Mortgage Rates & Mortgage Broker News in Canada

Record Spreads as Bond Yields Keep Falling

Canada’s 5-year government bond yield has plunged yet again.  As of yesterday it was down to 1.67%.  Twelve months ago it was almost four percent! 

Meanwhile, mortgage spreads are as stubborn as ever.  The difference between 5-year posted mortgage rates and the 5-year bond yield is now a mind-blowing 5.08%.  (Fixed mortgage rates are normally linked closely to bond yields.)

That spread is more than double normal, and higher than anything we see on record (our data goes back 30 years). Not even the stratospheric interest rates of the early 1980’s caused spreads as high as we’re seeing today.

What does it all mean?  It means Canada’s mortgage market is dysfunctional--still.  It means banks are unwilling or “unable” to pass on interest rate cuts.

Based on historical norms--which naturally don’t apply in today’s market--5-year discounted fixed rates should be near 3.00%. Instead, banks are keeping them in the high 4% range. 

Even if investors theoretically demanded fat 1.00% liquidity premiums above bond yields (to compensate for the “risk” of investing in fully insured Canadian mortgages), 5-year fixed mortgage rates should still be at least 3/4% below where they are now.

So when will lenders start delivering better fixed rate discounts?  Hopefully soon, but few really know—and fewer want to tell.

(Charts and data source: Bank of Canada)

IMBA Overviews New FSCO Rules

The Independent Mortgage Brokers Association of Ontario (IMBA) has put out an excellent interpretive document summarizing several new rules being introduced by FSCO.

Here’s the link. 

If you’re an Ontario mortgage broker, have a read through it.  These rules will take effect on Thursday.

Here is a small sampling of things for brokers and agents to remember:

• Mortgage agents can no longer call themselves anything other than “Mortgage Agent” or “Agent” when doing business in Ontario.
• The authorized name and licence number of a Broker or Agent’s Brokerage must be prominently displayed on all promotional materials.
• You must disclose if you are receiving a finder’s fee, bonus, basis points or any other remuneration on the mortgage, and the method of calculation of these
  payments.
• You need to disclose the number of lenders your Brokerage acted for in the previous fiscal year.
• The cost of high ratio mortgage default insurance will no longer need to be included in the cost of borrowing.
• You must disclose any and all material risks of a particular mortgage and clearly establish why the mortgage you recommend is suitable for the client.

More information can be found on IMBA’s Mortgage Legislation page.

FSCO is Ontario’s regulator of the mortgage brokering industry.

Mortgage Bytes

A round-up of mortgage news and commentary from December…

General Mortgage News

• Scotiabank seems to have stopped competing for mortgage market share, at least temporarily.  That’s according to the Financial Post.  Meanwhile, Scotia's mortgage volume is up 11% YOY in its last quarter. Scotia is the #3 provider of retail mortgages in Canada and generates about 40% of new mortgages through its mortgage broker channel.
• Finance Minister Flaherty on whether Ottawa will keep buying bank-held mortgages: "Generally speaking, if programs are not effective, you don't continue with them." (Hamilton Spectator)
• "The best product to choose in a market like this is a 12 month convertible mortgage," says broker Peter Kinch. The convertible he's referring to allows you to swap into a variable-rate mortgage anytime. That may be of interest to those waiting for variable-rate mortgage discounts to come back.
• Nova Scotia foreclosures are up 20% this year, to 438. That's about 0.40% of the estimated 110,000 mortgages in the province.
• Borrowers took to Facebook to protest banks' reluctance to drop prime rate in line with the Bank of Canada’s key lending rate. (CityNews Story)
• There are still ways to get 100% financing, but none of them make a lot of sense for most people. The “least bad” is getting a 95% LTV mortgage and borrowing the 5% elsewhere, but we usually don't recommend it except for investors and/or those with sufficient assets. For most, it’s a risky market to have no equity in a home.
• CMHC’s minimum credit score when using a borrowed down payment is 650.
• 12 indicators of your property's chances for price appreciation:  Post Story
• Variable rate mortgages are more popular among older buyers than young, writes CEP.  Only 19% of buyers 34 or less got variables in the last year, versus 30% of buyers aged 35-54, and 27% of those over 54.

Commentary

• TD's Joan Dal Bianco on why the bank didn't pass along the BoC’s full 3/4% interest rate cut December 8:  "We are still trying to earn something on this stuff. This has been quite the roller-coaster ride and it has not been too hot on the mortgage front. We just can't take on the whole 75-point cut." (FP)
• "The rate of [mortgage] arrears was about double [today's] level in the 1991-1992 recession, and even then we didn't see widespread foreclosures. Keep in mind, any significant increase in foreclosures in Canada would likely be related to job losses and a weaker economy, and not affordability issues." - Scotiabank economist Adrienne Warren
• "The relatively low level of mortgage arrears in Canada is of no comfort to us. Delinquencies are a lagging indicator. Relying on them as a forecasting tool is like driving while looking in the rear-view mirror." - Merrill Lynch economist David Wolf (CNews)
• In a bad recession, CTV says, "the number of Canadians who could experience a foreclosure would top out at about three per cent." That's according to Tom Velk, an economics expert at McGill University.
• CMHC CEO Karen Kinsley on the Globe’s risk mortgage story: Link
• "There may be some people who could have purchased with a 40-year amortization and will be unable to if they can only get 35 years, but their numbers will be very small," says CAAMP economist Will Dunning. "Rather than getting knocked out of the market, people will adjust their expectations — instead of buying something for $200,000, they buy something at $175,000." (Chronicle Herald)
• "Guidelines are no longer guidelines," says Axioms’ Gord McCallum.  CMP reports that even though clients meet written lender/insurer guidelines, lenders are increasingly turning them down due for subjective reasons.
• The credit crunch isn't the end of the world for those with good credit. "There is a plentiful supply at reasonable rates for any borrower who can qualify," says CAAMP President Jim Murphy.
• "The people who are going to have difficulty in getting approved are the ones who have poor credit or a history of some late payments or collections. Note, I said difficult, not impossible. If your employment is such that your earnings come from self-employment, commissions, on–call and you don’t have a two-year history of income then your application will be more challenging, not impossible." - Bob Quinlan, Mortgage Broker, Mortgage Alliance (Opinion250)
• MetroNews on mortgage brokers.
• The Edmonton Journal's Gary Marr isn't happy he chose a fixed rate. Story

Canadian Real Estate Trends

• Canadian home prices dropped almost 10% in November year-over-year. Sales were down 42%.
• For the first time in years, condo builders are thinking seriously about building rentals. (Globe story)
• Re/Max expects a 2% drop in home prices in 2009.  That’s it?
• “I also expect many will wait out the market until the spring, for general economic and financial market conditions to (hopefully) stabilize.” - Scotiabank economist Adrienne Warren
• This quarter is the first in 22 quarters where the absorption rate for big-city office space has fallen. (CEP)
• Canadian housing starts are at a 7-year low.
• Windsor, Ontario's rental vacancy is 14.6%, followed far behind by St. Catharines-Niagara, ON at 4.3%, and Oshawa, ON at 4.2%. (CTV) 
• Vancouver, by contrast, has under 1% rental vacancy.
• "There is no doubt the new City Land Transfer Tax introduced in 2008...had a negative impact on this year's [Toronto real estate] sales. Only the politicians who imposed the tax seem surprised!" - Re/Max Condos Plus
• Vancouver home sales are down almost 70% YOY.
• Office space vacancy projections:  Colliers
• Housing costs by city, as a percentage of the typical person’s gross income.
  • Vancouver:  74.8%
  • Toronto:  53.3%
  • Calgary:  47.3%
  • Ottawa:  43.3%
  • Montreal:  40.4%

Miscellaneous

• Test your mortgage knowledge with this quiz from Genworth.  Only 25% of people get 80% or more.
• The average Canadian has 12 mortgages in their lifetime. (Source: Mortgage Architects)
• We all need to find a way to give back.  Chris Dopp, a mortgage broker in Collingwood, ON has his own way.  Dopp gave away 250 Christmas dinners to the needy last week.
• Contrary to the government's moratorium, zero-down loans haven't disappeared. They've "simply being replaced by other products that could, in fact, be considered more risky to the client." (CMP) One example is when a homeowner borrows the 5% from a high-interest line of credit as his/her down payment. Another way is to get a cash-back downpayment mortgage. Both methods are higher risk than the insured 100% financing they replace.
• RBC Bank's U.S. subsidiary provides up to 75% financing for Canadian's buying in the U.S. They also recognize Canadian credit reports. (National Post)
• There was a mortgage broker in Halifax who was recently telling people with bad credit to sell their homes before their mortgage matured. Otherwise, he warned, skittish lenders may not renew them due to the credit crunch. Well, unless your situation is really bleak, panic selling may be extreme. Before you take action, speak with a mortgage planner four months before your renewal date to see what can be done.
• Buying a new home? Here are some fees to consider.
• InYourBestInterest.com’s Hank Cunningham has a new book out, familiarly entitled In Your Best Interest. Apart from great fixed income coverage, it discusses the ABCP and subprime mortgage mess and talks a bit about Canada Mortgage Bonds.

