September 29th, 2011

1-on-1 With Geoff Parkin

Geoff-ParkinWe spoke recently with Geoff Parkin, President of the Mortgage Brokers Association of British Columbia. Geoff is a guy we have a lot of respect for because he’s been a lender, a broker, a brokerage owner, and an industry association head.

He’s also a CFA and CGA and has significant experience in treasury with Coast Capital, one of the nation’s largest credit unions. As a result, his understanding of mortgage market dynamics is second to few.

We threw a lot of questions at him about mortgage competition, rates, and mortgage disclosure. He answered very graciously and shared several meaningful insights.

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September 28th, 2011

Remembering Fraser Smith

Fraser-SmithCanadians in the thousands have found financial independence due to the untiring efforts of a man named Fraser Smith.

Fraser, best known as the father of “The Smith Maneouvre,” passed away Sunday morning after a battle with cancer.

“It is a great loss,” expressed Karl Straky, a friend of Fraser’s and Canadian First Financial Holding’s CEO. “Fraser will be truly missed by many.”

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September 27th, 2011

Mortgage Careers of the Week

WA Robinson Group
Company:
W.A. Robinson & Associates Ltd.
Position Title: Director – Underwriting 
Years Experience: 10+ in mortgage industry
Type: Permanent / Full time
Salary: Salary, Bonus Plan & Benefits
Location of Position: Sharbot Lake, ON
Applicants may contact: Ron Guest at rguest@twogreysuits.com


Integre Company: Integré Mortgage Partners Inc.
Position Title:
Account Manager 
Type: Permanent, full-time commissioned
Licences: Sub-Mortgage Broker License preferred
Location of Position: Vancouver, B.C.
Applicants may contact: Sabeena Bubber at sabeena@integre.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.

September 26th, 2011

OSFI Issues “Early Warning” on Mortgage & HELOC Lending

Julie-Dickson-OSFICanada’s lending industry is witnessing rock-bottom interest rates and unrelenting competition.

The former has fuelled borrowing volumes. The latter has been known, on occasion, to encourage looser lending criteria.

Together, the two can be destructive to a banking system and economy.

That’s why OSFI (Canada’s banking regulator) is being proactive. In a speech today, OSFI head Julie Dickson laid it out like this for financial institutions:

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September 24th, 2011

Mortgage Career: Integré Mortgage Partners Inc. – Account Manager

Integre

Company: Integré Mortgage Partners Inc.
Position Title:
Account Manager 
Type: Permanent, full-time commissioned
Licences: Sub-Mortgage Broker Licence preferred
Location of Position: Vancouver, B.C.
Applicants may contact: Sabeena Bubber at sabeena@integre.ca

ACCOUNT MANAGER

Qualifications:

  • Required customer service and/or account management experience
  • Strong inter-personal skills
  • Strong oral and written communication skills
  • Strong computer skills
    • Operating Systems (Windows XP/Vista/7)
    • Web Browsers (MSIE, Firefox)
    • MS Office 2007 Applications (Excel, Word, Powerpoint and Outlook)
  • Strong organizational skills
  • Extremely hardworking with strong work ethics
  • Experience with Client Management System software and database management skills is preferred
  • Possess Sub-Mortgage Broker License (preferred) or willing to take Sub-Mortgage Broker licensing course with a commitment to pass and complete the course in 3 months

 

Position description:

Generating sales from our existing client base and referral partners; handling client mortgage inquiries and moving them to the application stage; pre-qualifying incoming applications consistent with Lender and Insurer policies; obtaining and verifying supporting documentation; submitting loan applications and documents to lenders and life insurers; handling all administrative requirements for clients from throughout the life of the mortgage.

 

Generate sales from existing client base

  • Solicit existing clients for referrals and refinance opportunities.
  • Arrange appointments with Senior Mortgage Broker for annual reviews.
  • Execute marketing initiatives including client appreciation events and Home Buyer’s Seminars.

 

Render approval/decline decisions on incoming applications consistent with Lender and Insurer policies

  • Analyze employment profile, credit strength, property characteristics, and all other information pertinent to the credit decision process on each mortgage application.
  • Apply lender guidelines and insurer guidelines (CMHC & Genworth, AIG) to the credit decision process.
  • Take care of all existing client’s refinance questions.

 

Obtain and Verify supporting documentation for each application

  • Liaise with client, realtor, and lawyer in obtaining supporting documents as required on the application/commitment.
  • Verify accuracy of supporting employment, down payment, appraisal, and financial documentation received.
  • Review documentation for compliance with Lender conditions.

 

Submit application and conditions to Lenders and Insurer and obtain Lender and Insurer approval

  • All applications are submitted via Expert to Lenders.
  • Document requirements are either submitted via fax or email in a timely manner i.e. prior to deadlines e.g. subject removal.
  • Negotiate with lenders as to the conditions to ensure that conditions are reasonable.
  • Communicate with clients, lenders, realtors and lawyers throughout the approval process.

 

Other General Administrative duties:

  • Once mortgage is approved, prepare commitment and documents for signing with clients.
  • Sign documents with clients including selling of life and disability insurance products.
  • Handle inquiries in the absence of the Senior Mortgage Broker.
  • Handle all administrative calls from clients e.g. change in payment terms, property tax etc.
  • Work together with team members (including any mortgage brokers) if they have underwriting questions and submit their applications to lenders if they are required to be submitted under Senior Mortgage Broker.
  • Submit all co-brokered applications to lenders with comments and save all supporting documentation as required.  When final payment is made on a file, to complete a review of that file to confirm that all documents required for compliance review are present.
  • Handle calls made to the Senior Mortgage Broker outside regular business hours.  Availability to take calls on cell phone up to 9:00pm.

