December 29th, 2011

Top 5 Mortgage Trends of 2011

2011-in-ReviewCheap money fuelled another buoyant year for real estate in 2011.

That helped housing values climb a wall of worry (prices rose another 4.6% Y/Y as of November) despite numerous predictions of a correction. Mortgage balances went along for the ride, growing another 7%.

2011 was a year marked by new mortgage regulations and a rate market that continually surprised most observers. Among all of the various developments, however, there were five mortgage stories that stood above the rest:

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December 28th, 2011

CMT’s Top Commentators of 2011

Thank-YouThe information value of CMT would be vastly diminished without reader commentary.

Feedback from the community adds context and insights that no one source, including us, can provide on its own.

Readers also keep things interesting with exchanges that are, at times, entertaining and spirited to say the least. For that reason, we extend our deepest appreciation to those of you who interacted with the site in 2011 for the benefit of others.

We’d also like to extend a special thanks to the year’s top 20 commentators listed below.

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December 24th, 2011

Seasons Greetings…

Happy-Holidays

After a long event-filled year in the mortgage world the Christmas holidays are a treasured opportunity to wind down.

This year, lenders will be closed:

  • Monday, December 26
  • Tuesday, December 27
  • Monday, January 2

We’ll be back with you Tuesday, December 27.

From all of us in the CMT family, may you and yours have a warm and cheerful holiday.

December 22nd, 2011

10-Year Terms: More Taste, Less Filling

10-year-fixed-mortgageWith the recent dip in long-term funding costs, lenders are finally sharpening their pencils on 10-year mortgage pricing.

Decade-long rates haven’t been this cheap in virtually forever.

Some brokers are quoting as low as 4.34% today, whereas most lenders were over 5% last quarter. (Not that long ago, 4.34% was considered good for even a 5-year rate, let alone a 10-year.)

With 10-year mortgages going “on sale”, we did some calculations to see how they stack up against the most popular term, the 5-year fixed.

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December 21st, 2011

Mortgage Document Fraud

mortgage-document-fraudLast week we spoke to a crown attorney whose caseload consists largely of mortgage fraud.

He says he comes across document-related fraud day in and day out and cites a surprising number of cases where bank insiders claim to “accidentally overlook” or turn a blind eye to doctored job letters, pay stubs, etc.

Most of the cases that make it to court involve calculated criminal plots where there’s more than one criminal party and/or the lender has incurred material losses.

The bulk of fraud, however, is fraud for shelter. That’s when mortgage applicants plan to live in the home and misrepresent their qualifications to get approved.

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December 17th, 2011

A “Good Rate” is a Lower Rate for New Brokers

What’s a good rate? Depends whom you ask.

According to a recent Maritz poll, if you ask a new broker you’ll generally be quoted a lower rate than if you asked a veteran broker.

What-is-a-good-rate

(Click to enlarge)

Maritz’s survey seems to show a clear link between the rate quoted and a broker’s years of experience. Newer brokers, for example, define “good rates” as being half a percentage point less than brokers who have been in the business 20+ years.

We asked industry experts Gary Siegle (Regional Manager, Invis), and Jim Murphy (President, Canadian Association of Accredited Mortgage Professionals) for their take on this data.

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December 16th, 2011

Mortgage Career: Street Capital – Marketing and Sales Coordinator

Street Capital
Company: Street Capital Financial Corporation
Position Title: Marketing and Sales Coordinator
Years of Experience: 2 years experience 
Location of Positions: Toronto, ON
Applicants may contact: tracey.mclaughlin@streetcapital.ca


Marketing and Sales Coordinator Role

Required Skills:

  • Excellent organizational and event management skills
  • Strong computer skills – excel, word, powerpoint, CRM database management
  • Strong communication and writing skills
  • Reporting Analysis skills
  • Strong Interpersonal skills
  • Mortgage Industry knowledge required
  • Project management experience an asset
  • Ability to excel in a high growth environment with tight timelines and changing priorities

Key Responsibilities

Sales Support:

  • Verify all reports, including priority reports, and ad hoc reports are submitted on time; follow up by phone with VP/sales team when required
  • Priority reporting: Analysis of sales reports to verify adherence to management direction. Prepare weekly and monthly summaries identifying gaps in activity levels and escalate to management for corrective action
  • Activity Reports: Monitor and follow up on account specific activity. Escalate weekly issues and produce a monthly summary
  • Printing and shipment of marketing materials for the sales team as needed
  • Manage and maintain CRM contact database
  • Social media communications
  • Order, track and maintain Marketing Materials inventory within budget
  • Keep marketing budget up to date
  • Prepare weekly/daily Lender Rate Comparative update
  • Rate changes – update rates and distribute to sales and broker network

Event Planning:

  • Arrange for Broker Golf Tournaments
  • Organize yearly Broker Trip Reward
  • Arrange broker events as required
  • Responsible for registering Street Capital for association events such as CAAMP, MBABC, AMBA conferences/tradeshows etc.
    • Preparing all marketing material – printing and distribution for these events

Assist Director, Marketing and Product Development with the following tasks:

Communications

  • Weekly communications for brokers
  • Press Releases
  • Corporate announcements
  • Staff announcements

Presentations

  • Sales, internal, external presentations as required

Advertising

  • Create advertisements for Street Capital for various industry publications

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