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The Big Story: Brokers endorse Emili

Brokers say consumers and lenders benefit from Emili despite criticisms that CMHC`s automated system routinely overvalues properties.

Video transcript below:

Jemima Codrington, Mortgage Broker News
Jemima Codrington:  The CMHC has defended Emili against allegations that the system may have put Canadian homeowners at risk.  But where do brokers stand on the issue?  I’m Jemima Codrington and welcome to the Big Story on Mortgage Broker News.
 
Some brokers stand by Emili and would not prefer a return on site appraisal.
 
Mike Marini, Dominion Lending Centres
Mike Marini:  I think my clients will be better off with the Emili system, rather than without it.  Emili, typically in the past has always appraised light, which allows my deals to go through.  So if a client is refinancing or purchasing a property, the appraisal is a big component of that deal going through, but it has nothing to do with the affordability of the property.  So the mortgage still gets underwritten, but we need the appraisal to go through. 
 
Simon Vendryes, Real Mortgage Associates
Simon Vendryes:  No, I think Emili serves a very good purpose, it creates a database and it’s a point of reference for CMHC, the insurers of the properties and for valuating properties, it creates a historical.  The appraisers are still necessary, they bring a balance and they can tell you currently what the market really is going on in the neighbourhood, but for a lender Emili is good for a point of reference, when they are concerned about a property the lenders will call for full scale appraisal.  So the two work hand in hand.