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Mortgage Broker News | 07 Jul 2016, 09:54 AM Agree 0
The Office of the Superintendent of Financial Institutions released a letter Thursday addressed to all federally regulated financial institutions about its expectations for prudent underwriting
  • Amber | 07 Jul 2016, 10:57 AM Agree 0
    Why doesn't OSFI take a look at car loans or credit cards and put some regulations around that. THAT is where people are getting them selves into more trouble then paying a mortgage payment that otherwise would be a rent payment! Housing is much more a requirement then a car or toys and junk!
  • Dan | 07 Jul 2016, 11:41 AM Agree 0
    All parties (lenders and brokers) should be held accountable. IE: Audit's should extend to brokers and their practices/documentation, not just FI's.

    I know talk of a federal regulator for mortgage brokers has been going on, hopefully it will get traction.

    (cue lynch mob)
  • Rick | 07 Jul 2016, 11:50 AM Agree 0
    Let's hope they place the same level of expectation on FI branches and FI mortgage advisors as they to on the broker channel.

    The current double standard is totally unacceptable.
  • Independent BC Broker | 07 Jul 2016, 02:05 PM Agree 0
    More ridiculous actions from the OSFI. Mortgages are not the problem - unsecured debt is the problem and the branch mortgage advisors. They are trying to kill the "AAA" mortgage brokerage industry and push us back to the private and alternative markets as it was in the past. Not good Canada. Not good.
  • Ron Butler | 07 Jul 2016, 02:06 PM Agree 0
    People in government are worried and you cannot blame them: 20% to 35% annual increases in house values are extremely concerning. One can only hope the government is sensitive to the regional nature of the problem.

    A crack down on mortgage underwriting that makes it harder for a young couple in Saskatoon or Kamloops or Sherbrooke to buy a house is just dumb.
  • Michele Hall | 07 Jul 2016, 02:13 PM Agree 0
    when will OfSI look at credit cards, pay day loan and cash money stores , as well as financing negative equity on Car loans . Mortgage are not really the problem .
  • nick | 11 Jul 2016, 06:53 AM Agree 0
    why focus on the broker channel. I have been doing mortgages for over 30 years and i can tell you that the underwriting in the broker channel is the most stringent in history. Brokers feel like the rotor rooter man is going through them to satisfy conditions. The bank branches are the real problem. Bank employees have extreme pressure to write business and their doucmentation is very lenient to say the least. There is where the focus should be.
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