Broker News
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FSCO's new Ontario mortgage broker legislation takes effect in 11 days. The public will now be able to check a broker's license simply by searching here. IMBA has a link with details on the new law.- "All of us have been struggling, banks and mortgage lenders, from the higher cost of funds and liquidity premiums." -- TD's Joan Dal Bianco, vice-president of real estate secured lending.
- "Our market share in mortgages declined quarter over quarter because of the expected impact of our decision to exit the broker channel. However, again this quarter we experienced volume growth [and]...we've increased spreads on new originations 31 basis points year over year." -- BMO.
- Surplus Fact of the Day: TD projects 18.5% of its residential mortgage portfolio will be pre-paid in 2008. In 2007 the figure was 20%. It's anecdotal, but it would be interesting to see if other lenders are experiencing lower pre-payments as well.
- Recreational properties are getting more affordable. CEP News story
- CHIP has signed a deal to distribute reverse mortgages with Multi-Prêts, Quebec's biggest mortgage broker.
- Former MoneyConnect CEO Moe Forget is now Executive Vice-President of AGF Trust`s Mortgage Products and Services division
- CAAMP is encouraging Nova Scotia to adopt more regulation for mortgage brokers, including minimum educational standards.
- The Alberta Securities Commission is considering removing the registration and prospectus exemptions available to mortgage brokers who deal in syndicated Alberta mortgages.
- The FBI has stung over 400 American mortgage brokers since March for fraud. The most popular mortgage frauds (in order) were:
- Misstatement of income or assets
- Forged documents
- Inflated appraisals
- Misrepresentation of a buyer's intent to occupy a property as a primary residence.
It appears some idiots never learn...until they're arrested.
- Filogix's latest Mortgage Broker Market Report shows banks gaining 1% market share since April 07. Mortgage banks gained over five points, while subprime lenders and credit unions continued to lose share.
- Street Capital is now lending in Newfoundland, P.E.I, New Brunswick and Manitoba. The company also launched a new variable-rate mortgage at prime - .50%.
- Merix now lends in New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador
