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Mortgage Broker News | 09 Oct 2009, 12:00 AM Agree 0
With Wells Fargo the latest non-prime lender to fall off the mortgage map, Erin Letson talks to remaining alternative lenders to see what they're offering the alt-A set of clients and how they're mitigating risk
  • Marjorie | 14 Oct 2009, 01:00 AM Agree 0
    The so-called B lenders such as Equitable Trust do NOT lend in smaller towns and cities, nor do they lend in rural areas. We have a serious void in the market and I'm hoping we'll get 1 or 2 lenders to step up and take the smaller markets seriously - otherwise they're just handing the business to the banks who do much more B lending at the branch level than most people realize.
  • Janice | 22 Oct 2009, 03:29 AM Agree 0
    Residents of small cities, towns and rural areas have no options given to them by the B lenders. Expensive, private money is their only choice. B Lenders need to realize that these properties are marketable and sometimes nicer than those in the bigger centers.
    B lenders need to step up to the plate and expand their lending areas. Well and Septic are not bad words.
  • Christina | 22 Oct 2009, 05:54 AM Agree 0
    I agree completely with both Ladies above. There is a huge void in the current financial landscape for B Lenders. There is a need, and not at a minimal LTV either. We need it up to 90 or 95% like in the major urban centres. Even if it's insured via CMHC/GENWORTH/AIG or self-insured, it's still by far cheaper than private funds for the clients. Private investors are very chosey these days and we are becoming unable to assist Canadians on all levels, in all markets.
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