Banks can't keep up with demand
Brokers say they are experiencing longer than average turnaround times with the banks, suggesting it could be a result of a flooded market due to collective client fears that rates will continue to increase.
Heritage Financial acquires Verico Boomerang
In a statement released Monday, Heritage Financial Group Ltd. announced it has acquired a 50 per cent stake in Verico Boomerang Financial Inc., a Calgary-based mortgage brokerage firm.
Breaking barriers between brokers and lenders
Lenders too frequently favour a “black and white” approach to qualifying clients, complain a growing number of frustrated brokers.
Monoline changes its preapprovals
One leading monoline announced changes to its pre-approval rates last week.
Catching 'cold clients' on your hook
Referral clients reign supreme, with a growing number of industry players now refusing to take cold calls.
Brokers on dealing with rate hikes
TD has now joined the increasing number of lenders pushing up fixed rates – a trend expected to see even seasoned brokers return to chasing down leads but also to deepening their value-add beyond basis points.
Brokers aren't ready to trust Flaherty
A year after he imposed stricter guidelines on the housing market, Finance Minister Jim Flaherty announced Wednesday that he has no plans to further intervene. The announcement hasn’t provided comfort for mortgage brokers, though.
Secrets for stealing (clients) from the bank
Growing interest rates may ultimately make it harder for brokers to take condo clients away from a rate hold with the bank, but one leading broker is offering his strategy for stealing business away despite that changing market.
Another bank, monolines hike rates
Following BMO’s lead – which raised its fixed rates on Tuesday – both RBC and a number of monolines have raised their rates. And another big bank is expected to announce its increase very soon.
BMO gives a gift to monolines
The bank that rocked the market with its “2.99 no-friller” announced Tuesday it will be raising the rate on its five-year, fixed-rate mortgage to 3.79 per cent from 3.59 per cent, widening the competitive edge brokers enjoy through monolines. At least for now, say industry players.