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.
TransUnion set to challenge Equifax on D+H Expert
TransUnion has finally made its push onto the D+H Expert platform and alongside rival Equifax, although brokers won’t be able to shoot off its credit reports to lenders until early next month.
Equity Financial Trust now accepting deals from brokers
Canada has a new entry in the mortgage lending field as Equity Financial Trust received final regulatory approval to become a deposit-taking institution and will immediately begin accepting applications for alternative residential mortgages.
Former Home Trust president to head up new mortgage lending operation
Financial services firm Grey Horse announced it has hired Nick Kyprianou to lead a new alternative residential mortgage lending operation through its subsidiary, Equity Transfer and Trust Company (ETT).
Home Trust announces new president
Home Trust has named Martin Reid, the company's former treasurer, as its new president following the departure of Nick Kyprianou.