It may be a small victory for brokers, but CMHC’s latest rule change is a welcome decision in an era of seemingly endless mortgage rule tightening.
The current economic climate is expected to draw a number of one type of client, but it isn’t the kind brokers will cash in on.
They make great referral partners; still, brokers feel this one type of lender is shutting them out of the origination process.
Be careful what you wish for – brokers hankering for standardized mortgage penalties could be undercutting one clear advantage they have over the banks.
Stingy – that’s how brokers may characterize the 10 bps drop by banks yesterday, and leaving the door open to monolines.
With CAAMP set to re-evaluate its future – and the role the next leader will take – industry players believe there are certain things the association should focus on, including providing more support specifically to brokers.
Record low rates are dramatically changing the nature and the frequency of broker buydowns, say industry players pointing to the bottom line.
A new broker network was recently launched and it hopes to offer big bank services.
Clients facing increasingly tight deadlines to secure mortgages are getting tripped up by credit bureau mistakes that take too long to remove, say brokers.
One industry association is lobbying for longer amortization periods for first-time homebuyers, but brokers aren’t exactly sold on the idea.