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The Big Story: The future of condo originations

The Bank of Canada is sounding the same concerns as the federal government about the future of the condo market for buyers but also brokers.

Video transcript below:


Jemima Codrington, Mortgage Broker News
Jemima Codrington:  As Canada’s once prosperous condo market grinds to a halt, the Bank of Canada has raised the alarm over the number of condos that are still expected to begin construction. So how has  that affected client approvals?  We find out in this week’s episode of the Big Story on Mortgage Broker News.

According to the Bank’s financial systems review at the end of last year, if demand doesn’t escalate to reach the supply, the risk of a sudden correction goes up exponentially.  But just how easy is it to get a condo client approved?
 
Paolo Dipetta, Eqron Mortgage Corp. Ltd.
Paolo Dipetta:  Well for getting condo clients approved, things have changed quite a bit.  I work primarily in the private market, so I do a lot of second mortgages and it’s been a lot more difficult to find clients as more of them are more reluctant to put their money into a market that’s been really overheated as of late.
 
David Grossman, Community Financial Group
David Grossman:  There really have not been that many changes especially when you consider the A lending market, in terms of getting condo clients approved.  In the A lending market and we are talking about people who are, can be approved by a bank, those mortgages can be insured, the CMHC and the other insurers have not changed their policies as far as condos.  On the B side, they have changed and they are much more strict when it comes to lending on condos.
  • The Big Story: Is it time for monolines to take their message to consumers? The Big Story: Is it time for monolines to take their message to consumers? (views 14416)

    A broker names a non-bank lender and the client asks “what if they go out of business?” While brokers say a direct appeal by mono-lines to consumers would only strengthen industry credibility and counter negative perceptions about its lenders, the monolines say the idea has merit, but only if everyone in the channel gets on board with the plan.

  • The Big Story: Is graduated licensing the answer? The Big Story: Is graduated licensing the answer? (views 14228)

    Is there such a thing as too much education? When it comes to the training of new agents and brokers some think that the 2 year apprenticeship before being licensed effectively raise the bar on qualifying standards. Not everyone is in agreement though. Isn’t the system in place good enough? Why are brokers asking for this change and isn’t there already accountability?

  • The Big Story: Vancouver brokers have their say The Big Story: Vancouver brokers have their say (views 14054)

    CMP recently held a one-day workshop for brokers at the Vancouver Convention Centre as part of the Canadian Real Estate Investor Forum. Nearly 100 brokers attended four sessions, covering topics such as helping clients with their debt, private lending, the alt-a/sub-prime market and social media.

  • The Big Story: Should clients' legal and appraisal fees be covered? The Big Story: Should clients' legal and appraisal fees be covered? (views 14026)

    What have you done for me lately? Increasingly, that’s the attitude of refi clients who expect lenders and by extension brokers to cover legal and appraisal fees. Are these expectations out of line? More and more bank branches don’t think so. Most brokers, however, think that incentives should be offered sparingly, on n a case-by-case basis.

  • The Big Story: The role of lender BDMs The Big Story: The role of lender BDMs (views 13004)

    Some lenders want to switch up the roles of those Business Development Managers and take them away from the role as go-between and dispute mediator and focus them on attracting new brokers. Brokers, though have their reservations. They say BDMs may be better left in that traditional relationship-building role.

  • The Big Story: Fewer brokers a good thing? The Big Story: Fewer brokers a good thing? (views 13521)

    Is having fewer mortgage brokers a good thing or a bad thing? With mandatory re-licensing education requirements now in effect in Ontario, fewer brokers is a distinct possibility. Some in the industry are predicting a loss of up to 15 per cent. Most of that will come from newer and part-time brokers. On today’s Big Story, we spoke to Linh Ly of Unity Financial Mortgage Services, Danny Kellman of VERICO The Mortgage Leader, and Sharon Ferguson and Sandra Cockburn of The Mortgage Centre-Durham. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

  • Roy Deeks: Broker retirement plan Roy Deeks: Broker retirement plan (views 14713)

    With economic uncertainty and increased competition from the banks squeezing mortgage brokers, what options are available, especially for brokers looking to get out of the business sooner rather than later? For Roy Deeks, principal broker of Unity Financial Mortgage Services-The Mortgage Centre, the answer is syndicated mortgage investments.

  • The Big Story: Renewal fees The Big Story: Renewal fees (views 15728)

    Recent discussion around the issue of renewal fees has seen a proposal for an across-the-board 15 bps, an idea that is gaining traction on both sides. Lenders would dole it out whether the brokers take commissions straight up or opt for trailer fees. Either way, this mandatory renewal fee is proposed as a good way of eliminating a lot of the moving around that occurs at renewal. On today’s Big Story, we spoke to Ariel Santos of Unity Financial Mortgage Services, Drew Donaldson of Verico Safebridge Mortgage Solutions and John Bargis of Mortgage Edge. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

  • The Big Story: Lender incentives for Realtors The Big Story: Lender incentives for Realtors (views 17295)

    The latest weapon in the war between the Big Banks and mortgage brokers is Realtor incentives and the newest trick was one bank’s offer to Realtors of 50 bps for every referral that ended in a closed deal.