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.
The new mortgage rules continue to wreak havoc.