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The Big Story: New mortgage rules, new opportunities

Those new, tighter mortgage rules have a number of downsides for brokers, but are there any potential positives? Yes, they do, according to some seasoned players.

Video transcript below:

Jemima Codrington, Mortgage Broker News
Jemima Codrington:
 Not all brokers are scared by the tighter mortgage rules, but some should be.  Hi, I’m Jemima Codrington and welcome to the Big Story on Mortgage Broker News.

Brokers who have relied on lower rates and have not had the time to build up their client list may be in for a rough ride.
Richard Samuels, Obsidian
Richard Samuels: I think undoubtedly the mortgage brokers are most affected by these Canadian Mortgage rules would be those mortgage brokers that are dealing with A lenders such as banks and trust companies predominantly.  They are going to be the most affected.
Jemima Codrington:  However, there are dissenting views as to whether or not these new mortgage rules will affect mortgage professionals that are doing their job.
Michael Marini, Dominion Lending
Michael Marini:  The mortgage rules have positively impacted my business.  It’s helped me to differentiate myself in the marketplace in terms of offering different strategies to my clients and in terms of the clients that can’t afford the properties, the smaller percentage of the market people that couldn’t afford necessarily property at the old rules and are having trouble in the new rules.
  • The Big Story: Housing market snapshot The Big Story: Housing market snapshot (views 14088)

    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