Mortgage Rates & Mortgage Broker News in Canada

Lloyds Bank International, Mortgages for Canadians

Canadians looking for mortgages abroad have limited choices. Or more accurately, limited convenient choices.

The UK’s largest Bank, Lloyds Banking Group, has a solution.  Lloyds has recently opened two new offices in Canada and it’s now offering its International Mortgage to Canadians.

Lloyds’ International Mortgage is designed for purchasers of a second home, vacation home or investment property abroad.  One of its big benefits is the ability to be set up in multiple currencies.  You can even change the currency you pay the mortgage in twice a year for free.

Suppose you’re a Canadian wanting to buy in the U.S.  Here’s what you can expect:

• Maximum Mortgage:  Unlimited
• Minimum Mortgage:  $150,000
• Minimum Property Value:  $400,000
• Maximum LTV:  50% in California, Florida, Nevada, Oregon.  60% in Colorado, Connecticut, Hawaii, New Jersey, New York, Washington State.  70% on exception for high net worth clients purchasing $1 million+ properties.
• Term:  Fully open. No pre-payment penalties.
• Credit:  No credit check required
• Income:  Applicants’ combined income must be no less than 20% of the loan amount
• Maximum Amortization:  30 years
• Typical Fees:  1.3% of the loan amount + $360 administration fees. Other fees may apply. Inquire for details.
• Rate Type:  Variable
• Pre-approvals:  Yes
• Mortgage payments:  Made quarterly (no other frequencies are presently available)
• Interest Rate:  Currently 2.59% over Lloyd’s cost of funds, or 4.32% when paid in Canadian dollars.  Add 0.2% if interest-only.  Current rates.

All paperwork is done remotely.  No visits to a bank are required.

Lloyds also lends in Great Britain, Spain, France, Portugal, New Zealand and selected locations in Australia, Canada (for non-Canadian residents), Dubai, Hong Kong and Singapore.

For more information feel free to contact us.

Lack of Presales Sink The Ritz

It’s largely about the pre-sales in construction lending these days—and one of Canada’s headliner projects (the $500 million Ritz Carlton Vancouver) just didn’t have enough.

"To get financing, you need a certain amount of presales - and because we didn't have enough units sold, financing didn't turn out the way we wanted," said project spokesman Joo Kim Tiah to the Globe.

62 of the 123 Ritz condos were sold, or just over 50%.  A few years ago that might have been enough to get the project financed and completed.  But not in this market.  In the Ritz’s case, its banks wanted over 60% pre-sales.  (Lenders are now looking for upwards of 75% in other big condo projects around the country.)

AMP Candidate Designation Now Available

As reported in December, CAAMP, the industry association for mortgage brokers, has a new designation for mortgage agents called “AMP Candidate.”

The normal AMP designation is designed to signify an agent has met certain experience and ethics training standards.  This new class of AMP is for agents who do not yet meet CAAMP’s 2-year experience requirement.

According to CAAMP, agents can qualify for the AMP Candidate designation as follows:

1. Be a CAAMP member in good standing
2. Complete CAAMP's pre-accreditation course, Ethics and Responsibilities for Mortgage Professionals (online or in-class)
3. Provide proof of mortgage industry experience
4. Provide proof of successful completion of a CAAMP approved Mortgage Industry Proficiency Course
5. Submit a one-time registration fee of $125

AMP Candidates are then granted the full AMP designation once they have met the two years of industry experience.

Upcoming AMP Courses

AMP Application Form

FSCO Suspends 79 Brokers

FSCO, Ontario’s mortgage broker regulator, has inactivated the licenses of 79 mortgage brokers “for not having errors and omissions insurance coverage.”

Recent legislation requires that all licensed mortgage brokerages carry errors and omissions insurance with extended coverage for fraudulent acts.

FSCO discovered that these brokers did not have E&O insurance after auditing insurance company records in October.

The brokers named were apparently unaware of the rule (despite repeated notices by FSCO), or didn’t plan on continuing in the business, or simply procrastinated a bit too long.

FSCO says, “Along with the Interim Orders, these mortgage brokerages were served with Notices of Proposal to revoke their licences and impose an administrative monetary penalty of $1000 for not meeting this requirement.”

This enforcement affects a tiny fraction of mortgage brokers in Ontario.  The vast majority of brokers are fully compliant with the new E&O insurance rules, especially brokers from National brokerage firms--who generally have more robust compliance departments.  The alleged offenders seem to be mostly small independent brokers.

