Company: Xeva Mortgage
Position: Sales/Recruitment Manager
Years of Experience Required: 3-5 years of mortgage broker and recruitment experience
Licences or Registrations Required: No
Location of Position: South Surrey, British Columbia
Applicants may contact: firstname.lastname@example.org
Company: Ratehub Inc.’s Brokerage Arm (CanWise Financial)
Positions: Mortgage Sales Manager/Document Fulfillment Manager
Years of Experience Required: 4+
Location of Positions: Toronto, Ontario
Applicants may contact: James Laird, email email@example.com or phone 416-303-1060
Company: CFF Bank
Position: Manager Mortgage Underwriting
Years of Experience Required: Minimum 7 years mortgage experience, including 3 years management experience
Location of position: Oakville, Ontario
Applicants may contact: firstname.lastname@example.org
The former CEO of Equity Financial Trust and President of Home Trust has an edge, however. He’s got experience that few upstart MIC managers have. Nick plans to leverage that and build RiverRock MIC into a go-to alternative lender in the mortgage broker channel.
We spoke with Nick to hear directly from the source how RiverRock is different. He shared his in-depth take on the MIC industry, underwriting best practices and more.
Almost three years after Fraser Smith passed on, the financial technique he popularized (the Smith Manoeuvre) is still actively used. One of the most common questions prospective Smith Manoeuvre users have is, “What is the best mortgage to do it with?”
That answer hinges on where you trade, the mortgage rate and terms you receive, and who advises you on your investments, among other things. But if you’re a self-directed investor, one solution stands out: the Scotiabank STEP.
Remember the “good old days” when self-employed borrowers could readily obtain stated income mortgages to 80% loan-to-value? It could take years before those days return to the prime mortgage market, if ever.
But a few lenders still offer out-of-the-box solutions for business-for-self (BFS) clients, and B2B Bank is one of them. A few weeks ago it launched its “BFS Expanded” product, a unique mortgage for those who’ve been self-employed for at least two years, with bank statements to support their income.
Compared to even six years ago, today’s interest rates are a steal. The discounted 5-year fixed has tumbled more than 2.25 percentage points in that time. That gives mortgagors a chance to pay up to 30% more principal in the first five years of a standard mortgage.
But that savings potential isn’t motivating more people to pay extra on their mortgage, at least not according to a new poll. CIBC has found that 55% of today’s mortgagors are accelerating their mortgage amortization, down from 68% in the same survey last year.
For most home buyers, a mortgage is the only path to ownership. But a recent survey reveals that mortgages are also being used as a preferred investment strategy for wealthy Canadians.
The survey commissioned by Investors Group found that 67% of high-net-worth Canadians — those with investable assets of $500,000 or more — who have a mortgage could actually pay off their home in full if they so chose.
Company: TMG The Mortgage Group
Position Title: Broker Support Coordinator
Licences or Registrations Required: 5-7 years in an administrative role, ideally in the financial industry, but not required
Location of Positions: Toronto, Ontario
Applicants may contact: Email email@example.com or fax 1.888.534.3706
TD Canada Trust, Canada’s fifth largest broker channel lender, needed a better underwriting and fulfillment system. But it didn’t want to build one itself. So it announced today that it’s contracting out that task to First National, the second-largest broker lender.
First National is renowned for its mortgage-processing capability. It has one of the fastest approval turnaround times in the business.
TD is just the opposite. In last year’s CMP Broker on Lenders survey TD ranked last overall. (Mind you, CMP’s rankings need a grain of salt. They also ranked TD behind several monoline lenders in “Product Range,” which is a farce).