Mortgage fraud: Beyond broker control
A disbarred Alberta lawyer has earned a two year prison sentence for committing mortgage fraud, among other felonious activities – and what, if anything could a broker have done to stop her?
CMA awards: Get your ballots in
The Canadian Mortgage Awards are back with a focus on charity and ready to honour this year’s leading industry players. We’re also tipping our hats to the hundreds of others who have claimed trophies over the last eight years, with a retrospective on their continuing contributions to the broker channel.
Lender moves to attract brokers
British Columbia-based financial services company will shed both its name -- North Shore -- and its “credit union” moniker in a rebranding effort; which may make it easier for brokers to sell clients on its offerings.
IMBA makes MBLAA recommendations
The Independent Mortgage Brokers Association of Ontario (IMBA) joined the long list of organizations to present its recommendations to those charged with reviewing the Mortgage Brokerages Lenders and Administrators Act of Ontario (MBLAA) – citing a review of education requirements among several other salient issues.
Brokers call for stricter education requirements
Brokers, who have dealt with the fallout created by inexperienced peers, are calling for stricter education requirements for incoming mortgage professionals, even as Ontario reviews its regulations.
Bank of Canada may wait even longer to raise overnight rate
The Bank of Canada may hold off on hiking rates until the U.S. Federal Reserve decides to raise its own, argues Fidelity Investments, giving brokers yet more food for thought on when their market will finally cool down.
Bank of Canada monitoring MICs
Mortgage investment corporations (MICs) – lenders that brokers are increasingly turning to – aren’t cause for major concern, according to the deputy governor of the Bank of Canada, but his institution is keeping a close eye on them.
Scotiabank: Market to slow in 2014 but are brokers sold?
Scotiabank has stared into its crystal ball and seen a slow market in 2014 due to interest rate hikes and stunted job growth, though brokers may not be willing to accept the prophecy as gospel.
OSFI head: Low rates creating false sense of security
The head of the federal bank regulator says she remains concerned that low interest rates are lulling Canadians into a false sense of security – her comments suggesting OSFI could still ratchet down already-tight underwriting.
Brokers blame busy August for slow September
September is traditionally a busy month for brokers, but summer’s end has been slow for some following a busy August that saw rate-holders flood the market.