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Sidebar:  In March 2009, FSCO will be selecting “a sample of mortgage brokerages to visit, in order to determine whether they are in compliance with the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA).”  More…

The Five C’s of Credit

People often wonder what lenders look for when they’re reviewing a mortgage application.  The answer is that applications are typically measured against what is known as the Five C’s of Credit.

Bob Quinlan from Mortgage Alliance does a good job of overviewing the 5 C’s.  While you’re reading this, however, remember that exceptions can be made to some of these guidelines for very strong candidates (like the 32% GDS rule for example). 

On the other hand, if your borrower profile is not so strong, expect little if any lender flexibility—especially in this market.

Mortgage Buyback Largely Unsubscribed

CMHC offered to buy $7 billion of 5-year variable-rate mortgages from lenders on Friday.

Lenders, however, wouldn’t sell them more than $2.3 billion worth.

Scotia Capital’s Roger Quick says this spells hope.  He told Bloomberg that it’s “a sign that bank financing conditions may be improving.” 

He may be right because Friday’s CMHC buyback was surprisingly undersubscribed. That means banks didn’t need to rely as much on government liquidity to sell their mortgages, and/or they didn’t have as many to sell.  By comparison, just four weeks ago CMHC was able to attract $8 billion of interest for the same type of mortgages.

Lenders got rid of their mortgages Friday at a cost that equates to 1.71% interest, or 0.76% above the CDOR rate. (CDOR is the benchmark rate for bankers' acceptances)  This 1.71% is a very rough snapshot of the cost of funds for the lenders who chose to sell those mortgages to CMHC.  In the previous variable-rate mortgage buyback, lenders had to pay 1.13% above CDOR—or 0.37% more than last Friday.

Generally speaking, falling premiums like this imply that the cost of variable mortgage funds is improving.

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Government mortgage buybacks began in October 2008. They were meant to supplement lenders’ ability to raise capital in the face of Canada's historic credit crisis.

3-year Fixed Promo Ends Tonight

The hugely popular 3.75% 3-year promotion that’s currently on the market is coming to a close.  For those considering this product (for themselves or for a client) make sure your applications are submitted by 11:59pm ET tonight.

Alberta Mortgage Arrears Up 15 Straight Months

Falling home prices are the main culprit, according to this story by the Calgary Herald.

In practical terms, the number of Alberta arrears are not overly dire. They’re only slightly above the 18-year average of 0.37%. However, in percentage-increase terms they’re worth a pause.

“Arrears” are basically mortgages that are over 90 days delinquent.  The numbers have increased in each of the past 15 months on record. Currently, however, only about 4 out of 1,000 AB mortgages are in trouble by the above definition. That compares to 3 out of 1,000 five months ago.

The Herald writes that scenarios like this are now quite common…

“in many cases, clients borrowed to purchase a second or third home to flip for easy profit, as many did before the market dipped in 2008. When that sale didn't come, they were stuck with multiple mortgages and a shrinking pool of collateral.”

The flipping days are over for now. Calgary is dealing with $39 a barrel oil, the global economic illness we read about daily, and expectations of worsening home prices to come. It is therefore reasonable to expect Alberta arrears may continue rising, and lenders may continue tweaking (read “tightening”) their Alberta lending criteria. ____________________________________________________ Sidebar:  Here are more arrears stats by the CBA (Microsoft Excel Required). Note that Alberta isn’t the only province seeing rising delinquencies. Also remember that these figures are conservative because they include information only from large prime lenders.

CBA Issues a Backgrounder on Rates

Further to the theme of yesterday’s story, the Canadian Bankers Association has posted a new article explaining how banks set interest rates. Article Link

In sum, the CBA says:  “While the Bank of Canada rate does influence the pricing of very short-term commercial credit, the Bank of Canada does not set the interest rates that consumers…pay on their loans (and mortgages).”

Waiting for Better Fixed Rates

The Bank of Canada’s next interest rate announcement is just two weeks away, and many mortgage shoppers are fixated on it.

We’ve probably spoken to a dozen people in the last week who want a fixed-rate mortgage but don’t want to apply until the Bank of Canada meets March 3.  The thinking is that the BoC announcement will cause fixed rates to fall.

We’re used to seeing this psychology with variable-rate shoppers but not with fixed rates.  As such, it’s worth examining further the linkage between the Bank of Canada and fixed mortgage rates.

As many know, the BoC sets Canada’s overnight target rate.  This in turn influences prime rate, which directly affects variable rates.

Fixed rates are a different story.  Fixed rates are driven by bond yields (usually, that is—the last few quarters have been atypical).  The Bank of Canada has no direct control over bond yields, although it can influence them in certain ways.

The fact that bonds are independent from the Bank of Canada is something many don’t grasp.  For example, the entire country might expect the Bank of Canada to cut rates 1/4% on March 3, but if stronger-than-expected economic reports precede the BoC announcement, bond yields could jump.  In that case, fixed mortgage rates could increase while variable rates fall.  (We’re not saying that will happen this time. It’s just an example.)

So how much do fixed rates really follow the Bank of Canada’s lead?  According to TD, “for every percentage point of central bank easing (for example), the 5-year yield should decline by 70 bps.” 

We ran our own tests and found the correlation between prime rate and 5-year bond yields to be 69.5% over the last 10 years.  So, a fair amount of time, bond yields will deviate from prime rate. 

That makes sense because 5-year yields are driven by demand for long-term funds while prime rate is linked to demand for short-term funds.

The chart below illustrates how the direction of 5-year yields and prime can differ drastically over 3-6 month timeframes.

In sum, bond yields and prime rate (and fixed and variable rates) do move together long-term.  But short term, anything can happen.

So.  Should fixed-rate mortgage shoppers wait until the Bank of Canada’s rate announcement before locking in? 

In our view, no.  It’s just a gamble.

There isn’t much foreseeable to gain by doing this unless one feels strongly that the Bank of Canada will scare the market with a dire economic forecast…and drive down bond yields.

Most folks in this boat are simply trying to outguess the market, which no one can do consistently.  Moreover, they’re disregarding the fact that fixed rates are already at historic lows. 

Why bother with greed-driven chance taking when you can lock in now, get assurance that your rate won’t go up, and have the ability to request a downward rate adjustment should your lender drop rates in the next few weeks?

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Here’s a 2nd opinion from Canadian Business Magazine (old but still good). Link

Fixed or Variable? Updated Perspectives

When deciding between a fixed or variable rate, people often turn to the most quoted research on the topic: that done by Dr. Moshe Milevsky.

Dr. Milevsky found that 77%-90% of the time people pay less interest over the long-run by choosing a variable-rate mortgage.  (See CMT’s April 2008 story entitled Fixed or Variable Mortgages – Research Update)

But today is a new day.  A lot of people think things are “different this time.”  So we took the opportunity to speak with Dr. Milevsky for a current view of his previous findings.  It was a highly informative and reinforcing discussion that we’d like to share here.

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On How Today’s Economy and Market Impacts His Research

• "An environment like we're seeing today brings into question any type of historical study," says Dr. Milevsky.
• He notes that several things have changed since his original report in 2001:
  • The original study used prime rate as the proxy for variable rates. However, “You cannot get prime today,” he says. “The premium (of fixed rates over variable rates) has disappeared. That makes a difference.” 
  • Naturally, as the differential between fixed and variable rates decreases, the odds of a borrower doing better in a fixed rate increases.
  • Falling home prices, reduced availability of credit, and employment instability also add material risks to the equation.  Today’s mortgagors must consider these added risks carefully when evaluating a variable rate.  Dr. Milevsky believes this applies especially to those with small down payments, like 5%.

On The Effect of Historically Low Interest Rates

• A lot of people think rates can’t go much lower. However, Dr. Milevsky suggests considering this as a possibility nonetheless.  "Look,” he says. “I never would have said this three years ago, but prime is at 3%. Why can't it go to 1%?"
• Realistically, however, the odds of rates falling much further have declined, he says.
• On the other hand, Dr. Milevsky has never strayed from one central tenet.  "It’s not about speculating where interest rates are going,” he believes.  “It’s about risk management.”
• “In the original study we never said that floating your mortgage is better 100% of the time." There have been “periods of inversion” where fixed rates were actually lower than variable rates.  Indeed, the original study found that 10-12% of the time it pays to be in a fixed rate, “and this might be one of them" he says.
• Notwithstanding the above, Dr. Milevsky still maintains that "over long periods of time the odds favor a variable.”

