July 30th, 2014

One-on-One With RiverRock MIC CEO Nick Kyprianou

riverrockAs CEO of one of the newest Mortgage Investment Corporations (MICs) on the block, Nick Kyprianou is looking to carve a niche in what’s becoming a crowded market for MICs.

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 do. 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.

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July 27th, 2014

A DIY Leveraged Investing Option

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.

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July 24th, 2014

B2B’s “Business for Self Expanded” Mortgage

Entrepreneur plan to startup successRemember 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.

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July 21st, 2014

Fewer Paying Extra on Their Mortgage

Money in the bankCompared 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.

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July 17th, 2014

Mortgages & Investment Strategy

Mortgaged InvestingFor 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.

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July 17th, 2014

Mortgage Career: TMG The Mortgage Group – Broker Support Coordinator

TMG The Mortgage Group

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 shanna@mortgagegroup.com or fax 1.888.534.3706


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

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July 16th, 2014

TD Outsources Broker Underwriting to First National

TD-First-NationalTD 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).

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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

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