Interest Rate Trends

Recent interest rate news nuggets…

• Core inflation jumped surprisingly last month to 2.4%.  That’s tempered rate-cut expectations, at least somewhat. (Globe & Mail)
• Credit market traders are still pricing in a 100% chance of a 1/2% rate cut by the BoC’s January 20 meeting. (CEP)
• TD chief economist Don Drummond agrees:  "I think the next meeting of the Bank of Canada will cut another 50-basis points."  (CTV)
• Desjardins says:  "In Canada, key interest rates should end their descent at 0.75 % in January 2009." (That’s 3/4% lower than where they are now.)
• The fun won’t last forever.  CIBC economist Benjamin Tal sees a 1.00% to 1.20% increase in rates following the economy's recovery late next year. (CMP)
• “A modest recovery should begin in the second half of the year.” – BMO economist Doug Porter
• "If you want to know where mortgage rates are heading, watch the yields on government of Canada bonds. That's what mortgage brokers do." - Former CIBC Mortgage CEO, Brendan Calder
• Despite the massive drop in yields, there’s been no bounce. The 5-year Canada bond yield, upon which 5-year fixed rates are based, is still just 1.82%. CIBC says “there’s room to drag bond yields a bit lower still.”
• AMA Financial says "prime plus" is for sissies. They're the only Canadian lender advertising prime minus variables (prime – 0.30% to be exact). The main catch: you have to live in Alberta. How do they do it when most lenders are at prime + .60% or more?  They apparently have money to lend from their balance sheet.  Perhaps they're also hoping variable-rate customers later lock into AMA’s above-market fixed rates.

The Most Wonderful Time of Year

Seasons greetings and warm wishes from all of us at Canadian Mortgage Trends.

CMT will resume publishing on Saturday December 27.  Happy holidays!

Mortgage Broker News

• MortgageBrokers.com's agent headcount is up 35% versus last year. It's quarterly revenue is up 60% to $5,420,443. It posted a loss of $562,510, however, due largely to stock-based compensation charges. (MB gives out stock to new brokers as they sign up)
• Mortgage Protection Plan (MPP) has insured 40,000 borrowers in 2008 (through October). In February MPP is rolling out its "Yes" plan. In other words, it will say "no" to no one--as long as the applicant is between 18 and 65. Bad health or not.
• The Canadian Association of Accredited Mortgage Professionals (CAAMP) has increased the AMP designation's educations requirements by 20%.  As reported previously, CAAMP has also created a new AMP category for newcomers, similar to an articling period in the legal profession. (Chronicle Herald)
• CIBC mortgage revenue was down 27% in the 4th qtr. YOY.  Market share was down very slightly from 14.2% to 14.1%. 
• Laurentian's residential mortgage volume is up 10% YOY.
• In case you didn't see these recent changes:
• AIG has made some changes affecting its policy on premium porting. It’s also adjusted its refinance qualifications. More...
• Commissioned borrowers are no longer eligible under Genworth's BFS program.  They'll now have to fully prove income.  Also, for BFS refinances, LTV has been reduced from 90% to 85% and beacon scores have increased from 620 to 650 (for 80.01% to 85% LTVs). 
• MERIX has reinstated pre-approvals. It charges a 0.10% premium for them, which covers hedging and administrative costs.
• ING now requires mortgage insurance on all mortgages above $750,000 (regardless of LTV), and also on all condominium properties with an LTV of 75% or higher.
• Manitoba and Nova Scotia have new mortgage broker legislation coming in 2009. (Source: CAAMP)
• Street Capital is now lending in Nova Scotia. The company is adding three more underwriters in January.
• Here is the average mortgage brokers income according to Payscale.com.
• PMI has clearance from OSFI to repatriate $41.5 million from its discontinued Canadian operation to its American parent. The capital will be used to support PMI's beleaguered U.S. mortgage insurance business. PMI still has to leave $17.4 million in Canada to support the run-off of PMI Canada's business.
• Canada's largest alternative mortgage lender, Home Trust, has maintained an investment grade rating from S&P.
• MCAP no longer offers 40-year amortizations on conventional products.
• Seneca College is offering a new 5-day accelerated mortgage agent licensing course in Ontario. The course is designed for those with prior mortgage/real estate experience and costs $239. It’s offered online or on campus. More…

Mortgage Job of the Week

This week's featured mortgage career... 

