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.