 

This is a permanent, full-time commissioned position with exceptional growth opportunities.  Learn and develop your mortgage broker skills without the risk of trying to find your own clients – alongside one of BC’s top brokers!

 

Send resumes to sabeena@integre.ca

 

Only those considered for an interview will be contacted.  No phone or fax calls please.

 

Sabeena Bubber

President/Managing Broker

Verico By Integré Mortgage Partners Inc.

Mortgage Career: W.A. Robinson & Associates Ltd. – Director, Underwriting

WA Robinson Group
Company:
W.A. Robinson & Associates Ltd.
Position Title: Director – Underwriting
Years Experience: 10+ in mortgage industry
Type: Permanent / Full time
Salary: Salary, Bonus Plan & Benefits
Location of Position: Sharbot Lake, ON
Applicants may contact: Ron Guest at rguest@twogreysuits.com

Director – Underwriting

 Our client, W. A. Robinson & Associates Ltd. www.robinsonsgroup.com  is seeking a Director – Underwriting for its Sharbot Lake, Ontario office. Established in cottage country over thirty years ago, this well managed & growing Company manages assets totalling more than $100 million for two mortgage investment corporations and other high net worth portfolio clients. The Underwriting department is critical to the success of the organization and may expand considerably in the near future. The position is flexible for tele-commuting within certain guidelines.

The Director – Underwriting, is responsible for the efficient operation of the Underwriting department. As part of the senior management team of the Robinson group of companies, the Director – Underwriting is required to participate and contribute to the strategic direction of mortgage investments and implement changes required to meet the agreed upon direction of Underwriting and the strategic direction of the Company. The Director is also required to underwrite large, complex mortgage loans. This job reports to the Vice President, Operations.

Sharbot Lake is located 120 km West of Ottawa and70 km North of Kingston and has long be noted for its natural beauty, excellent fishing and as an outstanding tourist region.

Sharbot Lake Village,located on the shores of the lake, is a small village that offers many services including a medical center, senior’s residence and community services. Education is provided by a child care center, nursery school, public school, secondary school and a separate school. The surrounding region provides excellent fishing, hunting, snowmobiling, water sports and camping facilities.

 

Responsibilities:

  • Represent the Underwriting Department to internal and external interfaces
  • Maintain open and professional levels of communication with interfacing departments
  • Monitor the underwriting process with a view to constant improvement
  • Manage Underwriting staff
  • Stay current with the mortgage market
  • Recommend to Management the strategic direction on possible target markets and types of mortgages
  • Recommend to Management improvements required in policies, processes and systems relating to Underwriting
  • Develop the Underwriting budget
  • Identify training requirements and develop training plans for Underwriting staff
  • Mentor underwriting staff in terms of developing their underwriting skills, communication skills and people skills
  • Identify staff goals for the year with staff
  • Prepare staff evaluations on all staff on an annual basis
  • Identify and develop reports for management and lenders (FMIC/MICEO) with respect to the status of the department
  • Underwrite large, complex mortgage loans and present them to management and lenders
  • Pursue continuous learning opportunities
  • Review performance of mortgages with Mortgage Administration with a view to improving Underwriting processes
  • Acquire and maintain an expert knowledge of the organization’s policies and procedures
  • Maintain knowledge of the industry’s legal environment and ensure Underwriting is compliant

 

Job Requirements:

Education: University education, courses required to qualify for a mortgage broker’s license.

Experience: 10 + years in the mortgage industry with at least 5 in underwriting and 5+ years managing staff.

Skills/Abilities: Excellent management and people skills;. Highly computer literate; Excellent communications skills;  Ability to forecast future trends in the mortgage industry. Well organized, with the talent for analytical thinking.

 

Compensation is commensurate with experience, including bonus plan and full benefits package.

 

TwoGreySuits is a leading Recruitment and HR Consulting firm operating in Canada.

Interested candidates can submit their resume in strict confidence to Ron Guest, Senior Partner, TwoGreySuits, rguest@twogreysuits.com

How Low Can Yields Go?

Rate-LimboThe 5-year government yield is doing the limbo, and the bar keeps being lowered.

It closed Friday at 1.35%. How low it goes depends on how bad things get economically—and how bad investors think things will get.

It’s interesting to contrast Canada to other countries because our yields are still notably higher than many. That’s despite a relatively stable fiscal and economic outlook.

Here’s a sampling of 5-year yields from around the globe, including each country’s debt-to-GDP and unemployment rates (UR):

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September 22nd, 2011

Mortgage Career of the Week

MyNextLogo

Reports to: VP Underwriting & Administration
Type: Permanent / Full time
Salary Range: Salary & Benefits
Location of Positions: Toronto, ON
Apply by: October 31, 2011

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.

The Fed’s Constraint on Canadian Rates

Uncle Sam Desperate for CashOne could wax on about how grim the U.S. economy is, but Mark Carney put it succinctly:

“The (U.S.) housing market remains a mess, the consumer is weak, and government actions can be expected to reduce growth…The U.S. economy is close to stall speed…”

That sort of thing puts Canada in a quandary. When the American economy is in the toilet, the Canadian economy is usually on the rim, ready to fall in.

The Fed itself admits that the U.S. is facing “significant downside risks” and 3 out of 4 Canadian exports go to the States.

The mortgage-relevance here pertains to how America’s woes affect Canadian interest rates. To answer that, let’s first have a look at the historical policy rate differences between the two countries…

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News on Canadian mortgages, mortgage brokers, and mortgage rates.