Brokers can brag no longer
Gone are the days when brokers could truthfully brag about having access to 40 or more lenders, argue some industry vets, suggesting lender losses have whittled down that number considerably – along with the diversity of the product, itself.
The rise of the variable rate?
Fixed or variable? It’s a debate brokers thought they left behind but is now coming up more and more as fixed rates climb and concerns about a Central Bank move fade into the distance.
Banks continue to frustrate brokers
A perennial thorn in the side of every broker, the games that banks play in order to block a broker’s deal are many. So here’s one you may be able to relate to.
Broker: demolish marijuana grow-op houses
Brokers across the country are calling for complete disclosure when it comes to former marijuana grow-ops and one industry leader believes any house known to have formerly housed a grow-op should be demolished.
Mortgage debt keeps climbing
New Equifax data suggests that mortgage debt has eclipsed credit cards as the number one driver of household debt.
Credit unions offer best rates
Credit unions are cashing in on the opportunity to snag business from other lenders in the wake of three big banks and one monoline announcing rate increases last week.
Banks can't keep up with demand
Brokers say they are experiencing longer than average turnaround times with the banks, suggesting it could be a result of a flooded market due to collective client fears that rates will continue to increase.
Monoline changes its preapprovals
One leading monoline announced changes to its pre-approval rates last week.
Brokers aren't ready to trust Flaherty
A year after he imposed stricter guidelines on the housing market, Finance Minister Jim Flaherty announced Wednesday that he has no plans to further intervene. The announcement hasn’t provided comfort for mortgage brokers, though.
Another bank, monolines hike rates
Following BMO’s lead – which raised its fixed rates on Tuesday – both RBC and a number of monolines have raised their rates. And another big bank is expected to announce its increase very soon.