Product News - November 2012
A bite-sized guide to the industry`s newst products as they come down the channel.
Alberta avoids Ontario broker cull
It’s a tale of two re-licensing processes, with Alberta escaping the agent cull that hit Ontario earlier this year.
Brokers blame buydowns for Scotia chop
Buying down rates not only cheapens the value of a broker’s work, but could be directly responsible for any slash to broker compensation, according to one mortgage broker.
Brokers prepared to lump it, not leave Scotia
Most brokers will opt to lump it rather than leave Scotia over its 5-basis point chop, argue some industry veterans, even as others call for a boycott.
Tough market to grow independent players, says broker
With a slowing housing market and lenders slashing compensation, the channel will likely see more brokers opting to go independent rather than work under large broker networks as a way of cutting expenses, according to one mortgage professional.
Breaking news: Scotia cuts compensation
Brokers feared this day would come, with Scotia introducing a 5 bps cut to compensation on all its five-year fixed and variable product effective Oct. 18 and following on the heels of First National’s move.
New agent to new agent: It's not all about the money
It’s a trap seasoned brokers are trying to steer young agents away from, and now one of those newcomers is offering the same warning, pointing to the need for training and support and not just high commission splits.
Brokers ho-hum about TD rental changes
TD's move to raise the LTV ceiling on its rental program goes only so far, say brokers, pointing to rental income calculations that will continue to limit client access.
FirstLine closure bolsters MCC's appeal
CIBC’s shutdown of FirstLine appears to have done little to stem the flow of brokers looking to join the the Mortgage Centre, said the network’s president, pointing to an unbroken chain of inquiries.
BoC eases broker concerns
Brokers may be more scared by new consumer debt numbers than the Bank of Canada, with Mark Carney suggesting the slowing real estate market cancels any immediate need for a rate hike.