Alberta broker: demand for cash-backs to grow
Growing optimism and a rebounding housing market are threatening to lift demand for cash-back mortgages in Alberta, cautions a leading Edmonton broker, asking his peers to guide clients to sounder alternatives -- and not only because of lingering economic uncertainty.
Broker: Gov't has left the refi building
New quarterly financials from CMHC are confirming the fears of many brokers, worried the government’s latest mortgage rule changes effectively signalled its exit from the refinance business, now down 40 per cent and expected to stay there.
Broker: Time to disclose reward points
Clients are entitled to know when they’re being charged a higher interest rate so brokers can bank the spread to pass it on to other customers, argues an industry veteran, calling on FSCO to mandate disclosure around that lender option.
Broker: Never, ever buy down rate
He’s increasingly an anomaly, but a veteran broker who has never bought down rate is admonishing the growing number of mortgage professionals now relying on that retention strategy, suggesting it only delays the inevitable.
MMA fighters launch mortgage brokerage
It’s the ultimate in kicking a stereotype to the curb or knocking it on its keister, with two fighters from the world of mixed marital arts launching a mortgage brokerage, focused on winning deals, not championship belts.
Equitable Trust investigates $14m in loans for fraud
Equitable Trust’s parent company is now investigating suspected fraud relating to four loans carrying an outstanding balance of $14 million, at the same time it considers taking legal action against “several parties.”
Hear ye! Hear ye! The rate wars are over?
It’s not exactly a white flag, according to one Vancouver broker, but the move by some of the Big Five to slash discounts on their ARMs may be the first tentative sign this year’s rate wars are winding down as the banks meet their year-end targets.
Eroded housing affordability tests Vancouver broker
Housing affordability concerns in the second quarter are helping explain a slower summer for brokers across much of the country, with an increasingly expensive Vancouver now at risk of a downturn, according to a new report.
Broker: Lenders, time for forced-savings mortgage
A veteran broker is renewing calls for channel lenders to develop a “forced-savings” mortgage, focused on helping borrowers shift debt at the same time strengthening the industry’s hand.
Lender paperwork frustrates brokers, lawyers
A leading broker is asking channel lenders to look at standardizing their instructing documents for lawyers, a way of easing the headache for legal and mortgage professionals, alike, but also creating a competitive edge for the industry.