Broker news TV

Broker news TV brings you closer to the industry's most influential leaders and thinkers. Click on the videos below to watch the interviews:

Showing 82 - 90 of 104

The Big Story: The self-employed market

An expanding market for brokers still has obstacles to overcome. They see the business-for-self market as a key growth area for an industry looking to grow originations in a slowing market. The statistics back them up with more than 22 per cent of Canadians now self-employed. These borrowers face challenges, say brokers, as lenders mitigate their risk, but policies applied across the board don’t take into account individual differences say brokers. On today’s Big Story, we spoke Sabeena Bubber of VERICO Integre Mortgage Partners, Blair Anderson of Anderson Associates and Reed Harris of VERICO Manifest Mortgage Corp. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

Video transcript below:

John Tenpenny, Mortgage Broker News TV
John Tenpenny:
 Hi, I’m John Tenpenny, Editor of CMP magazine and welcome to the Big Story on Mortgage Broker News TV.

An expanding market for brokers still has obstacles to overcome.  They see the business for self market as a key growth area in an industry looking to grow originations.  The statistics back them up as more than 22% of Canadians are now self employed.  These borrowers face challenges say brokers, as lenders look to mitigate their risks, but policies applied across the board don’t always take into account individual differences.

Blair Anderson, Broker, Owner, Anderson Associates, Mortgage Brokers
Blair Anderson:
 Well there is definitely obstacles for self employed individuals, banks hold to a higher standard with respect to credit scores, the cost of the insurance under the insurance programs is upto 138% more expensive for them, the time on the job by the time they have been learning their business has to be minimum of two years and the eligibility requirements range from you know, not allowing any past bankruptcies, they are not allowed gifted down payments, properties must be owner occupied,  they have to have a higher net worth, better credit and documentation is always more onerous for self employed.  So is this fair, is this higher standard fair, well the banks deem them higher risk loans, if they are not getting the proof of income so they are mitigating the risk by holding them to higher standards, but it’s tough to have this policy applied across the board to everyone because everyone’s situation is different.

John Tenpenny:  Some products for this group of borrowers have disappeared, but changes may be in the offing.

Sabeena Bubber, Managing Broker, VERICO Integre Mortgage Partners
Sabeena Bubber:
 I think it’s definitely hard for self employed applicants these days to get financing, a lot of my self employed clients have really struggled over the last couple of years where they didn’t issues getting financing in the past and now the products and services that they used to getting are no longer available for them.  I think that it's not over for them, I think that the Federal regulators are going to come in and make some further changes to the market similar to what they did with changing amortization for lenders, refinances for borrowers, I think that's going to change for the self employed borrower as well, they are going to face some challenges going forward..

John Tenpenny:  Some say sources of income for self employers must be taken into account.

Reed Harris, Broker, Owner, VERICO Manifest Mortgage Corp.
Reed Harris:
 I say it’s not fair to penalise the professionals and people with professional corporations, for paying as little taxes they are able to, I often get clients who have very little income but very high earnings and we have a lot of difficulty proving income for them.

Often as well the, what we find is that the lenders or insurance company will give us an opinion what the income of this should have, which isn’t necessarily reflected what is actually going on, so I don't think it’s fair.

  • The Big Story: Housing market snapshot The Big Story: Housing market snapshot (views 12453)

    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

  • The Big Story: Amortization again? The Big Story: Amortization again? (views 15082)

    It’s becoming a broken record. Consumer debt levels rise and there are calls for the government to tighten mortgage lending. The latest rumour involves the lowering of the maximum amortization from 30 to 25 years. Many brokers disagree with the idea, suggesting 30-year amortizations are largely used to free up cash each month, money often better spent paying down high-interest debt. In addition to amortization rumours, some lenders have recently cut or altered their products for business for self and new immigrants. Some brokers think this may be short-sighted, while others say the industry will adapt, like it has always done. On today’s Big Story, we spoke to James Robinson of The Mortgage Centre-Mortgage Watch Inc., John Panagakos of Dominion Lending Centres-Home Financial Inc. and David Smith of Oriana Financial. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

  • The Big Story: Fighting 2.99 The Big Story: Fighting 2.99 (views 16631)

