Ontario broker lobbies for tighter 'mortgage suitability' regs
The head of a large Ontario brokerage – and VP of the province’s mortgage broker association, IMBA – is lobbying for “better-defined” guidelines around “mortgage suitability” in the governing act, arguing it would help fend off competition from the banks.
Laurentian HELOC expands broker business
Laurentian Bank’s broker arm is reporting a significant uptick in demand for its home equity lines of credit, most likely new business for brokers and not merely the re-routing of clients normally bound for the refi market.
CAAMP addresses educational concerns
CAAMP is reiterating its pledge to work with provincial governments to ensure minimal education standards for mortgage professionals in response to concerns about inexperienced agents “flying solo” in Ontario markets.
Lender: Commission cut won’t protect broker channel
A lender is now weighing in on the debate about brokers lowering upfront commissions in order to protect lenders squeezed by tight margins, suggesting it would do little to protect the broker channel and keep other lenders from following Macquarie and Concentra.
TransUnion set to challenge Equifax on D+H Expert
TransUnion has finally made its push onto the D+H Expert platform and alongside rival Equifax, although brokers won’t be able to shoot off its credit reports to lenders until early next month.
Broker: 'Flying solo' agents eroding industry reputation
A Northern Ontario broker is sounding the alarm about what he calls the large number of mortgage agents flying solo in smaller markets, without the benefit of in-house broker guidance. It’s a trend that may chip away at the industry’s bragging rights.
New AMBA prez focuses on growing broker market share
AMBA’s new president is pledging to grow consumer awareness of broker services at the same time strengthen the organization’s ties to industry associations outside Alberta – both ways of overcoming stagnant broker market share.
Realtors: Despite it all, brokers still key referral partners
Good news, brokers: You remain a primary referral partner for real estate agents even as the number of home sales slows across key Canadian markets. Bad news, brokers: More and more, the banks are determined to change that.
Cameron takes 'Mortgage Revolution' to Calgary
The Mortgage Revolution continues, with the CEO of Axiom Mortgage Solutions preparing to take his candid and often critical conversation on ethics, integrity and – in a troubling number of cases – the lack thereof to Calgary next month.
Brokers: Time to cut commissions to save lenders?
A supporter of trailer fees is aiming to stem the loss of broker-channel lenders squeezed by thinning margins and commissions, suggesting brokers might be receptive to lower upfront payments in exchange for guaranteed renewal fees.