Verico news

  • Budget targets bulk mortgages

    Thursday’s federal budget could have been a lot worse, say some brokers while others are anxious about any potential fallout for BFS clients and monolines.

  • How low can you go – 2.84

    Jim Flaherty needs to “stay out” of the affairs of banking, say mortgage brokers, as one channel lender throws down the gauntlet with the introduction of a 2.84 per cent rate.

  • RBC’s Rate Match no match for brokers?

    Brokers are describing RBC’s newly launched Rate Match campaign in less than glowing terms, pointing out the exclusion of monolines as evidence of a broker’s skill at finding the best deal.

  • Search for the best rate stressful, poll reveals

    An ING survey suggests 59 per cent of Canadians find negotiating for the best rate the most stressful part of obtaining a mortgage – ironically, results that provide support for the mortgage brokers ING has now left behind.

  • Brokers are choosing prime time

    Surprising poll results show brokers are still able to satisfy the majority of stated-income clients at prime lenders, despite tighter mortgage and underwriting regulations introduced last July.

  • Big lenders will follow BMO bandwagon

    BMO’s posted 5-year-fixed rate of 2.99 is nothing new, says True North’s CEO Dan Eisner; still other major lenders will be quick to follow suit despite warnings from federal finance minister Jim Flaherty of a potential rate war.

  • Big banks are abusing their power

    One leading broker is echoing Jim Flaherty’s concerns about bank irresponsibility, following BMO’s announced 2.99 rate on a 5-year-fixed mortgage Saturday, cautioning an abuse of the public trust.

  • Brokers support CMHC foreclosure policy

    CMHC’s request Realtors refrain from labeling properties as "in foreclosure" on MLS was, in fact, designed to protect the market from the kind of collapse the U.S. is still recovering from, suggest brokers supportive of the policy.

  • Lender aims to take the pain out of penalties

    It is a familiar story – a client looking to refinance, but facing a prohibitively high penalty. Still, Bruce Schoenne of PayLessPenalty.com has a solution, one some brokers may say sounds too good to be true.

  • It's the best and worst of times for brokers

    It may be a challenging time for brokers, but it's also a good one, say players pointing to lenders dropping rates and networks sweetening the deal for their members.