Mortgage Mentor Inc. launches new TDS lender matrix
Mortgage Mentor Inc. has launched a new software module called MM Pro to help brokers consistently calculate debt service ratio for all of their deals.
Changes to FirstLine’s POINTS Rewards Program
FirstLine Mortgages announced improvements to their status program for brokers.
Britons turn to credit cards to make mortgage payments
In what could be a warning of things to come for Canadians who may struggle their mortgage payments if interest rates rise, it has been reported that more than 2 million people in Britain have used credit cards to pay their mortgage or rent, an increase of almost 50 per cent in a year, according to the housing and homelessness charity Shelter.
Top Ten New Year’s resolutions for financial consumers: OBSI
Canada’s Ombudsman for Banking Services and Investments (OBSI) released its Top Ten Resolutions for 2011, highlighting the ways in which Canadians can help avoid future problems with their financial affairs.
Bank of America settles Fannie and Freddie
Fannie Mae and Freddie Mac, the U.S. government mortgage lenders, accepted US$2.8-billion from Bank of America to settle claims of the bank providing faulty loans.
Harper hints at tighter mortgage rules in 2011
Prime Minister Stephen Harper hinted the government may adjust mortgage rules in 2011 to help Canadians avoid going deeper into debt.
FSCO seeks comment on mandatory continuing education proposal for mortgage brokers
The Financial Services Commission of Ontario (FSCO) has released a proposal that would see continuing education (CE) become mandatory for mortgage brokers. The proposal is out for public comment until February 28. In spring 2011, FSCO plans to release its decision on its website.
Ratesheet.ca responds to questions and concerns
The introduction of Ratesheet.ca, an online mortgage rate auction site, received several comments and feedback on MortgageBrokerNews.ca this week. Vik Palan, Ratesheet.ca president, wanted to address some of the concerns.
Flaherty responds to banks' comments
While he still hasn’t ruled out tightening mortgage rules next year, Canadian Finance Minister Jim Flaherty thinks it is up to banks and not government to slow lending as household debt continues to rise, aided by low interest rates.
Banks required to do more stress tests for debt
Canadian banks and insurers will be required to do more testing on the risks consumer debt places on their balance sheets, said the Office of the Superintendent of Financial Institutions (OSFI) on Monday December 20.