CAAMP released its fall report earlier this week indicating that brokers have enjoyed an increased market share compared to their banking counterparts; but missing from this year’s survey is the usual breakdown into new originations and renewals. MortgageBrokerNews.ca asked the economist behind the report to explain.
“I just look at the data we have from time to time and I just have to draw a conclusion on what data is strong enough to report on,” CAAMP’s Chief Economist Will Dunning said Wednesday. “Because of the type of survey, it was there was too much statistical variation.”
That key breakdown of new mortgage versus renewals and refis has traditionally helped brokers gauge their industry’s performance in two key areas of focus. This year’s absence has removed that barometer.
In its place, the report is offering a generalized snapshot of homeowner activity around refinances.
“About 1.5 million homeowners with mortgages renewed or refinanced their mortgages so far during 2013. The combined total principal is $218 billion,” the report states. “One-third of the borrowers who have renewed their mortgages so far in 2013 also have HELOCs, on which they owe a total of $21 billion.”
When asked why this year’s iteration also lacks a comparison to last year’s incarnation, Dunning explained that “anyone can do that – the reports are all available.”
CAAMP reported that last year, banks held a substantial portion of the renewal business: 70 per cent compared to broker share of 15 per cent.
It is unclear how those statistics break down this year.