Mortgage Brokernews

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• Ron Butler 2018-08-21 3:17:49 PM I think it is important to differentiate between putting two brothers money together and funding a 65% Loan to Value first mortgage on a subdivision single family home appraised by a reputable appraiser and putting money into a con job developed by 2 individuals who already had a lifetime ban from from the Mutual Fund Industry. Because that is what we are discussing here. In mid-2019 the two brother scenario is going to outlawed for individual mortgage brokers to arrange and that is a sad outcome of of the decade long evil perpetrated on the Ontario public by a group of scam artists. It is also a bit tiring to read verbose, virtue signalling rants written way after the fact. Some of us raised the certainty that Fortress was sophisticated fraud a decade ago and we have the the lawyer's letters to prove it.

• Catherine 2018-08-21 9:52:50 AM I am securities educated, designated, and have a lengthy career in investments BEFORE becoming a Broker (13 years brokering F/T) and I was dead against this! I strongly agree that Mortgage Brokers need not blur the lines on these. When presented this at a dog & pony show I asked the simple question, in a room of about 30 peers, what is my liability here? Mouth full of marbles was the response. I warned broker colleagues to stay out of this space and some did not listen.

• Kevin R 2018-08-19 3:33:51 PM @ Kelly: Huh??? Most renewals are from 5 year closed terms expiring, so funded prior to 2016 & therefore B20 rules have nothing to do with the qualification, these people are grandfathered & qualified at the old rules. This is all about pricing & whether the mortgage was already insured at time of origination or if not, what the current LTV is.

• 2018-08-19 2:02:37 PM What a Nice gift to the major banks!!!!

• Kelly Rowe 2018-08-16 1:39:35 PM I think that it has everything to do with B-20. Most renewal or refi business I have done this past year have for the most part gone right to a credit union that is not following the B-20. I believe the federal government got exactly what they wanted and that was there Buddies, the Big 5 Banks got to keep their business because that business for the most part does not qualify to be moved..