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Mortgage Broker News | 08 Nov 2013, 12:00 AM Agree 0
The general consensus among brokers is that government tinkering with lending rules is an unwanted annoyance; but do brokers in smaller markets have it worse than others?
  • Ron Butler | 08 Nov 2013, 07:06 AM Agree 0
    Just like the 88 year old grandmothers and 9 year old kids who go through the X-ray machines at the airport, it's the way government's works. One size fits all whether it makes any sense or not.
  • Halifaxbroker | 08 Nov 2013, 07:34 AM Agree 0
    I am a broker in Halifax and I agree with Kent. The changes Flaherty imposed on the mortgage market has crippled us in this market. A one size fits all approach definitely is not working - although I don't think they care. I have brought this up with the local MP in hopes that some changes will come - but I won't hold my breath.
  • Western Broker | 11 Nov 2013, 06:08 PM Agree 0
    Outside of the recent changes, the regional differences spread into the markets and their growth, taking away the refinance business for some areas (slow growth), and allowing others the opportunity to capture the available equity, because of their market. I think a slow market should be given consideration for refinances to 90% again, with criteria on the proceeds to help them better their situation (paydown unsecured debt). The markets that experience the growth can cope with the 80% refinance limit because they have the equity to work with.
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