Canada’s commercial mortgage market continues to expand, with more than $30 billion in loan originations in 2013. That’s according to Jones Lang LaSalle (JLL) in a recent report entitled Commercial Property Financing Renaissance.
Ten percent of our fellow citizens say it’s okay to inflate income when applying for a mortgage. Nine percent say they’ve already lied on one or more credit applications.
And that’s just the percentage that admit it.
These discouraging figures were released by Equifax Canada this week. Equifax’s Tim Ashby, VP of Personal Solutions, says, “Make no mistake, lying on your loan application is a type of mortgage fraud.”
The problem is, the cheaters in question don’t think that mortgage fraud is a serious crime, and/or they don’t think they’ll get caught.
It’s common for lenders to ask for Notices of Assessment (NOAs) when validating a mortgage application, especially if the borrower is self-employed or has bonus income, for example.
But applicants often misplace their NOAs, or can’t get them quickly enough from their accountant.
Inaccessible NOAs can sometimes limit your lending options, a problem that’s magnified if you have a tight closing or a financing conditions removal date.
The inability to produce an NOA can also cost mortgage brokers business on occasion. MrTaxes.ca owner Robert Stone says that happens when “the client goes away to find their NOA and does not return because their accountant may be working with another broker. Or, [the client] gets frustrated and goes to the bank, thinking the bank can help them.”
For reasons like these, Stone has built a standalone business of providing NOAs to folks who need them fast.
If you fall between the ages of 34 and 44, you’re most likely grappling with the highest debt load — relative to your net worth — that you’ll see in your lifetime.
That’s according to a newly released report by the Royal Bank of Canada. It found that in 2012 the 34–44 age group had a ratio of household liabilities to net worth that was more than two times the average of all ages, with a growth rate that outpaced all other age groups.
The primary driving force behind this increase? Mortgages.
There’s a new sheriff in town. First National has taken over the coveted #1 lender position in the mortgage broker channel, at least according to D+H data.
It’s an honour that Scotiabank has held for three years (since Q2 2011).
We don’t know how much volume each lender did on MorWeb last quarter, so this title isn’t definitive. But D+H is the dominant origination platform so First National’s position is nonetheless noteworthy.
Company: Street Capital
Position: Senior Credit Analyst (Toronto)
Years of Experience Required: Minimum 5 years Mortgage/Lending Adjudication experience
Location of Position: Toronto, Ontario
Applicants may contact: Bernie Schwidder, Director- Quality Assurance – Bernie.firstname.lastname@example.org