On: Comparing Short and Long Mortgage Terms

• When comparing a short term (like a 1-year or 3-year) to a longer term (like a 5-year), Dr. Milevsky says calculating the “break-even rate” provides a helpful metric.
• The break-even rate is the hypothetical interest rate whereby a borrower will be “indifferent” between a shorter and a longer mortgage term.
• For example, if one is comparing a 3-year mortgage to a 5-year mortgage, Dr. Milevsky asks: “What is the number in 3 years that will make me regret not having gone with the 5 year?"
• To put it another way, think of two individuals:
• One locking into a 5-year fixed
• One locking into a 3-year fixed, followed by a 2-year fixed.

You can create an amortization schedule for each scenario, he says, and then solve for the interest rate that would make the total interest paid equivalent in each case.  That is the “break-even rate.”  If you feel interest rates will be above the break-even rate in three years, then it may make sense to consider the 5-year fixed instead.

On What to Look for in a Mortgage Today

• “As we’ve said before, people should strongly consider mortgages that are part fixed and part floating,” says Dr. Milevsky. Such mortgages are called hybrids, and they’re designed to offer interest-rate diversification. Diversification benefits borrowers just like it benefits investors who buy portfolios of stocks.
• Also worth considering are “all-in-one” accounts, which roll your mortgage and other debts into one low-rate loan.  Dr. Milevsky says the benefits of these accounts “compound over time” and are “larger than you’d expect.” He did a study in 2005 that supports this. Here is the link.
• The market’s current 3-year fixed-rate promotions might also have merit.  “If someone is looking at getting a 3-year fixed there is no way I can say to someone don't lock in for 3 years, especially if they have a high ratio mortgage.” With a rate of 3.75%, 3-year fixed rates are actually below most variable-rate mortgages.
• In general, “if you have a lot of assets, I would go with the lowest possible rate,” he says. That’s true whether it’s a fixed rate or a variable rate.
• However, folks with a small amount of equity (like many first-time homebuyers), or those with low or unstable income, should focus on “locking in at a low fixed rate.”

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Dr. Milevsky is an Associate Professor of Finance at York University’s Schulich School of Business, Executive Director of The Individual Finance and Insurance Decisions Centre, and author of the mortgage industry’s preeminent research on fixed and variable interest rates.

More on VFC Home Mortgages

VFC Home Inc. is open for business. 

As noted in our prior stories, VFC will be targeting borrowers who don’t qualify through traditional lenders.  In addition, the company will lend only through mortgage brokers.

Below is a summary of what VFC does.

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VFC’s Lending Guidelines:

• Underwriting Process:  According to Anne Albani-Dolson, National Sales Director, VFC lends primarily “based on the credit profile of the client and the marketability of the property.” VFC uses five “keys” to classify borrower risk.  VFC says, “Once we determine the credit behaviors of the client we assign a Key, which determines the rate.”
• Mortgage Types:  Purchases and refinances of owner-occupied or rental properties. VFC also offers BFS stated income mortgages.
• Minimum Credit Score:  VFC says it “does not use Beacon scores when decisioning a deal.”
• Max. LTV:  90% on both purchases and refinances
• Interest Rates:  VFC’s rates seem reasonable for the higher risk they are taking and currently range from 6% on up.  The actual rate depends on which “Key” the borrowers falls into, the term, and the LTV.
• Fees:  Instead of mortgage insurance, VFC offsets risk with a 1% to 3.5% Administration fee which is capitalized into the mortgage.
• Max. Amortization:  30-35 years
• Max. Debt Ratios:  VFC Home says it does not use GDS, only TDS ratios.
• Lending Areas:  Ontario and BC for now. Other provinces will likely be added later.

Features Common to All VFC Home Mortgages:

• Payment frequencies:  Monthly, semi-monthly, bi-weekly and weekly
• Prepayments:  10% lump-sum prepayments annually plus a 10% payment increase allowance
• Rate Holds:  60 days

VFC Home Inc.’s website will be ready in a couple of weeks according to the company.  In the meantime, VFC Home is currently available for broker submissions through Filogix Expert.  Agents can call 1-800-832-3321 for more information.

VFC Home Nears Launch

Canada’s newest alternative lender is almost here.  VFC Home Inc., a subsidiary of TD Bank, launches tomorrow morning.

We’ll be back this weekend with the full story.

Scotia Re-Launches its Open Variable

Scotia has brought back its open variable mortgage.  It is priced at prime + 1%, matching the rates of RBC and TD.

