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

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