 

Company:  Xceed Mortgage Corporation
Position:  Business Development Manager - Ottawa 
Location:  Ottawa, ON

Click on the position title above for more information. 

________________________________________________
Advertise your mortgage job opening now! 

Click here to post. 

Or browse CMT's Mortgage Jobs Database.

Banner Year for CMBs

$8 billion of Canada mortgage bonds were sold at 2.74% in the last Canada Housing Trust issuance.

That works out to a 0.60% premium above 5-year Canada bond yields. A year ago the premium demanded by investors was only 0.34%.

Lenders sold off $43.5 billion of mortgages to this program in 2008, versus $35.7-billion in 2007. (FP) In the words of one lender CEO, "If there was not a mortgage back bond as an exit, few lenders would be doing business today."

Private Sales Under Scrutiny

This is a lender email we got this morning.

Effective immediately, we will no longer be accepting Private Sale Agreements on ANY submissions...It is unfortunate that we need to make this decision, but the reality is that Private Sales are too often linked to property or LTV misrepresentation and we are seeing more of these now as the credit market tightens up...Our statistics gathered are now also showing a very high percentage of delinquency in deals that were funded with private sales.

Certain lenders (not just this one) are scrutinizing private sales much more closely in our falling real estate market.

This particular lender said it will consider some exceptions on  “private listing companies” if they are comfortable it is a bona fide arms length sale.

New FSCO Regs Start January 1

FSCO, Ontario's mortgage regulator, has several new regulations taking effect on January 1, 2009.

According to IMBA, the new rules cover:

• Use of names and licence numbers in public relations materials
• Disclosure regarding role and relationships of brokerage
• Disclosure of fees receivable and payable
• Agency and Lender as major customer disclosures
• Disclosure to borrowers in new format
• Advertising
• Duty to verify customer's identity
• Restriction on advance fees for mortgage loans less than $300,000 (still $200,000 until January 1, 2009)
• Policies and procedures
• Agreements regarding non-monetary compensation
• Suitability of mortgage and material risks (This is a great reg that will further enhance professionalism in our industry. Ideally, "suitability" would be better defined in the Act, but maybe FSCO will release an interpretation letter with more specifics. In the meantime, CAAMP has their own interpretation below.)

If you want to familiarize yourself with the new rules, here is CAAMP's overview of them:  Link

Penalties to mortgage agents for non-compliance can reach up to $10,000.

Refinance In Time

If you have a high-interest debt problem you need to change your lifestyle first. After you've committed to that, and only after, then refinancing may be in order.

By refinancing high-interest debt to a low interest mortgage or HELOC, "the resulting cash flow savings will serve you well IF you lose your job," says mortgage advisor Greg Williamson. 

If your job is on shaky ground, "Do this BEFORE you lose your job," he says.  "How many banks do you think will renegotiate your debt when you don’t have a job?"

Financial Post Commentary on the Globe Story

"Proving once again there’s nothing so misguided as a Globe and Mail special investigation..."

That was the first indication Peter Shawn Taylor planned to pull no punches in his correction of the Globe & Mail.  His sentiments pertain to the Globe's condemnation of 0/40 mortgages and mortgage insurance competition. 

More...

Flaherty Ratchets Up Pressure on Banks

Finance Minister Jim Flaherty has echoed Mark Carney's request that banks loosen up their lending.

"I expect [banks] to make it evident to us that they are taking steps to make [lending] more available in Canada," Flaherty said yesterday.

Ottawa has provided billions of dollars in liquidity so banks can offload their mortgages.  Flaherty says, “We expect the banks to reciprocate. We expect the banks to provide adequate credit.”

Flaherty and Carney will meet with bank execs in January to discuss Canada's tight lending market.

