Plan is set to have Equity Financial's CEO reinstated
Smoothwater Capital will participate in a special shareholders meeting for Equity Financial Trust in March with the intention of removing seven of its nine directors and appointing three new ones – including recently ousted Nick Kyprianou.
Equity Financial announces leadership change
Burgeoning alternative lender, Equity Financial Trust, announced Thursday that CEO Nick Kypriano has been replaced by Michael Jones, who will assume the role of president of Equity Financial Trust, effective October 7.
Brokers buoy B lender
Equity Financial Trust’s decision to focus on mortgages has been a good move, with the release of its second quarter numbers hinting at the growing popularity of B business in the wake of ever-tightening lending rules.
Alternative lender sells division to focus on mortgages
Alternative lender Equity Financial is selling its transfer agent business in an effort to deepen its pockets and better focus on a rapidly growing retail mortgage operation.
Alt lender to ‘newbie’ broker: Don’t gum up the works!
When it rains, it pours. Alternative lenders are reporting a record number of originations largely due to a tide of borrowers shut out by the big banks. But will a stream of ill-prepared apps clog the pipe?
Lender questions the value of REDX
A lender is joining brokers in questioning the industry’s use of REDX, arguing the system, meant to flag fraud, is too often misused by underwriters and other subscribers.
Specialist removes 'mortgage broker' from web name
“TDmortgagebroker.com” – The website of a TD mortgage specialist – has now been removed after MortgageBrokerNews.ca queried the unlicensed use of that name.
To be or not to BDM
As brokers grapple with a slowing market, many are finding relationships with BDMs are also in flux. As Vernon Clement Jones finds out, that may be by design
Broker: Time to give BDMs approval power
A leading Toronto broker is asking lenders to consider returning limited approval power to BDMs, at the same time making those front-line reps more accountable for their underwriting decisions.
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.