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.
Brokers fear resurgence of high interest loans in wake of refinance LTV limits.
Lenders are backlogged, creating a delay in offering commitment letters and brokers are frustrated as a result.
New data suggests Canadians are being encouraged to take on mortgages they would not be able to afford in the event of even a slight rate increase.
Many brokers have experienced a slowdown in Alberta – and while others have braced for a downturn that never materialized, players may not yet be in the clear despite recent Bank of Canada optimism.
Brokers have been frustrated by tightened underwriting from both the insurers and the monolines, and one lender has stepped up to provide some more clarity on how premiums are determined.
Are brokers powerless when it comes to insurers costing them deals?
It’s frustrating enough getting a deal approved by lenders but now insurers are increasingly rejecting even lender-approved deals.
CMHC has announced its lowest market share to date and it may only be a matter of time before the use of default insurance industry shrinks altogether.