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Mortgage Broker News | 17 Nov 2009, 12:00 AM Agree 0
Despite a difficult economic year, CAAMP's latest survey on the residential mortgage market in Canada points to reasons for being optimistic, among them a forecast that total outstanding mortgage credit will surpass the $1 trillion mark in 2010.
  • Naraine C | 18 Nov 2009, 02:51 PM Agree 0
    In my opinion, we need to level the playing field as in my experience the banks are working furiously at driving mortgage brokers and agents out of the market. They are taking the bread out of our mouths.
    When does the FSCO and CAAMP and other look at the banks. They criminalise mortage brokers and agents with by their language in the "ACT" and put us on the defensive while the banks allow their staff so much "flexibilty" so that they can take our clients right from under our noses.

    e.g BFS Client cannot qualify for mortgage under the banks and some financial instituitions' strict guidlines. As he needs to provide documentation for 2 years Business for Self as well as source of down payment. Contracts and NOA. He cannot provide NOA as his contracts were in the US and he worked there before coming to live in CANADA in 2009.
    His wife on the other hand has worked 2 places in the past 2 years, one for some months and the second and current job for at least 9 months. She has not filed her 2008 taxes and thus cannot provide NOA. They have 20% down payment. Credit bureaus are good.

    With this information they would qualify for an equity deal with limited documentation but certainingly, this is not a deal for the banks as they have "strict" guidelines

    However, these people were approved for a deal.
    How fair is that.

    So when these persons are looking at broker market share. They should be appalled and not complacent in thinking the current market share is good.

    Agents and Brokers are following and adhering to the guidelines and are working hard to comply with regulations yet no one is lookng at the banks.

    The banks are holding agents and brokers to their strict guidelines while they don't follow those same guidlines. Brokers and agents must recognise what is happening and call on the people who regulate the banks to help them follow their own guidleines Why? because they need to feed their children and pay bills just as any other person in this country.

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