High-ratio deals morph to conventional
Brokers focused exclusively on high-ratio A deals may be increasingly out of luck, with both mortgage insurers and analysts suggesting a large chunk of that business has already crossed over into other, more complex categories.
1 OSFI proposal likely DOA: insurer
The OSFI proposal limiting access to mortgages as Canadians march toward retirement is least likely to pass into “law,” the head of Genworth’s risk operations reassured brokers.
Brokers brace for new CMHC boss
Getting CMHC to approve deals may soon be tougher, with the introduction of a new bill handing ultimate control for government-backed mortgage insurance to an increasingly strict OSFI.
Scotia gives Canada Guaranty the nod
Canada Guaranty has added a big, fat red-and-white feather to its cap, announcing its suite of insurance products is now available through Scotiabank, both at the branch and through the broker channel.
First-time homebuyers will drive the housing market
Those Canadians who have recently purchased a home or are intending to buy one seem to have a good handle on their finances, according to national survey conducted by one of Canada’ private mortgage insurers.
Broker: Time for channel to help subprime orphans
Broker channel associations and lenders must lobby government on behalf of homeowners effectively orphaned by fleeing subprime lenders and blocked from switching to A lenders because of the new refi rules, said a mortgage professional grappling to keep borrowers in their homes.
MAC 'Super App' expands lending options
Mortgage Alliance is making it easier for brokers to access lenders, with the launch of a new “Super App” module for its MortgageBOSS. The one-step program allows brokers to input application details, electronically canvass top broker lenders for “the best fit” and, with the push of a button, send it off to one of those lenders.
Genworth moves down the Street
Street Capital has added Genworth as a default insurer, a move, says the lender, in response to broker requests.
myNext moves to fill Macquarie/Concentra funding gap
Lender myNext Mortgage Company is now extending its reach outside Mortgage Architects and MortgageBrokers.com to the rest of the broker channel, its CEO suggesting the move will help fill the funding gap left by two recent lender defections.
Brokers re-thinking Internet lead-generation strategy
Brokers looking to generate leads from the Internet may ultimately find it easier and, indeed, cheaper to hand the job to one of a growing number of online referral agents, suggest brokers now winning as much as a 50-percent conversion rate. Still, even then, success largely depends on one thing: rate.