July 11th, 2014

RateHub to Launch a Mortgage Brokerage

RateHub-LogoMortgage leads are profitable but mortgages themselves are much more so. It’s not a complete shock then that RateHub.ca, a lead generation company, is starting its own brokerage.

RateHub, a leading mortgage rate comparison site, hasn’t publicly named the new brokerage yet, but says it will launch later this year. It will be managed by former True North Mortgage principal, James Laird. Site founder Alyssa Richard will remain the CEO.

The new brokerage will be virtual (i.e., no storefronts) and headquartered in Toronto. Richard says it will buy leads from RateHub on the same terms and price as the site’s 45 other brokers. The company was careful to stress that the new brokerage will have no preferential treatment in acquiring leads from the site.

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July 10th, 2014

Mortgage Career: Equitable Bank – Regional Business Manager

Company: Equitable Bank
Position: Regional Business Manager
Years of Experience Required: Minimum 3-5 years
Licences or Registrations Required: AMP designation is an asset
Location of Positions: Halifax, NS
Applicants may contact: Resumes should be submitted to careers@eqbank.ca

Advertise your mortgage job opening today! Click here to post. Or browse CMT’s Mortgage Jobs Database.

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July 10th, 2014

Mortgage Career: MBT mortgagebrokerteam.ca – Senior Underwriter

mbt-logoCompany: MBT mortgagebrokerteam.ca & Jessi Johnson Mortgage Team
Position Title: Senior Underwriter
Years of Experience Required: 3+ (minimum) underwriting
Licences Required: Sub-mortgage broker in B.C.
Location of Position: Work from home
Applicants may contact: hr@mortgagebrokerteam.ca

Advertise your mortgage job opening today! Click here to post. Or browse CMT’s Mortgage Jobs Database.

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July 9th, 2014

Lenders’ Worries

Housing bubble conceptNot many lenders go on record forecasting a housing bubble, but what they say in private surveys is another matter.

FICO, a consumer analytics firm, released poll results on Tuesday that show just how concerned lenders are about housing overvaluation. But its data, which was picked up by multiple media outlets, featured responses primarily from U.S. respondents. The opinions of Canadian lenders, alone, haven’t been fully reported.

Today, however, we got our hands on Canadian-specific data, and it revealed some surprising expectations.

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July 6th, 2014

Game On for the Mortgage Penalty Suit Against CIBC

mortgage-penalty-class actionA B.C. court says the mortgage penalty class action against CIBC can proceed. The court “certified” the class action last week, meaning that the case can be heard and the evidence weighed.

According to Kieran Bridge, the plaintiff’s lead counsel in B.C., “the principal issue is whether mortgage language about prepayment penalties that was used by CIBC on mortgages entered into between 2005 and 2009 is so vague that it is void and unenforceable, so the penalties that were collected must be refunded to customers.

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July 3rd, 2014

B2B Bank Invests in VERICO

B2B-Bank-VericoB2B Bank has made an equity investment in Verico Financial Group, one of the country’s largest mortgage broker networks.

B2B, a subsidiary of Laurentian Bank, is buying a non-controlling interest in VERICO. Co-founders Colin Dreyer and John Kelly remain the majority shareholders in the company and will stay on to manage the firm.

No deal particulars were announced as of yet, but it’s nonetheless a testament to the broker channel that a bank would believe enough in it to make a public investment of this nature.

For more, here’s a Q&A session with Colin Dreyer and John Kelly about what this means to VERICO, its brokers and the industry at large.

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June 28th, 2014

Industry Pioneer: Michael Ellenzweig

Michael EllenzweigIn some way, all mortgage brokers owe a debt of gratitude to Michael Ellenzweig. He has spent almost 40 years advancing Canada’s broker industry, organizing its members and educating its newcomers. And now, after a storied career, he’s retiring.

We’ve never interviewed Michael in the seven years we’ve run this site. But we should have. He’s an incredible advocate for our channel and one of the most respected and straightest shooters in the business. He was inducted into Canada’s Mortgage Hall of Fame for good reason, having done everything from co-founding CIMBL, the predecessor to the Canadian Association of Accredited Mortgage Professionals, heading up CAAMP and the Ontario Mortgage Brokers’ Association, authoring our industry’s textbooks and teaching broker licensing courses to over 6,000 prospective agents.

Only a handful have given as much to our business as Michael, and before he walked off into the sunset we got this chance to speak with him.

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June 26th, 2014

Laird Steps Down from True North Mortgage

James-LairdTrue North Mortgage is a leader in the Canadian brokerage industry. It’s paved the way for countless brokers who target the online space.

So when we heard that its founding partner and Chief Operating Officer, James Laird, was leaving, it begged the question:  why?

We spoke with James yesterday to pick his brain about why, and about how the online mortgage market has and will evolve. Here is that interview:

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June 22nd, 2014

Broker Lender Share – Q1 2014

Market-share-mortgageMortgage broker volumes inched 1.9% higher in the first quarter, according to data from D+H. That data also showed that non-deposit-taking lenders have taken the lead back from banks in broker volume.

The ones racking up market share gains weren’t deposit takers, however. Non-prime and credit union lenders took that distinction, posting 17.4% and 12.6% broker volume growth respectively, year-over-year.

Here’s a rundown of the other Q1 market share data:

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News on Canadian mortgages, mortgage brokers, and mortgage rates.