MIC consolidation the answer to increased regulations?
One industry player expects Mortgage Investment Corporations to go the consolidation route in the face of increased regulatory oversight.
Veteran player establishes MIC
Former Equity Financial Trust CEO Nick Kyprianou announced Thursday the establishment of RiverRock Mortgage Investment Corporation.
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.
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.