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Mortgage Broker News | 25 Nov 2014, 01:17 PM Agree 0
The latest arrears numbers from CMHC could be pointing an accusatory finger at some Western brokers at the same time they appear to pat others on the back for their advice to clients.
  • CV Mortgages | 25 Nov 2014, 02:49 PM Agree 0
    Are there any stats on how many of those BC mortgages in arrears are originated by Mortgage Brokers? It's awfully presumptuous to say that brokers need to do a better job advising their clients on affordability when, in my experience as a BC broker, the financial institutions are the ones bending the rules at the branch level, getting people into mortgages they cannot afford.
  • John | 25 Nov 2014, 02:50 PM Agree 0
    A more interesting figure would be, how many of the default mortgages were sold though bank branches and how many were sold through a broker? The article assumes the latter is higher is higher.
  • Kumar | 25 Nov 2014, 03:21 PM Agree 0
    "National was at 0.33 up from 0.31"
    What were the figures for BC and Alberta in the previous year/survey?
  • Dawn | 25 Nov 2014, 03:52 PM Agree 0
    I have attended many different CMHC meetings in the past few months, these numbers are not what was shared for arrears. Has anyone checked the facts? Alberta's deliquency is higher than BC. And Insurers do not break down deliquency as per the delivery channels of Broker versa Banker.
  • Jeremy | 25 Nov 2014, 05:30 PM Agree 0
    I would like to see CMHC name the biggest offenders. Let the world know who those brokers are so we can clean up our own backyard.
  • OkanaganBroker | 25 Nov 2014, 06:46 PM Agree 0
    Okay...lets back up here...So we the Brokers originate the mortgage.. BUT we don't approve it, & we certainly don't create the lending guidelines that the client's borrowing request fits into. How are we to blame? The lender and CMHC are the ones approving the deals...not us!
    When I was underwriting Broker deals for a lender it was my job to review the application, ensure all the required proof and documentation was there, and take full responsibility for approving the deal, and ensuring CMHC had all the correct information to base their decision on. Unless there was fraud involved the Broker IS NOT to blame.
  • John B | 25 Nov 2014, 07:36 PM Agree 0
    Based on my recent experiences, where our branch "competitors", seem to be able to circumvent GDS & TDS requirements, I would not hesitate to bet our community is lower than the provincial and national averages.
  • Mortgage Delivery Guy | 26 Nov 2014, 09:57 AM Agree 0
    I think one has to dig in deeper into the stats and how the conclusions are being drawn. National average # are meaningless when we talk about a specific region in a country.
    One should be careful when drawing generalized conclusions .
  • Steve | 26 Nov 2014, 02:26 PM Agree 0
    If the Nat'l arrears is .33% of 551 billion, then we are talking less than 2 billion in arrears for CMHC. That's almost the same as a liberal gas plant shutdown in Oakville. Not even a hiccup in the political world or worthy of discussion if you see the electorate continue to put the liberals in! Waste of time CMHC. They draw lots in profits to cover several gas plant shut downs. On with our day kids!
  • Faye Drope | 26 Nov 2014, 09:08 PM Agree 0
    I just attended a CMHC function which stated that CMHC contributed over 16 BILLION $$$ to the Feds general revenue (Government Debt) over the last 10 years. Steve your calculations are right and I agree there is nothing to read here.
  • John Martin | 27 Nov 2014, 02:46 PM Agree 0
    Steve is correct. End of conversation. Lot more important things to be concerned about than this cr..p.
  • EX-BANKER, 14yr. Mtge. Agent | 27 Nov 2014, 02:51 PM Agree 0
    Interesting !!! Can't paint all BROKERS or BANKERS in one brush stroke. But, I can say (from experience) may-be look at the bank (BRANCH DIRECT) deals. They (banks - like RBC) seem to be able to get deals thru, that I get a decline on from lender(s)& insurer (s). Which after telling the client these are the rules, and having them walk into RBC, and all the rules go out the window.... it's hard to get the client to understand I'm telling them the truth :(
  • EX-BANKER, 14yr. Mtge. Agent | 27 Nov 2014, 02:51 PM Agree 0
    Interesting !!! Can't paint all BROKERS or BANKERS in one brush stroke. But, I can say (from experience) may-be look at the bank (BRANCH DIRECT) deals. They (banks - like RBC) seem to be able to get deals thru, that I get a decline on from lender(s)& insurer (s). Which after telling the client these are the rules, and having them walk into RBC, and all the rules go out the window.... it's hard to get the client to understand I'm telling them the truth :(
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