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Mortgage Broker News | 13 Aug 2015, 08:00 AM Agree 0
With the CFF Bank purchase, Home Trust may have just circumvented the OSFI application process for winning its Schedule I bank license
  • Lender | 13 Aug 2015, 09:53 AM Agree 0
    I love how brokers who don't have a single clue on how things work, make comments!! @RoySingh what do you know about banking? When you are a Trust for you to become a bank takes less than a year! Look at Equitable Trust!
  • Broker | 13 Aug 2015, 10:26 AM Agree 0
    @Lender - Love when Lenders who think they know it all try to toot their own two horns. You mean Equitable BANK? Now off you go to get my submission approved, it's been 4 days already with no decision rendered yet! No wonder the turn around times for underwriting decison have soared!!!
  • Rick (Mortgage Mentor) Robertson | 13 Aug 2015, 12:32 PM Agree 0
    Along the lines of what "Lender" wrote - what annoys me is how several in this industry jump on news like it's an already done thing and in place now.

    Other recent examples are CMHC's 100% rent, and the Conservative's $35,000 RRSP for down payment. The CMHC in-home rental income program does not come into effect until late September and many of the Tweeters are missing the fact that it requires a min 680 Beacon and preferably 2 years track record of rental income. On the $35,000 RRSP item, when Mr. Harper is re-elected it still has to pass through parliament and may take a year or more to actually be used by anyone. Even at that, it seems to me to be a brilliant election hand-out because I suspect VERY FEW will actually wait to accumulate the higher amount and it will therefore affect Ottawa cash-flow next to nothing.

    Just because it's in does not mean it's a fait acompli !!
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