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Mortgage Broker News | 03 Dec 2013, 12:00 AM Agree 0
While CMHC heralded its third quarter results Friday, it glossed over a whopping 81 per cent drop in refinances, leaving brokers to quantify the impact on their clients and their bottom lines.
  • Nick Bachusky | 03 Dec 2013, 09:13 AM Agree 0
    I was expecting as much. Major drop offs even in a steady market in Ottawa.
  • A Broker | 03 Dec 2013, 02:47 PM Agree 0
    So what are the agents, who can only do the most simple of deals, to do once purchases cool off. I see a big drop off of agents in the business.
  • John Van Driel | 05 Dec 2013, 07:39 AM Agree 0
    Alternative and second mortgage lending has become a larger part of our business. Establishing relationships with Realtors, with the view of financing more Purchases, is a must!!
  • Diane | 05 Dec 2013, 10:00 AM Agree 0
    @ John that is so true...there are always other options for us to exercise!
  • Cindy | 05 Dec 2013, 10:33 AM Agree 0
    We have experienced the same drop in business and I am now adding another revenue stream in order to be able to continue in the brokerage business. It will be an interesting 2014.
  • kac | 06 Dec 2013, 11:51 AM Agree 0
    Reality says that until mortgage rules lighten up a little the economy will still be at a stall,house prices will continue to drop and inventory on the market will continue to increase. Where people could once access some equity and get over a tough hurdle they are now no longer able to so the only way to get at their diminished equity is to sell their home which floods the market. Equity lenders and mic funds now only underwrite close to A clients at ltv's of 65% max unless you are in a PRIME area and are reluctant to lend unless there is a fool proof way of getting their money back within a year. Can't say i blame them. CMHC raked in 100's of billions of dollars in insurance premiums while the market was good and now wants to take their money and run. Now that's backing the country they helped get in this mess.

    Until there is a supply of money available to get at i fail to see how the cycle of a downward spiral can have an end.
  • Ryan | 30 Jan 2014, 11:14 AM Agree 0
    “I had a client (who had) to put renovations on credit cards because they couldn’t refinance and they eventually lost (his) house. It has hurt a lot of hard-working people.”

    Why couldn't this person just have waited on the renovations? Were they an emergency? Why put your livelihood at risk for a renovation?
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