Lender issues notice to brokers

Lender issues notice to brokers

Lender issues notice to brokers The new mortgage rules continue to wreak havoc.

MCAP has announced changes to its lending practices following the recent mortgage rule changes. The changes include an upcoming surcharge for all refinances.

The notice, sent from MCAP to its broker partners and obtained by MortgageBrokerNews.ca, can be viewed below.




This follows news that Merix/Lendwise had pulled its rental program and that it now requires refinances to close before November 15, 2016.

MortgageBrokerNews.ca has also confirmed First National has suspended its own rental program, as well as its Alt-A business-for-self program.
 
11 Comments
  • DM 2016-10-06 4:12:46 PM
    is it not funny that the Minister of Finance had meeting with our Bankers institute and the top 6 banks in last 3 weeks.....
    Post a reply
  • Katy 2016-10-06 4:20:40 PM
    So much for consumers having choice. Why aren't they going after the banks and their high interest rates on credit cards? That's what puts people in financial trouble.
    Post a reply
  • Dave 2016-10-06 4:23:36 PM
    So what happens to people that bought new homes and condos not closing for another year or 2? And they were planning for 5% or 10% down and maxed out on ratios? This could get real ugly....
    Post a reply