Broker news TV
Broker news TV brings you closer to the industry's most
influential leaders and thinkers. Click on the videos below to watch the interviews:
Showing 82 - 87 of 87
Live from the third CMP Mortgage Summit
Live from the third-annual CMP Mortgage Summit in Toronto -- an event focused on upping the game of hundreds of Canadian brokers.
Video transcript below:
Reporter: Hi, I’m Justin Da Rosa. We are live at the Mortgage Summit in Toronto. This is the Big Story.
The Mortgage Summit brings together hundreds of brokers from across the country to discuss a wide array of topics. Some of those topics centre on the news that have made the day in the past month. We speak to some brokers about the issue of banks barring brokers from getting funding for clients who already have a profile within the branch.
Ranjit Dhillon, Principal Broker, Centum Mortgage Smart Inc.
Ranjit Dhillon: I have noticed the clients who have been rejected by the banks or they have opened up the file with the banks, specially one of the prime lenders we are dealing with and I had this experience with TD Bank. I would say the client should have an option to go to a broker and choose the product and as a broker we should have the right, to send the same deal to the same bank and they should look into it. The biggest reason is that now we are working fairly for the client and we need to make sure that he gets the right product. If the same bank has it and we have packaged it well, they should look into the deal.
Reporter: The CMHC recently cut two of its programs which has led many to wonder if this is one step toward eventually privatising the crown corporation. We spoke to a broker to see if this is a possibility and if it is, if it would have a negative or positive impact on the industry.
Shawn Allen, Principal Broker, Matrix Mortgage Global
Shawn Allen: I think the less government we have in our business the better. You know anytime there is a change in the industry, the gov CMHC is the first ones doing it, they are reducing amortisations and everyone is following suit. They are increasing rates and everyone is following suit. I think we need to get the government out of the industry and let the free market reign. And that way, we will have more competition and potentially fees and rates will come down. I think it’s very good.
Reporter: Jim Murphy recently wrote an article for the Globe and Mail describing the benefits of working with mortgage brokers and specifically those mortgage brokers who have the amp designation. Well some believe that he is doing a service to all mortgage brokers by drawing attention to the industry. Others believe it causes a division between those mortgage brokers who are amp designated and those who are not. Gord what are your thoughts?
Gord McCallum, President, First Foundation
Gord McCallum: Oh I actually think that’s Jim’s job. He heads the CAAMP, it is the Canadian Association of Accredited Mortgage Professionals. Their job is to promote the designation of the, promote professionalism in the industry. So if they feel like the amp designation is the best way to do that then I don’t see any issue with Jim promoting it and encouraging consumers to seek out an AMP and then also encouraging brokers to become an AMP.
Reporter: So there you have it, brokers giving their opinion on three news stories that made headlines this month, live at the Mortgage Summit in Toronto. I’m Justin Da Rosa, thanks for watching.
The Big Story: Amortization again?
It’s becoming a broken record. Consumer debt levels rise and there are calls for the government to tighten mortgage lending. The latest rumour involves the lowering of the maximum amortization from 30 to 25 years. Many brokers disagree with the idea, suggesting 30-year amortizations are largely used to free up cash each month, money often better spent paying down high-interest debt. In addition to amortization rumours, some lenders have recently cut or altered their products for business for self and new immigrants. Some brokers think this may be short-sighted, while others say the industry will adapt, like it has always done. On today’s Big Story, we spoke to James Robinson of The Mortgage Centre-Mortgage Watch Inc., John Panagakos of Dominion Lending Centres-Home Financial Inc. and David Smith of Oriana Financial. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.
The Big Story: Fighting 2.99
It might have seemed like the end of the world: A competitor offering an unmatchable 2.99 per cent on a five-year fixed. Brokers were understandably concerned about the pressure it would place on them to match the historic low. In the end, it actually helped drive business for brokers, as some reported a relatively brisk demand from preapproved and new clients. MortgageBrokerNewsTV recently spoke to mortgage professionals James Robinson of The Mortgage Centre-Mortgage Watch Inc., John Panagakos of Dominion Lending Centres-Home Financial Inc., and David Smith at Oriana Financial to get their analysis Find out on MortgageBrokerNewsTV, your home for the industry’s best news, opinion and analysis
Brokers positive about year ahead
2012 is sure to be another year of challenges for mortgage brokers as they face a flat real estate market, international economic uncertainty and increased pressue from banks and the accompanying low rates. MortgageBrokerNewsTV recently spoke to some brokers at the Mortgage Alliance 2012 Kick-Off Rally in Toronto, including Dan Balfour, Lisette Amalfi, Scott Ede, and Walter and Karen Monteiro to find out how they're going to meet these industry challenges head-on.
Find out on MortgageBrokerNewsTV, your home for the industry’s best news, opinion and analysis.
Broker Panel: Part III
The trend towards efficiency in the industry is one that everyone has an opinion on. It’s just one of the issues in the broker/lender relationship, which drives the industry. In Part III of MortgageBrokerNewsTV’s broker panel, our group of experienced and successful brokers from across the country share their thoughts on this topic, as well as other, such as volume pooling and the broker/underwriter relationship, which has seen much debate in the industry over the past year. In the coming weeks the panel will touch on other mortgage industry hot-button issues. Find out on MortgageBrokerNewsTV, your home for the industry’s best news, opinion and analysis.
Industry leaders chart challenges of 2012
The past year has been a challenging one for brokers and the mortgage industry and it’s not going to let up in 2012. MortgageBrokerNewsTV recently spoke with some industry leaders to discuss what those challenges facing brokers and lenders are and how they might meet these challenges in the coming year. For brokers, increasing market share in the face of bank competition, a cooling housing market and trying to stay the course amidst economic uncertainty is just some of what awaits. For lenders, issues such as access to capital and potential regulatory changes around non-income qualified lending will be high on the list moving forward. On today’s Big Story, we spoke to Ron Swift of Pacific Mortgage Group, Andrew Moor of Equitable Trust and Martin Reid of Home Trust. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.