From our perspective--as a general observation--banks seem to be lending more freely than non-bank lenders these days.  In addition, it's not the availability of credit so much as the price of credit that we're seeing issues with. 

Financing options have definitely decreased in the last 12 months (especially for subprime or commercial borrowers), but mortgage professionals are still finding ways to get tough deals done.

Carney v. Banks

Bank of Canada chief Mark Carney isn't afraid to confront Canada's financial titans. 

He aimed these comments in the big banks' direction yesterday:

"We expect our banks to make lending available, to have credit available and affordable in Canada. We're acquiring a lot of their mortgages ... up to $75 billion worth. We've given a guarantee with respect to some of their obligations. So this is a two-way street. We expect credit to be available through our financial institutions." (Reuters)

Carney also had concerns about upcoming potential risks. According to CTV:

• He feels household incomes could drop significantly. Vulnerable households could then default on loans causing significant losses for Canada's banks he says.
• Carney also said that banks who hoard capital because they fear loan losses will worsen the situation.

Well, that doesn't exactly make banks want to lend. 

On the other hand, based on historical credit spreads, 5-year fixed rates should be in the low 3% range right now.  Instead they're close to 5%.  There is room to drop if lenders want to--on the fixed side at least.  A lot of people know that and they aren't happy that rates are being held up.

(On a related note, there's been a nice drop in the "TED spread" lately.  The TED spread is a good measure of perceived credit risk and it has been tracking mortgage rate premiums pretty closely...so down is good.)

Given all this, the big banks have increasingly been under the spotlight to loosen up lending.  Canadians can thank Mr. Carney for making the spotlight brighter.

Fed Cuts to ~0% and Prints Money

The U.S. Federal Reserve has cut its key interest rate by over 3/4% in an desperate effort to defibrillate the U.S. economy. 

America's policy rate is now practically 0%.  Meanwhile, the Fed is also printing money around the clock to stimulate spending.

In a statement, the Fed said that "weak economic conditions are likely to warrant exceptionally low levels of the federal funds rate for some time."  (You don't hear grim long-range forecasts from the Fed very often.)

A lot of people are now finally starting to realize how bad things are getting for the U.S. economy.  The Fed has cut rates an unprecedented 10 times in the last 15 months.

The Bank of Canada (BoC) is obviously watching all of this closely.  Many think they're getting ready for another rate cut on January 20.  If so, that would be a boon for variable-rate mortgage holders (assuming banks pass along the cut).  Canada's key policy rate is currently at 1.50% so there is room for the BoC to drop more.

In the bond market today, the yield on 5-year Canada bonds broke the 2% barrier for the first time in memory.  The 5-year now stands at just 1.93%.  As a result--barring a rebound in yields--fixed mortgage rates may drop further this week or next.

Genworth Responds to Globe Article

Genworth has responded to the Globe & Mail's somewhat fallacious story on "high risk" mortgages.

Brian Hurley, President of international development at Genworth, said this in a statement published by the Globe Tuesday:

It was the easing of traditional underwriting standards in the U.S. - not extended amortizations - that put so many subprime borrowers in loans they could not afford. Here in Canada, the overwhelming majority of 40-year mortgages are prime loans held by customers with solid credit - and who would have qualified for mortgages with 25-year amortizations. Arrears here are near all-time lows.

Genworth supported Ottawa's decision to limit its government guarantee to mortgages with a maximum 35-year amortization. Healthy competition between CMHC and Genworth has provided an important second set of eyes that act as a check against unwise lending.

On a related note, we heard an interesting stat from one insurer yesterday. Only 3 out of every 100 borrowers with a 40-year amortization would not have qualified at a 25-year amortization.  It therefore appears clear that Canadians were using 40-year mortgages as an option and not out of necessity.  (Contrary to the anecdotal cases we've seen.)

Mortgage Job of the Week

This week's featured mortgage career... 

 

Company:  Xceed Mortgage Corporation
Position:  Business Development Manager
Location:  Northwestern, ON

Click on the position title above for more information. 

________________________________________________
Advertise your mortgage job opening now! 

Click here to post. 

Or browse CMT's Mortgage Jobs Database.

Fixed Rates Trend Below 5%

Many big lenders are now offering 5-year fixed rates at just under 5.00%.  In fact, 4.99% seems to be a pretty popular number nowadays. 

By contrast, most 5-year variables are still at prime + 1.00% (or 4.50%).

