Impacts of housing policy already being felt

Impacts of housing policy already being felt

Impacts of housing policy already being felt One monoline lender has sent brokers a list of changes as a result.

A broker source sent MortgageBrokerNews.ca the following communication from Merix/Lendwise:


Merix/Lendwise may be the first to make changes to its programs but it undoubtedly won't be the last. The communication was sent to its broker partners with the subject "IMPORTANT changes with MERIX and Lendwise. Please read"

The news comes a mere day after the Minister of Finance announced sweeping policy changes targeting the housing industry, which included more stringent qualification standards for all insured mortgages.

As MortgageBrokerNews.ca reported, industry players expect the changes to have a potentially acute impact on monoline lenders specifically. This appears to be the first such example.


 
23 Comments
  • Dave 2016-10-04 4:13:19 PM
    I think you mean "wont be the last"

    Ok fellow brokers, any bets on which shops will fold by the end of year ? Also, was this a move by the banks (ahem) government to squash competition?
    Post a reply
  • Lender 2016-10-04 4:15:08 PM
    First national went first. And pulled rentals yesterday and BFS ...and increased their conventional rate significantly
    Post a reply
  • Mortgage Guy 2016-10-04 4:16:06 PM
    more reason to stay in private financing and give everything to the banks.
    Post a reply