One monoline lender has sent brokers a list of changes as a result.
A broker source sent MortgageBrokerNews.ca the following communication from Merix/Lendwise:
Merix/Lendwise may be the first to make changes to its programs but it undoubtedly won't be the last. The communication was sent to its broker partners with the subject "IMPORTANT changes with MERIX and Lendwise. Please read"
The news comes a mere day after the Minister of Finance announced sweeping policy changes targeting the housing industry, which included more stringent qualification standards for all insured mortgages.
As MortgageBrokerNews.ca reported
, industry players expect the changes to have a potentially acute impact on monoline lenders specifically. This appears to be the first such example.