Scotia’s open variable is available through mortgage planners starting today.  (We’re not aware of if/when it will be available through branches.  As of 11:00am ET, it was not yet added to Scotia’s retail website.)

The news will be welcomed by mortgage planners who have been patiently, or not so patiently, waiting for a competitively priced open product (that’s not a HELOC). 

It’s been slim pickins with opens since last fall when open variables got too pricey for some lenders to offer.

In Remembrance of Shayam Kaushal, 1968 - 2009

With regret, we pass along the following news from IMBA.  Our sympathies and prayers go out to Shayam’s family, friends, and colleagues.

It is with great sadness that we advise you that IMBA has lost a great leader, mentor and friend - Shayam Kaushal, CPMB.

A former IMBA President, Shayam passed away peacefully on February 10, 2009 at Markham-Stouffville General Hospital after a long and courageous battle with cancer.

Shayam Kaushal was active in mortgage brokering for over 15 years. He was a partner at Interfinance Mortgage Merchants Inc., - a family business.

Shayam is survived by his wife Anita, son Keshiv and daughter Karishma, and by his parents Amar and Tripta Kaushal, his brother Rajan, and his sister Kiran.  On behalf of IMBA, we extend our sincere condolences to them.

Born in 1968, Shayam graduated with a BA from York University.  He was a competitive athlete for most of his life, both a champion tennis player and a marathon runner.  Shayam transferred this competitive spirit to all facets of his life.

Shayam was a devoted family man and a man of strong character - strong willed, principled, focused and thoughtful - Shayam Kaushal was a keystone of IMBA's growth and success. These successes included the rapid growth in the membership IMBA, the creation and publication of IMBA's magazine BrokerBiz, the IMBA Gala, and much, much more.  More importantly, he gave of his time freely to any who required it, and was a mentor to many.  He will be deeply missed, and we will honour his memory by continuing the work he began for our Association.

Please note the following visitation, funeral and Shayam's family's suggestion for memorial donations:

FUNERAL HOME:

Highland Funeral Home - Markham Chapel
Funeral Home & Cremation Centre
10 Cachet Woods Court,
Markham , Ontario; L6C 3G1
(905) 887-8600
Map Link

VISITATION:  Thursday, February 12, 2009 - 6:00 pm to 9:00 pm

FUNERAL SERVICE:  Friday, February 13, 2009 - 11:00 am

MEMORIAL DONATIONS IN LIEU OF FLOWERS:   Canadian Cancer Society

Sincerely,

David Mandel, CPMB
President, Independent Mortgage Brokers Association of Ontario

Rate News

Various happenings from around the rate world...

In the Credit Market

• The 30-day banker's acceptance (BA) yield--which usually drives variable-mortgage rates--fell to 0.90% yesterday.  That's the lowest BA yield ever. The prime - BA spread is now a much healthier 2.10%. (The 10-year average is 1.69%.)  Will this translate into lower variable rates? Or will lenders hold firm in anticipation of prime rate falling on March 3?  We'll have to wait and see.
• 5-year bond yields popped up to 2.14% yesterday. That's the highest they've been in almost two months. [5-year bonds influence fixed mortgage rates]
• The TED spread continues to glide lower--suggesting that perceived global credit risk is easing further.

Mortgage Rates of Note

• The benchmark 5-year discounted fixed rate is now 4.39%. Several lenders are below this for quick closes however.
• The benchmark 5-year closed variable rate is now 3.80% (prime + .80%). There are a handful of lenders below this rate as well.
• You can still find capped variables at 4.00% (prime + 1.00%). The maximum risk with a capped variable (if prime rate rises) is currently about 5.79%.
• BMO has raised its open variable rate to prime + 1.50% from prime + 1.00%.  RBC and TD are still holding at prime + 1.00%. Scotiabank still hasn't reinstated its open variable and much to the frustration of brokers, CIBC/FirstLine (the biggest broker lender) is also still at prime + 1.50%.
• If you're not adverse to an open HELOC (instead of an open variable), you can find HELOCs at prime + 0.75%.
• BMO has launched a new 5-year variable at prime + 0.80%.
• Canadian Tire was unfortunately forced to raise rates on its HELOC...finally.  They had a good run and held out for a few months while other lenders were at prime + 1.00%.  At prime + 0.75%, CT is now on par with the Manulife One.  Unlike Manulife's rate move last October, CT's higher rate did not affect existing customers.

One More Cut?

