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The Big Story: Bigger lenders for broker channel

Proposed federal legislation would hand brokers new national lending partners, keener to use them for expansion into virgin territory.

Video transcript below:

Jemima Codrington, Mortgage Broker News
Jemima Codrington:
 The federal government is proposing some big ideas that will make credit unions even bigger players for brokers.  Hi, I’m Jemima Codrington and welcome to the Big Story on Mortgage Broker News.

These big ideas are focused on transforming regional credit unions into federal entities.  This could be a big win for brokers.
 
Enza Venuto, Centum
Enza Venuto:  With credit unions growing nationally the pros that are happening out there, it opens up more doors for the community, for the mortgage broker community, it allows us to know more about the credit unions and to be able to understand more about what they do and how they work and building a relationship with them.
 
Jemima Codrington:  There are other big reasons brokers might welcome the change, but the potential negatives may be just as big.
 
James Laird, True North
James Laird:  So I think there are clear pros and cons as they consider whether to go national or not, in the pros category they will be able to reach Canadians with their clear national branding message, so more Canadians will be aware that the credit unions offering their services across the country.  But when they go national they will fall on OSFI’s regulation, which means that they lose the flexibility that they have right now of being able to set their own underwriting guidelines.
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    Spring is upon us. The spring housing market that is, as the winter weather really never arrived in most parts of the country this year. Typically, it’s the busiest time for home purchases and renewals. Brokers who haven’t been preparing by marketing themselves and reaching out to clients and referral partners are likely to get left behind. It’s when things are slow that brokers say you should be reconnecting with referral sources such as Realtors and your client database who are likely to know someone who is looking to purchase or refinance. This week we spoke to Sarah Makhomet, Kunaal Bhalla, Jonathan Tillger, Ron Alltree and Deepak Bansal of Dominion Lending Centres Mortgage Village. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

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    It’s no surprise that this year’s federal budget is focused on reducing debt. But it’s not just their debt that concerns Finance Minister Jim Flaherty. With Canadian household debt continuing to rise and home prices slowing, but not dropping, some have predicted that the government will tinker with mortgage rules for the third year in a row and lower the maximum amortization period. Not surprisingly, most brokers disagree with this option. MortgageBrokerNews caught up with some brokers at the Centum inaugural conference – VISION 2012 – held in Toronto. This week we spoke to Enza Venuto, Paul Therien, Karim Talib, Aniruddh Raol and Jimmy Hansra. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

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    With recent events, the lending landscape outlook remains uncertain. What effects are these changes going to have on the broker channel and how will brokers adapt? Some say it will be short term pain for long term gain, while others think a new order will be created. On today’s Big Story, we spoke to Lee Welbanks of The Mortgage Centre, and Wayne Sudsbury, Bill Eves and and Grant Brown of Homeguard Funding Ltd. (VERICO). Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

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    It’s been an ongoing debate for a while now. Housing bubble – no housing bubble. The latest numbers support the idea that the Canadian housing market will have a soft landing in 2012. In January, CREA reported that sales activity was down for the first time since August of 2011, while prices increased by a modest two per cent year-over-year. Forecasts for economic and job growth going forward vary widely for different parts of the country, meaning some markets may soften while others pick up. For experienced brokers, continuing to work with Realtor partners may be one key to surviving any drop-off in the market. As well, people will continue to buy, refinance and renew. So regardless of what the market may or may not do, brokers need to continue to show clients why brokers are an integral part of the home-buying purchase. On today’s Big Story, we spoke to mortgage broker Paula Roberts and mortgage agent Dena Kakaletris of The Roberts Group-Dominion Lending Centres. Find out on today’s