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Mortgage Broker News | 10 Mar 2015, 11:11 AM Agree 0
Government interference in the mortgage industry has a history of frustrating brokers, but one leading player believes CMHC changes could be the key to reining in collateral charge mortgages.
  • Faye Drope | 10 Mar 2015, 04:29 PM Agree 0
    Totally agree. It used to be that all CMHC Hi ratio mortgages were written with the same language with standard mortgage terms and conditions. There is good in having these charges available but simply put the client should assist in weighing in on their future.
  • James Catterall - Mortgage Architects | 10 Mar 2015, 06:08 PM Agree 0
    It's a very appealing argument - “So if a bank chooses to do this to protect their interest then they should have to forego the CMHC protection, in my opinion; CMHC isn’t there to protect loans.”
    It would be nice if this gained some traction, but I feel like our lobby is just a tiny squeak of a voice compared to the lenders in question.
  • Kuldip S Panesar Homeland Mortgage Corp. | 10 Mar 2015, 07:02 PM Agree 0
    CMHC insure the high ratio mortgages to protect the interest of Bank in case of default but not other debt client is having . They also charge the premium on the mortgage amount not on the collateral charge .Therefore there should not be any collateral charge on the property to cover the other debt of the Bank . CMHC is taking the right step.
  • banker | 11 Mar 2015, 11:42 AM Agree 0
    idiots, quit worrying about the "collateral charge" and start worrying about educating your borrowers, "CG" are not bad for everyone, some make sense, some don't, I have one, set with a LOC, etc, if I cannot pay the $1000 to transfer at renewal, I shouldn't have a mortgage in the first place,,,
  • Omer Quenneville | 11 Mar 2015, 11:50 AM Agree 0
    The only idiots here are the ones that hide and don't use real names.
  • Ron Butler | 11 Mar 2015, 03:08 PM Agree 0
    Omer............... True That!! the guys who always recommend screwing the public or talk about the consumer being stupid to worry about extra costs and hidden fees NEVER but their real names on posts.
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