    It might have seemed like the end of the world: A competitor offering an unmatchable 2.99 per cent on a five-year fixed. Brokers were understandably concerned about the pressure it would place on them to match the historic low. In the end, it actually helped drive business for brokers, as some reported a relatively brisk demand from preapproved and new clients. MortgageBrokerNewsTV recently spoke to mortgage professionals James Robinson of The Mortgage Centre-Mortgage Watch Inc., John Panagakos of Dominion Lending Centres-Home Financial Inc., and David Smith at Oriana Financial to get their analysis Find out on MortgageBrokerNewsTV, your home for the industry’s best news, opinion and analysis

  • Brokers positive about year ahead Brokers positive about year ahead (views 18518)

    2012 is sure to be another year of challenges for mortgage brokers as they face a flat real estate market, international economic uncertainty and increased pressue from banks and the accompanying low rates. MortgageBrokerNewsTV recently spoke to some brokers at the Mortgage Alliance 2012 Kick-Off Rally in Toronto, including Dan Balfour, Lisette Amalfi, Scott Ede, and Walter and Karen Monteiro to find out how they're going to meet these industry challenges head-on. Find out on MortgageBrokerNewsTV, your home for the industry’s best news, opinion and analysis.

  • Broker Panel: Part III Broker Panel: Part III (views 13315)

    The trend towards efficiency in the industry is one that everyone has an opinion on. It’s just one of the issues in the broker/lender relationship, which drives the industry. In Part III of MortgageBrokerNewsTV’s broker panel, our group of experienced and successful brokers from across the country share their thoughts on this topic, as well as other, such as volume pooling and the broker/underwriter relationship, which has seen much debate in the industry over the past year. In the coming weeks the panel will touch on other mortgage industry hot-button issues. Find out on MortgageBrokerNewsTV, your home for the industry’s best news, opinion and analysis.

  • Industry leaders chart challenges of 2012 Industry leaders chart challenges of 2012 (views 15201)

    The past year has been a challenging one for brokers and the mortgage industry and it’s not going to let up in 2012. MortgageBrokerNewsTV recently spoke with some industry leaders to discuss what those challenges facing brokers and lenders are and how they might meet these challenges in the coming year. For brokers, increasing market share in the face of bank competition, a cooling housing market and trying to stay the course amidst economic uncertainty is just some of what awaits. For lenders, issues such as access to capital and potential regulatory changes around non-income qualified lending will be high on the list moving forward. On today’s Big Story, we spoke to Ron Swift of Pacific Mortgage Group, Andrew Moor of Equitable Trust and Martin Reid of Home Trust. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

  • Broker Panel: Part II Broker Panel: Part II (views 14033)

    The past 12 months has seen a new level reached in the competition between brokers and the Big Banks. Increasing pressure in the form of low rates has forced some brokers to compete for clients soley on rate, while others say customer service is what separates the broker industry from banks. In Part II of MortgageBrokerNewsTV’s broker panel, our group of experienced and successful brokers from across the country share their thoughts on this topic, which has seen much debate in the industry over the past year. In the coming weeks the panel will touch on other mortgage industry hot-button issues. Find out on MortgageBrokerNewsTV, your home for the industry’s best news, opinion and analysis.

  • Broker Panel: Part I Broker Panel: Part I (views 15021)

    Do new agents and brokers receive adequate education and training? Are the provincial licensing requirements enough? MortgageBrokerNewsTV gathered a group of experienced and successful brokers from across the country for our inaugural panel discussion to get their thoughts on this topic, which has seen much debate in the industry over the past few months. In the coming weeks the panel will touch on other mortgage industry hot-button issues. Find out on MortgageBrokerNewsTV, your home for the industry’s best news, opinion and analysis.

  • The Big Story: Can you police broker recruiting practices? The Big Story: Can you police broker recruiting practices? (views 17208)

    It might best be described as herding cats – trying to control the practice of mortgage brokerages recruiting agents from competitors. Some in the industry insist it’s just the nature of the business, but increasingly there are calls for some kind of code of conduct that brokerages could agree on when it comes to recruitment practices. On today’s Big Story, we spoke to Ron De Silva of Real Mortgage Associates, Jessi Johnson of VERICO Jessi Johnson Mortgage Team and Gino Tieri of MCAP. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.