Credit unions hounded for HELOCs
Brokers are on the hunt and credit unions are already welcoming a wave interest as new federal guidelines limit HELOCs at the banks and make their own higher LTVs more enticing.
Reaching new heights
It’s a message that reverberated from one end of The Mortgage Summit to the other, with speaker after speaker calling on brokers to choose sides – are you focused on service or rates?
Flaherty acknowledges possible pain
Jim Flaherty is now conceding the economy may take a bit of a beating because of the new, tighter mortgage rules – billing it as a necessary evil in order to protect the housing market.
Economists back up broker concerns
TD economists are now voicing some of the same concerns as brokers about the negative impact this latest round of mortgage rule changes will have on the economy and, more specifically, employment.
Govt to lower amortization, LTV on refis ... again
The reprieve Canadian brokers thought they had is no longer, with the government confirming it will now lower the maximum amortization on an insured mortgage to 25 years and cap refinances at 80 per cent of a home's value.
Expert to brokers: KYI -- Know Your Investor
A compliance expert is offering a cautionary note to the growing number of mortgage brokers working with individual investors eager to fund private mortgages: KYI – know your investor.
OSFI nixes requalifying guideline
From CAAMP’s lips to OSFI’s ear. The federal regulator issued a letter Wednesday clarifying its position on re-qualifying borrowers at renewal -- effectively maintaining the status quo and confirming CAAMP's understanding.
Assoc.: Good news from OSFI on the way
It may be too early to break out the bubbly, but brokers – and indeed their nervous clients – appear poised to escape the most onerous of OSFI’s proposed changes, said the head of the industry’s largest association, pointing to recent discussions in Ottawa.
Brokers: BoC decision may embolden OSFI
The Bank of Canada left the overnight rate unchanged at 1 per cent Tuesday, in the process suggesting a hike may not come anytime soon – something that could strengthen OSFI’s hand.
Report: OSFI has the wrong end of the stick
A new report is backing up broker concerns OSFI is about to fix what ain’t broke – this new research identifying already-reduced amortizations, low arrears and high levels of homeowner equity.