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Mortgage Broker News | 07 Jul 2011, 08:00 AM Agree 0
Year-over-year price increases in key Canadian markets are concealing a significant slowdown in actual sales, according to a national price survey released Thursday. Unfortunately, for brokers, that trend, already identified by CMHC, is expected to continue in the second half of the year.
  • Frustrating market | 08 Jul 2011, 04:27 AM Agree 0
    What I find really infuriating is the lenders that only want to pay you on the top up even when it is up for renewal. The lender doesnt have a policy to allow such a thing. In both cases in the last 3 weeks I have informed the clients regarding the pay cheque I will receive by sending it elsewhere. Both were totally okay with the move so I could be paid for the whole amount. You see by talking to the client that avoids a back end deal from the lender. Honesty works. But what bothers me is I recently did a increase on an existing mortgage for $40k the mortgage was then 310k I only got paid on the top up amount. It had to go back to the solicitors and it was a refi. I was not informed by the lender (scotia) that this is their policy. I know every other lender is up front about this as they know this would determine where I place the refi. When I questioned it I was told that it has to be within 90 days of renewal to request a refi - this is after the deal has funded. I was 93 days. They didnt even give me the option of having the client pay a penalty. The bottom line is they didnt tell me. Scotia used to be my number one lender...
  • Kelly Rowe | 08 Jul 2011, 06:17 AM Agree 0
    Right above this box there is a line that says, "Broker news forum is the place for positive industry interaction..........." I don't see a lot of positives being reported here lately, quite the opposite in fact. I'd like to see some success stories about the broker world instead of all the doom and gloom and belly aching that's been going on. : ) just my opinion
  • Doug Pfeiffer | 11 Jul 2011, 11:57 PM Agree 0
    When did we go to the polls on the issue of long-time brokers requiring "Re-Education", no doubt at a big cost ("tax") to do business in this province (Ontario). No wonder licencing stats show in 2010 there were 123 new brokers, and 165 licence surrenders. More quit than joined. We must write our MPP's and stop this bureaucratic idiocy. It's all about the money, our money.
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