The Bank of Canada says it has room for another rate cut at its next March 3 meeting. 

Governor Mark Carney said today:  "There is further one could move if we saw fit."

Scotia economist Derek Holt says the market is expecting a 1/2% cut, but that is far from certain.  More conservative commentators are predicting 1/4%.

On the other hand, Carney said our economy will bounce back sooner than many expect.  In fact, the BoC projects GDP to rebound at its fastest pace in two decades (3.8%) in 2010.  (There are caveats to this says the Post's Don Martin. His story)

When challenged on his optimistic projections, Mr. Carney said, "We don't do optimism, we don't do pessimism. We do realism at the Bank of Canada. We don't do spin."

Carney feels the U.S. stimulus package will provide "stabilization" to the North American economy by late this year, or 2010.

The 5-year bond yield is holding steady on this news and is currently trading at 2.00%. 

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Sidebar:  Despite the horrendous unemployment figures we've seen lately, bond expert, Hank Cunningham, says:  "Oddly, the bond market has barely moved, signaling the market's caution towards the coming tsunami of new government debt."

New supply, a massive 3-month bond rally through January, and positive economic forecasts?  Some would say that sounds like a recipe for higher yields.

Fixed Rates on Sale

Mortgage applicants are becoming increasingly adverse to variable rates, at least according to our anecdotal observations.

With the better variable mortgages at or near prime + 0.75%, fixed rates near all-time lows, and the economic picture so uncertain, mortgage shoppers are gravitating more and more towards fixed mortgages.

As it turns out, it’s good timing.  There are some incredible fixed-rate gems out there at the moment.  Some of them aren’t getting much publicity.  Here are a few examples:

5-year fixed

Rate:  3.99%
Rate Hold:  Must close by February 27, 2009
Prepayments:  15% lump sum annually / 15% monthly payment increase
Details:  680 credit score; Ontario only; available through very few mortgage brokers; contact your local broker or us for complete details

3-year or 5-year fixed

Rate:  3.25% (3-year); 3.65% (5-year)
Rate Hold:  45 days (3-year); 60 days (5-year)
Prepayments:  15% lump sum annually / 15% monthly payment increase
Details:  650 credit score required; BC & Ontario only; available through the Sutton Member Program (SMP); only applies to new home purchases through authorized agents; contact your local broker or us for an SMP agent referral

3-year fixed

Rate:  3.75%
Rate Hold:  45 days
Prepayments:  20% lump sum annually / 20% monthly payment increase
Details:  620 credit score required; available nationwide; contact your local broker or us for complete details

1-year fixed

Rate:  3.50%
Rate Hold:  120 days
Prepayments:  15% lump sum annually / 15% monthly payment increase
Details:  600 credit score required; available nationwide; convertible at any time into a 5-year fixed at 1.25% off posted rates; contact your local broker or us for complete details

There are lots of caveats to the above deals.  Talk with a mortgage planner or email us for complete information and to determine suitability.

(Photo by Tim Parkinson)

Realtors’ Mortgage Broker Wish List

What do Realtors really want from a mortgage broker?  Mortgage expert, Janet Guilbault, has compiled a tell-all list from agent feedback on ActiveRain.

We’ve culled Janet’s findings into a top-10 list reflecting our 2 cents. 

What follows are 10 things Realtors may be thinking when evaluating you as their new mortgage broker:

1. I expect on-time closings.
2. I want my calls always returned promptly.
3. I DO want a backup mortgage person. I'm just not going to go out looking for you.
4. It is hard for me to trust you because you are a direct reflection on me.
5. My biggest fear is that I will need to apologize because I referred you.
6. I need to know you are in this for the long haul.
7. It turns me off when I see you are looking out for yourself more than the client.
8. I don't want your sales pitch, I don't want your donuts, and I'm pretty sure I don't want your rate sheets either.
9. Your occasional referrals of potential buyers show me this isn’t a one-way street.
10. If I don't know you, you are not getting my customer's name. It isn't about your marketing, it's about our relationship.

(Original source:  California Mortgage Advisor)

The State of Canadian Mortgage Insurers (Special Report)

The Globe & Mail ran another controversial piece on Genworth and AIG last week.

The article suggested that Canada’s two private mortgage insurers have "unsustainable" business models and are writing virtually no new insurance. 

There is more to this story than meets the eye, however.  Our report examines the issues surrounding this topic in depth.

More…