Broker: Time for channel to help subprime orphans
Broker channel associations and lenders must lobby government on behalf of homeowners effectively orphaned by fleeing subprime lenders and blocked from switching to A lenders because of the new refi rules, said a mortgage professional grappling to keep borrowers in their homes.
MAC 'Super App' expands lending options
Mortgage Alliance is making it easier for brokers to access lenders, with the launch of a new “Super App” module for its MortgageBOSS. The one-step program allows brokers to input application details, electronically canvass top broker lenders for “the best fit” and, with the push of a button, send it off to one of those lenders.
Broker: Never, ever buy down rate
He’s increasingly an anomaly, but a veteran broker who has never bought down rate is admonishing the growing number of mortgage professionals now relying on that retention strategy, suggesting it only delays the inevitable.
Broker channel lenders balk at hotel-condos
An agent looking to use Toronto’s growing condo-hotel market to carve out a niche for himself is finding a dearth of channel lenders willing to write mortgages on those suites, which spend most of their time in a rental pool.
MAC's Right Mortgage moves to Paradigm Quest
Mortgage Alliance has officially found a new home for its industry-leading Right Mortgage, giving Paradigm Quest – and “multiple lenders” under its umbrella – the nod.
Brokers benefit from more generous rental offsets in the GTA
An increasingly tight but competitive Toronto market has lenders migrating back to the 80-per-cent rental offset, say brokers focused on property investors and now finding it easier to get their deals funded.
Brokers: Lenders turning their back on 'grow-op' properties
As few as one or two broker channel lenders are now willing to write mortgages on the growing number of Ontario properties once home to grow-op and meth lab operations, said a broker skilled in moving those complex deals to funding.
CMP Top 50 Brokers list announced
2010 was a good year for Canadian mortgage professionals. Just check the numbers.
MAC to offer originations software outside network
Mortgage Alliance is now targeting unaffiliated brokers as potential customers for its proprietary originations software, MortgageBOSS.
Alberta broker raises alarm about conservative appraisals
A seasoned Alberta broker is pointing to increasingly “low valuations” since new mortgage rules were ushered in, concerned appraisers for default insurers have gotten ahead of themselves and any future correction in the housing market.