DLC: New rules to drive clients to broker space

DLC: New rules to drive clients to broker space

DLC: New rules to drive clients to broker space There has been no shortage of opinion following the recently announced mortgage rule changes, and the country’s largest network has now weighed in.

"The new mortgage rules announced by the Federal Government on October 3, 2016 caught the entire industry by surprise and we continue to assess the potential impacts of these changes", Gary Mauris, president of Dominion Lending Centres, said. "Our current view is that the new rules will make it more difficult and more costly for many Canadians to obtain a mortgage.

“In turn, this should result in more Canadians using a mortgage broker as we have access to hundreds of lenders who can provide the right mortgage product at the best rate."

DLC released a three-page report Thursday, focusing on the implications of the recently implemented rules.

It breaks down each of the rules and provides an explanation, with the homebuyer in mind .

And while the network anticipates the changes will have little material impact on its own bottom line, it’s also confident some of the new rules will evolve as industry stakeholders are consulted.

“After speaking with senior officials in the Federal Government, we anticipate they may still amend many of the new rules in response to industry and consumer feedback," Mauris said.

Click here to read the full report.
 
7 Comments
  • Rick (Mortgage Mentor) Robertson 2016-10-13 3:20:36 PM
    PIERRE Trudeau had a practice of presenting various policies and if there was enough public push-back it was dropped. If there was little or no reaction he moved forward with it.

    Let's see if it's "like father - like son" ?
    Post a reply
  • John Greenlee 2016-10-13 3:25:05 PM
    I agree with Gary here.

    Brokers/Agents just became more important with these rule changes. Our advice and ability to place mortgages with the proper lender will be of even greater importance moving forward.
    Post a reply
  • JSydneyH 2016-10-13 4:12:31 PM
    Provided of course, the lenders have the funds to lend .... Much work needs to be done on the securitization to maintain and/or improve access to funds for the mono-line lenders.
    Post a reply