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Mortgage Broker News | 05 Jun 2013, 12:00 AM Agree 0
MERIX Financial is temporarily halting stated income lending – and for one broker, it suggests more monolines will do the same.
  • Joe the Broker | 05 Jun 2013, 07:30 AM Agree 0
    Party is over folks. Just had a 50% LTV BFS stated declined by 3 lenders and its a quality deal overall. The lenders are pulling out of anything they deem even slightly risky. Only AAA deals will be approved now , you can count on that.
  • JSydneyH | 05 Jun 2013, 07:58 AM Agree 0
    I thought our government is small business friendly; oh wait, they're using mortgage brokers to help them collect more tax revenue.

    Business dollars fly to jurisdictions that are the easiest to work with and live in. Unfortunately, that isn't Canada anymore.

    Thanks, Jim!
  • John Hamilton | 05 Jun 2013, 07:59 AM Agree 0
    Paramount Equity Solutions in Stouffville is doing 2nds to 85% LTV on urban properties allowing stated income deals.
  • kac | 05 Jun 2013, 09:22 AM Agree 0
    sad to see all the changes with monolines who we are supposed to be supporting as the banks continue to drop from the Broker industry. If they also don't pull out of the mortgage Broker industry it will be very soon when they insist on charging full insurance premiums on 50% ltv's. Tough to compete with the cibc's when even on a rate hold the client pays an extra 20 bps then the monolines wonder why their pre approvals rarely go through.
  • Paul | 09 Jun 2013, 10:57 AM Agree 0
    It is very tough for broker to do business.

    Clients can get approval from retail bank right away, even for BFS stated income. No need to submit tons of document like going through broker channel
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