There are exceptions of course.  For example, there are certain deeply discounted fixed rates out there that we haven't seen since May 2007. 

This drop in fixed rates follows a steep fall in bond yields, which are down considerably in the last month or two.  The 5-year bond closed today at just 2.11%--another multi-decade low.

If you're hunting for a fixed rate, find a good mortgage planner to do the legwork.  Not only is it free, but most brokers have access to unpublished rate specials you won't find elsewhere.  Just make sure to find a planner who shops all lenders--including each of the big 5 banks. A few of the big banks are currently on a market-share kick and have good promotions running.

Chart Source:  Bank of Canada

The Globe on "High Risk" Mortgages

The Globe & Mail ran a story this weekend on Canada's "version of subprime mortgages." 

Here is the article.

According to the story, $0-down mortgages and 40-year amortizations were nothing more than "risky" "sub-prime" products.  The Globe slams pretty much everyone who played a role in their existence.

For those intimately familiar with "0/40" mortgages, however, this article comes across as superficial at best.  Here is why....

1. To the authors, 40-year amortizations are "risky" and "subprime."  When we read that we immediately wondered if the writers knew what "subprime" means.  Up to 95% of 40-year mortgages were prime.  That means applicants needed solid credit and income to be approved.  In a lending sense, borrowers like this are not "subprime" or "risky."  Many people who got 40-year amortizations, for example, could have qualified at a 25-year amortization.  Moreover, experts estimate that the average 40-year mortgage will be paid off in just 20 years.
2. There were definitely 0/40 borrowers who overextended themselves.  That's a fact.  On the other hand, the story makes no effort to acknowledge the utility that zero-down and 40-year products provided to responsible borrowers.  These products had real value to real estate investors, the self-employed, and other sound borrowers with higher priority uses for their cash.
3. The authors unapologetically denounce 40-year amortizations and zero-down mortgages without providing any evidence that they're actually causing a problem.  There is no doubt that some Canadians with 0/40 mortgages will lose their homes in this market correction.  That is a harsh cyclical reality.  But, will 0/40 defaults be an epidemic like in the U.S.?  Far from it.
4. The story draws no lines in its assumptions.  Obviously, 100% financing (103% after insurance fees) is bad if real estate values are sinking.  But so is 95% financing.  So is 90% financing if prices sink 20% and you have to sell.  Where do regulators draw the line?  Do we require everyone to put down 20% when buying a home?  How far do we go to legislate how people spend their money?
5. The Globe knocks U.S.-based mortgage default insurers for bringing these evils to Canada.  This too, is ludicrous.  U.S. insurers have not harmed Canada's real estate market any more than CMHC has.
6. The story suggests Ottawa was short-sighted for allowing Genworth and AIG into our insurance market because of the risk they pose with their 90% government guarantees (CMHC gets a 100% guarantee by the way).  The authors seem to have no idea what our default insurance market would be like without Genworth and AIG.  From our perspective the result would be disastrous.  Canadians would be worse off as there would be little to drive product innovation and lower premiums.
7. The authors criticize the institutions that promoted 40-year and zero-down mortgages but say little about the borrowers that demanded these products.
8. The article suggests CMHC was forced by other insurers to "aggressively push...risky U.S.-style lending."  Again, ridiculous.  CMHC is a great insurer but the fact is, CMHC was the first insurer to launch long-term amortizations.  Thereafter, they quickly jumped on the 40-year wagon as well.

The Globe tried to write a "60 Minutes"-style expose here.  The thing is, there isn't that much to write about. 

40-year amortizations and zero-down products were not Canada's version of subprime.  They were simply powerful financing tools designed to be used responsibly.

Canada's mortgage industry is one of the most prudent in the world.  Mortgage policies like long-term amortizations are not the cause of our present housing issues.  If you want to know why home prices are falling here, look south of the border.  Our problems are macro-economic, not financing-driven.

Broker Execs Sound Off

The past few years have brought rapid change to the mortgage industry.  Lenders and products have come and gone, and the competition has become ferocious.

A group of four executives weighed in on these changes at CAAMP's recent mortgage conference.

The panel included...

• Michael Beckette, President & CEO, Mortgage Alliance
• Colin Dreyer - President & CEO, Verico
• Gord Dahlen - EVP, Invis/Mortgage Intelligence
• Grant Thomas - President, The Mortgage Group

Here's what each had to say... Story