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.
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.