Competition in the alternative channel just became stiffer
Bank of Canada to expand the range of in-house stress testing to include smaller lenders and mortgage insurers
Given the option, most brokers understandably prefer the prime space, but as B-20 has rendered it prohibitive for a great many borrowers, they’re in search of solutions
Brokers will also augment their funding ratios
Bank is still expecting to purchase up to $392 million in problematic loans by the end of Q2 2018
Brokers could be in for a rude awakening
The firm has taken the broker channel by storm
CEO and broker advises industry players to warn their clients of these potential pitfalls
In the B-20 era, lenders' reliance on property appraisers has skyrocketed—so much so that the latter is having trouble keeping up with demand
Borrowers' struggles intensify as they increasingly gravitate towards unregulated lenders
Not a full month into the latest B-20 regime, one thing has become clear: The mortgage industry's fears about having difficulty qualifying clients weren't unfounded