April 29th, 2011

Off to the CMAs

CMP-Awards-2011Off to the Canadian Mortgage Awards we go…The gala event is being held in Toronto this evening so we’ll be offline until Monday. CMT will report back on all the winners then. Have a fantastic weekend everyone!

Variable-rate Discounts Under Pressure

The days of extra-plump variable-rate discounts may be numbered.

A handful of lenders began trimming their variable-rate mortgage (VRM) discounts this week. They’ve gone from prime minus 0.75% (the average market rate) to prime minus 0.65%, or even prime minus 0.50% in some cases.

To most, these changes have seemingly sprung out of nowhere. Few expected rising VRM rates before the Bank of Canada resumed tightening. Unfortunately, it’s happening now and it’s beginning to smell of a trend.

So far, four of the top 10 broker lenders have reduced discounts, and others are considering following suit.

Here’s a look at what’s behind it…

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April 28th, 2011

FedSpeak & Canadian Mortgage Rates

Ben-bernankeWith Canada so married to the U.S. economy, Canadian rate speculators are perpetually glued to U.S. Fed announcements.

Today we had a unique opportunity to watch U.S. Fed chief, Ben Bernanke, hold a scheduled press conference (Fed chairmen never do that). He said he wanted to “add transparency” to the Fed’s plans for future monetary policy.

Bernanke made several points of note for Canadian rate watchers. He said:

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April 26th, 2011

Quantity or Quality (Of Lenders)?

quality-of-lendersSubconsciously, we’re programmed to think more is often better.

One example of where more is not necessarily better is with the number of lenders a broker advertises.

Brokers often quote relationships with numerous lenders. Just for the sake of illustration, we Googled “…Mortgage Broker” and examined the top five results. Here are snippets from each broker’s website:

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April 21st, 2011

Spam Bill C-28 – Lender & Broker Implications

Bill-C-28Canada recently enacted a new anti-spam law called Bill C-28. It’s expected to come into force later this year.

Proponents say C-28 will lighten the spam load on all of us.

At the same time, it could turn many businesspeople into spammers themselves!

As a mortgage broker, for example, it’s not uncommon to send out e-mails or newsletters to current or former clients. In some cases, you may not have had contact with a client for years.

If that kind of scenario applies to you, C-28 will change your email habits. For brokers, mortgage specialists and lenders, it pays to know the implications in advance.

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April 20th, 2011

Mortgage Careers of the Week






Company: TMG The Mortgage Group Alberta Ltd.
Position Title: Sales Director
Years of Experience:  N/A
Required Licenses:  N/A
Location of Position: Alberta
Applicants may contact: careers@mortgagegroup.com

Valueland Mortgages




Company: Valueland Mortgages
Position Title:  Mortgage Agent/Associate/Sub-broker
Years of Experience Required: 2 years preferred
Licenses:  Required
Location of Position: Ontario, B.C. and Alberta
Applicants may contact: careers@valueland.ca

Click on the position title above for more information.

Advertise your mortgage job opening today! Click here to post. Or browse CMT’s Mortgage Jobs Database.

April 19th, 2011

Mortgage Career: Valueland Mortgages – Mortgage Agent/Associate/Sub-Broker

Valueland Mortgages



Company: Valueland Mortgages
Position Title:  Mortgage Agent/Associate/Sub-broker
Years of Experience Required: 2 years of relevant experience preferred
Licenses:  Required
Location of Position: Ontario, British Columbia and Alberta
How should applicants contact you? careers@valueland.ca

Mortgage Agent / Associate / Sub-broker

Valueland Mortgages was established in 2002 to provide Canadian home owners with objective mortgage information and competitive mortgage products. With over eight years’ of extensive experience in the mortgage lending industry, Valueland Mortgages has saved thousands of dollars for each customer and made their homeownership a reality.

Valueland delivers value to people who associate with Valueland. Everyone wins with a Valueland connection. With this mission, we strive to become the preferred mortgage source in Canada.

We are expanding into all areas in the Provinces of Ontario, British Columbia and Alberta. We need talented professionals working to service Valueland’s clients. You will help us achieve that! In turn, we will help you reach your career goals and obtain financial freedom. Listed below are the benefits you shall get from Valueland advantages:


  • Get in-house training at Valueland;
  • Access to leading mortgage lenders at status levels;
  • Work with a team of professionals including lenders;
  • Use of a web-based CRM (customer relationship management) system;
  • No monthly or annual fee;
  • High commission split.



Currently, Valueland has the following job openings:

Mortgage Agents/Associates - Ontario, B.C. and Alberta.


  • Successful applicants must be licensed or be able to obtain a provincial mortgage agent licence.


If you are talented, self motivated, detail oriented and have a positive attitude towards customer service, please contact us with your current resume.

All inquiries will be kept confidential.

RBC Apologizes to Brokers

In response to uproar about one of its mortgage specialists discrediting brokers, BrokerNews.ca quotes RBC as saying:

“The RBC brand is defined by our clients and partners and we sincerely apologize for the inaccurate information that was presented in the document.”

That comes from RBC Public Affairs Advisor Nicole Fisher, in a letter to broker associations. We haven’t seen the rest of the letter yet.

RBC Specialist Fires Low Blows & Goes Viral

RBC-MortgageBanks have extensive policies governing what their representatives can tell the public. The alleged actions of RBC mortgage rep Corinne Schindler demonstrate why.

Schindler has reportedly been circulating this flyer, which grossly mischaracterizes mortgage brokers in relation to bank specialists. It’s a document that demonstrates a stunning lack of knowledge, professionalism and discretion.

The piece, which displays RBC’s logo and web address, has gone viral and caused a PR embarrassment at the nation’s biggest bank. Incensed brokers from across the country have demanded (2nd link) that RBC retract the misstatements on the specialist’s behalf.

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