Broker: Gov't has left the refi building
New quarterly financials from CMHC are confirming the fears of many brokers, worried the government’s latest mortgage rule changes effectively signalled its exit from the refinance business, now down 40 per cent and expected to stay there.
Top originator urges niche brokering, focus on property investors
With an originations slowdown sending brokers scrambling to diversify their portfolios, a top Ontario player is arguing “niche” brokering may actually be the best way forward.
Broker worried rent-to-own gains may cost industry
A 400-per-cent increase in business for a rent-to-own lender is raising concerns among brokers, worried the industry is opening itself to future litigation by placing clients in those deals.
Brokers beware: Home sales will get even slower this year, says forecast
Year-over-year price increases in key Canadian markets are concealing a significant slowdown in actual sales, according to a national price survey released Thursday. Unfortunately, for brokers, that trend, already identified by CMHC, is expected to continue in the second half of the year.
Realtors: Despite it all, brokers still key referral partners
Good news, brokers: You remain a primary referral partner for real estate agents even as the number of home sales slows across key Canadian markets. Bad news, brokers: More and more, the banks are determined to change that.
Brokers: banks now eating penalties to retain clients
There’s competition and then there’s competition with the Big Five, as a handful of Vancouver brokers point to banks and, even, credit unions now willing to eat their own substantial penalties in order to keep clients from going over to the broker channel.
Social media drives originations
Even as originations through Realtors and clients slow across much of the industry, brokers are actively developing leads and closing deals originating on Twitter, Facebook and other social media platforms.
Newbie Vancouver brokers go part-time as purchases slow
The number of Vancouver brokers taking a second job outside the mortgage biz is on the upswing, say seasoned professionals, as the competition for a falling number of originations heats up and newbies find themselves without the established portfolios needed to grow referrals and refinances.
Broker: ‘Habitual refinancers’ facing forced listings
There's strong indication new mortgage rules have begun to cull the number of “habitual refinancers” said one 20-year veteran of the broker industry, suggesting a spike in the number of forced listings should soon follow.
Brokers: Rate drops ignite client preference for fixed
Brokers are finally seeing a change in consumer appetite for risk after the second chop to fixed rates in two weeks.