Highlights of CAAMP 2009

November 25, 2009

The 2009 Canadian Mortgage Conference and Expo has drawn to a close. The show was well attended and we got a lot out of it this year.

Among the highlights…

Takeaways from the Lender Panel: Younger borrowers are turning to mortgage brokers in much higher numbers; Xceed and Scotia both indicated a preference to scale down their list of brokers to the top 20%; First National and Merix suggested they won’t shut out lower volume brokers; Compensation may be geared more to broker performance metrics in the future.
Takeaways from the Broker Panel: Successful brokers create niches; Brokers provide specialized advice and multi-lender comparisons--which is hard for bank branches to match; Branches are getting more aggressive.
Takeaways from Mitch Joel: Online marketing guru, Mitch Joel, said people are now ravenous consumers of online information. Google rules the web world, and your homepage! Value-added online content is king, and essential to a broker’s future business.

We’ll have a full rundown of the lender and broker panels in the next few days.

In terms of lender news and mortgage products, here are a few notable developments:

Abode Mortgage: May be coming out with a variable-rate mortgage in the next month or so.
AIG United Guaranty: Rebranding in early 2010 with potentially a new name and owner.
Concentra Financial: Its Vision “B” lending products may be coming back in the 1st or 2nd quarter of 2010.
Desjardins: Still doing its 75% LTV stated-income program in Ontario. Only proof of business and NOA required.
Equitable Trust: Launched a new non-prime open mortgage at 4.99% (up to 80% LTV on purchases, depending on province; 75% in Alberta). Also rolled out 3- and 5-year adjustable rate mortgages starting at prime + 1.10% (up to 80% LTV on purchases and refis, depending on province, with a 40-year amortization).
Home Trust: Just went up to 90% LTV on its bundle mortgage, which is an uninsured “B” product that combines a 1st and 2nd mortgage. 650 min. Beacon.
IC Savings: Aggressively pursuing brokers (85% of their business is from brokers). Still doing lots of subprime. They have a prime + 3% variable up to 75% LTV—with no Beacon or GDS requirements.
INALCO: Has the best no-frills mortgage in the business (our opinion—not their statement). Unfortunately, they’re still not bringing on new brokers. Maybe in 2010 though. For now, they’re too busy and they want to wait to see how the credit market unfolds.
Secure Capital: They specialize in 2nd mortgages up to 80% in the GVA and 85% in GTA.
TD Financing Services: Formerly VFC Home, TDFS just cut rates on purchases by 1/2%.

We’ll look forward to seeing everyone again at CAAMP 2010 in Montreal!

Comments

The 2009 Canadian Mortgage Conference and Expo has drawn to a close. The show was well attended and we got a lot out of it this year.

Among the highlights…

Takeaways from the Lender Panel: Younger borrowers are turning to mortgage brokers in much higher numbers; Xceed and Scotia both indicated a preference to scale down their list of brokers to the top 20%; First National and Merix suggested they won’t shut out lower volume brokers; Compensation may be geared more to broker performance metrics in the future.
Takeaways from the Broker Panel: Successful brokers create niches; Brokers provide specialized advice and multi-lender comparisons--which is hard for bank branches to match; Branches are getting more aggressive.
Takeaways from Mitch Joel: Online marketing guru, Mitch Joel, said people are now ravenous consumers of online information. Google rules the web world, and your homepage! Value-added online content is king, and essential to a broker’s future business.

We’ll have a full rundown of the lender and broker panels in the next few days.

In terms of lender news and mortgage products, here are a few notable developments:

Abode Mortgage: May be coming out with a variable-rate mortgage in the next month or so.
AIG United Guaranty: Rebranding in early 2010 with potentially a new name and owner.
Concentra Financial: Its Vision “B” lending products may be coming back in the 1st or 2nd quarter of 2010.
Desjardins: Still doing its 75% LTV stated-income program in Ontario. Only proof of business and NOA required.
Equitable Trust: Launched a new non-prime open mortgage at 4.99% (up to 80% LTV on purchases, depending on province; 75% in Alberta). Also rolled out 3- and 5-year adjustable rate mortgages starting at prime + 1.10% (up to 80% LTV on purchases and refis, depending on province, with a 40-year amortization).
Home Trust: Just went up to 90% LTV on its bundle mortgage, which is an uninsured “B” product that combines a 1st and 2nd mortgage. 650 min. Beacon.
IC Savings: Aggressively pursuing brokers (85% of their business is from brokers). Still doing lots of subprime. They have a prime + 3% variable up to 75% LTV—with no Beacon or GDS requirements.
INALCO: Has the best no-frills mortgage in the business (our opinion—not their statement). Unfortunately, they’re still not bringing on new brokers. Maybe in 2010 though. For now, they’re too busy and they want to wait to see how the credit market unfolds.
Secure Capital: They specialize in 2nd mortgages up to 80% in the GVA and 85% in GTA.
TD Financing Services: Formerly VFC Home, TDFS just cut rates on purchases by 1/2%.