Strict underwriting rules crucial to MIC success
Brokers love liberal underwriting rules, but that makes for a possible conflict of interest if those mortgage professionals then take on the role of gatekeeper at a MIC, warns one mortgage expert.
Stick to the issues CAAMP, broker urges
Another article in the Toronto Star has showered praise on mortgage brokers, but one broker feels his industry is being done a disservice with what he calls “PR pieces” by CAAMP, when instead it should be addressing real concerns in the channel such as REDX reports.
Making dreams come true
MortgageBrokerNews is continuing its series of features on the finalists for Broker of the Year in both categories -- the under 25 employees and the 25 and over. This year’s group is the most diverse, spanning the country. Winners in both categories will be named at the upcoming Canadian Mortgage Awards on May 10 at the Liberty Grand in Toronto.
Kinsley confirms departure from CMHC
The worst-kept secret in the channel is official – Karen Kinsley is stepping down as president and CEO of Canada Mortgage and Housing Corporation.
Brokers pleased with Poloz as BoC governor
Brokers are giving a thumbs-up to the appointment of Stephen Poloz as Canada’s next governor of the Bank of Canada.
Storefront brokerages an expensive lesson
One broker remembers the expensive lesson learned by brokers a few years ago in opening storefront locations in high traffic retail centres, and sees the BMO micro-branch model succeeding if costs can be controlled.
CAAMP pushes Ottawa to leave ABCPs alone
Following the last federal budget, those dealing in Asset Backed Commercial Paper have held their breath over the government’s move to limit housing risk, but CAAMP remains hopeful Ottawa is open to compromise.
REDX addresses AMP questions
The company behind REDX is now answering a question CAAMP has been slow to, asserting the association does not directly file incident reports on brokers who drop the AMP designation.
Brokers erring on the side of caution at tax time
Has Canada Revenue put the fear of God into brokers? Well, at least the fear of an audit, if the latest MortgageBrokerNews poll is any indication.
Lenders should offer LEMs, says broker
The popularity and success of Location Efficient Mortgages in the United States could be applied to major urban centres like Toronto, says one broker, and lenders north of the border could easily include it as one of their mortgage products