAP or First National. In the meantime probably look for buyers of their current funded portfolio. Who know, maybe CMHC will buy it from them!

    If you have current clients in an Abode mortgage you should probably advise them that Abode will either call loans and/or definitly NOT renew at maturity. Same thing happened when other lenders exited the market in previous years.
  • doug | 01 Dec 2009, 08:16 AM Agree 0
    really gives these new small lenders a bad name....jumping in and out of the market like that, brokers are leary or should be....they wont renew the mortgage, and the broker looks kinda dumb.....
  • Dan P | 01 Dec 2009, 08:38 AM Agree 0
    Too bad about Abode; nice people!
    With major urban centres across Canada once again reporting record breaking sales volumes, is it conceivable that financial backers might not be relishing the idea of getting back into another over-inflated real estate valuation position? They might be recalling the spectre of the still fresh-in-our-minds U.S. fiasco. I wonder how many other capital lender(s) out there are taking stock and deciding just how far they are now willing to go in this quickly rising market.
  • Vans T. LeBlanc | 01 Dec 2009, 10:04 AM Agree 0
    Abode Mortgage Corporation, ...... placed seventh overall in CMP's brokers on lenders survey earlier this year (it placed first for BDM support).
  • Vans T. LeBlanc, MA, BBA, AMP | 01 Dec 2009, 10:19 AM Agree 0
    Abode Mortgage Corporation.... placed seventh overall in CMP's brokers on lenders survey earlier this year (it placed first for BDM support). It is important when bestowing performance awards in ANY business that institutions and individuals consider longevity of service for a minimum period of time. Awards should indicate a level of performance over a SET period of time ON A CONSISTENT BASIS. It is always easy for a newcomer to shatter all records at the introductory stage, usually because of novelties and aggressive incentives. This does not always guarantee spectacular performance over an extended period.
  • Frank Armstrong | 01 Dec 2009, 01:39 PM Agree 0
    It is truly a shame to see newer Lenders like this not be able to survive. It is however a reflection on the business that everyone should take note of. The major mortgage lenders in Canada are taking more and more of a stranglehold on the mortgage origination business and newer, smaller lenders do not have much of a competitive advantage these days........not sure if this is a good thing for anyone, especialy consumers over the long term.
  • Tom | 01 Dec 2009, 02:32 PM Agree 0
    It appears that out company has several deals into Abode where are agents commissions are now in "limbo".
  • Editor, CMP | 02 Dec 2009, 12:54 AM Agree 0
    Vans,
    It's true that Abode placed high in some categories on the brokers on lenders survey, but it's important to note that the entire premise of the survey is based on a popular vote from the broker community, which is indicative of the service they receive from said lender. Not financials.

    If it was a financials survey you would see the Big Five on there - broker friendly or not. Besides, this news doesn't change the fact that Abode had strong BDMs when we did the survey five months ago.
  • J Broker | 31 Dec 2009, 10:18 AM Agree 0
    Does anybody know about ABODE anymore?
    What about brokers not getting their finder’s fee paid, bonuses, finder’s fees cheques bounced?
    We gave business to ABODE because of the BDMs and they are as well in the hook. When I call them they do not know anything.
    Any suggestions on how to proceed as I am one of the victims for about 10K.
  • M Broker | 04 Mar 2010, 10:02 AM Agree 0
    is there any truth to a new buyer for Abode? Is there a possibility that commissions not paid to brokers will happen if a new buyer is found? Does anyone know anything in regards to unpaid commissions.
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